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.

香港股市周二上午几乎没有变化，在前两个交易日上涨后徘徊在20210点左右。交易明显疲软，随着农历新年的临近，市场将提前收盘。与此同时，在中国初创公司DeepSeek出现后，由于对人工智能行业投资的担忧加剧，周一华尔街出现抛售，美国期货价格回落。在贸易方面，香港十二月份出口增长创四个月新高，而进口则十个月来首次下跌。本周，恒生指数有望在第三个交易日上涨，迄今上涨约0.7%，这得益于有迹象表明，由于北京上周采取行动吸引保险公司和共同基金的长期资本，机构投资者开始流入内地股市。小米公司创下历史新高，涨幅超过2%。与此同时，由于盈利前景疲软，中国信达资产管理公司下跌3.4%。

Shares in Hong Kong were little changed on Tuesday morning, hovering around 20,210 after gaining in the prior two sessions. Trading was notably sluggish, with markets set to close early as the Lunar New Year looms large. Meanwhile, US futures pulled back after a Monday sell-off on Wall Street fueled by mounting concerns over investment in the AI sector, following the emergence of Chinese startup DeepSeek. On the trade front, Hong Kong's export growth notched a 4-month high in December while imports fell for the first time in 10 months. For the week, the Hang Seng is on track to gain for the third session, up around 0.7% so far, supported by signs of institutional investors starting to flow into mainland stock markets as a result of Beijing's move last week to attract long-term capital from insurers and mutual funds. Xiaomi Corp. hit a record high, jumping over 2%. Meanwhile, China Cinda Asset Management slipped 3.4%, due to a weak earnings outlook.

继上月增长5.7%后，2024年12月对香港的进口额同比下降1.1%，至4412亿美元。这标志着自2月以来进口首次下降，因为电信和录音及音响设备（-8.9%对11月的6.7%）以及专业、科学和控制仪器和设备（-23.6%对-12.4%）的采购量下降速度更快。此外，石油、石油产品和相关材料的进口大幅下降（-14.9%对6.8%），而办公机器和自动数据处理机器（7.0%对67.8%）以及电机、仪器和电器及其电气部件（5.2%对13.9%）的增长放缓。在贸易伙伴中，越南（-21.7%）、韩国（-5.0%）和中国（-3.1%）的进口下降幅度最大。考虑到2024年全年，进口量比去年同期增长了6.0%。

Imports to Hong Kong fell by 1.1% year-on-year to $441.2 billion in December 2024, following a 5.7% gain in the previous month. This marked the first decline in imports since February, as purchases decreased at a faster pace for telecommunications and sound recording and reproducing apparatus and equipment (-8.9% vs 6.7% in November) and professional, scientific and controlling instruments and apparatus (-23.6% vs -12.4%). Additionally, imports dropped sharply for petroleum, petroleum products and related materials (-14.9% vs 6.8%), while growth slowed for office machines and automatic data processing machines (7.0% vs 67.8%) and electrical machinery, apparatus and appliances, and electrical parts thereof (5.2% vs 13.9%). Among trading partners, imports decreased the most from Vietnam (-21.7%), South Korea (-5.0%), and China (-3.1%). Considering the whole year of 2024 , imports were 6.0% higher compared to the corresponding period last year.