恒生指数周五下跌177点，收于19064点，跌幅0.9%，这是该指数第五个交易日下跌，由于广泛的板块下跌，达到六周多来的最低水平。紧张的交易员对中国央行暂停购买国债的决定做出了反应，这引发了收益率的上升。投资者谨慎等待周末公布的中国12月贸易数据。11月，出口增长低于预期，而进口意外萎缩。与此同时，美国期货预示着华尔街开盘疲软，投资者将在今天晚些时候等待非农就业数据。该指数本周下跌3.4%，这是连续第二次下跌，因为人们越来越担心中国股市正接近熊市区域。此外，最新的联邦公开市场委员会会议纪要表明，通胀风险持续存在，可能会限制今年降息的范围。在单只股票中，京东健康国际（-4.8%）、美团（-3.3%）、昆仑能源（-3.1%）和中国铁塔（-2.7%）均大幅下跌。

The Hang Seng fell 177 points or 0.9% to close at 19,064 on Friday, declining for the fifth session and reaching its lowest in over six weeks due to broad-based sector losses. Nervous traders reacted to the PBoC’s decision to pause treasury bond purchases which triggered a rise in yields. Investors cautiously awaited China’s December trade data, due over the weekend. In November, exports grew less than expected, while imports unexpectedly shrank. Meanwhile, US futures pointed to a weaker open on Wall Street, with investors bracing for NFP data later today. The index slumped 3.4% for the week, marking its second straight drop amid mounting concerns that Chinese stocks were nearing bear-market territory. Additionally, the latest FOMC meeting minutes suggested persistent inflation risks, potentially capping the scope for rate cuts this year. Among single stocks, steep losses included JD Health Intl. (-4.8%), Meituan (-3.3%), Kunlun Energy Co. (-3.1%), and China Tower Corp. (-2.7%).

香港股市在周五早盘下跌37点，跌幅0.2%，至19205点，标志着在包括金融和房地产在内的大多数行业疲软的情况下连续第五个交易日下跌。警惕的交易员评估了中国央行因需求过剩而暂时停止购买国债的决定，并计划根据市场情况恢复购买。在预计于周末公布的中国12月商品数据公布之前，市场也更加谨慎。此前，11月的数据显示出口增加，进口下降。与此同时，在今天晚些时候非农就业数据公布之前，美国期货价格大幅下跌，而华尔街主要股指也有望每周下跌。本周，由于对美联储今年可能减少降息以及美国即将加息的担忧，市场准备连续第二次下跌，迄今已下跌超过2.5%。一些落后者包括Smoore International Hlds。（-5.3%）、联想集团（-3.2%）和波普国际（-2.8%）。

Hong Kong's equities dropped 37 points or 0.2% to 19,205 in early trade on Friday, marking the fifth session of losses amid weakness across most sectors including financials and property. Vigilant traders assessed the Chinese central bank's decision to temporarily halt treasury bond purchases due to excess demand, with plans to resume based on market conditions. Caution also increased ahead of China's December merchandise data, expected over the weekend. This follows November's data, which showed a rise in exports and a drop in imports. Simultaneously, US futures dropped sharply, ahead of nonfarm payrolls reading later today, and as major averages on Wall Street are on track for weekly fall. For the week, the market is poised for a second straight decline, down over 2.5% so far, burdened by concerns over potentially fewer rate cuts this year by the Fed and looming US tariff hikes. Some of the laggards included Smoore Intl. Hlds. (-5.3%, Lenovo Group (-3.2%), and Pop Mart Intl. (-2.8%).

恒生指数周四下跌39点，跌幅0.2%，收于19241点，此前早盘小幅上涨，金融和房地产板块最终下跌。市场第四个交易日收跌，此前最新数据显示，中国12月的年通胀率达到0.1%的9个月低点，而生产者通货紧缩已持续27个月。在房地产行业的拖累下，谨慎的交易员还消化了北京扩大消费者置换计划的细节。与此同时，由于通胀风险持续存在，人们越来越担心今年降息可能会减少，美国期货价格暴跌。在其他新闻中，当选总统特朗普正在考虑宣布国家经济紧急状态，以执行其广泛的关税政策。李汽车大幅亏损（-4.4%），中国重汽有限公司（-2.9%）和美团（-1.8%）也大幅亏损。相比之下，腾讯则表示。股价飙升1.6%，摆脱了4个月来的低点，此前美国因涉嫌军事关系将一些中国科技公司列入黑名单，该公司回购了股票。

The Hang Seng fell 39 points or 0.2% to end at 19,241 on Thursday after trading modestly higher in the morning, with eventual losses in financials and property. Markets finished lower for the fourth session after fresh data showing China's annual inflation rate hit a 9-month low of 0.1% in December while producer deflation continued for the 27th month. Cautious traders also digested details on Beijing's expanded consumer trade-in scheme amid a drag from the property sector. Meanwhile, US futures plunged, due to mounting concerns that there may be fewer rate cuts this year as inflation risks persist. In other news, President-elect Trump is mulling declaring a national economic emergency to enforce his extensive tariff policies. Li Auto saw steep losses (-4.4%), along with Sinotruk Ltd. (-2.9%) and Meituan (-1.8%). By contrast, Tencent Hlds. surged 1.6%, escaping from a 4-month low as it bought back shares after the US blacklisted some tech firms from China over alleged military ties.

香港股市在周四早盘交易中上涨98点，涨幅0.5%，至19379点，收复了前三个交易日的失地，主要是消费者、科技和房地产等行业的涨幅。市场从前一天触及的六周来的最低水平回升，有报道称中国将补贴更多消费品，增加工业设备升级资金，以刺激支出，应对出口日益增长的挑战。美国联邦公开市场委员会最新会议纪要显示通胀前景上行风险增加后，美国期货小幅回落限制了进一步上涨。谈到新的数据，尽管中国努力为经济注入刺激措施，但12月中国消费者通胀率仍创下9个月新低，连续第四个月放缓。与此同时，工厂通缩已持续27个月，尽管最新数据显示，与11月2.5%的跌幅相比，跌幅放缓了2.3%。一些早期的推动者包括半导体制造（5.4%）、小米公司（2.9%）和腾讯Hlds。(2.6%)

Shares in Hong Kong rose 98 points or 0.5% to 19,379 on Thursday morning deals, halting losses in the prior three sessions amid gains from most sectors, notably consumers, tech, and property. Markets emerged from their lowest in six weeks, hit the day before, uplifted by reports that China will subsidize more consumer products and boost funding for industrial equipment upgrades to spur spending and counter the growing challenges in exports. A modest pullback in US futures limited further gains after the latest FOMC meeting minutes indicated increased upside risks to the inflation outlook. Turning to fresh data, China consumer inflation hit a nine-month low in December, decelerating for a fourth month despite efforts to inject stimulus to the economy. Meantime, factory deflation extended into a 27th month, though the latest reading posted a slower drop of 2.3% from November's 2.5% fall. Some early movers included Semicon anufacturing (5.4%), Xiaomi Corp. (2.9%), and Tencent Hlds. (2.6%)