台湾股市周一大幅反弹，此前当局推出措施以恢复投资者信心，此前因全球人工智能股票抛售，市场经历了自2022年以来最长的连续下跌。该岛的基准加权股价指数周一上涨4.9%，涨幅为7月31日以来最大，结束了七个交易日的连跌，此前连跌曾将这以科技股为主的市场推入熊市区间。台积电和联发科领涨，均上涨至少4%。
Taiwanese shares rallied after authorities unveiled measures to restore investor confidence following the longest selling streak since 2022 amid a global AI stock rout. The island’s benchmark Taiex Index rose 4.9% on Monday, the most since July 31 and ending a seven-session decline that pushed the technology-heavy market into bear territory. Taiwan Semiconductor Manufacturing Co. and MediaTek Inc. led the gains, rising at least 4% each.
此次反弹是在台湾证券监管机构和财政部双双承诺采取措施安抚投资者神经之后出现的，措施包括自周一起限制卖空，并准备动用5000亿新台币的股市稳定基金。周一亚洲股市整体走强也提振了投资者情绪，尽管市场担心英伟达首席执行官黄仁勋面临调查。
The rebound came after Taiwan’s market regulator and finance ministry both pledged to take steps to calm investor nerves, including imposing curbs on short selling from Monday, and readiness to deploy the NT$500 billion stock stabilisation fund. Also lifting investor mood was wider strength in Asian equities on Monday, despite concerns over an investigation into Nvidia Corp.’s chief executive officer Jensen Huang.
新加坡伦巴第欧德银行高级宏观策略师Homin Lee表示，市场强劲的开盘清楚地表明，稳定措施“压倒了黄仁勋事件可能产生的任何影响，许多投资者可能将其视为半导体行业长期轨迹中的一场闹剧。”
The market’s strong open clearly suggests the stabilisation measures “are overpowering any impact from the Jensen Huang development that many investors may see as a sideshow on the semiconductor sector’s long-term trajectory,” said Homin Lee, senior macro strategist at Lombard Odier in Singapore.
金融监督管理委员会在周五收盘后表示，将把当日回转卖空委托数量上限，由原先的前30个营业日平均每日成交量的30%，调降为3%。金融监管机构还将卖空保证金比率由90%提高至130%。
The Financial Supervisory Commission said after Friday’s market close that it will cap the volume of intraday short-sale orders for borrowed securities at 3% of a stock’s average daily trading volume over the preceding 30 days. That’s reduced from 30% previously.
高盛集团销售交易部门在致机构客户的报告中指出：“虽然国家稳定基金的宣布为股市提供了情绪提振，但实际投入的资金可能有限。”“过去9次动用中，实际投入金额仅为0.76亿至1227亿新台币，远低于国家稳定基金5000亿新台币的可用资金。”
The financial regulator will also raise the minimum margin requirement for short-selling activities to 130% from 90%.“While the National Stabilisation Fund announcement provides a sentiment boost to the stock market, the actual deployed capital could be limited,” according to a Goldman Sachs Group Inc. sales and trading desk note to institutional clients.“Only NT$0.76 billion~122.7 billion were actually deployed in the past 9 instances versus the National Stabilisation Fund’s NT$500 billion usable capital. That being said, from previous experience, NSF tends to buy large-cap tech or financials with heavy index weighting,” the note added.
不过，根据以往经验，国家队倾向于买入权重较大的大盘科技股或金融股，”该报告补充道。据高盛统计，该基金此前九次出手干预——包括在互联网泡沫、全球金融危机和新冠疫情期间——在随后一周内平均推动市场上涨6%，一年内上涨22%。然而，在九次干预中有六次，市场在基金启动后六个月内又经历了5%至28%的额外回撤。
The fund’s previous nine episodes of intervention, including those during the dot-com bubble, the global financial crisis and the Covid 19 pandemic, prompted the market to rally 6% on average in the following week and 22% over one year, according to Goldman Sachs. However, six out of the nine times experienced additional 5% to 28% drawdowns within six months after the fund’s activation.