恒生指数周五上涨79点，收于25078点，涨幅0.3%，因消费类和科技股走强而停止了三天的下跌。该指数在8月份上涨1.2%，连续第四个月上涨，这得益于中国股市的势头，在强劲的机构资金流入、有吸引力的估值和促增长政策的推动下，尤其是在人工智能创新和技术自给自足方面，中国股市徘徊在近十年高点。市场削减了早些时候的涨幅，因为美国期货在美联储首选的个人消费支出通胀数据公布之前大幅下跌，交易员正在寻找利率走势的线索。投资者也在等待本周末公布的中国官方采购经理人指数，对需求疲软、贸易摩擦和通货紧缩风险的担忧持续存在。在北京方面誓言遏制“无序竞争”后，电动汽车制造商领涨，李汽车上涨4.5%，吉利汽车（1.7%）、长城汽车（1.3%）和比亚迪（2.5%）也上涨。电池股也出现反弹，包括天齐锂业（2.7%）、赣锋锂业（4.0%）和天能电力（10.7%）。

The Hang Seng rose 79 points or 0.3% to end at 25,078 on Friday, halting a three-day decline due to strength in consumer and tech shares. The index added 1.2% in August, its fourth straight monthly gain, lifted by momentum in China's stocks that hovered near decade highs on robust institutional inflows, attractive valuation, and pro-growth policies, particularly around AI innovation and tech self-sufficiency. Markets trimmed earlier gains as U.S. futures fell sharply ahead of PCE inflation data, the Fed’s preferred gauge, with traders looking for clues on the rate path. Investors also awaited China’s official PMI due this weekend, with worries persisting over weak demand, trade frictions, and deflation risks. EV makers led rises after Beijing vowed to curb “disorderly competition,” with Li Auto up 4.5%, alongside Geely Auto (1.7%), Great Wall Motor (1.3%), and BYD (2.5%). Battery stocks also rallied, including Tianqi Lithium (2.7%), Ganfeng Lithium (4.0%), and Tianneng Power (10.7%).

香港股市周五早盘上涨191点，涨幅0.8%，至25183点，这是四个交易日来的第一个交易日，此前华尔街标准普尔500指数和道琼斯指数因美国第二季度GDP增长强劲而在隔夜创下历史新高。消费者、金融和房地产股领涨，涨幅广泛。Trip.com在收入增长后上涨3.8%，而平安保险在今年早些时候增加对高股息上市银行的分配后，因计划购买更多股票而上涨2.7%。医药股也表现优异，无锡生物制药上涨5.2%，其次是信达生物（2.4%）和中生制药（2.2%）。恒生指数有望连续第四个月上涨，涨幅约1.6%，这得益于人工智能的乐观情绪、中国和香港有吸引力的估值、北京的政策支持，以及低银行回报率推动投资者转向股市的充足流动性。交易员现在关注今天晚些时候的美国个人消费支出数据和中国本周末的官方采购经理人指数，以寻找宏观线索。

Hong Kong stocks rose 191 points or 0.8% to 25,183 on Friday morning trade, rising for the first session in four after Wall Street’s S&P 500 and Dow Jones closed at record highs overnight on stronger-than-expected U.S. Q2 GDP growth. Gains were broad-based, led by consumer, financial, and property shares. Trip.com climbed 3.8% after logging stronger revenues, while Ping An Insurance jumped 2.7% on plans to buy more equities, following increased allocations to high-dividend listed banks earlier this year. Pharma stocks also outperformed, with Wuxi Biologics up 5.2%, followed by Innovent Biologics (2.4%), and Sino Biopharma (2.2%). The Hang Seng is on track for a fourth straight monthly gain, up about 1.6%, buoyed by renewed AI optimism, attractive valuations in China and Hong Kong, Beijing’s policy support, and ample liquidity as low bank returns push investors toward equities. Traders now eye U.S. PCE data later today and China’s official PMI this weekend for macro cues.

香港股市在周四早盘交易中下跌256点，跌幅1.0%，至24943点，延续了第三个交易日的跌幅，并创下一周低点，其中大多数行业下跌，尤其是消费者、科技和金融。市场情绪悲观，据报道，几家中国券商和基金经理限制融资和有限购买，以降低来自大陆市场的风险，这引发了人们对其自4月以来看涨势头可持续性的怀疑。在华盛顿持续的贸易壁垒下，对英伟达中国业务的担忧也在加剧。尽管如此，在上周鲍威尔主席发出鸽派信号以及美国总统特朗普推动影响货币政策后，美联储9月份降息的预期部分抵消了进一步的损失。在企业方面，美团在公布第二季度利润疲软后下跌8.5%，而北汽集团因上半年业绩令人失望而下跌1.4%。其他明显的落后者包括Smoore International（-6.1%）、安踏体育（-5.7%）和李汽车（-3.8%）。

Hong Kong shares dropped 256 points or 1.0% to 24,943 on Thursday morning deals, extending losses for the third session and hitting a one-week low amid declines in most sectors, notably consumers, tech, and financials. Sentiment was downbeat as several Chinese brokerages and fund managers reportedly curbed financing and limited purchases to reduce risks from mainland markets, raising doubts over the sustainability of its bullish momentum since April. Concerns also mounted over Nvidia’s China business amid ongoing trade barriers from Washington. Still, further losses were partly offset by expectations of a Fed rate cut in September after dovish signals from Chair Powell last week and U.S. President Trump’s push to influence monetary policy. On the corporate front, Meituan slumped 8.5% after posting weaker Q2 profits, while BAIC Motor dropped 1.4% on disappointing H1 results. Other notable laggards included Smoore Intl. (-6.1%), Anta Sports (-5.7%), and Li Auto (-3.8%).

周三，恒生指数下跌323点，跌幅1.3%，收于25202点，扭转了早盘涨幅，标志着连续第二天下跌，因各行业遭遇抛售。据报道，由于最近内地股市飙升带来的风险越来越大，几家中国券商和基金经理限制了融资和有限的购买，市场情绪开始恶化。周二，中国交易所的交易量突破3.1万亿元人民币，创历史第二高。在英伟达今天晚些时候的收益和周五的个人消费支出指数公布之前，投资者也越来越谨慎。在数据方面，中国7月份的工业利润同比下降1.5%，较6月份的4.3%有所放缓，但2025年前7个月的利润下降了1.7%。KE Holdings下跌6.9%，紧随其后的是汉生制药（-5.6%）、普玛特国际（-4.5%）、快手科技（-3.6%）和美团（-2.9%）。Mixue Group在取消中期股息后下跌5.2%，而中国运动服李宁因大幅折扣带来的利润率压力下跌5.3%。

The Hang Seng tumbled 323 points or 1.3% to close at 25,202 on Wednesday, reversing early gains and marking the second day of losses as selling hit across sectors. Sentiment turned sour after several Chinese brokerages and fund managers reportedly curbed financing and limited purchases amid growing risks from the recent surge in mainland stocks. Trading volumes on China’s exchanges topped CNY 3.1 trillion on Tuesday, the second highest on record. Investors are also increasingly cautious ahead of Nvidia’s earnings later today and Friday’s PCE index. On the data front, China’s industrial profits fell 1.5% yoy in July, slowing from a 4.3% drop in June, but profits were down 1.7% during the first seven months of 2025. KE Holdings slumped 6.9%, followed by Hansoh Pharma (-5.6%), Pop Mart Intl. (-4.5%), Kuaishou Tech (-3.6%), and Meituan (-2.9%). Mixue Group sank 5.2% after scrapping its interim dividend, while Chinese sportswear Li Ning dipped 5.3% on margin pressure from steep discounting.