香港股市在新年伊始的早盘交易中暴跌266点，跌幅1.3%，至19959点，扭转了前三个交易日的涨幅，因为春节假期后交易恢复，行业普遍下跌。投资者对唐纳德·特朗普周末对包括中国在内的几个国家征收的广泛关税做出了回应。与此同时，北京宣布计划在世贸组织挑战特朗普的举动，并推出其他反制措施，加剧了人们对两国之间贸易争端的担忧。私人调查数据显示，中国大陆的工厂活动在2025年初以四个月来最慢的速度增长，这加剧了人们的不满情绪。与此同时，上周公布的官方采购经理人指数（PMI）数据显示出现意外下降，部分原因是春节前的淡季。李汽车在公布1月份销售疲软后暴跌7%以上。其他早期落后的公司包括金沙中国（-6.8%）、美团（-4.3%）、Techtronic Industries（-3.5%）和小米公司（-2.0%）。

Shares in Hong Kong plunged 266 points or 1.3% to 19,959 in early trading at the start of the new month, reversing gains from the prior three sessions as trading resumed after the Lunar New Year holidays amid widespread sector losses. Investors responded to Donald Trump's extensive tariffs on several nations over the weekend, including China. Meanwhile, Beijing announced plans to challenge Trump's move at the WTO and roll out other countermeasures, intensifying fears of a trade dispute between the two countries. Adding to the sour sentiment, private survey data indicated that factory activity in mainland China grew at its slowest pace in four months at the start of 2025. Meanwhile, official PMI data released last week showed an unexpected fall, partly due to a slow season ahead of the Spring Festivals. Li Auto tumbled over 7% after reporting weak January sales. Other early laggards included Sands China (-6.8%), Meituan (-4.3%), Techtronic Industries (-3.5%), and Xiaomi Corp. (-2.0%).

1月30日，香港金融管理局（金管局）将基准利率保持在4.75%不变，几小时前，美联储在2024年三次降息后，维持了普遍预期的借贷成本。随着本币与美元挂钩，亚洲金融中心的货币政策与美国保持一致。金管局上一次将香港利率下调25个基点是在12月，降至4.75%，为两年来的最低水平。由于今天是庆祝蛇年第二天的假期，该市的贷款机构将在周一，即农历新年的第一个工作日宣布利率决定。自去年9月以来，包括汇丰银行（HSBC）、渣打银行（Standard Chartered）和中国银行（Bank of China，香港）在内的银行已三次集体下调最优惠利率，总计下调了62.5个基点。多年来，高利率给香港经济带来了沉重负担。

The Hong Kong Monetary Authority (HKMA) kept its base rate unchanged at 4.75% on January 30, hours after the US Federal Reserve maintained its borrowing costs, as widely expected, following three rate reductions in 2024. Monetary policy in the Asian finance hub moved in line with the US as the local currency is pegged to the greenback. The HKMA last cut the city’s interest rates by 25bps in December to 4.75%, the lowest level in two years. As today is a holiday to celebrate the second day of the Year of the Snake, lenders in the city will announce their rate decisions on Monday, the first working day of the Lunar New Year. Since last September, banks including HSBC, Standard Chartered, and Bank of China (Hong Kong) have collectively slashed their prime rate three times, totaling a combined 62.5bps. For years, high interest rates have placed a significant burden on Hong Kong's economy.

周二，在农历新年庆祝活动前的半天交易中，恒生指数收于20225点，上涨0.14%。这标志着连续第三个交易日上涨，主要得益于科技和消费者的进步。交易员们密切关注中国初创公司DeepSeek推出的经济实惠的人工智能模型的发展，因为它的出现引发了人们对美国在科技行业主导地位的担忧。在中国当局保证支持这家陷入困境的建筑商后，万科股份有限公司在重组管理层后飙升2.1%。小米公司收盘创下历史新高，由于其强劲的表现，股价飙升超过3%。相反，中国南方城市控股公司（China South City Holdings）在香港因涉嫌未支付2024年4月到期的债券相关的约3.062亿美元而遭到清盘申请，暴跌约9%。本周，该指数上涨0.8%，连续第三次上涨。市场将在本周剩余时间关闭，并将于2月3日星期一重新开放。

The Hang Seng ended 0.14% higher at 20,225 on Tuesday in a half-day session ahead of the Lunar New Year celebration. This marked the third consecutive session of gains, mainly supported by advances in tech and consumers. Traders closely followed developments regarding an affordable AI model from Chinese startup DeepSeek, as its emergence raised concerns about US dominance in the tech sector. China Vanke Co. surged 2.1% after reshuffling its management, following assurances from Chinese authorities to support the troubled builder. Xiaomi Corp. finished at a record high, surging over 3% due to its robust performance. Conversely, China South City Holdings tumbled around 9% after being hit with a winding-up petition in Hong Kong over alleged non-payment of about $306.2 million related to bonds that matured in April 2024. For the week, the index added 0.8%, marking its third straight increase. Markets will be closed for the rest of the week and will reopen on Monday, February 3.

香港10年期政府债券收益率跌至4周低点3.71%。过去4周，香港10Y债券收益率下跌12.60个基点，最近12个月上涨9.10个基点。

HK 10 Year Government Bond Yield decreased to a 4-week low of 3.71%. Over the past 4 weeks, Hong Kong 10Y Bond Yield lost 12.60 basis points, and in the last 12 months, it increased 9.10 basis points.