分享|中国股市因新冠疫情缓解提振情绪而上涨

文章转载自彭博社

Equities in China and Hong Kong gained as declining virus cases on the mainland boosted sentiment and triggered dip-buying in the region’s battered stock market.

中国大陆和香港股市上涨,因内地疫情病例下降提振市场情绪,并引发大量股市投资者逢低买入。

The benchmark CSI 300 Index closed up 1.4% on Wednesday, adding to its 1.1% rise from the previous session. Stocks also climbed in Hong Kong, where a gauge of Chinese tech firms jumped 2.9% to snap a five-day losing streak.

沪深300指数周三收盘上1.4%,较上一交易日上涨1.1%。香港股市也上涨,衡量中国科技公司的指标上涨2.9%,结束了连续五天的跌势。

The advance was driven by signs that China’s virus outbreak may be easing. Shanghai reported a 51% drop in new coronavirus infections on Tuesday from a day earlier, with zero cases found in the community. That moved the city closer to meeting a threshold for a relaxation of growth-crippling Covid restrictions.

这一进展是由中国的疫情可能正在缓解的迹象推动的。上海周二报告的新型冠状病毒感染病例较前一天下降了51%,社区发现病例为零。使这座城市更接近于达到放宽限制的门槛。

“A drop in Covid cases in Shanghai and increased expectations of policy impetus to buoy growth in the second half are factors working together at this stage,” said Du Kejun, partner at Beijing Gelei Asset Management Center Limited Partnership. “Longer-term funds could be buying the dip, while short-term money could also be getting more active to trade a technical bounce.”

北京格雷资产管理中心合伙人杜可君表示:“上海新冠肺炎病例的下降以及对下半年政策推动力提振增长的预期增加是现阶段共同作用的因素。” “长期资金可能会逢低买入,而短期资金也可能变得更加活跃,以交易技术性反弹。”

The nascent rebound is once again spurring hopes that the worst may be over for Chinese equities after a months-long selloff triggered by Covid lockdowns, regulatory crackdowns, and rising global interest rates. Policy measures and vows of market stability from authorities since mid-March have so far brought only fleeting gains.

在新冠疫情爆发、监管加强和全球利率上升引发长达数月的抛售之后,反弹再次激发了中国股市最糟糕的时期可能已经过去的希望。自3月中旬以来,政府的政策和市场稳定措施迄今只带来了短暂的收益。

Data released early Wednesday showed China’s consumer prices rose 2.1% last month from a year earlier, which is stronger than expected but still lower than hot inflation readings elsewhere. This suggests “China is in a very sweet spot at the moment,” wrote Jeffrey Halley, a senior market analyst at Oanda Asia Pacific Pte., adding that this gives room for policymakers to unleash “some juicy stimulus.”

周三早间公布的数据显示,中国上月消费者价格同比上涨2.1%,强于预期,但仍低于其他地区的高通胀数据。这表明“中国目前处于一个非常有利的位置,”安达亚太地区的高级市场分析师Jeffrey Halley写道,这为政策制定者释放“一些有吸引力的刺激措施”提供了空间。

China’s onshore market has solid foundation for stable operation, according to a CCTV report on Tuesday, citing the China Securities Regulatory Commission. Also adding to the buoyant sentiment is President Joe Biden’s comment that he and his advisers are weighing whether to cut US tariffs on foreign imports to fight inflation.

央视周二援引中国证券监督管理委员会的报道称,中国在岸市场具有稳定运行的坚实基础。美国总统乔·拜登的发言也增加了乐观情绪,他和他的顾问正在权衡是否降低美国对外国进口商品的关税以对抗通货膨胀。

“The latest remark from CSRC, coupled with Covid situation in Shanghai, which seems to be more in control, and report of potential tariff relaxation from the US, may have boosted today’s sentiment,” said Kevin Li, fund manager at GF Asset Management (Hong Kong) Ltd.

广发资产管理(香港)公司的基金经理李凯文表示:“中国证监会的最新言论,加上上海的疫情似乎更加可控,以及美国可能放松关税的报道,可能提振了今天的市场情绪。”

China’s smaller, tech-heavy ChiNext Index gained 3.1%. In Hong Kong, the benchmark Hang Seng Index climbed 1%. Gains across the region were stronger earlier, with the rally cooling near market close as some profit-taking took place.

中国规模较小、以科技股为主的创业板指数上涨 3.1%。在香港,恒生指数上涨 1%。该地区早些时候的涨幅更大,随着一些获利了结出现,涨势在收盘附近降温。

The onshore yuan also rose 0.1% against the dollar, snapping a four-day losing run, after the central bank set a stronger-than-expected yuan fixing rate.

在央行设定高于预期的人民币中间价后,在岸人民币兑美元也上涨 0.1%,结束了连续四天的跌势。

China equities appear to be nearing the late stage of a bear market but the final leg will be bumpy, Morgan Stanley strategists wrote in a note, sticking to their equal-weight rating for now.

摩根士丹利策略师在一份报告中写道,中国股市似乎已接近熊市的后期阶段,但最后一站将是坎坷的,目前仍维持其同等权重评级。

Near-term volatility will remain elevated, given the uncertainties surrounding China’s Covid situation, global macro slowdown, and monetary tightening, strategists including Laura Wang wrote. Down almost 20%, the CSI 300 is still one of the world’s worst-performing major national equity benchmarks.

包括 Laura Wang 在内的策略师写道,鉴于围绕中国新冠肺炎疫情、全球宏观经济放缓和货币紧缩的不确定性,近期波动性仍将居高不下。沪深 300 指数下跌近 20%,仍是全球表现最差的主要国家股票基准之一。

“More people are ready to bottom fish” given that losses have been so excessive, said Huang Yuhang, a fund manager at Lanqern Capital Management Co.

Lanqern 资本的基金经理黄宇航表示,鉴于损失如此之大,“更多的人准备抄底”。

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