中国蓝筹股重返牛市区间（中英双语）

青岛希尼尔翻译公司（www.sinosenior.com.cn）整理发布2015-11-07

希尼尔翻译公司（www.sinosenior.com.cn）2015年11月7日了解到：中国蓝筹股昨日重返牛市区间，7周前中国股市曾跌至低谷。在不断增加的流动性帮助下，市场信心继续恢复。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. 上证综指(Shanghai Composite)和包括沪深两市大盘股的沪深300(CSI 300)指数都比9月中旬的低谷上涨20%。

“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.” 汇丰银行(HSBC)中国股票策略主管孙瑜(Steven Sun)表示：“多种因素在共同作用，其中一个因素是：在依然把增长作为首要任务的十八届五中全会召开之后，人们消除了疑虑，市场情绪好转。这意味着市场正在期待更多宽松举措、更多刺激举措及更多金融部门的改革。”

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. 昨天，上证综指在周三上涨4.3%的基础上，再次收涨1.8%，至3522.82点。与此同时，深证综指(Shenzhen Composite)收涨0.2%，至2093.47点。不过，两指数仍比今年6月的峰值低了大约三分之一。

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. 比起沪市，深市上市股票中包括更多生物科技股和科技股。尽管深市在这轮崩盘中跌幅更大，其市值跌去逾40%（相比之下沪市只跌去了三分之一），但深市的反弹也更快，已在3周前进入牛市区间。

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. 上月，受到各界密切关注的中共中央十八届五中全会维持了对经济增长的注重，从而提高了人们对于中国政府将支持经济发展和推进金融部门改革的期待。

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. 此外，上月底的降息举措也帮助提振了市场情绪。自中国内地股票6月见顶回落以来，中国央行已将利率下调75个基点。最近一次降息是在10月底，当时中国央行将基准的一年期利率下调至4.35%这个创纪录低点。

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. 孙瑜表示，不断增加的杠杆率是市场信心恢复的另一个迹象。为股票交易提供资金的保证金贷款余额自9月初以来首次回升至1000亿美元以上，尽管这一数值仍远低于今年夏天2000亿美元以上的峰值。

Institutional investors have begun seeking bargains as mainland stocks steadied following the turmoil. 随着中国内地股市在动荡后趋于平稳，机构投资者已开始进场寻觅廉价股票。

“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. 荷宝(Robeco)亚太首席投资官任安诺(Arnout van Rijn)表示：“如果你在4月至8月期间不在这里，你会感觉A股市场没怎么变化。”任安诺补充说，荷宝的几只基金今春将所持许多中国股票获利回吐。

青岛翻译公司/a>