中国升级了对股市的护盘力度，国资背景基金响应政府号召加大买入，更多公司加快回购计划步伐。
China escalated its defense of the stock market, as state-backed funds answered the government’s rallying call by increasing purchases and more companies stepped up buyback plans.
据彭博汇编的数据，周二，所谓“国家队”投资者青睐的九只交易型开放式指数基金（ETF）合计吸金767亿元人民币（约合115亿美元）。这是有记录以来第二大单日净流入，也是自2025年4月8日以来的最大单日净流入，当时市场因美国总统唐纳德·特朗普宣布关税政策而遭受重创。
A basket of nine exchange-traded funds that are favored by the so-called national team of investors drew 76.7 billion yuan ($11.5 billion) of inflows on Tuesday, according to Bloomberg-compiled data. That was the second largest on record and most since April 8, 2025, when markets were then hammered by President Donald Trump’s tariff announcement.
自上个月以来，这些基金一直在加速买入，但本周买入激增，是在政府推出旨在振兴市场的注资措施之后发生的。中国科技股密集的星市50指数周三企稳，此前一交易日曾暴跌近4%。沪深300指数下滑0.3%。
The funds have been accelerating purchases since last month, but the spike in buying followed the government’s rollout of liquidity-injection measures this week aimed at reinvigorating the market. China’s tech-heavy Star 50 Index stabilized on Wednesday after tumbling nearly 4% in the previous session. The CSI 300 Index slipped 0.3%.
新加坡伦巴欧德资产管理公司高级宏观策略师李浩民（Homin Lee，音译）表示：“市场最新动向显示，北京越来越认识到需要更多支持。同时，当局似乎更侧重于技术性调整，”这暗示当局认为现状大体可控。
“The latest developments in the market point to Beijing’s growing recognition that more support is needed,” said Homin Lee, senior macro strategist at Lombard Odier in Singapore. “At the same time, the authorities seem to focus more on technical tweaks,” suggesting perception that the status quo is roughly manageable, he added.
公司也被动员起来以提振信心。长鑫存储（CXMT Corp.）董事长周三提议将回购规模增至25亿元至50亿元人民币之间，称此举旨在保护投资者利益、增强信心。
Companies are also being enlisted in the effort to shore up confidence. CXMT Corp.’s chairman proposed Wednesday to increase the size of its share buyback to between 2.5 billion yuan to 5 billion yuan, saying the move was intended to protect investors’ interests and bolster confidence.
在市场上罕见的一幕中，苏州东山精密制造股份有限公司的控股股东提议，2026年通过现金分红和股份回购向投资者返还至少10亿元人民币。
In a rare move in the market, Suzhou Dongshan Precision Manufacturing Co.’s controlling shareholders have proposed returning at least 1 billion yuan to investors in 2026 through cash dividends and share buybacks.
这些回购计划出台之际，中国人民银行宣布将再贷款利率从1.25%下调至1%，将该计划设为永久性，并鼓励银行增加放贷。该工具为银行提供低成本央行资金，用于发放贷款支持公司回购股份及大股东增持。
The buyback plans came after the People’s Bank of China said it would cut the rate on its relending facility to 1% from 1.25%, make the program permanent and encourage banks to increase lending. The facility provides low-cost central bank funding to banks for loans that finance companies’ share buybacks and stake increases by major shareholders.
中国人民银行表示，中资银行已提交超过2000亿元人民币的再贷款额度申请。
Chinese banks have already submitted applications for more than 200 billion yuan of relending quotas, the PBOC said.
与此同时，包括宁波均胜电子股份有限公司、上海合力科技股份有限公司和华兴源创科技股份有限公司在内的多家内地上市公司披露了新的回购计划。根据其公告，宁波均胜拟回购1.5亿元至3亿元人民币。
Meanwhile, several other mainland-listed companies — including Ningbo Joyson Electronic Corp., Universal Scientific Industrial Shanghai Co., and Hwatsing Technology Co. — disclosed new share buyback plans. Ningbo Joyson proposed buying back between 150 million yuan and 300 million yuan, according to its filing.
Gavekal Capital投资组合经理Leonid Mironov表示，投资者仍不认为单靠回购足以扭转市场的下行趋势。
Investors remain unconvinced that buybacks alone will be enough to reverse the market’s downward trajectory, said Leonid Mironov, a portfolio manager at Gavekal Capital.
他说：“公司不应长期充当核心买家。初衷是让它们在下跌和抛售时介入，提供托底，防止回调演变成熊市。要让散户回归，需要提供稳定性。”
“Companies aren’t meant to be the core buyer for a prolonged period,” he said. “The idea is for them to step in on dips and selloffs, provide a floor and prevent corrections from escalating into bear markets. To bring retail investors back, you need to offer stability.”