知情人士称，中国采取措施稳定股市，敦促企业和国有基金买入股票，同时引导部分投资者减少卖出。
China moved to stabilize its equity market by urging companies and state funds to buy shares while guiding some investors to curb selling, people familiar with the matter said.
知情人士表示，金融监管机构周四召开会议，讨论股市稳定措施。因讨论未公开信息，这些人士要求匿名。
Financial regulators held a meeting Thursday to discuss stabilization measures for the stock market, the people said, asking not to be identified discussing private deliberations.
知情人士称，有关部门还对几家大型保险公司下达了窗口指导，要求其报告持股情况，不要锁定浮亏头寸的亏损，并使投资决策与更广泛的经济目标保持一致。与此同时，知情人士表示，监管机构正呼吁所谓的“国家队”加快股票买入。
Authorities also issued window guidance to several major insurers, instructing them to report equity holdings, refrain from locking in losses on underwater positions, and align investment decisions with broader economic goals, according to people familiar with the matter. Meanwhile, regulators are calling on the so-called national team to accelerate stock purchases, the people said.
这些协调一致的干预行动反映出北京对市场脆弱性的担忧日益加剧，以及防止抛压演变为螺旋式下跌的紧迫努力。本月早些时候，证券监管机构承诺加强市场稳定机制，拓宽长期机构资金入市渠道，鼓励提高企业分红和回购力度，并准备好更多政策工具。中国监管机构暂未立即置评。
The coordinated interventions reflect mounting concern in Beijing over market fragility and an urgent push to prevent selling pressure from cascading into a downward spiral. Earlier this month, the securities regulator committed to bolster market-stabilization mechanisms, expand channels for long-term institutional capital, encourage higher corporate payouts and buybacks, and ready additional policy tools. China regulators weren’t immediately available to comment.
基准指数今年累计下跌约10%，周四收于2025年8月以来的最低水平。成长型股票的跌幅更为明显，以科技股为主的创业板指数周四下跌2.9%。
The benchmark index is down about 10% this year and on Thursday closed at the lowest since August 2025. The decline was even more pronounced in growth-oriented shares, with the tech-heavy ChiNext Index sliding 2.9% on Thursday.
此轮抛售集中在科技和人工智能相关股票上，而这些股票此前曾推动市场的大部分涨幅。中国股市也受到全球科技股更广泛抛售的拖累，韩国综合股价指数周四暴跌逾7%，日经225指数下跌近5%，因投资者重新评估人工智能估值和利率前景。
The selloff has been concentrated in technology and AI-related shares, which had powered much of the market’s earlier gains. Chinese stocks have also been caught in a broader global technology rout, with South Korea’s Kospi plunging more than 7% on Thursday and Japan’s Nikkei 225 falling almost 5% as investors reassessed AI valuations and the outlook for interest rates.
中国正面临严峻的经济逆风。第二季度经济增速放缓幅度超出预期，创下三年多来的新低，这给政策制定者带来了巨大压力，迫使他们加快公共支出步伐以实现年度增长目标。
China is facing significant economic headwinds. The economy slowed more than expected in the second quarter to the weakest in more than three years, raising pressure on policymakers to speed up public spending to ensure their annual growth goal is met.
中国将于下周一公布第三季度GDP数据。目前，消费需求疲软、民间投资动力不足以及房地产行业的持续低迷仍在拖累经济增长。
The country is due to release third-quarter GDP data next Monday. Weak consumer demand, sluggish private investment and a prolonged property downturn continue to weigh on growth.
由于经济前景持续低迷，今年中国国债走势强劲，10年期国债收益率一直维持在一年多以来的低位附近。得益于出口行业的强劲表现，人民币兑美元汇率今年以来已累计升值逾4%，表现优于其他亚洲主要货币。
Chinese government bonds have extended their rally this year amid a persistently weak outlook for the economy, with the 10-year benchmark yield hovering near the lowest in more than a year. The yuan has gained more than 4% against the dollar year to date, outperforming its Asian peers thanks to China’s resilient export sector.