周三，恒生指数上涨139点，涨幅0.6%，收于23483点，从前一交易日的近两周低点部分反弹。在特朗普政府暗示即将到来的美国关税可能比最初担心的更有针对性后，市场情绪有所改善。交易员们还对摩根士丹利上调2025年中国股市年终目标的消息表示欢迎，而高盛策略师预测，积极的盈利修订将进一步推动上涨。地缘政治的发展也提供了支持，美国宣布俄罗斯和乌克兰在黑海停火。然而，在本周晚些时候美国关键个人消费支出通胀数据公布前的谨慎态度下，美国期货的小幅下跌限制了涨幅。大多数行业上涨，科技、消费者和房地产领涨。WH集团因利润增长和特别股息上涨4.7%，而阿里巴巴在与宝马公司合作开发中国汽车人工智能后上涨1.4%。其他上涨股包括神州国际（12.4%）、海底捞国际（6.1%）和股份有限公司（4.0%）。

The Hang Seng climbed 139 points or 0.6% to close at 23,483 on Wednesday, partially rebounding from a near two-week low in the prior session. Sentiment improved after the Trump administration suggested that upcoming US tariffs may be more targeted than initially feared. Traders also welcomed news that Morgan Stanley raised its 2025 year-end targets for Chinese stocks, while Goldman Sachs strategists predicted further upside driven by positive earnings revisions. Geopolitical developments also provided support, with the US announcing a Russia- Ukraine ceasefire in the Black Sea. However, a slight drop in US futures limited gains amid caution ahead of key US PCE inflation data later this week. Most sectors rose, led by tech, consumers, and property. WH Group jumped 4.7% on profit growth and a special dividend, while Alibaba rose 1.4% after partnering with BMW AG on AI for cars in China. Other notable gainers included Shenzhou Intl. (12.4%), Haidilao Intl. (6.1%), and Akeso Inc. (4.0%).

香港股市周三早盘上涨65点，涨幅0.3%，至23404点，试图从前一天触及的近两周低点反弹。科技、消费者和房地产领涨，投资者对贸易数据的积极回应显示，该市的进出口以13个月来的最快速度增长。与此同时，随着特朗普总统4月2日的关税最后期限临近，华尔街隔夜小幅上涨，美国期货小幅走高。在中国，摩根士丹利在一个多月内第二次上调了对内地股市的预期，理由是盈利前景改善支撑了估值。中国2月工业利润将于周四公布，在此之前的谨慎态度限制了进一步的上涨。针织品制造商神州国际在强劲的利润增长下飙升约8%，达到12个月来的最高点。大盘股中的其他推动者包括海底捞国际控股有限公司。（5.5%）、浙江利普电机（5.1%）、万豪集团有限公司（4.7%）和金蝶国际软件（4.3%）。

Hong Kong stocks rose 65 points or 0.3% to 23,404 in early trade on Wednesday, attempting to rebound from a near two-week low hit the previous day. Gains were led by tech, consumers, and property, with investors responding positively to trade data showing that exports and imports in the city rose at their fastest pace in 13 months. Meanwhile, U.S. futures edged higher after Wall Street logged modest gains overnight as President Trump's April 2 tariff deadline looms. In China, Morgan Stanley raised its outlook on mainland stocks for the second time in just over a month, citing improved earnings prospects supporting valuations. Further gains were capped by caution ahead of February industrial profits in China, set to be released Thursday. Knitwear manufacturer Shenzhou Intl. surged around 8% to a 12-month high on strong profit growth. Other movers among large caps included Haidilao Intl. Hlds. (5.5%), Zhejiang Leapmotor (5.1%), WH Group Ltd. (4.7%), and Kingdee Intl. Software (4.3%).

继上月增长0.5%后，2025年2月对香港的进口额同比增长11.8%，达到3642亿美元。这标志着自2024年1月以来的最高进口增长，主要原因是电动机械、仪器和电器以及电气零件（1月份为16.9%对4.4%）、办公机器和自动数据处理机器（76.3%对52.7%）以及发电机械和设备（53.9%对40.1%）的采购量大幅增加。此外，专业、科学和控制仪器和设备（26.8%对-7.6%）、电信设备（3.1%对-16.0%）以及石油、石油产品和相关材料（2.7%对-15.4%）的进口大幅反弹。在贸易伙伴中，法国（+77.9%）、英国（+77.6%）、越南（+52.4%）、台湾（+42.6%）和马来西亚（+41.7%）的进口增幅最大。

Imports to Hong Kong surged by 11.8% year-on-year to $364.2 billion in February 2025, following a 0.5% increase in the previous month. This marked the highest import growth since January 2024, driven by significant increases in purchases of electrical machinery, apparatus, and appliances, and electrical parts (16.9% vs 4.4% in January), office machines and automatic data processing machines (76.3% vs 52.7%), and power-generating machinery and equipment (53.9% vs 40.1%). Additionally, imports rebounded significantly for professional, scientific, and controlling instruments and apparatus (26.8% vs. -7.6%), telecommunications equipment (3.1% vs. -16.0%), and petroleum, petroleum products, and related materials (2.7% vs. -15.4%). Among trading partners, imports saw the highest increases from France (+77.9%), the United Kingdom (+77.6%), Vietnam (+52.4%), Taiwan (+42.6%), and Malaysia (+41.7%).

周二上午，香港股市下跌487点，跌幅2.0%，至23417点，扭转了前一交易日的涨幅，原因是担心美国经济衰退风险和中国通缩威胁。与此同时，标普全球警告称，在经济增长放缓的情况下，北京的刺激措施可能无法完全抵消美国新关税的影响。另外，美国期货价格下跌，此前美联储Bostic预计今年仅降息一次，理由是关税问题导致通胀上升。为了遏制进一步的损失，中国政府今年承诺采取更积极的宏观政策。与此同时，特朗普总统表示，一些国家可能免除计划中的互惠关税。所有行业均下跌，科技、消费者和金融板块跌幅最大。美团股价下跌3.4%，此前盈利略有下滑。小米股价下跌5.4%，此前该公司在一次大规模股票发行中筹集了55亿美元，花旗银行对短期稀释持谨慎态度。电动汽车股也出现下滑，包括比亚迪电子（-9.0%）、吉利汽车（-4.2%）和李汽车（-3.8%）。

Shares in Hong Kong slumped 487 points or 2.0% to 23,417 on Tuesday morning, reversing gains from the prior session amid concerns over U.S. recession risks and China’s deflation threat. Meantime, S&P Global warned that Beijing’s stimulus efforts may not fully offset the impact of new U.S. tariffs amid slowing growth. Separately, U.S. futures drifted lower after Fed Bostic projected only one rate cut this year, citing rising inflation due to tariff concerns. Capping further losses, the Chinese government pledged more proactive macro policies this year. Meanwhile, President Trump signaled potential exemptions from planned reciprocal tariffs for some nations. All sectors dipped, with tech, consumers, and financials declining the most. Meituan fell 3.4% after a slight earnings miss. Xiaomi tumbled 5.4% after raising $5.5B in an upsized share sale, with Citi cautioning about short-term dilution. EV stocks also slid, including BYD Electronic (-9.0%), Geely Auto (-4.2%), and Li Auto (-3.8%).