希尼爾翻譯公司（www.eacrwc.tw）2015年11月7日了解到：中國藍籌股昨日重返牛市區間，7周前中國股市曾跌至低谷。在不斷增加的流動性幫助下，市場信心繼續恢復。Chinese blue-chips moved back into bull market territory yesterday, seven weeks after bottoming following their summer crash. Confidence continues to recover, aided by rising liquidity.
Both the Shanghai Composite and the CSI 300, an index comprising
the top stocks in Shenzhen as well as Shanghai, have gained 20 per cent
from their mid-September trough. 上證綜指(Shanghai
“There is a confluence of factors, including better sentiment as
people feel reassured after the plenum that growth remains the top
priority,” said Steven Sun, head of China equity strategy at HSBC. “That
means the markets are looking for more easing, more stimulus and more
financial sector reform.” 匯豐銀行(HSBC)中國股票策略主管孫瑜(Steven
Yesterday the Shanghai Composite closed 1.8 per cent higher at
3,522.82, having gained 4.3 per cent on Wednesday. The Shenzhen
Composite, meanwhile, added 0.2 per cent to 2,093.47. Both indices are,
however, still down about a third from their June peaks.
Shenzhen hosts more excitable biotech and tech stocks than its
northern rival. While it fell further in the crash, losing more than 40
per cent of its value compared with a third for Shanghai, it also
bounced back quicker and hit its bull-market milestone three weeks ago.
Last month, China’s closely watched plenum — a meeting of the
Communist party leadership — maintained the emphasis on economic growth,
bolstering expectations that Beijing would support the economy and press
on with financial sector reforms.
A rate cut late last month also helped lift the market mood.
Since mainland stocks peaked in June, China’s central bank has delivered
three quarter-point rate cuts. The People’s Bank of China most recently
cut rates at the end of October, lowering its benchmark one-year to 4.35
per cent — a record low.
Mr Sun said rising leverage was another sign that market
confidence was returning. Outstanding margin loans to finance trades
rose above $100bn for the first time since early September, although
this left them far short of their summer peak above $200bn.
Institutional investors have begun seeking bargains as mainland
stocks steadied following the turmoil.
“If you were not here between April and August, not much has
actually changed in the A-share market,” said Arnout van Rijn,
Asia-Pacific chief investment officer at Robeco, who added that its
funds took profits on a lot of China holdings in the spring. 荷寶(Robeco)亞太首席投資官任安諾(Arnout