据Investing.com报道，高盛分析师在一份研报中表示，中国股市已获得国家队投资者的新增支撑，但由于交易活跃度和投资者情绪尚未出现令人信服的改善，持续性反弹仍存不确定性。
Investing.com-- China’s stock market has received fresh support from state-backed investors, although a sustained recovery remains uncertain as trading activity and investor sentiment have yet to show convincing improvement, Goldman Sachs analysts said in a note.
高盛称，中国国家队通过交易所交易基金（ETF）的买入始于10月中旬左右，近期买入步伐加快，过去两周的累计净流入已超过2025年4月记录的总额。
Buying by China’s national team (NT) through exchange-traded funds began around mid-October and has accelerated in recent sessions, with cumulative inflows over the past two weeks surpassing the total recorded in April 2025, Goldman Sachs said.
分析师指出，最新买盘仍集中于沪深300指数相关ETF，但近期活跃度已有所扩大。周二有六只指数ETF成交额超过100亿元人民币，这是自2024年9月24日以来首次出现这种情况。
Get premium analyst insights with InvestingPro -- at 55% off now The latest buying remains concentrated in CSI 300-linked ETFs, although activity has broadened recently. Six index ETFs recorded trading volumes exceeding 10 billion yuan on Tuesday, the first such occurrence since Sept. 24, 2024, analysts said.
此轮买入伴随着旨在稳定股市的新监管举措，包括第三期证券、基金、保险公司互换便利，在此框架下，31家券商和基金公司申请了超过1000亿元人民币的流动性支持。
The buying coincided with fresh regulatory measures aimed at stabilising equities, including a third round of the securities, funds and insurance companies swap facility, under which 31 brokers and fund managers applied for more than 100 billion yuan in liquidity support.
中国人民银行还将股票回购再贷款利率下调25个基点至1%，同时有关部门正考虑放宽融资融券要求并鼓励上市公司回购股份。
The People’s Bank of China also cut its relending rate for share buyback financing by 25 basis points to 1%, while authorities considered easing margin financing requirements and encouraging corporate share repurchases.
高盛表示，市场似乎已触及“政策底”，监管层准备部署工具以化解流动性风险。
Goldman said the market appeared to have reached a "policy bottom", with regulators prepared to deploy tools to contain liquidity risks.
然而，成交额尚未持续回升。融资余额已从7月峰值3万亿元人民币降至2.3万亿元以下，而融资买入额占总成交额的比例已降至全年最低的7%左右。高盛称，成交量持续反弹和抛压缓解将是更广泛市场反转的关键。
However, trading turnover has yet to recover consistently. Margin balances have fallen below 2.3 trillion yuan from a July peak of 3 trillion yuan, while margin buying has declined to around 7% of total turnover, its lowest level this year. A sustained rebound in trading volumes and an easing of selling pressure would be crucial for a broader market reversal, Goldman said.