彭博新闻报道，中国科技硬件股份在今年早些时候大幅上涨后正迅速贬值，因为全球对AI交易的疑虑日益增加，使得这些高估值股票尤为脆弱。
China’s tech hardware shares are rapidly losing value after bumper gains earlier in the year, as growing doubts over the global AI trade make those high-valuation names particularly vulnerable.
科技股密集的科创50指数周五跌幅一度达4.6%，两日累计跌幅超过9%，为7月下旬以来最大跌幅。创业板指数跌幅一度达3.4%。两大指数均于6月创下历史新高。
The tech-heavy Star 50 Index fell as much as 4.6% on Friday, taking its two-day drop to more than 9%, the most since late-July. The ChiNext gauge dropped as much as 3.4%. Both indexes reached all-time highs in June.
中国芯片和光模块股票今年早些时候备受关注，北京推动AI霸权的政策支撑了股价。但随着全球投资者在借贷成本上升和与投资规模相关的债务担忧中对AI估值变得更加挑剔，这种势头迅速减弱。地缘政治风险也构成压力，市场担心美国可能限制光模块进口。
Chinese chip and optical stocks were in the spotlight earlier this year as Beijing’s policy push for AI supremacy supported share prices. That momentum has rapidly waned as global investors grow more discerning over AI valuations amid rising borrowing costs and debt concerns tied to the scale of investment. Geopolitical risks are also weighing, with fears that the US may restrict optical module imports.
Allspring Global Investments投资组合经理Gary Tan表示：“抛售反映了A股风险偏好广泛回撤，对此前享受显著‘自给自足溢价’的高估值科技股影响尤为显著。”
“The selloff reflects a broad retreat in A-share risk appetite, with an outsized impact on high valuation technology stocks that had previously benefited from a significant self sufficiency premium,” said Gary Tan, portfolio manager at Allspring Global Investments.
即使在截至9月的三个月里经历了有史以来最差的季度表现，科创50指数的市盈率仍高达43倍远期盈利。这一高估值与韩国KOSPI指数仅5倍的估值形成鲜明对比。
The Star 50 gauge trades at 43 times its forward earnings even after suffering its worst-ever quarterly performance in the three-months through September. That lofty valuation compares with just five times for Korea’s Kospi Index.
中国股市整体在经历一周长假后于周四重新开市下跌，全球债券收益率上升、能源成本居高不下，加上假期消费疲软，令投资者保持谨慎。沪深300指数自复市以来的两个交易日里已下跌2.4%。
Chinese stocks overall declined after markets reopened from a weeklong holiday on Thursday, with rising global bond yields and elevated energy cost, on top of sluggish holiday spending keeping investors cautious. The CSI 300 Index has fallen 2.4% in the two trading sessions since markets reopened.