香港/上海——周五，中国股市在跌入熊市后艰难摆脱低迷。随着投资者日益质疑该国备受炒作的人工智能板块能否支撑其过高的估值并抵消更广泛的经济困境，市场表现挣扎。
HONG KONG/SHANGHAI -- China's stock market struggled to break out of a funk on Friday after sliding into bear territory as investors increasingly question whether the country's much-hyped AI sector can justify lofty valuations and offset broader economic troubles.
在中国内地上市的股票在早盘遭到广泛抛售，追踪上海和深圳重磅上市公司的基准沪深300指数下跌超过1%，创下15个月来的新低。追踪科技板块科创板股票的上海科创板成份指数下跌超过2%。
Mainland-listed stocks were hit with a broad selloff in the morning, with the benchmark CSI 300 Index, which tracks heavyweight listings in Shanghai and Shenzhen, falling over 1% to a fresh 15-month low. Shanghai's STAR Composite Index, which tracks stocks listed on the tech-focused STAR market, fell over 2%.
在对一只追踪深圳创业板的交易所交易基金（ETF）进行异常强劲的买盘支撑后，包括沪深300指数在内的数个指数在午后回升至正值区间。中国的国家级投资者“国家队”经常购买此类基金来稳定市场。周四，沪深300指数较6月份的近期高点下跌超过20%，进入技术性熊市，这表明投资者情绪恶化，并可能出现长期低迷。近几天中国主要股票指数的大幅下跌，与一场从美国科技股蔓延至亚洲芯片制造商的全球抛售潮巧合发生，该抛售潮是由对人工智能泡沫和过度借贷的新担忧所引发的。
Several indexes, including the CSI 300, swung into positive territory in the afternoon after unusually strong purchases of an exchange-traded fund tracking Shenzhen's ChiNext index. China's "national team" of state investors often buys such funds to stabilize the market On Thursday, the CSI 300 entered technical bear territory after dropping over 20% from its recent high in June, signaling deteriorating investor sentiment and a possible prolonged downturn. The sharp decline in China's major stock indexes in recent days coincided with a global sell-off that has spread from U.S. tech stocks to Asia's chipmakers, sparked by fresh worries about an AI bubble and excessive borrowing.
人工智能相关公司是受打击最严重的板块之一。人工智能数据中心光收发器供应商中际旭创（注：原文Eoptolink应为新易盛，此处按原文翻译为Eoptolink科技）和苏州天孚光通信在周五早盘交易中下跌超过5%。国有芯片制造商中芯国际下跌3%。在基准原油价格创下一个月来最高水平之际，在化工股普遍遭到抛售的背景下，恒力石化下跌5%。
AI-related companies were among the hardest hit. Eoptolink Technology and Suzhou TFC Optical Communication, suppliers of optical transceivers used in AI data centers, fell over 5% during Friday morning trading. State-owned chipmaker SMIC fell 3%. Hengyi Petrochemical was down 5% amid broader selling of chemical stocks as benchmark crude prices reached their highest level in a month.
新易盛和天孚在午间休市期间发布的证券交易所公告中强调，他们拥有“强劲”的在手订单。新易盛宣布了一项最高达10亿元（合1.5亿美元）的股份回购计划。在周四跌至三个月低点后，香港恒生指数周五上涨1.5%。随着来自内地市场的更积极情绪外溢，中芯国际在香港上市的股票在下午的交易中上涨1%，此前该股在盘初曾下跌4.6%。全球最大的光收发器制造商中际旭创也扭转跌势，上涨2.7%。
In stock exchange filings during the midday lunch break, Eoptolink and Suzhou TFC stressed that they have "strong" order backlogs. Eoptolink announced a share buyback plan of up to 1 billion yuan ($150 million) Hong Kong's Hang Seng index gained 1.5% on Friday after it fell to a three-month low on Thursday. SMIC's Hong Kong-listed shares rose 1% in afternoon trading after dropping 4.6% earlier in the day, as more positive mood spilled over from the mainland markets. Zhongji Innolight, the world's largest optical transceiver maker, also reversed course and rose 2.7%.
在最新的全球暴跌之前，中国股市已经失去了动能。尽管芯片制造商和机器人公司的几家备受期待的上市提振了情绪，但该基准指数自8月以来已下跌超过15%。以科技股为主的科创板自今年年初以来已跌去超过40%。
China's stock market had already lost steam before the latest global rout. Despite a few highly anticipated listings of chipmakers and robotics companies boosting sentiment, the benchmark index has lost over 15% since August. The tech-heavy STAR index has shed over 40% since the beginning of this year.
