香港股市周三早盘下跌479点，跌幅2.4%，至19662点，扭转了前一交易日的强劲涨幅。随着特朗普政府对主要贸易伙伴实施全面关税，包括对中国商品征收104%的关税，恒生指数跌至1月中旬以来的最低水平。与此同时，北京周二誓言要“战斗到底”以保护其利益，指责美国进行经济讹诈。在本周晚些时候公布的中国3月份CPI和PPI数据之前，人们也越来越谨慎，通货紧缩的风险仍然迫在眉睫。香港可能向受美国关税影响的公司提供援助的消息有助于缓冲进一步的损失，而北京则推动国有和上市公司提振投资者信心。所有行业均出现大幅亏损，科技、消费和金融板块领跌。跌幅显著的包括万洲国际（-10.0%）、中通快递（-7.7%）、信达生物（-7.4%）和联想集团（-6.4%）。

Equities in Hong Kong tumbled 479 points or 2.4% to 19,662 in early trade on Wednesday, reversing strong gains from the previous session. The Hang Seng dropped to its lowest level since mid-January as the Trump administration moved forward with sweeping tariffs on major trading partners, including a 104% levy on Chinese goods set to take effect today. In the meantime, Beijing on Tuesday vowed to “fight to the end” to protect its interests, accusing the U.S. of engaging in economic blackmail. Caution also grew ahead of China’s March CPI and PPI data due later this week, with deflation risks still looming. Helping cushion further losses were news that Hong Kong may offer aid to firms affected by U.S. tariffs, while Beijing pushed state-owned and listed companies to shore up investor confidence. All sectors saw steep losses, led by tech, consumer, and financials. Notable decliners included WH Group (-10.0%), ZTO Express (-7.7%), Innovent Biologics (-7.4%), and Lenovo Group (-6.4%).

恒生指数周二飙升299点，涨幅1.5%，收于20128点，部分从周一历史性的13.2%跌幅反弹，这是自2008年以来最大的单日跌幅。随着华盛顿可能放松关税立场的希望出现，科技股和消费者领涨，涨幅广泛。为了应对最近的市场动荡，中国调动了国有企业和上市公司来帮助平息市场情绪。中国金融监管机构还计划将一些保险公司的股权资产上限提高约5%，旨在将更多的长期资本引入股票并支持经济。然而，由于对贸易战对全球增长的影响的担忧持续存在，该指数下调了早盘涨幅。此外，北京发誓要“战斗到底”以维护自己的利益。在本周晚些时候中国公布3月份CPI和PPI数据之前，一些交易员持谨慎态度。2月份，CPI同比下降0.7%，而PPI连续第29个月下降。排名靠前的包括Horizon Robotics（12.8%）、Mixue Group（7.0%）、小米（7.0%）和Trip.com（5.8%）。

The Hang Seng surged 299 points or 1.5% to close at 20,128 on Tuesday, partly rebounding from Monday’s historic 13.2% fall, the steepest one-day loss since 2008. Gains were broad-based, led by tech and consumers, as hopes emerged that Washington might ease its tariff stance. In response to recent market turmoil, China moved state-owned firms and listed companies to help calm sentiment. Chinese financial regulator also plans to raise equity asset cap for some insurers by about 5%, aiming at channeling more long-term capital into stocks and supporting the economy. However, the index trimmed early gains as fears persisted over the impact of a trade war on global growth. Further, Beijing vowed to “fight to the end” to guard its interests. Some traders were cautious ahead of China’s March CPI and PPI data later this week. In February, CPI fell 0.7% yoy, while PPI dropped for the 29th month. Top movers included Horizon Robotics (12.8%), Mixue Group (7.0%), Xiaomi (7.0%), and Trip.com (5.8%).

据当地媒体《标准报》报道，香港已承诺支持受美国新关税影响的企业。此前，华盛顿对中国商品征收34%的互惠关税，将关税总额提高到至少54%，这也影响了香港的出口。商务部长尤承认存在短期挑战，但指出美国在香港整体贸易中所占份额相对较小。作为回应，政府发誓要帮助受影响的公司，促进市场多元化，并支持行业升级以减轻影响。

Hong Kong has pledged support for businesses affected by new U.S. tariffs, according to local media outlet The Standard. This initiative followed Washington’s imposition of a 34% reciprocal tariff on Chinese goods, raising total duties to at least 54%, which also affects exports from Hong Kong. Commerce Secretary Algernon Yau acknowledged the short-term challenges but noted that the U.S. accounts for a relatively small share of Hong Kong's overall trade. In response, the government vowed to assist affected firms, promote market diversification, and support industry upgrades to mitigate the impact.

香港股市周二早盘上涨495点，涨幅2.5%，至20304点，试图从上一交易日历史性的13.2%暴跌中恢复过来，这是2008年以来最大的单日跌幅。这一回升得到了科技和消费行业强劲领涨的广泛收益的支持。

Hong Kong shares jumped 495 points or 2.5% to 20,304 in Tuesday morning trade, attempting to recover from a historic 13.2% plunge in the previous session—the steepest one-day loss since 2008. The upturn was supported by broad-based gains, led by strength in the tech and consumer sectors.