几米one
2024-10-07
这篇文章不错，转发给大家看看
Chinese ADRs and ETFs Jump; YINN Rises Nearly 8%; Li Auto Jumps 5%<blockquote>中国ADR和ETF大幅上涨；YINN涨近8%；理想汽车股价上涨5%</blockquote>
免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。
分享至
微信
复制链接
精彩评论
我们需要你的真知灼见来填补这片空白
打开APP，发表看法
APP内打开
发表看法
{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":357581257126152,"tweetId":"357581257126152","gmtCreate":1728309665557,"gmtModify":1728309667657,"author":{"id":3496403814458854,"idStr":"3496403814458854","authorId":3496403814458854,"authorIdStr":"3496403814458854","name":"几米one","avatar":"https://static.tigerbbs.com/92a508ce500224d141376ddbecf58e58","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":1,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"html":"<html><head></head><body><p>这篇文章不错，转发给大家看看</p></body></html>","htmlText":"<html><head></head><body><p>这篇文章不错，转发给大家看看</p></body></html>","text":"这篇文章不错，转发给大家看看","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/357581257126152","repostId":1113715460,"repostType":2,"repost":{"id":"1113715460","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1728288455,"share":"https://www.laohu8.com/m/news/1113715460?lang=zh_CN&edition=full","pubTime":"2024-10-07 16:07","market":"us","language":"en","title":"Chinese ADRs and ETFs Jump; YINN Rises Nearly 8%; Li Auto Jumps 5%<blockquote>中国ADR和ETF大幅上涨；YINN涨近8%；理想汽车股价上涨5%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1113715460","media":"Tiger Newspress","summary":"Chinese ADRs and ETFs jumped in premarket trading. YINN rose 7.8%; Tiger rose 11%; Li Auto rose 5%; XPeng rose 3%; Alibaba rose 3%; Nio rose 2.2%; PDD Holdings rose 1%.The world-beating rally in Chine","content":"<p><html><head></head><body>Chinese ADRs and ETFs jumped in premarket trading. YINN rose 7.8%; Tiger rose 11%; Li Auto rose 5%; XPeng rose 3%; Alibaba rose 3%; Nio rose 2.2%; PDD Holdings rose 1%.</p><p><blockquote><html><head></head><body>中国ADR和ETF在盘前交易中大幅上涨。YINN上涨7.8%；老虎涨11%；理想汽车涨5%；小鹏汽车涨3%；阿里巴巴-SW涨3%；蔚来涨2.2%；拼多多控股涨1%。</body></html></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/ac456904d5529805b4f9bd374531ae76\" title=\"\" tg-width=\"596\" tg-height=\"445\"/></p><p><blockquote><p class=\"t-img-caption\"></p></blockquote></p><p><p style=\"text-align: start;\">The world-beating rally in Chinese stocks is failing to convince many global fund managers and strategists.</p><p><blockquote><p style=\"text-align: start;\">中国股市的全球涨势未能说服许多全球基金经理和策略师。</p></blockquote></p><p>Invesco Ltd., JPMorgan Asset Management, HSBC Global Private Banking and Wealth, and Nomura Holdings Inc. are among those viewing the recent rebound with skepticism and waiting for Beijing to back up its stimulus pledges with real money. Some are also concerned many stocks are already reaching overvalued levels.</p><p><blockquote>景顺(Invesco Ltd.)、摩根大通资产管理(JPMorgan Asset Management)、汇丰全球私人银行和财富(HSBC Global Private Banking and Wealth)以及野村控股(Nomura Holdings Inc.)等机构对近期的反弹持怀疑态度，并等待北京方面用真金白银支持其刺激承诺。一些人还担心许多股票已经达到高估水平。</blockquote></p><p><p style=\"text-align: start;\">Chinese shares have skyrocketed since late-September as a barrage of economic, financial and market-support measures reinvigorated investor confidence. The Hang Seng China Enterprises Index, which comprises Chinese stocks listed in Hong Kong, has jumped more than 35% over the past month, making it the best performer among more than 90 global equity gauges tracked by Bloomberg, while raising concern it may be too far, too fast.