中国内地上市股票有望进入技术性熊市，因对大规模刺激的希望减弱、业绩表现疲软以及对全球人工智能交易的持续担忧打压了市场情绪。
China’s mainland-listed shares are on track to enter a technical bear market as waning hopes for substantial stimulus, lackluster earnings and lingering jitters over the global artificial intelligence trade weigh on sentiment.
沪深300指数周四跌幅一度达1.6%，使其从6月高点以来的累计跌幅达到约20%。衡量香港上市大型中国企业的指数跌幅一度达2.9%。
The CSI 300 Index fell as much as 1.6% on Thursday, bringing its total losses from a high in June to around 20%. A gauge of major Chinese companies listed in Hong Kong dropped as much as 2.9%.
自6月下旬以来，本地股市一直处于低迷状态，先是受全球AI相关股票抛售拖累，随后因消费持续低迷的新证据而进一步徘徊不前。尽管如此，中国第三季度经济增速超预期，使增速保持在政府全年目标范围内，给政策制定者留出了坚持实施定向和增量刺激的空间。
Local shares have been in a slump since late June, first succumbing to a global selloff in AI-linked names before languishing further on new evidence of a protracted consumption slump. Still, China’s growth beat in the third quarter kept expansion within the government’s annual target, giving policymakers room to stick with targeted and incremental stimulus.
本轮财报季部分公司业绩疲软也让投资者保持谨慎。宁德时代报告称，随着政策支持减弱，其季度利润增速不及预期，导致其股价周三下跌12%。
Soft results from some companies in the current earnings season also kept investors cautious. Contemporary Amperex Technology Co. Ltd. reported slower-than-expected quarterly profit growth as policy support wound down, sending its shares down 12% on Wednesday.
当局已采取行动遏制抛售压力并稳定股市，但分析师表示，仅靠国家队买入可能不足以支撑持续复苏。
Authorities have moved to curb selling pressure and stabilize its equity market, though analysts said state-backed buying alone may not be enough to enable a sustained recovery.