中国股市周四连续第二天延续反弹势头，原因是国家队的支持力度加大，而且民主党在美国国会选举中取得压倒性胜利，消除了抑制风险偏好的一个隐患。
Chinese stocks extended their rebound for a second day on Thursday, as state support gained momentum and a Democratic landslide victory in the US congressional election removed an overhang capping risk appetite.
沪深300指数在午间休市时上涨0.4%，至4115.93点，延续了前一天上涨2.3%的势头。以芯片股为主的科创50指数上涨2.1%，此前一个交易日该指数飙升9.9%。大和证券表示，民主党控制美国国会可能会收紧对中国的技术出口，从而加快北京方面推动以国产产品替代的努力。
The CSI 300 Index rose 0.4 per cent to 4,115.93 at the trading break, extending a 2.3 per cent gain a day earlier. The chip-heavy Star 50 gauge jumped 2.1 per cent after surging 9.9 per cent the previous trading day. Democratic control of the US Congress may tighten tech exports to China, accelerating Beijing’s self-reliance push for replacements with home-grown products, according to Daiwa Securities Group.
中国以人民币交易的在岸股票似乎已站稳脚跟，原因是国家队的支持开始发挥作用，而且民主党的压倒性胜利促使人们乐观地认为，旷日持久的中东军事冲突有望结束，财政扩张将受到约束。团结一致的民主党控制的美国国会可能会限制美国总统唐纳德•特朗普的政府发行政府债务的空间，并进一步压缩对伊朗战争的资金。
China’s yuan-traded onshore stocks appeared to have found their footing, as state support gained traction and the Democratic sweep spurred optimism about an end to the prolonged Middle East military conflicts and restraint in fiscal expansion. A united Democratic US Congress could limit the scope for US President Donald Trump’s administration to issue government debt and squeeze further funding for the war against Iran.
布伦特原油暴跌逾9%，至每桶93美元左右，10年期美国国债上涨，推动收益率下降4.1个基点，至4.85%，而黄金回升至每盎司4100美元。汇丰晋信基金管理有限公司驻上海基金经理李学伟表示，中国股市“预计将受益于外部冲击的缓解”。“美国国债收益率下降，加上美元可能走弱，将减轻人民币资产估值面临的压力。”
Brent oil crashed more than 9 per cent to around US$93 a barrel and the 10-year US Treasury rose, driving the yield down by 4.1 basis points to 4.85 per cent, while gold rose back to US$4,100 an ounce. The Chinese stock market “is expected to benefit from an easing of the external shock”, said Li Xuewei, a fund manager at HSBC Jintrust Fund Management in Shanghai. “Falling US Treasury yields, alongside a possible weakening of the US dollar, will reduce the pressure on the valuation of yuan assets.”
中国股市是今年全球表现最差的主要市场之一，沪深300指数下跌逾10%，原因是投资者对经济复苏不平衡以及美国人工智能交易受挫的溢出效应感到担忧。最高金融监管机构重启了一项互换工具，并下调了股票回购再贷款计划的利率，以向市场注入流动性。
Chinese stocks are among the world’s worst-performing key markets this year, with the CSI 300 Index falling more than 10 per cent on jitters about a lopsided economic recovery and the spillover effect of a stumble in the AI trade in the US. Top financial regulators have restarted a swap facility and cut the interest rate on a relending programme for equity buy-backs to inject liquidity into the market.
美国股市周三反弹，道琼斯工业平均指数飙升3%，因为投资者将民主党大胜后可能加强对人工智能审查的可能性抛在脑后，转而关注科技公司盈利的韧性。
US stocks rebounded on Wednesday, with the Dow Jones Industrial Average jumping 3 per cent, as investors looked past the possibility of tighter scrutiny of AI after the Democratic sweep to focus on the earnings resilience of tech companies.
据富兰克林邓普顿研究所称，在1990年至2022年之前九次中期选举后的12个月里，标准普尔500指数平均上涨14.5%，九次均录得正回报。
In the 12 months following the previous nine midterm elections from 1990 to 2022, the S&P 500 gained an average of 14.5 per cent, with positive returns on all nine occasions, according to the Franklin Templeton Institute.
中国似乎也通过减少供给来放慢首次公开募股（IPO）的步伐，以改善市场情绪。据当地媒体报道，内地三家交易所下半年仅受理六份IPO申请，较上半年的242份大幅下降。自7月初以来，交易所已终止43家公司的申请，比上半年多11家。
China also appeared to slow down the pace of initial public offerings (IPOs) to aid market sentiment by reducing supply. The mainland’s three stock exchanges accepted six IPO applications in the second half, sharply down from 242 in the first six months of the year, according to local media reports. The bourses have terminated applications from 43 companies since the start of July, 11 more than in the first half.
根据上市公司最新披露的数据，外国投资者在第三季度增加了对中国股票的配置。Wind数据显示，截至9月底，其在合格境外机构投资者（QFII）计划下的持股较去年同期激增80%，超过2700亿元人民币（约合405亿美元）。
Foreign investors boosted their allocations to Chinese stocks in the third quarter, according to the latest results from listed companies. Their holdings surged 80 per cent from a year ago to more than 270 billion yuan (US$40.5 billion) by the end of September under the Qualified Foreign Institutional Investor programme, according to Wind data.