</p><p><blockquote><p style=\"text-align: start;\">自9月下旬以来，随着一系列经济、金融和市场支持措施重振投资者信心，中国股市飙升。由在香港上市的中国股票组成的恒生中国企业指数在过去一个月上涨了35%以上，使其成为彭博追踪的90多个全球股票指标中表现最好的，同时引发了人们的担忧，该指数可能太远、太快。</p></blockquote></p><p><p style=\"text-align: start;\">“In the short term, sentiment could overshoot but people will go back to fundamentals,” said Raymond Ma, Invesco’s chief investment officer for Hong Kong and Mainland China. “Because of this rally, some stocks have become really overvalued” and they lack a clear value proposition based on their likely earnings performance, he said.</p><p><blockquote><p style=\"text-align: start;\">景顺香港和中国大陆首席投资官Raymond Ma表示：“短期内，市场情绪可能会过度，但人们会回归基本面。”他表示，“由于这次反弹，一些股票确实被高估了”，而且它们缺乏基于其可能盈利表现的明确价值主张。</p></blockquote></p><p><p style=\"text-align: start;\">Stimulus announced by Beijing has included interest-rate cuts, freeing-up of cash at banks, billions of dollars of liquidity support for stocks, and a vow to end the long-term slide in property prices. The China National Development and Reform Commission will host a press conference Tuesday to discuss implementation of a package of incremental economic policies.</p><p><blockquote><p style=\"text-align: start;\">北京宣布的刺激措施包括降息、释放银行现金、为股市提供数十亿美元的流动性支持，以及结束房地产价格长期下滑的誓言。中国国家发展和改革委员会将于周二召开新闻发布会，讨论实施一揽子增量经济政策。</p></blockquote></p><p>While there’s plenty of optimism that could underpin a sustainable equity rally, there have been a number of false dawns before, most recently a rally in February that completely unwound.</p><p><blockquote>尽管有很多乐观情绪可能支撑股市的可持续反弹，但之前也出现过一些虚假的曙光，最近一次是2月份的反弹完全结束。</blockquote></p><p><p style=\"text-align: start;\">Ma at Invesco, who was one of relatively few China bulls coming into this year, said he’s in no rush to add to his investments now.</p><p><blockquote><p style=\"text-align: start;\">景顺的马云是今年相对少数看好中国的人之一，他表示，他现在并不急于增加投资。</p></blockquote></p><p><p style=\"text-align: start;\">“There are a group of stocks whose share prices are up by 30% to 40% and almost at historical highs,” he said. “Whether in the next 12 months the fundamentals will be as good as before their peak, that’s more uncertain to me. That would be the category we would like to trim.”</p><p><blockquote><p style=\"text-align: start;\">“有一批股票的股价上涨了30%至40%，几乎处于历史高位，”他说。“未来12个月基本面是否会像见顶前一样好，对我来说更不确定。这将是我们想要削减的类别。”</p></blockquote></p><p><p style=\"text-align: start;\">The surge in the past two weeks has seen Chinese equities reassert their influence over broader emerging-market gauges, and dented the performance of fund managers who had been running underweight positions in the biggest developing-nation economy. The durability of the rebound will not only matter for the year-end performance of index-tracking funds, but also have direct implications for nations that have trading and investment links with China.</p><p><blockquote><p style=\"text-align: start;\">过去两周的飙升让中国股市重新确立了其对更广泛的新兴市场指标的影响力，并削弱了一直在这个最大发展中国家经济体管理跑输大盘头寸的基金经理的业绩。反弹的持久性不仅关系到指数跟踪基金的年终表现，也对与中国有贸易和投资联系的国家产生直接影响。</p></blockquote></p><p>JPMorgan Asset Management is just as cautious.