1/ In Hong Kong's Victoria Park, where annual candlelight vigils commemorating the 1989 Tiananmen crackdown in Beijing used to take place, a patriotic food carnival is being held for the third straight year.

Photos: Kyle Lam/HKFP. pic.twitter.com/uikrxspdKc

— Hong Kong Free Press HKFP (@hkfp) June 3, 2025

2025年6月4日港股盤前資訊摘要及分析

一、前香港恒生指數（HSI）收市價

• 恒生指數於6月3日收報23,828點，升146點或0.62%，大市氣氛明顯改善，主要受惠於大型權重股如建設銀行、比亞迪等領漲1。

二、美國HSI ADR收市價

• ADR比例恒指指數最新報23,710點，較昨日港股現貨收市價低約118點，反映外圍夜市情緒略為偏弱，預示港股今早或有輕微低開壓力2。

三、牛熊證重貨區

• 近期牛熊證街貨分佈顯示，恒指牛熊證重貨區貼近現貨收市價，若開市初段指數波動觸及相關區域，容易引發資金流動及短線波幅擴大。市場若突破重貨區，或會進一步吸引資金追入3。

四、即時黑期價

• 恒生指數期貨（06/2025合約）夜市最新報23,377點，較現貨低水約451點，顯示市場預期今日開市有明顯調整壓力5。期貨低水反映投資者對短線回吐風險有所警惕。

五、金管局流動性操作及HIBOR走向

• 香港金管局近日通過貼現窗口向銀行提供30.1億元流動性，顯示銀行體系結餘有所收緊，銀行間資金需求上升6。受此影響，HIBOR利率近期呈上升趨勢，特別是1個月及3個月HIBOR，反映資金成本上升，對本地地產及高槓桿板塊或構成壓力。

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綜合分析

• 港股昨收高，但ADR及期貨均顯示今早或有低開壓力，短線需留意外圍情緒及資金流動。
• 牛熊證重貨區貼近現價，若開市觸及相關區域，或會出現短線急升或急跌，建議投資者密切留意開市初段波動。
• 金管局主動釋放流動性，反映銀行體系結餘收緊，HIBOR利率上升，短線對地產、收租及高負債板塊不利，但有助穩定金融體系。
• 整體而言，港股短線波幅或加大，若能守穩牛熊證重貨區上方，後市有望維持強勢；反之，若低開後未能迅速回補，需警惕資金短線獲利回吐。

結論：
今日港股或低開後波幅擴大，建議投資者短線靈活部署，密切關注牛熊證重貨區及資金面變化，尤其HIBOR走勢對相關板塊的影響。

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檢查來源

1. https://hk.investing.com/indices/hang-sen-40
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