香港的年通胀率在连续三个月稳定在1.4%后，于2025年1月升至2%。这标志着自2024年9月以来的最高通货膨胀率，因为食品（1.2%对12月的1%）、住房（1.5%对1%）、电力、天然气和水（13.2%对11.4%）、交通（4%对2.1%）和杂项服务（2.8%对2.1%）的价格上涨速度更快。此外，耐用品的通货紧缩有所缓解（-1%对-1.6%）。与此同时，酒精饮料和烟草（20.7%对21.2%）以及杂项商品（0.8%对1.4%）的成本有所下降。此外，服装和鞋类的通货紧缩加剧（-3.4%对-3.2%）。按月计算，2025年1月消费者价格指数从上个月的0.1%微升至0.4%，为2024年6月以来的最高水平。

The annual inflation rate in Hong Kong rose to 2% in January 2025, after holding steady at 1.4% for three consecutive months. This marked the highest inflation rate since September 2024, as prices increased at a faster pace for food (1.2% vs 1% in December), housing (1.5% vs 1%), electricity, gas and water (13.2% vs 11.4%), transport (4% vs 2.1%), and miscellaneous services (2.8% vs 2.1%). In addition, deflation eased for durable goods (-1% vs -1.6%). Meanwhile, costs moderated for alcoholic beverages and tobacco (20.7% vs 21.2%) and miscellaneous goods (0.8% vs 1.4%). Moreover, deflation worsened for clothing and footwear (-3.4% vs -3.2%). On a monthly basis, consumer prices edged higher to 0.4% in January 2025, the most since June 2024, from 0.1% in the previous month.

周四，恒生指数下跌357点，跌幅1.6%，收于22577点，延续了前一交易日在广泛板块下跌中的疲软。该指数较本周早些时候创下的四个月高点进一步下跌，原因是美国总统特朗普的关税计划存在不确定性，有传言称可能对木材征收25%的税。受持续获利回吐的压力，科技板块暴跌3%。阿里巴巴集团总部。美团股价在财报公布前下跌2.6%，而美团股价下跌6.6%，此前美团宣布计划扩大对更多员工的社会保障。尽管如此，在特朗普表示有可能与中国达成新的贸易协议后，基准指数减少了一些早盘跌幅。此前，中国对所有中国进口商品征收10%的全面关税，这促使北京以关税进行报复，并向世贸组织提起针对华盛顿的争端。跌幅较大的包括快手科技（-7.7%）、联想集团（-7.2%）、。，Pop-Mart国际公司（-6.1%）和地平线机器人公司（-6.2%）。

The Hang Seng slipped 357 points or 1.6% to end at 22,577 on Thursday, extending the prior session's weakness amid broad sector declines. The index fell further from a four-month top, notched earlier in the week, as uncertainty mounted over US President Trump's tariff plans, with talks of a potential 25% levy on lumber. The tech sector plunged by 3%, pressured by continued profit-taking. Alibaba Group Hlds. slid 2.6% ahead of its earnings reports, while Meituan tumbled 6.6% after announcing plans to expand social security protection for more workers. Still, the benchmark index pared some early losses after Trump indicated the possibility of reaching a new trade deal with China. His remarks followed the imposition of sweeping 10% tariffs on all Chinese imports, which prompted Beijing to retaliate with its tariffs and file a WTO dispute against Washington. Notable decliners included Kuaishou Tech. (-7.7%), Lenovo Group (-7.2%)., Pop Mart Intl. (-6.1%), and Horizon Robotics (-6.2%).

香港股市周四早盘下跌486点，跌幅2.1%，至22460点，标志着美国期货下跌导致的第二个交易日下跌，交易员分析了美国总统特朗普提议对汽车、芯片和药品进口征收约25%的关税。市场进一步远离本周早些时候触及的四个多月来的最高点，此前最新的联邦公开市场委员会会议纪要显示，由于美国顽固的通货膨胀和经济政策的不确定性，美联储官员准备保持利率稳定。在人民币波动和全球贸易逆风的影响下，中国央行今天对关键贷款利率的月度固定使其连续第四个月保持在历史最低水平，从而缓解了进一步的疲软。由于科技股持续获利回吐，所有行业均遭受重创，恒生科技指数跌幅最大，超过3%。在大盘股中，快手科技（-7.2%）、美团（-6.3%）、KE控股（-4.0%）和半导体制造（-3.9%）的跌幅较大。

Shares in Hong Kong tumbled 486 points or 2.1% to 22,460 on Thursday morning session, marking the second session of decline due to a pullback in US futures as traders analyzed US President Trump’s proposed levies of about 25% on autos, chip, and drug imports. Markets moved further away from their highest in over four months, hit earlier in the week, after the latest FOMC meeting minutes showed Fed officials were ready to hold interest rates steady due to stubborn US inflation and economic policy uncertainty. Mitigating further weakness, the PBoC's monthly fixing on its key lending rates today kept them at record lows for the fourth consecutive month amid yuan fluctuations and global trade headwinds. All sectors suffered deep losses, with the Hang Seng Tech index experiencing the largest drop of over 3% due to persistent profit-taking in tech stocks. Among large caps, steep losses were seen for KuaishoTech (-7.2%), Meituan (-6.3%), KE Holdings (-4.0%), and Semicon Manufacturing (-3.9%).

恒生指数周三下跌33点，跌幅0.14%，收于22944点，此前一个交易日曾出现反弹。下跌之际，一些科技股出现获利回吐，使市场从四个月高点回落。在美国总统特朗普表示将在几周内对汽车、药品和芯片进口征收25%的关税后，市场情绪悲观。与此同时，尽管北京方面更加支持科技和私营企业的立场，但人们对中国股市最近反弹的可持续性产生了怀疑。由于稳定房地产行业的努力仍在继续，1月份中国新房价格出现了六个月来的最小跌幅，从而限制了损失。消费者和金融股领跌，而房地产和科技股仍然疲软。一些落后者包括恒生银行（-4.0%）、美团（-3.2%）和京东物流（-1.4%）。相比之下，Semicon Manufacturing上涨7.7%，收于历史新高。交易员们现在正在等待中国央行在未来几天的关键贷款利率决定。

The Hang Seng fell 33 points or 0.14% to close at 22,944 on Wednesday after a rally in the prior session. The decline came amid profit-taking on some tech stocks, pulling the market back from a four-month high. Sentiment was downbeat after US President Trump said he would impose 25% tariffs on auto, drug, and chip imports within weeks. Meanwhile, doubts emerged over the sustainability of the recent rally in Chinese stocks, despite Beijing's more pro-tech and private enterprise stance. Losses were capped by the smallest drop in six months for China’s new home prices in January, as efforts to stabilize the property sector continued. Consumers and financials led the weakness, while property and tech remained subdued. Some laggards included Hang Seng Bank (-4.0%), Meituan (-3.2%), and JD Logistics (-1.4%). In contrast, Semicon Manufacturing jumped by 7.7%, ending at a record high. Traders now await China’s key lending rate decision from the PBoC in the coming days.