</p><p><blockquote>摩根资产管理同样谨慎。</blockquote></p><p>“Additional policy steps would be needed to boost economic activity and confidence,” said Tai Hui, Asia Pacific chief market strategist in Hong Kong. “The policies announced so far can help to smoothen out the de-leveraging process, but the balance-sheet repairing would still need to take place.”</p><p><blockquote>香港亚太区首席市场策略师Tai Hui表示：“需要采取额外的政策措施来提振经济活动和信心。”“迄今为止宣布的政策有助于平稳去杠杆化进程，但资产负债表修复仍需要进行。”</blockquote></p><p>Hui also pointed to global uncertainties that may crimp the nascent stock rally.</p><p><blockquote>许还指出，全球不确定性可能会抑制刚刚开始的股市反弹。</blockquote></p><p>“With the U.S. elections only a month away, many investors would argue that the U.S. view of China as an economic and geopolitical rival is a bipartisan consensus,” he said. Moreover, “foreign investors may choose to wait for economic data to bottom out and for this new policy direct to solidify,’ he said.</p><p><blockquote>“距离美国大选只有一个月的时间，许多投资者会认为，美国将中国视为经济和地缘政治竞争对手的观点是两党共识，”他说。此外，“外国投资者可能会选择等待经济数据触底以及这项新政策直接固化，”他说。</blockquote></p><p>Slowing Growth</p><p><blockquote>增长放缓</blockquote></p><p>HSBC Global Private Banking remains concerned the steps China has taken aren’t enough to reverse the nation’s slowing long-term growth outlook.</p><p><blockquote>汇丰全球私人银行仍然担心中国采取的措施不足以扭转该国长期增长前景放缓的局面。</blockquote></p><p>“More significant fiscal easing is still needed to sustain the recovery momentum and shore up growth to achieve the 5% 2024 GDP growth target,” said Cheuk Wan Fan, chief investment officer for Asia at the private bank in Hong Kong. “For now, we stay neutral on mainland China and Hong Kong equities based on our expectation of China’s GDP growth decelerating from 4.9% in 2024 to 4.5% in 2025.”</p><p><blockquote>香港私人银行亚洲区首席投资官Cheuk Wan Fan表示：“仍需要更大幅度的财政宽松政策来维持复苏势头并支撑增长，以实现2024年GDP增长5%的目标。”“目前，我们对中国内地和香港股市保持中性，因为我们预计中国GDP增速将从2024年的4.9%放缓至2025年的4.5%。”</blockquote></p><p>Goldman Positive</p><p><blockquote>高盛积极</blockquote></p><p>Some are predicting further gains.</p><p><blockquote>一些人预测会进一步上涨。</blockquote></p><p>Goldman Sachs Group Inc. has upgraded its call on Chinese stocks to overweight, and said indexes tracking the nation’s equities may rise another 15%-to-20% if authorities deliver on policy measures.</p><p><blockquote>高盛集团(Goldman Sachs Group Inc.)已将中国股市看涨期权上调至跑赢大盘，并表示，如果当局落实政策措施，追踪中国股市的指数可能会再上涨15%至20%。</blockquote></p><p></p><p>Beijing’s recent stimulus announcements “have led the market to believe that policy makers have become more concerned about taking sufficient action to curtail left-tail growth risk,” strategists including Tim Moe wrote in a note dated Oct. 5.</p><p><blockquote>包括蒂姆·莫(Tim Moe)在内的策略师在10月5日的一份报告中写道，北京最近宣布的刺激措施“让市场相信，政策制定者已经更加担心采取足够的行动来遏制左尾增长风险”。</blockquote></p><p>Bond ‘Challenges’</p><p><blockquote>债券“挑战”</blockquote></p><p>Some investors and strategists are also wary about what the stimulus blitz means for the nation’s bonds and currency.</p><p><blockquote>一些投资者和策略师也对刺激闪电战对美国债券和货币意味着什么持谨慎态度。</blockquote></p><p>China’s bonds have dropped since the stock rally started, ending at least temporarily a period in which yields set successive record lows as investors bought haven assets.</p><p><blockquote>自股市反弹开始以来，中国债券一直在下跌，至少暂时结束了一段收益率连续创下历史新低的时期，因为投资者购买了避险资产。