中国的国家支持基金似乎正重新进入股市，这表明北京正试图为下跌的股票设下底线。
China’s state-backed funds appear to be stepping back into the stock market, a sign that Beijing is seeking to put a floor under falling shares.
周四，所谓国家队最喜欢的蓝筹交易所交易基金之一出现创纪录的资金流入，因为全球科技抛售波及中国国内市场。虽然没有官方确认国家基金是此次买入的幕后推手，但规模和时机让许多市场参与者深信不疑。
One of the so-called national team’s favorite blue-chip exchange-traded funds drew record inflows on Thursday as a global tech selloff spilled into China’s domestic market. There’s no official confirmation that state funds were behind the buying, but the size and timing have many market participants convinced.
“几乎可以肯定，国家队是此次资金流入的幕后推手，它正履行其作为市场稳定器的常规角色，为A股设下底线，”彭博智库分析师 Rebecca Sin 表示，她引用了前所未有的规模以及在市场压力时期国家买入的模式。
“It is almost certain that the national team was behind the inflows, playing its usual role as a market stabilizer and putting a floor under A-shares,” said Bloomberg Intelligence analyst Rebecca Sin, citing the unprecedented scale and a pattern of state-buying during periods of market stress.
自三个月前抛售以来，这些资金流入是国家基金在市场承压时准备介入的最明显迹象之一，这可能会让投资者感到安心，并减轻受创科技股的压力。
The inflows are one of the clearest signs since the selloff three months ago that state funds are ready to step in when markets come under pressure, potentially reassuring investors and taking some of the heat off battered tech stocks.
易方达沪深300指数ETF在周四录得创纪录的188亿元人民币（约28亿美元）资金流入，其中大部分出现在尾盘交易激增期间，恰逢沪深300指数减亏。该基准指数随后在周五实现了本周首次上涨。
The E Fund CSI 300 Index ETF drew a record 18.8 billion yuan ($2.8 billion) on Thursday, much of it in a late-session trading surge that coincided with the CSI 300 paring its losses. The benchmark went on to rise Friday for the first time this week.
其他常用于支撑股票的基金，包括华夏科创50ETF，也出现了更大的资金流入。
Other funds often used to support equities, including the ChinaAMC STAR 50 ETF, also saw heavier inflows.
上一次主要干预发生在7月，当时监管机构、国家支持的投资者、保险公司和资产管理公司采取行动，以在科技股领导的抛售之后提振信心。除了稳定市场之外，保持AI股票活跃还可能帮助中国公司筹集所需资本，以与美国竞争对手抗衡。
The last major intervention came in July, when regulators, state-backed investors, insurers and asset managers moved to shore up confidence after a tech-led selloff. Beyond stabilizing the market, keeping AI stocks buoyant could help Chinese companies raise the capital they need to compete with US rivals.
易方达ETF自中央汇金投资有限公司在今年上半年卖出其持仓后，基本处于休眠状态。在7月的动荡期间，与国家相关的买入似乎集中在科技导向的ETF上。最新的买入发生在沪深300指数濒临熊市之际，其从峰值的跌幅已扩大至接近20%。
E Fund ETF had been largely dormant since Central Huijin Investment Ltd. sold its holdings in the first half of the year. During July’s turbulence, state-linked buying appeared concentrated in tech-focused ETFs. The latest buying came as the CSI 300 was on the verge of a bear market as it extended losses from a peak to near 20%.
市场收盘后周四，一连串公司宣布股份回购，为科技股提供了另一种潜在的支撑来源。
After the market closed Thursday, a string of companies announced share buybacks, adding another potential source of support for tech stocks.
Eoptolink Technology Inc. 以回购不超过10亿元人民币股份的方案领先，而苏州TFC光通信有限公司和华勤技术则提出了较小规模的回购方案。中际旭光则单独表示，9月份回购的股份将被注销。
Eoptolink Technology Inc. led the pack with a proposal to repurchase as much as 1 billion yuan of its shares, while Suzhou TFC Optical Communication Co. and Avary Holding proposed smaller buybacks. Zhongji Innolight Co. separately said stock bought back in September would be canceled.
“值得关注的是，这种买入行为是否会持续并保持此规模，以及在当局此类支持下，上证指数3700点位能否守住，”深圳享投资管理有限公司基金经理李雪彤表示。该指数目前在3739点左右。
“It’s worth watching if the buying will persist and continue at this scale, and if the 3,700 level for the Shanghai Composite will hold thanks to such support by authorities,” said Li Xuetong, a fund manager at Shenzhen Enjoy Investment Management Co. The index is currently at around 3,739.