香港股市周四早盘上涨530点，涨幅2.6%，至20797点，连续第二个交易日上涨。这一回升是在美国总统特朗普宣布暂停互惠关税90天以促进各国贸易协议（不包括中国）之后出现的。据报道，已有超过75个国家向美国寻求关税减免。与此同时，随着国有企业采取行动支持市场，顶级券商誓言稳定股价，几家上市公司宣布股票回购计划，中国市场情绪有所改善。更令人乐观的是，中国3月份消费者价格同比仅下降0.1%，低于2月份0.7%的跌幅，也违背了0.1%涨幅的共识，这表明通货紧缩压力有所缓解。科技股领涨，投资者押注中国推动技术自给自足。金蝶国际软件因强劲的云收入增长6%，联想集团增长9.1%，老蒲金增长8%，阿里巴巴健康增长7.1%，神州国际增长6.9%。

Hong Kong stocks surged 530 points or 2.6% to 20,797 in Thursday morning trade, extending gains for a second session. The upturn followed U.S. President Trump's announcement of a 90-day pause in reciprocal tariffs to facilitate country-by-country trade deals—excluding China. Over 75 countries have reportedly approached the U.S. seeking tariff relief. Meanwhile, sentiment in China improved as state-owned firms moved to support markets, top brokerages vowed to stabilize share prices, and several listed companies announced stock buyback plans. Adding to the optimism, China’s consumer prices fell just 0.1% year-on-year in March—less than February’s 0.7% drop and defying consensus for a 0.1% increase—signaling easing deflationary pressure. Tech stocks led the gains as investors bet on China’s push for technological self-sufficiency. Kingdee Intl. Software rose 6% on strong cloud-based revenue, while Lenovo Group jumped 9.1%, Laopu Gold 8%, Alibaba Health 7.1%, and Shenzhou Intl. 6.9%.

周三，恒生指数上涨137点，涨幅0.7%，收于20264点，结束了连续两天的下跌。在科技、消费者和房地产上涨的推动下，早盘下跌后出现反弹。在李强总理表示北京“完全有能力对冲不利的外部影响”之后，市场情绪有所改善，包括新征收的104%的美国进口关税。随着国有企业介入以支撑市场，内地股市的反弹也提振了市场情绪。中国顶级券商承诺稳定股价，一些上市公司也推出了股票回购计划。在3月联邦公开市场委员会会议纪要之前，美国期货价格上涨，这增加了人们的乐观情绪。科技指数上涨2.6%，反映出投资者对中国推动技术自力更生的信心。表现突出的科技股包括中芯国际（10.5%）、美团（4.8%）和快手科技（1.9%）。与此同时，小米（8.6%）、Mixue Group（7.5%）和华润啤酒（6.8%）也强劲上涨。

The Hang Seng rose 137 points or 0.7% to close at 20,264 on Wednesday, snapping a two-day losing streak. The rebound came after early-session losses, driven by gains in tech, consumers, and property. Sentiment improved following Premier Li Qiang’s remarks that Beijing is “fully capable of hedging against adverse external influences,” including the newly imposed 104% U.S. import tariffs. A rally in mainland stocks also lifted the mood, as state-owned firms stepped in to support markets. Top Chinese brokerages pledged to stabilize share prices, and some listed companies launched stock buyback plans. Adding to the optimism was a rise in U.S. futures ahead of the March FOMC meeting minutes. The tech index climbed 2.6%, reflecting investor confidence in China’s push for technological self-reliance. Standout tech performers included SMIC (10.5%), Meituan (4.8%), and Kuaishou Tech. (1.9%). Meanwhile, Xiaomi (8.6%), Mixue Group (7.5%), and China Resources Beer (6.8%) also posted strong gains.

香港股市周三早盘下跌479点，跌幅2.4%，至19662点，扭转了前一交易日的强劲涨幅。随着特朗普政府对主要贸易伙伴实施全面关税，包括对中国商品征收104%的关税，恒生指数跌至1月中旬以来的最低水平。与此同时，北京周二誓言要“战斗到底”以保护其利益，指责美国进行经济讹诈。在本周晚些时候公布的中国3月份CPI和PPI数据之前，人们也越来越谨慎，通货紧缩的风险仍然迫在眉睫。香港可能向受美国关税影响的公司提供援助的消息有助于缓冲进一步的损失，而北京则推动国有和上市公司提振投资者信心。所有行业均出现大幅亏损，科技、消费和金融板块领跌。跌幅显著的包括万洲国际（-10.0%）、中通快递（-7.7%）、信达生物（-7.4%）和联想集团（-6.4%）。

Equities in Hong Kong tumbled 479 points or 2.4% to 19,662 in early trade on Wednesday, reversing strong gains from the previous session. The Hang Seng dropped to its lowest level since mid-January as the Trump administration moved forward with sweeping tariffs on major trading partners, including a 104% levy on Chinese goods set to take effect today. In the meantime, Beijing on Tuesday vowed to “fight to the end” to protect its interests, accusing the U.S. of engaging in economic blackmail. Caution also grew ahead of China’s March CPI and PPI data due later this week, with deflation risks still looming. Helping cushion further losses were news that Hong Kong may offer aid to firms affected by U.S. tariffs, while Beijing pushed state-owned and listed companies to shore up investor confidence. All sectors saw steep losses, led by tech, consumer, and financials. Notable decliners included WH Group (-10.0%), ZTO Express (-7.7%), Innovent Biologics (-7.4%), and Lenovo Group (-6.4%).

恒生指数周二飙升299点，涨幅1.5%，收于20128点，部分从周一历史性的13.2%跌幅反弹，这是自2008年以来最大的单日跌幅。随着华盛顿可能放松关税立场的希望出现，科技股和消费者领涨，涨幅广泛。为了应对最近的市场动荡，中国调动了国有企业和上市公司来帮助平息市场情绪。中国金融监管机构还计划将一些保险公司的股权资产上限提高约5%，旨在将更多的长期资本引入股票并支持经济。然而，由于对贸易战对全球增长的影响的担忧持续存在，该指数下调了早盘涨幅。此外，北京发誓要“战斗到底”以维护自己的利益。在本周晚些时候中国公布3月份CPI和PPI数据之前，一些交易员持谨慎态度。2月份，CPI同比下降0.7%，而PPI连续第29个月下降。排名靠前的包括Horizon Robotics（12.8%）、Mixue Group（7.0%）、小米（7.0%）和Trip.com（5.8%）。

The Hang Seng surged 299 points or 1.5% to close at 20,128 on Tuesday, partly rebounding from Monday’s historic 13.2% fall, the steepest one-day loss since 2008. Gains were broad-based, led by tech and consumers, as hopes emerged that Washington might ease its tariff stance. In response to recent market turmoil, China moved state-owned firms and listed companies to help calm sentiment. Chinese financial regulator also plans to raise equity asset cap for some insurers by about 5%, aiming at channeling more long-term capital into stocks and supporting the economy. However, the index trimmed early gains as fears persisted over the impact of a trade war on global growth. Further, Beijing vowed to “fight to the end” to guard its interests. Some traders were cautious ahead of China’s March CPI and PPI data later this week. In February, CPI fell 0.7% yoy, while PPI dropped for the 29th month. Top movers included Horizon Robotics (12.8%), Mixue Group (7.0%), Xiaomi (7.0%), and Trip.com (5.8%).