</blockquote></p><p>“There are still major challenges to be resolved, and it’s not an easy road,” said Lynn Song, chief economist for Greater China at ING Bank in Hong Kong. “We need to ensure that this policy blitz is effective in stabilizing the downward trajectory of the housing market and not just result in a rush of hot money to equities.”</p><p><blockquote>ING银行驻香港大中华区首席经济学家Lynn Song表示：“仍有重大挑战需要解决，这不是一条容易的路。”“我们需要确保这一政策闪电战能够有效稳定房地产市场的下行轨迹，而不仅仅是导致热钱涌入股市。”</blockquote></p><p>Bonds may become a beneficiary if the stock market cools, Song said. “There’s certainly a risk we could revert back to the previous months’ environment if anything goes wrong in the next steps ahead.”</p><p><blockquote>宋表示，如果股市降温，债券可能会成为受益者。“如果接下来的步骤出现任何问题，我们肯定有可能恢复到前几个月的环境。”</blockquote></p><p><p style=\"text-align: start;\">Yuan traders will be watching out on Tuesday for the central bank’s daily reference rate, the level around which the currency is allowed to trade. The onshore yuan has strengthened more than 1% in the past month to approach the key level of 7 per dollar. A break of that barrier may trigger a further rally.</p><p><blockquote><p style=\"text-align: start;\">周二，人民币交易员将密切关注央行的每日参考汇率，即允许人民币交易的水平。在岸人民币过去一个月走强逾1%，逼近1美元兑7的关键水平。突破该障碍可能会引发进一步反弹。</p></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Chinese ADRs and ETFs Jump; YINN Rises Nearly 8%; Li Auto Jumps 5%<blockquote>中国ADR和ETF大幅上涨；YINN涨近8%；理想汽车股价上涨5%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChinese ADRs and ETFs Jump; YINN Rises Nearly 8%; Li Auto Jumps 5%<blockquote>中国ADR和ETF大幅上涨；YINN涨近8%；理想汽车股价上涨5%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2024-10-07 16:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Chinese ADRs and ETFs jumped in premarket trading. YINN rose 7.8%; Tiger rose 11%; Li Auto rose 5%; XPeng rose 3%; Alibaba rose 3%; Nio rose 2.2%; PDD Holdings rose 1%.</p><p><blockquote><html><head></head><body>中国ADR和ETF在盘前交易中大幅上涨。YINN上涨7.8%；老虎涨11%；理想汽车涨5%；小鹏汽车涨3%；阿里巴巴-SW涨3%；蔚来涨2.2%；拼多多控股涨1%。</body></html></blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/ac456904d5529805b4f9bd374531ae76\" title=\"\" tg-width=\"596\" tg-height=\"445\"/></p><p><blockquote><p class=\"t-img-caption\"></p></blockquote></p><p><p style=\"text-align: start;\">The world-beating rally in Chinese stocks is failing to convince many global fund managers and strategists.</p><p><blockquote><p style=\"text-align: start;\">中国股市的全球涨势未能说服许多全球基金经理和策略师。</p></blockquote></p><p>Invesco Ltd., JPMorgan Asset Management, HSBC Global Private Banking and Wealth, and Nomura Holdings Inc. are among those viewing the recent rebound with skepticism and waiting for Beijing to back up its stimulus pledges with real money. Some are also concerned many stocks are already reaching overvalued levels.</p><p><blockquote>景顺(Invesco Ltd.)、摩根大通资产管理(JPMorgan Asset Management)、汇丰全球私人银行和财富(HSBC Global Private Banking and Wealth)以及野村控股(Nomura Holdings Inc.)等机构对近期的反弹持怀疑态度，并等待北京方面用真金白银支持其刺激承诺。一些人还担心许多股票已经达到高估水平。