周一，受科技股抛售加剧影响，中国内地股市跌至13个月低点，市场担忧全球资本成本居高不下及油价飙升将抑制风险偏好。
Mainland Chinese stocks fell to their lowest level in 13 months on Monday as the sell-off in technology shares intensified amid concerns that elevated global capital costs and surging oil prices would curb risk appetite.
本周开市气氛沉重，沪深300指数下跌2.2%，收于去年8月21日以来的最低水平。芯片股云集的科创50指数暴跌4.1%，录得五周来最大单日跌幅，逼近7月科技股大跌时的低点。香港恒生指数逆势上涨0.6%。
Markets opened the week on a sombre note, with the CSI 300 Index dropping 2.2 per cent to close at a level not seen since August 21 last year. The chip-heavy Star Market 50 index tumbled 4.1 per cent, capping its steepest single-day decline in five weeks and closing in on the low reached during July’s technology rout.
美国拒绝伊朗恢复霍尔木兹海峡通航的提议后，国际油价升破每桶100美元，最新谈判拉锯令通胀担忧持续、美债收益率高企，中国科技股遭重创。
Hong Kong’s Hang Seng Index bucked the trend, rising 0.6 per cent.
中国经济复苏在8月依然不均衡，出口保持韧性，但内需依然疲软。
Chinese technology stocks took a beating as crude oil traded above US$100 a barrel after the US rejected a proposal by Iran to restore traffic through the Strait of Hormuz. The latest back-and-forth in negotiations kept inflation concerns alive and Treasury yields elevated.
市场情绪进一步受压于北京可能允许本地企业采购英伟达芯片的传闻，这可能加剧中国芯片制造商的竞争压力。担忧中际旭创、新易盛等国内最大光模块厂商可能面临美国制裁，也打击了投资者信心。
China’s economic recovery also remained uneven through August, with exports remaining resilient while domestic demand stayed sluggish.
申万宏源集团分析师傅京涛表示：“短期内市场对油价、美债收益率及美联储加息预期相当敏感。”
Market sentiment was further weighed down by speculation that Beijing could allow local companies to buy Nvidia’s chips, potentially increasing competition for Chinese chipmakers. Concerns that the nation’s biggest makers of optical transceivers such as Zhongji Innolight and Eoptolink Technology could face US sanctions also dented investor confidence.
在周四起始的国庆“黄金周”前缩短的三个交易日里，投资者也减持了中国股票仓位，以规避休市期间海外事态发展的风险。
With no structural opportunities for technology stocks in sight, the market may be primed for consolidation for the rest of 2026Fu Jingtao, Shenwan Hongyuan Group“The markets are pretty sensitive to oil prices, US Treasury yields and expectations about a [US Federal Reserve] rate increase in the short term,” said Fu Jingtao, an analyst at Shenwan Hongyuan Group.
傅京涛称：“在看不到科技股结构性机会的情况下，市场可能在2026年剩余时间里以整固为主。”
Investors also trimmed their bets on Chinese stocks in the shortened three-day trading week before the National Day “golden week” starting on Thursday, avoiding the risk of overseas developments during the trading break.
美国总统特朗普与中国国家主席习近平上周会晤的结果未能令交易员印象深刻，延长关税休战和人工智能合作的协议在很大程度上符合市场预期。
The outcome of a meeting between US President Donald Trump and Chinese President Xi Jinping last week failed to impress traders, with agreements to extend the tariff truce and artificial intelligence collaborations largely matching market expectations.
“我认为在具体经济问题上的进展并不显著，”钧点资产管理首席经济学家张智威表示。
“I don’t think the progress on specific economic issues is significant,” said Zhang Zhiwei, chief economist at Pinpoint Asset Management.
“关于600亿美元双边贸易降税的协议是双方的积极一步，但规模相当小。从美国购买煤炭的协议也是如此。”
“The agreement on tariff reduction for US$60 billion bilateral trade is a positive step for both countries, but the size is rather small. So is the agreement on the purchase of coal from the US.” Investors expected stocks to remain volatile throughout the week as the releases of the US personal consumption expenditure data, the Fed’s preferred inflation gauge, and labour market figures could reshape the outlook for monetary policy.
投资者预计股市本周将继续波动，因为美国个人消费支出数据（美联储首选的通胀指标）和劳动力市场数据的发布可能重塑货币政策前景。张世东 报道
By Zhang Shidong