<p>恒生指数在第一季度下跌超过 3%，因伊朗战争冲击了股市。它在今年最高点下跌超过 10% 后已进入调整期。这一表现与其他全球指数如标准普尔 500 和纳斯达克 100 的表现相似。</p>
<p><em>恒生指数图表 | 来源：TradingView</em></p>
<p><strong>科技股是恒生指数中表现最差的板块</strong></p>
<p>恒生指数中的公司是表现最差的公司之一。携程网作为旅游行业的顶尖公司，在指数中表现最差，股价下跌了 31%。</p>
<p>这一下跌发生在中国当局发起反垄断调查，指控该公司利用其主导地位实施不公平行为。最近，由于美伊战争对其业务产生影响，股价再次下滑。</p>
<p>快手科技作为一家社交媒体公司，在第一季度下跌了 30%，因其增长放缓。其年报显示，年收入增长为 11.8%，而旗舰应用的活跃用户数飙升至 4.07 亿。</p>
<p>中芯国际的股票在第一季度下跌了 28%。最近，由于美国当局表示该公司向伊朗提供芯片制造技术，可能导致制裁，股价下跌。</p>
<p>作为最大的外卖公司，美团的股价下跌了 23.5%，因与阿里巴巴和京东的价格战升级。自去年初以来，它持续失去市场份额。因此，管理层提供了折扣，压缩了利润空间。</p>
<p>今年恒生指数中其他显著的表现不佳的公司包括小米、网易、比亚迪、腾讯、百度和阿里巴巴。小米的股价因持续的内存芯片短缺导致价格上涨和产品延迟而下滑。</p>
<p>泡泡玛特的股价也大幅下跌，因对 Labubu 需求的担忧持续。最近，该公司通过推出最大规模的股票回购来抵消这一弱点，以提升投资者信心。投资者认为，该公司需要推出更多产品以重新加速销售，因为 Labubu 的热度正在减退。</p>
<p><strong>今年香港的顶尖涨幅股</strong></p>
<p>今年一组多样化的香港股票大幅上涨。新鸿基地产的股价今年上涨超过 38%。这一反弹发生在中国开始放松几年前实施的措施时。它正在逐步摆脱 “三条红线”，并降低抵押贷款利率。</p>
<p>吉利汽车的股价今年上涨了 30%，成为表现最佳的汽车制造商之一。中海油、中国神华和中国石油等能源公司因能源价格上涨而大幅上涨。</p>
<p>恒生指数中其他顶尖涨幅股包括宁德时代、京东物流、WH 集团和信义玻璃。</p>
<p>展望未来，恒生指数将对持续的美伊战争的发展作出反应。特朗普总统在一份声明中表示，美国将在接下来的两到三周内继续攻击。</p>
<p>然而，风险在于伊朗将对战争何时结束有发言权，其官员暗示战争将持续更长时间。这场战争可能在短期内将恒生指数推低。</p>

携程集团-S

阿里巴巴

南方恒生指数ETF

<p>恒生指数在第一季度下跌超过 3%，因伊朗战争对股市的影响而进入调整区间。携程网表现最差，跌幅达到 31%，紧随其后的是快手科技（-30%）和中芯国际（-28%）。其他表现不佳的公司包括美团、小米和阿里巴巴。相反，香港置地和吉利汽车分别上涨了 38% 和 30%。该指数未来的表现将受到伊朗 - 美国冲突持续发展的影响，这可能进一步影响市场稳定性</p>

