科技股的大幅抛售导致中国大陆股市跌至一年多来的最低水平，尽管中国政府通过降低关键利率来加大对经济的支持力度。与此同时，由于美国国债收益率创下新高，中国政府债券吸引了新的投资者兴趣。以下是本周引发市场关注的一些数据：
A sell-off in technology stocks pushed mainland Chinese equities to their lowest level in more than a year, even as Beijing stepped up support for the economy with a key interest rate cut. At the same time, Chinese government bonds attracted fresh interest as US Treasury yields climbed to a new high. Here are some figures that have captured market attention this week.
中国沪深300指数创下13个月新低：周一，中国大陆的沪深300指数下跌2.2%，跌至去年8月21日以来的最低水平；专注于科技行业的“星市场50指数”则下跌了4.1%。第三季度，“星市场50指数”暴跌31%，直接导致沪深300指数整体下跌12%。
China’s CSI 300 Index hits 13-month low Mainland China’s CSI 300 Index dropped 2.2 per cent on Monday to its lowest level since August 21 last year, while the technology-focused Star Market 50 index tumbled 4.1 per cent. A 31 per cent plunge in the Star Market 50 during the third quarter contributed to a 12 per cent decline in the CSI 300.
分析师认为第四季度股市前景堪忧：分析师指出，由于刺激措施效果不佳、市场对进一步加息的担忧以及投资者对人工智能相关投资态度的转变，中国大陆和香港股市在第四季度可能会面临艰难的走势。
Mainland Chinese and Hong Kong stocks could face a bumpy road in the fourth quarter amid underwhelming stimulus measures, concerns over further interest rate increases and changing sentiment towards artificial intelligence-related investments, analysts said.
中国政府采取关键降息措施：
降息0.25个百分点：周二，中国央行将一年期质押补充贷款利率从1.75%下调至1.5%，旨在鼓励政策性银行为符合国家优先发展目标的项目提供资金支持。
Key lending rate cut by 0.25 percentage points China’s central bank cut the one-year pledged supplementary lending rate to 1.5 per cent from 1.75 per cent on Tuesday, aiming to encourage policy banks to provide funding for projects aligned with national priorities.
首次购房者可享受房贷利息补贴：政府还推出了针对首次购房者的房贷利息补贴计划：对于贷款金额不超过100万元人民币（约合14.9万美元）的贷款，购房者可享受最高5年的年化1%的利息补贴。
The move came alongside a mortgage interest subsidy programme for first-time homebuyers, offering an annualised interest subsidy of 1 percentage point for up to five years for loans with principals of up to 1 million yuan (US$149,000).
中国30年期国债受到青睐：
美国国债收益率上升，中国国债吸引力增强：花旗研究分析师周一建议投资者买入中国30年期国债，预计其收益率将降至1.8%左右，10年期国债收益率可能降至1.6%。
China’s 30-year bonds gain favour as US yields climb Citi Research analysts on Monday recommended going long on China’s 30-year sovereign bonds, forecasting yields to fall towards 1.8 per cent, while the 10-year yield could decline to 1.6 per cent.
具体数据：周二，中国30年期特别国债的收益率跌至日内最低点2.11%，10年期国债收益率跌至一年来的最低点1.68%。
On Tuesday, yields on China’s 30-year special treasury bonds fell to an intra-day low of 2.11 per cent, while 10-year yields dropped to a one-year low of 1.68 per cent.
与此同时，美国10年期国债的收益率在周二上升至5.25%，30年期国债的收益率则达到了5.56%，创下了自2004年以来的最高水平。中国汽车出口量预计将超过1200万辆由中国政府支持的汽车行业协会——中国乘用车协会预测，2026年中国制造的汽车（包括乘用车、公交车和卡车）的海外销量将超过1200万辆，比去年的830万辆增长44%。
Meanwhile, the yield on the benchmark 10-year US Treasury rose to 5.25 per cent on Tuesday, while the 30-year Treasury yield reached 5.56 per cent, its highest level since 2004. Chinese vehicle exports projected to top 12 million units The China Passenger Car Association, a government-backed industry group, forecast overseas sales of Chinese-made vehicles – including passenger cars, buses and lorries – to top 12 million units in 2026, up 44 per cent from last year’s 8.3 million.
这一预测数字比中国汽车工业协会此前预估的1000万辆高出20%。中国的研发支出占GDP的2.8%根据国家统计局的数据，2025年中国在研发方面的支出超过了3.92万亿元（约合5848亿美元），占国内生产总值的2.8%。
The projected figure is 20 per cent higher than the previous estimate of 10 million vehicles made by the China Association of Automobile Manufacturers. China’s R&D spending reaches 2.8 per cent of GDP China’s spending on research and development exceeded 3.92 trillion yuan (US$584.8 billion) in 2025, accounting for 2.8 per cent of gross domestic product.
这是中国研发支出首次超过经济合作与发展组织（OECD）成员国的平均水平；该组织成员国当年的研发支出平均为国内生产总值的2.7%。
For the first time, the country’s R&D expenditure surpassed the average among members of the Organisation for Economic Cooperation and Development, which stood at 2.7 per cent for the year, according to the National Bureau of Statistics.