周四，恒生指数下跌78点，跌幅0.4%，收于19700点 上午的会议上，关税风险迫在眉睫，人们对中国经济势头疲软表示担忧。与此同时，在特朗普总统采取措施增加人工智能支出后，华尔街标准普尔500指数周三接近历史最高点，美国期货下跌。大多数行业最终都出现了下滑，尤其是科技、消费和房地产。相比之下，在中国证券监管机构鼓励当地保险公司和共同基金增持股权后，金融股上涨。本月早些时候，监管机构宣布计划与中国央行合作，改进货币政策工具，稳定陷入困境的内地股市。一些最大的落后者包括半导体制造（-7.4%）、普玛特国际（-5.4%），李汽车（-3.7%）和小米公司（-2.7%）。相比之下，中国人民财产保险股份有限公司（2.5%）、中国人寿（2.2%）和平安保险（1.8%）等保险公司股价上涨。

The Hang Seng fell 78 points or 0.4% to close at 19,700 on Thursday, swinging from gains in the morning session amid looming tariff risks and concerns over China's sluggish economic momentum. Meanwhile, US futures drifted lower after Wall Street's S&P 500 approached an all-time high Wednesday after President Trump's moves to boost spending on AI. Most sectors eventually slipped, notably tech, consumer, and property. In contrast, financials rose after China's securities agency encouraged local insurers and mutual funds to increase their equity holdings. Earlier this month, the regulator announced plans to collaborate with the Chinese central bank to improve monetary policy tools and stabilize the ailing mainland stock markets. Some of the biggest laggards included Semicon Manufacturing (-7.4%), Pop Mart Intl. (-5.4%), Li Auto (-3.7%), and Xiaomi Corp. (-2.7%). In contrast, insurers saw gains, such as PICC Property & Casualty (2.5%), China Life (2.2%), and Ping An Insurance (1.8%).

美元兑港元升至17周高点7.79。过去4周，美元香港上涨0.29%，过去12个月下跌0.35%。

USDHKD increased to a 17-week high of 7.79. Over the past 4 weeks, US Dollar Hong Kong Dollar gained 0.29%, and in the last 12 months, it decreased 0.35%.

香港股市周四早盘上涨38点，涨幅0.2%，至18818点，此前一天表现低迷，主要得益于金融和科技板块的上涨。交易员对中国为提振低迷的股市所做的最新努力做出回应，促使保险基金提高其在中国a股或在内地交易的公司和股票基金的投资规模和比例。据中国证监会称，这些举措每年可能从国有保险公司引入至少数千亿元人民币的新资本。

Hong Kong's equities added 38 points or 0.2% higher to 18,818 in early deals on Thursday following a downbeat session the day before, mainly helped by gains in financials and tech. Traders responded to China's latest efforts to bolster its sluggish stock market by prompting insurance funds to raise both the size and proportion of their investments in Chinese A-shares, or companies traded on the mainland, and equity funds. The initiatives could introduce at least hundreds of billions of yuan of new capital annually from state-owned insurers, according to the China Securities Regulatory Commission.

周三，恒生指数下跌328点，跌幅1.6%，收于19779点，结束了六个交易日的下跌，并在各行业下跌的情况下从一个月的峰值回落。在美国总统特朗普周二表示，他最早可能在2月对中国进口商品征收10%的关税后，市场情绪开始恶化。所有行业均下跌，在特朗普宣布私营部门投资高达5000亿美元以促进人工智能增长并超过竞争对手国家后，科技股下跌2.6%。美国期货价格的小幅下跌进一步扰乱了市场情绪，而大陆市场在本周开局疲软后收盘明显下跌。中国副总理丁学祥在达沃斯世界经济论坛上表示，北京将增加进口，不寻求贸易顺差，这有助于限制进一步的疲软。由于盈利预测疲软，曾盖姆科技股价下跌近13%，跌至两年来的最低水平。其他著名的失败者包括KE-Hlds。（-4.6%）、龙湖集团（-3.9%）和周大福珠宝（-3.7%）。

The Hang Seng tumbled 328 points or 1.6% to finish at 19,779 on Wednesday, snapping a six-session of losses and pulling back from a one-month peak amid falls across sectors. Sentiment turned sour after US President Trump said Tuesday that he could impose a 10% tariff on imports of Chinese goods as soon as February. All sectors fell, with tech sinking 2.6% after Trump announced a private sector investment of up to USD 500 billion to boost AI growth and outpace rival nations. A slight drop in US futures further rattled sentiment while mainland markets ended notably lower after a subdued start to the week. Helping to limit further weakness were remarks from Chinese Vice Premier Ding Xuexiang at the World Economic Forum in Davos that Beijing will import more and is not seeking a trade surplus. Zengame Tech slipped near 13%, hitting its lowest in two years, on a weak profit forecast. Other notable losers included KE Hlds. (-4.6%), Longfor Group (-3.9%), and Chow Tai Fook Jewellery (-3.7%).