</blockquote></p><p><p style=\"text-align: start;\">Chinese shares have skyrocketed since late-September as a barrage of economic, financial and market-support measures reinvigorated investor confidence. The Hang Seng China Enterprises Index, which comprises Chinese stocks listed in Hong Kong, has jumped more than 35% over the past month, making it the best performer among more than 90 global equity gauges tracked by Bloomberg, while raising concern it may be too far, too fast.</p><p><blockquote><p style=\"text-align: start;\">自9月下旬以来，随着一系列经济、金融和市场支持措施重振投资者信心，中国股市飙升。由在香港上市的中国股票组成的恒生中国企业指数在过去一个月上涨了35%以上，使其成为彭博追踪的90多个全球股票指标中表现最好的，同时引发了人们的担忧，该指数可能太远、太快。</p></blockquote></p><p><p style=\"text-align: start;\">“In the short term, sentiment could overshoot but people will go back to fundamentals,” said Raymond Ma, Invesco’s chief investment officer for Hong Kong and Mainland China. “Because of this rally, some stocks have become really overvalued” and they lack a clear value proposition based on their likely earnings performance, he said.</p><p><blockquote><p style=\"text-align: start;\">景顺香港和中国大陆首席投资官Raymond Ma表示：“短期内，市场情绪可能会过度，但人们会回归基本面。”他表示，“由于这次反弹，一些股票确实被高估了”，而且它们缺乏基于其可能盈利表现的明确价值主张。</p></blockquote></p><p><p style=\"text-align: start;\">Stimulus announced by Beijing has included interest-rate cuts, freeing-up of cash at banks, billions of dollars of liquidity support for stocks, and a vow to end the long-term slide in property prices. The China National Development and Reform Commission will host a press conference Tuesday to discuss implementation of a package of incremental economic policies.</p><p><blockquote><p style=\"text-align: start;\">北京宣布的刺激措施包括降息、释放银行现金、为股市提供数十亿美元的流动性支持，以及结束房地产价格长期下滑的誓言。中国国家发展和改革委员会将于周二召开新闻发布会，讨论实施一揽子增量经济政策。</p></blockquote></p><p>While there’s plenty of optimism that could underpin a sustainable equity rally, there have been a number of false dawns before, most recently a rally in February that completely unwound.</p><p><blockquote>尽管有很多乐观情绪可能支撑股市的可持续反弹，但之前也出现过一些虚假的曙光，最近一次是2月份的反弹完全结束。</blockquote></p><p><p style=\"text-align: start;\">Ma at Invesco, who was one of relatively few China bulls coming into this year, said he’s in no rush to add to his investments now.</p><p><blockquote><p style=\"text-align: start;\">景顺的马云是今年相对少数看好中国的人之一，他表示，他现在并不急于增加投资。</p></blockquote></p><p><p style=\"text-align: start;\">“There are a group of stocks whose share prices are up by 30% to 40% and almost at historical highs,” he said. “Whether in the next 12 months the fundamentals will be as good as before their peak, that’s more uncertain to me. That would be the category we would like to trim.”</p><p><blockquote><p style=\"text-align: start;\">“有一批股票的股价上涨了30%至40%，几乎处于历史高位，”他说。“未来12个月基本面是否会像见顶前一样好，对我来说更不确定。这将是我们想要削减的类别。”</p></blockquote></p><p><p style=\"text-align: start;\">The surge in the past two weeks has seen Chinese equities reassert their influence over broader emerging-market gauges, and dented the performance of fund managers who had been running underweight positions in the biggest developing-nation economy. The durability of the rebound will not only matter for the year-end performance of index-tracking funds, but also have direct implications for nations that have trading and investment links with China.</p><p><blockquote><p style=\"text-align: start;\">过去两周的飙升让中国股市重新确立了其对更广泛的新兴市场指标的影响力，并削弱了一直在这个最大发展中国家经济体管理跑输大盘头寸的基金经理的业绩。反弹的持久性不仅关系到指数跟踪基金的年终表现，也对与中国有贸易和投资联系的国家产生直接影响。