中国股市从十月的惨烈抛售中反弹，此前有猜测称北京将加大力度，遏制导致其基准指数陷入熊市的暴跌。
China’s stocks rebounded from a brutal sell-off in October on speculation that Beijing would double down on efforts to stem a rout that sent its benchmark into a bear market.
截至当地时间上午9点36分，沪深300指数上涨0.3%，报3997.76点。由该国最大芯片制造商主导的科创板50指数上涨0.6%。
The CSI 300 Index rose 0.3 per cent to 3,997.76 as of 9.36am local time. The Star Market 50 Index, which is dominated by the nation’s biggest chipmakers, gained 0.6 per cent.
有关中国将加强3000亿元（约合451亿美元）再贷款设施的猜测不断升温。该设施于2024年推出，是稳定股市的一揽子计划的一部分。据当地媒体报道，中国人民银行计划周一上午召开监管股市和金融部门的监管机构会议，以完善为上市公司及其主要股东股票回购提供融资的计划。
Speculation was mounting that China would bolster a 300 billion yuan (US$45.1 billion) relending facility, introduced in 2024 as part of a package to stabilise the stock market. The People’s Bank of China was set to convene a meeting with regulators overseeing the stock market and the financial sector on Monday morning to improve the programme that finances stock buy-backs by listed companies and key shareholders, according to local media reports.
此前，中国以人民币计价的股票上月遭受重创，沪深300指数下跌8.5%，创下2015年股市崩盘后的最差月度表现，并陷入熊市。国内经济复苏脆弱，加上拥挤的人工智能交易平仓，导致市场动荡。
The development came after China’s yuan-denominated stocks suffered heavy losses last month, when the CSI 300 slumped 8.5 per cent – its worst monthly performance since the aftermath of the 2015 stock rout – and slid into a bear market. A fragile recovery in the domestic economy alongside an unwinding of crowded artificial intelligence bets contributed to the turmoil.
“信息相当明确。北京似乎越来越不愿让股市暴跌自行发展势头，尤其是在人工智能交易已在全球承压的情况下，”SPI资产管理公司合伙人斯蒂芬·因内斯表示。
“The message is fairly straightforward. Beijing appears increasingly uncomfortable allowing the equity rout to develop its own momentum, particularly when the AI trade is already under pressure globally,” said Stephen Innes, a managing partner at SPI Asset Management.
“另一轮官方鼓励的买盘能否恢复真正的投资者信心，这是另一回事，但当中国的‘国家队’开始在市场周围集结时，空头最好一只眼睛盯着政策头条，另一只眼睛盯着出口。”投资者称中国的官方买家为“国家队”。据高盛称，中国国家队在十月可能购买了至少1700亿元跟踪关键股票指标的交易所交易基金，以阻止下跌。
“Whether another round of officially encouraged buying can restore genuine investor confidence is another matter, but when China’s national team starts assembling around the market, the shorts would be wise to keep one eye on the policy headlines and the other on the exit.”China’s state buyers, dubbed “the national team” by investors, may have bought at least 170 billion yuan of exchange-traded funds tracking key equity gauges in October to stop the declines, according to Goldman Sachs.
据当地媒体报道，国家队的国有支持投资机构中国改革基金和中国诚通控股集团，可能从一家未具名的大型国有银行获得高达各1000亿元人民币的再贷款，用于股权回购。
China Reform Holdings and China Chengtong Holdings Group, the state-backed investment entities on the national team, may receive as much as 100 billion yuan each in relending for equity repurchases from an unspecified big state bank, according to local media reports.
美国股市的动荡可能会使中国稳定自身股市的努力复杂化，纳斯达克100指数周五下跌3.5%，在从历史高点下跌10%后技术性进入调整区间。随着迹象显示，今年在人工智能基础设施建设上的7500亿美元支出正在侵蚀超大规模云服务商现有业务的利润并削弱现金流，投资者对这些支出的回报持谨慎态度。
The turmoil in US stocks may complicate China’s efforts to stabilise its own, with the Nasdaq-100 Index tumbling 3.5 per cent on Friday to technically enter a correction after a 10 per cent drop from its record high. Investors were wary of the returns on US$750 billion in spending on AI infrastructure buildouts this year, as signs emerged that the enormous capital expenditures were eating into hyperscalers’ profits from existing businesses and eroded cash flows.