人民币/港币 (CNYHKD) 加自选

上海计划绕过中国严密的防火墙——试图吸引外国投资。中国的防火长城是一个国家控制的互联网审查和监控系统，限制对外国网站的访问，限制在线内容，并监控国内的互联网活动。

Shanghai plans to bypass China's tight firewall - trying to attract foreign investment.China's Great Firewall is a state-controlled internet censorship and surveillance system that restricts access to foreign websites, limits online content, and monitors internet activity within the country.

美国对中国的关税：如果可以的话，请抓住我——渣打银行。没有立即宣布对中国征收关税，这表明特朗普2.0下的交易策略更加交易化。对中国的关税可能会逐步提高，以便就更广泛的问题进行谈判。

US tariffs on China: Catch me if you can – Standard Chartered.No immediate tariffs announced on China, signaling a more transactional strategy under Trump 2.0. Tariffs on China are likely to be raised more gradually to allow negotiations on broader issues.

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%).

中国10年期国债收益率升至1.66%左右，较前一交易日有所反弹，中国证监会公布了提振陷入困境的股市的措施。中国证监会宣布计划向股票注入大量资金，包括指示保险公司在2025年上半年向市场输送至少1000亿元人民币的长期资金。本周早些时候，中国还实施了改革，使养老金能够更多地投资于国内上市公司，进一步支持市场流动性。然而，在唐纳德·特朗普总统的关税威胁中，投资者仍然保持谨慎，其中包括从2月1日起对中国进口商品征收10%关税的计划。虽然拟议的关税远低于之前威胁的60%的税率，但它与特朗普早些时候作为当选总统的承诺相一致。

China's 10-year government bond yield rose to around 1.66%, rebounding from the previous session, as the China Securities Regulatory Commission unveiled measures to bolster the nation’s struggling equity markets. The CSRC announced plans to inject significant capital into stocks, including a directive for insurers to channel at least CNY 100 billion in long-term funds into the market during the first half of 2025. Earlier in the week, China also introduced reforms to enable pensions to invest more in domestically listed companies, further supporting market liquidity. However, investors remained cautious amid President Donald Trump's tariff threat, which included plans to impose a 10% tariff on Chinese imports starting February 1. While the proposed tariff is significantly lower than the previously threatened 60% rate, it aligns with Trump’s earlier pledge as president-elect.