加拿大皇家银行财富管理公司（RBC Wealth Management）投资组合策略师尼古拉斯·格韦（Nicholas Gwee）在周五的一份报告中写道，这场暴跌是由于“财政刺激不足和令人失望的收益”。在没有重大一揽子刺激计划的情况下，“因早期人工智能乐观情绪和国家支持而飙升的估值，现在看来容易受到进一步修正的影响”。格韦表示，这种波动可能会持续到2027年初，且国家支持的稳定措施可能不足以维持市场的复苏。
The slump is due to "insufficient fiscal stimulus and disappointing earnings," Nicholas Gwee, a portfolio strategist at RBC Wealth Management, wrote in a Friday note. Without major stimulus packages, "valuations that surged on early AI optimism and state support now appear vulnerable to further corrections." Gwee said the volatility could persist into early 2027 and state-backed stabilization may not be enough to sustain a market recovery.
周一，中国证券监督管理委员会宣布批准国内首批18只主动管理的交易所交易基金，此举被广泛视为旨在提振投资者信心并吸引长期资本进入股票市场的举措。
On Monday, the China Securities and Regulatory Commission announced the approval of the country's first batch of 18 actively managed exchange-traded funds, widely seen as a move to shore up investor confidence and attract long-term capital into the equity market.
本月早些时候，流入沪深300ETF的资金激增，身份不明的投资者引发了人们的猜测，即国家队——即政府在股市大幅抛售期间依靠来支持市场的主权财富基金和机构——是买盘的幕后推手。这些购买并未能阻止市场的下跌。
Inflows into a CSI 300 ETF surged earlier this month, with the unknown investors drawing speculation that the national team -- sovereign wealth funds and institutions the government relies on to support the market during major sell-offs -- was behind the buying. The purchases have done little to arrest the market declines.
摩根士丹利（Morgan Stanley）中国首席经济学家邢自强表示：“中国企业面临的关键问题仍然是盈利能力。”“诸如股东权益回报率（ROE）等指标仍然相对疲弱，这就是为什么我们强调中国向价值链上游移动和转向高端工业生产的重要性的原因。”邢自强将利润率受压缩归咎于疲软的股价，但暗示这种情况可能会逐渐改善。
"The key issue for Chinese companies is still profitability," said Robin Xing, chief China economist at Morgan Stanley. "Metrics such as return on equity (ROE) remain relatively weak, which is why we emphasize the importance of China moving up the value chain and shifting toward higher-end industrial production." Xing blamed compressed margins for the weak shares but suggested this could gradually improve.
中国工业板块（包括电动汽车及电动汽车供应链）的激烈竞争，严重拖累了企业盈利和投资者回报。电动汽车电池巨头宁德时代本周股价暴跌，原因是盈利逊于预期，且市场担忧陷入价格战的电动汽车公司正转向更便宜的替代品。
Intense competition in China's industrial sectors, including electric vehicles and the EV supply chain, has weighed heavily on corporate earnings and investor returns. EV battery giant CATL's shares plunged this week on worse-than-expected earnings and concerns that EV companies, mired in a price war, are turning to cheaper alternatives.
不过，邢自强表示，“更大的估值悬崖”仍然是中国疲软的国内需求。他说：“相当一部分企业收入仍与消费活动挂钩，因此当定价能力疲软且消费者在降级时，这不可避免地会拖累盈利预期和市场情绪。”中国经济在第三季度获得了一些温和的动能，国内生产总值（GDP）同比增长4.5%。但作为衡量家庭支出指标的零售额增速，与去年同期相比大幅放缓。
"The bigger valuation overhang," however, remains China's weak domestic demand, Xing said. "A substantial portion of corporate revenue remains tied to consumer activity, so when pricing power is weak and consumers are trading down, that inevitably weighs on earnings expectations and market sentiment." China's economy gained some modest momentum in the third quarter, with GDP growth expanding 4.5% year-on-year. But retail sales growth, a gauge of household spending, slowed sharply compared to the same period last year.
这一现实体现在阿里巴巴和腾讯的股票上。这两家科技巨头的股价今年已经缩水了30%以上，尽管它们是该国人工智能热潮的直接受益者，但由于其核心业务仍然与国内消费和企业活动紧密相连。
That reality is reflected in Alibaba and Tencent stock. The two technology giants' shares have shed over 30% of their value this year despite being direct beneficiaries of the country's AI boom, as their core businesses remain closely tied to domestic consumption and corporate activity.