周四，恒生指数下跌353点，跌幅1.5%，收于22850点的一个月低点，受到广泛板块下跌的压力。对中美贸易争端加剧的担忧加剧，中国誓言对特朗普最新关税的“坚决”报复。在今年早些时候征收20%关税的基础上，美国对中国进口商品征收了34%的额外关税。与此同时，由于担心不断升级的贸易紧张局势可能会使央行降息的努力复杂化，美国期货大幅下跌。科技股领跌，下跌约2%，其次是消费和金融板块。由于希望中国将推出更多旨在提振消费的刺激措施以抵消关税影响，损失受到限制。在该市上市的中国电子商务股票暴跌，尤其是阿里巴巴（-5.1%）和京东（-5.0%）。其他主要下跌股包括神州国际（-13.7%）、Techtronic Inds。（-12.6%）和比亚迪电子国际（-8.7%）。

The Hang Seng dipped 353 points or 1.5% to end at a one-month low of 22,850 on Thursday, pressured by broad-based sector losses. Concerns over a deepening trade dispute with the U.S. intensified, with China vowing "resolute" retaliation against bigger-than-expected Trump latest tariffs. The U.S. imposed an additional 34% levy on Chinese imports on top of a 20% tariff introduced earlier this year. Meanwhile, U.S. futures plunged sharply, fueled by fears that escalating trade tensions could complicate central banks’ efforts to cut interest rates. Tech stocks led the decline, falling around 2%, followed by consumer and financial sectors. Losses were limited by hopes that China would introduce more stimulus measures aimed at boosting consumption to offset tariff impacts. Chinese e-commerce stocks listed in the city saw a slump, notably Alibaba (-5.1%) and JD.com (-5.0%). Other major decliners included Shenzhou Intl. (-13.7%), Techtronic Inds. (-12.6%), and BYD Electronic Intl. (-8.7%).

香港股市周四下跌268点，跌幅1.2%，至22933点，延续了前一交易日的跌幅，此前美国总统特朗普宣布了更高的乙醇出口关税。此举促使投资者远离风险资产，在整个行业下跌的情况下，恒生指数跌至一个月低点。科技股下跌1.7%，中国和台湾的制造业中心面临超过30%的新关税，使中国进口关税总额达到54%。与此同时，由于担心不断升级的贸易战可能会进一步削弱已经陷入困境的美国经济，美国期货大幅下跌。交易员们现在正在等待北京方面对特朗普最新举措的回应。花旗集团警告称，关税上调可能会使中国经济增长率下降2.4个百分点，出口增长率下降15.4个百分点，这加剧了人们对中国经济前景的担忧。一些早期的落后者包括神州国际（-15.8%）、Techtronic Inds。（-8.6%）、阳光光学科技（-7.8%）、韩生制药（-6.1%）和比亚迪电子国际（-5.7%）。

Equities in Hong Kong tumbled 268 points, or 1.2%, to 22,933 on Thursday, extending losses from the prior session after U.S. President Trump announced steeper-than-expected tariffs. The move drove investors away from risk assets, pushing the Hang Seng to a one-month low amid broad-sector declines. Tech stocks slipped 1.7% as manufacturing hubs in China and Taiwan faced new tariffs above 30%, bringing total levies on Chinese imports to 54%. Meanwhile, U.S. futures slumped sharply on fears that an escalating trade war could further weaken the already struggling U.S. economy. Traders now await Beijing’s response to Trump’s latest move. Citigroup warned that the increased tariffs could cut China’s economic growth by 2.4ppts and shrink export growth by 15.4ppts, adding to concerns over the country’s economic outlook. Some early laggards included Shenzhou Intl.(-15.8%), Techtronic Inds. (-8.6%), Sunny Optical Tech. (-7.8%), Hansoh Pharmaceutical (-6.1%), and BYD Electronic Intl. (-5.7%).

标普全球香港特别行政区PMI从2月份的49.0降至2025年3月的48.3，这是连续第二个月收缩，也是自2024年6月以来的最低值。由于国内外需求疲软，尤其是来自中国大陆的需求疲软，新订单出现了九个月来最大的下降，其中制造业的订单和产出下降幅度最大。与此同时，由于企业通过裁员来应对日益加剧的竞争和政策不确定性，就业水平在四个月内第三次下降。采购活动也减弱，导致自2023年8月以来投入品库存消耗最快。在成本方面，投入价格以2024年10月以来的最快速度上涨，主要受工资通胀的推动，尽管整体价格压力显示出缓解的迹象。然而，由于需求疲软，销售价格仍然低迷。展望未来，由于企业对竞争、通货膨胀和政策不确定性的担忧，商业情绪恶化至一年半低点。

The S&P Global Hong Kong SAR PMI fell to 48.3 in March 2025 from 49.0 in February, marking the second straight month of contraction and the lowest since June 2024. New orders saw their sharpest decline in nine months, driven by weak domestic and external demand, especially from mainland China, with manufacturing seeing the steepest drops in orders and output. Meanwhile, employment levels fell for the third time in four months, as firms responded to rising competition and policy uncertainty by cutting staff. Purchasing activity also weakened, leading to the fastest depletion of input stocks since August 2023. On the cost front, input prices rose at the fastest pace since October 2024, driven mainly by wage inflation, though overall price pressures showed signs of easing. However, selling prices remained subdued amid weak demand. Looking ahead, business sentiment deteriorated to a one-and-a-half-year low, as firms cited concerns over competition, inflation, and policy uncertainty.

恒生指数周三收平，报23202点，前一交易日小幅上涨，科技和金融股的强势被房地产和消费者的疲软所抵消。交易员们等待特朗普总统今天晚些时候宣布新的互惠关税。白宫表示，新关税将立即生效，而从4月3日起将对汽车进口征收25%的单独关税。在地缘政治方面，中国周三在台湾周围进行了第二天的军事演习，扰乱了市场情绪。与此同时，中国3月份乐观的制造业数据被对未来几个月更多贸易壁垒可能给该行业带来压力的担忧所掩盖。由于对电动汽车致命事故的担忧，小米公司股价暴跌4.3%，至六周多来的最低点。与此同时，尽管XPeng 3月份的销售额同比增长268%，交付33205台，但XPeng仍下跌0.2%。上涨方面，浙江利浦汽车（12.1%）和周大福珠宝（9.6%）强劲上涨。

The Hang Seng closed almost flat at 23,202 on Wednesday, following modest gains in the prior session, as strength in tech and financials were offset by weakness in property and consumers. Traders awaited President Trump's announcement on new reciprocal tariffs later today. The new duties are set to take effect immediately, the White House said, while a separate 25% tariff on auto imports will be enforced from April 3. On the geopolitical front, China conducted a second day of military drills around Taiwan on Wednesday, rattling market sentiment. At the same time, upbeat manufacturing data for March in China was overshadowed by worries that more trade barriers could pressure the sector in the coming months. Xiaomi Corp. plunged 4.3% to an over six-week low amid concerns over a fatal EV crash. Meanwhile, XPeng lost 0.2% despite its sales surging 268% yoy in March to deliver 33,205 units. On the upside, Zhejiang Leapmotor (12.1%) and Chow Tai Fook Jewellery (9.6%) logged strong gains.