<p>恒生指數在第一季度下跌超過 3%，因伊朗戰爭衝擊了股市。它在今年最高點下跌超過 10% 後已進入調整期。這一表現與其他全球指數如標準普爾 500 和納斯達克 100 的表現相似。</p>
<p><em>恒生指數圖表 | 來源：TradingView</em></p>
<p><strong>科技股是恒生指數中表現最差的板塊</strong></p>
<p>恒生指數中的公司是表現最差的公司之一。攜程網作為旅遊行業的頂尖公司，在指數中表現最差，股價下跌了 31%。</p>
<p>這一下跌發生在中國當局發起反壟斷調查，指控該公司利用其主導地位實施不公平行為。最近，由於美伊戰爭對其業務產生影響，股價再次下滑。</p>
<p>快手科技作為一家社交媒體公司，在第一季度下跌了 30%，因其增長放緩。其年報顯示，年收入增長為 11.8%，而旗艦應用的活躍用户數飆升至 4.07 億。</p>
<p>中芯國際的股票在第一季度下跌了 28%。最近，由於美國當局表示該公司向伊朗提供芯片製造技術，可能導致制裁，股價下跌。</p>
<p>作為最大的外賣公司，美團的股價下跌了 23.5%，因與阿里巴巴和京東的價格戰升級。自去年初以來，它持續失去市場份額。因此，管理層提供了折扣，壓縮了利潤空間。</p>
<p>今年恒生指數中其他顯著的表現不佳的公司包括小米、網易、比亞迪、騰訊、百度和阿里巴巴。小米的股價因持續的內存芯片短缺導致價格上漲和產品延遲而下滑。</p>
<p>泡泡瑪特的股價也大幅下跌，因對 Labubu 需求的擔憂持續。最近，該公司通過推出最大規模的股票回購來抵消這一弱點，以提升投資者信心。投資者認為，該公司需要推出更多產品以重新加速銷售，因為 Labubu 的熱度正在減退。</p>
<p><strong>今年香港的頂尖漲幅股</strong></p>
<p>今年一組多樣化的香港股票大幅上漲。新鴻基地產的股價今年上漲超過 38%。這一反彈發生在中國開始放鬆幾年前實施的措施時。它正在逐步擺脱 “三條紅線”，並降低抵押貸款利率。</p>
<p>吉利汽車的股價今年上漲了 30%，成為表現最佳的汽車製造商之一。中海油、中國神華和中國石油等能源公司因能源價格上漲而大幅上漲。</p>
<p>恒生指數中其他頂尖漲幅股包括寧德時代、京東物流、WH 集團和信義玻璃。</p>
<p>展望未來，恒生指數將對持續的美伊戰爭的發展作出反應。特朗普總統在一份聲明中表示，美國將在接下來的兩到三週內繼續攻擊。</p>
<p>然而，風險在於伊朗將對戰爭何時結束有發言權，其官員暗示戰爭將持續更長時間。這場戰爭可能在短期內將恒生指數推低。</p>

攜程集團-S

阿里巴巴

南方恆生指數ETF

<p>恒生指數在第一季度下跌超過 3%，因伊朗戰爭對股市的影響而進入調整區間。攜程網表現最差，跌幅達到 31%，緊隨其後的是快手科技（-30%）和中芯國際（-28%）。其他表現不佳的公司包括美團、小米和阿里巴巴。相反，香港置地和吉利汽車分別上漲了 38% 和 30%。該指數未來的表現將受到伊朗 - 美國衝突持續發展的影響，這可能進一步影響市場穩定性</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>恒生指數在第一季度下跌超過 3%，因伊朗戰爭衝擊了股市。它在今年最高點下跌超過 10% 後已進入調整期。這一表現與其他全球指數如標準普爾 500 和納斯達克 100 的表現相似。</p>
</div><p><em>Hang Seng Index chart | Source: TradingView</em></p>
<div class="lb-trans"><p><em>恒生指數圖表 | 來源：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>科技股是恒生指數中表現最差的板塊</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>恒生指數中的公司是表現最差的公司之一。攜程網作為旅遊行業的頂尖公司，在指數中表現最差，股價下跌了 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>這一下跌發生在中國當局發起反壟斷調查，指控該公司利用其主導地位實施不公平行為。最近，由於美伊戰爭對其業務產生影響，股價再次下滑。</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>快手科技作為一家社交媒體公司，在第一季度下跌了 30%，因其增長放緩。其年報顯示，年收入增長為 11.8%，而旗艦應用的活躍用户數飆升至 4.07 億。</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>中芯國際的股票在第一季度下跌了 28%。最近，由於美國當局表示該公司向伊朗提供芯片製造技術，可能導致制裁，股價下跌。</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>作為最大的外賣公司，美團的股價下跌了 23.5%，因與阿里巴巴和京東的價格戰升級。自去年初以來，它持續失去市場份額。因此，管理層提供了折扣，壓縮了利潤空間。</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>今年恒生指數中其他顯著的表現不佳的公司包括小米、網易、比亞迪、騰訊、百度和阿里巴巴。小米的股價因持續的內存芯片短缺導致價格上漲和產品延遲而下滑。</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>泡泡瑪特的股價也大幅下跌，因對 Labubu 需求的擔憂持續。最近，該公司通過推出最大規模的股票回購來抵消這一弱點，以提升投資者信心。投資者認為，該公司需要推出更多產品以重新加速銷售，因為 Labubu 的熱度正在減退。</p>
</div><p><strong>Top gainers in Hong Kong this year</strong></p>
<div class="lb-trans"><p><strong>今年香港的頂尖漲幅股</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>今年一組多樣化的香港股票大幅上漲。新鴻基地產的股價今年上漲超過 38%。這一反彈發生在中國開始放鬆幾年前實施的措施時。它正在逐步擺脱 “三條紅線”，並降低抵押貸款利率。</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>吉利汽車的股價今年上漲了 30%，成為表現最佳的汽車製造商之一。中海油、中國神華和中國石油等能源公司因能源價格上漲而大幅上漲。</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>恒生指數中其他頂尖漲幅股包括寧德時代、京東物流、WH 集團和信義玻璃。</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>展望未來，恒生指數將對持續的美伊戰爭的發展作出反應。特朗普總統在一份聲明中表示，美國將在接下來的兩到三週內繼續攻擊。</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，風險在於伊朗將對戰爭何時結束有發言權，其官員暗示戰爭將持續更長時間。這場戰爭可能在短期內將恒生指數推低。</p>
</div>

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

- 恒生指數在第一季度下跌超過 3%，受到伊朗戰爭的衝擊。  
- 國內企業如 Trip.com 和 Kuaishou 分別因反壟斷調查和增長放緩而大幅下跌。  
- 未來，恒生指數將受伊朗 -美國戰爭進展的影響。

Invezz

華夏恆生ETF

吉利汽車(ADR)

2 倍做多阿里巴巴 ETF - KraneShares

安碩恆生指數

吉利汽車

攜程網

恆生指數

新鴻基地產

恆生中國企業

中芯國際

小米集團(ADR)

快手-W

小米集團-W

美團-W

恒生指數第一季度的主要股票變動揭曉：表現最佳的股票和表現最差的股票