<p>The Hang Seng Index slipped by over 3% in the first quarter as the Iran war jolted the stock market. It has dropped into a correction after falling by over 10% from its highest point this year. This performance mirrors the performance of other global indices like the S&amp;P 500 and Nasdaq 100.</p>
<div class="lb-trans"><p>恒生指数在第一季度下跌超过 3%，因伊朗战争冲击了股市。它在今年最高点下跌超过 10% 后已进入调整期。这一表现与其他全球指数如标准普尔 500 和纳斯达克 100 的表现相似。</p>
</div><p><em>Hang Seng Index chart | Source: TradingView</em></p>
<div class="lb-trans"><p><em>恒生指数图表 | 来源：TradingView</em></p>
</div><p><strong>Technology stocks were the top laggards in the Hang Seng Index</strong></p>
<div class="lb-trans"><p><strong>科技股是恒生指数中表现最差的板块</strong></p>
</div><p>Companies in the Hang Seng Index were among the worst performers in the Hang Seng Index. Trip.com, a top company in the travel industry, was the worst-performing company in the index as it dropped by 31%.</p>
<div class="lb-trans"><p>恒生指数中的公司是表现最差的公司之一。携程网作为旅游行业的顶尖公司，在指数中表现最差，股价下跌了 31%。</p>
</div><p>This decline happened as the Chinese authorities launched an anti-monopoly investigation, accusing the company of using its dominant position to enforce unfair practices. Most recently, the stock has slipped because the US-Iran waris having an impact on its business.</p>
<div class="lb-trans"><p>这一下跌发生在中国当局发起反垄断调查，指控该公司利用其主导地位实施不公平行为。最近，由于美伊战争对其业务产生影响，股价再次下滑。</p>
</div><p>Kuaishou Technology, a social media company, dropped by 30% in the first quarter as its growth slowed. Its annual revenue showed that its annual revenue growth was 11.8%, while the number of active users on the flagship app soared to 407 million.</p>
<div class="lb-trans"><p>快手科技作为一家社交媒体公司，在第一季度下跌了 30%，因其增长放缓。其年报显示，年收入增长为 11.8%，而旗舰应用的活跃用户数飙升至 4.07 亿。</p>
</div><p>Semiconductor Manufacturing International (SMIC) stock dropped by 28% in Q1. It recently dropped after US authorities said that the company was supplying chipmaking technology to Iran, which may lead to sanctions.</p>
<div class="lb-trans"><p>中芯国际的股票在第一季度下跌了 28%。最近，由于美国当局表示该公司向伊朗提供芯片制造技术，可能导致制裁，股价下跌。</p>
</div><p>Meituan, the biggest food delivery company, dropped by 23.5% as the price war with Alibaba and JD.com escalated. It has continued to lose market share since early last year. As a result, the management has offered discounts, which has narrowed its margins.</p>
<div class="lb-trans"><p>作为最大的外卖公司，美团的股价下跌了 23.5%，因与阿里巴巴和京东的价格战升级。自去年初以来，它持续失去市场份额。因此，管理层提供了折扣，压缩了利润空间。</p>
</div><p>The other notable laggards in the Hang Seng Index this year were Xiaomi, Netease, BYD, Tencent, Baidu, and Alibaba. Xiaomi stock has slipped because of the ongoing memory chip shortage that has led to higher prices and product delays.</p>
<div class="lb-trans"><p>今年恒生指数中其他显著的表现不佳的公司包括小米、网易、比亚迪、腾讯、百度和阿里巴巴。小米的股价因持续的内存芯片短缺导致价格上涨和产品延迟而下滑。</p>
</div><p>Pop-Mart's stock price has also tanked as concerns about demand for Labubu continued. It worked to offset this weakness recently by launching its largest share buyback in a bid to boost investor confidence. Investors believe that the company will need to launch more products to reaccelerate its sales as the labubu momentum fades.</p>
<div class="lb-trans"><p>泡泡玛特的股价也大幅下跌，因对 Labubu 需求的担忧持续。最近，该公司通过推出最大规模的股票回购来抵消这一弱点，以提升投资者信心。投资者认为，该公司需要推出更多产品以重新加速销售，因为 Labubu 的热度正在减退。</p>
</div><p><strong>Top gainers in Hong Kong this year</strong></p>
<div class="lb-trans"><p><strong>今年香港的顶尖涨幅股</strong></p>
</div><p>A diverse group of Hong Kong stocks has jumped this year. Sun Hung Kai Properties' stock has soared by over 38% this year. This rebound happened as China started to ease the measures implemented a few years ago. It is slowly shifting from the three red lines and lowering mortgage rates.</p>
<div class="lb-trans"><p>今年一组多样化的香港股票大幅上涨。新鸿基地产的股价今年上涨超过 38%。这一反弹发生在中国开始放松几年前实施的措施时。它正在逐步摆脱 “三条红线”，并降低抵押贷款利率。</p>
</div><p>Geely stock has soared by 30% this year, making it one of the best-performing automakers. Energy companies like CNOOC, China Shenhua, and PetroChina have soared because of the rising energy prices.</p>
<div class="lb-trans"><p>吉利汽车的股价今年上涨了 30%，成为表现最佳的汽车制造商之一。中海油、中国神华和中国石油等能源公司因能源价格上涨而大幅上涨。</p>
</div><p>The other top gainers in the Hang Seng Index were companies like Contemporary Amperex, JD Logistics, WH Group, and Xinyi Glass.</p>
<div class="lb-trans"><p>恒生指数中其他顶尖涨幅股包括宁德时代、京东物流、WH 集团和信义玻璃。</p>
</div><p>Looking ahead, the Hang Seng Index will react to the developments in the ongoing Iran-US war. In a statement overnight, President Donald Trump said that the US will continue its attack in the next two to three weeks.</p>
<div class="lb-trans"><p>展望未来，恒生指数将对持续的美伊战争的发展作出反应。特朗普总统在一份声明中表示，美国将在接下来的两到三周内继续攻击。</p>
</div><p>However, the risk is that Iran will have a say on when the war will end, and its officials have hinted that it will continue for longer. This war may push the Hang Seng Index lower in the near term.</p>
<div class="lb-trans"><p>然而，风险在于伊朗将对战争何时结束有发言权，其官员暗示战争将持续更长时间。这场战争可能在短期内将恒生指数推低。</p>
</div>

Hang Seng Index top movers in Q1 revealed: best and top laggards

- 恒生指数在第一季度下跌超过 3%，受到伊朗战争的冲击。  
- 国内企业如 Trip.com 和 Kuaishou 分别因反垄断调查和增长放缓而大幅下跌。  
- 未来，恒生指数将受伊朗 -美国战争进展的影响。

Invezz

华夏恒生ETF

吉利汽车(ADR)

2 倍做多阿里巴巴 ETF - KraneShares

安硕恒生指数

吉利汽车

携程网

恒生指数

新鸿基地产

恒生中国企业

中芯国际

小米集团(ADR)

快手-W

小米集团-W

美团-W

恒生指数第一季度的主要股票变动揭晓：表现最佳的股票和表现最差的股票