</p></blockquote></p><p>JPMorgan Asset Management is just as cautious.</p><p><blockquote>摩根资产管理同样谨慎。</blockquote></p><p>“Additional policy steps would be needed to boost economic activity and confidence,” said Tai Hui, Asia Pacific chief market strategist in Hong Kong. “The policies announced so far can help to smoothen out the de-leveraging process, but the balance-sheet repairing would still need to take place.”</p><p><blockquote>香港亚太区首席市场策略师Tai Hui表示：“需要采取额外的政策措施来提振经济活动和信心。”“迄今为止宣布的政策有助于平稳去杠杆化进程，但资产负债表修复仍需要进行。”</blockquote></p><p>Hui also pointed to global uncertainties that may crimp the nascent stock rally.</p><p><blockquote>许还指出，全球不确定性可能会抑制刚刚开始的股市反弹。</blockquote></p><p>“With the U.S. elections only a month away, many investors would argue that the U.S. view of China as an economic and geopolitical rival is a bipartisan consensus,” he said. Moreover, “foreign investors may choose to wait for economic data to bottom out and for this new policy direct to solidify,’ he said.</p><p><blockquote>“距离美国大选只有一个月的时间，许多投资者会认为，美国将中国视为经济和地缘政治竞争对手的观点是两党共识，”他说。此外，“外国投资者可能会选择等待经济数据触底以及这项新政策直接固化，”他说。</blockquote></p><p>Slowing Growth</p><p><blockquote>增长放缓</blockquote></p><p>HSBC Global Private Banking remains concerned the steps China has taken aren’t enough to reverse the nation’s slowing long-term growth outlook.</p><p><blockquote>汇丰全球私人银行仍然担心中国采取的措施不足以扭转该国长期增长前景放缓的局面。</blockquote></p><p>“More significant fiscal easing is still needed to sustain the recovery momentum and shore up growth to achieve the 5% 2024 GDP growth target,” said Cheuk Wan Fan, chief investment officer for Asia at the private bank in Hong Kong. “For now, we stay neutral on mainland China and Hong Kong equities based on our expectation of China’s GDP growth decelerating from 4.9% in 2024 to 4.5% in 2025.”</p><p><blockquote>香港私人银行亚洲区首席投资官Cheuk Wan Fan表示：“仍需要更大幅度的财政宽松政策来维持复苏势头并支撑增长，以实现2024年GDP增长5%的目标。”“目前，我们对中国内地和香港股市保持中性，因为我们预计中国GDP增速将从2024年的4.9%放缓至2025年的4.5%。”</blockquote></p><p>Goldman Positive</p><p><blockquote>高盛积极</blockquote></p><p>Some are predicting further gains.</p><p><blockquote>一些人预测会进一步上涨。</blockquote></p><p>Goldman Sachs Group Inc. has upgraded its call on Chinese stocks to overweight, and said indexes tracking the nation’s equities may rise another 15%-to-20% if authorities deliver on policy measures.</p><p><blockquote>高盛集团(Goldman Sachs Group Inc.)已将中国股市看涨期权上调至跑赢大盘，并表示，如果当局落实政策措施，追踪中国股市的指数可能会再上涨15%至20%。</blockquote></p><p></p><p>Beijing’s recent stimulus announcements “have led the market to believe that policy makers have become more concerned about taking sufficient action to curtail left-tail growth risk,” strategists including Tim Moe wrote in a note dated Oct. 5.</p><p><blockquote>包括蒂姆·莫(Tim Moe)在内的策略师在10月5日的一份报告中写道，北京最近宣布的刺激措施“让市场相信，政策制定者已经更加担心采取足够的行动来遏制左尾增长风险”。</blockquote></p><p>Bond ‘Challenges’</p><p><blockquote>债券“挑战”</blockquote></p><p>Some investors and strategists are also wary about what the stimulus blitz means for the nation’s bonds and currency.</p><p><blockquote>一些投资者和策略师也对刺激闪电战对美国债券和货币意味着什么持谨慎态度。</blockquote></p><p>China’s bonds have dropped since the stock rally started, ending at least temporarily a period in which yields set successive record lows as investors bought haven assets.</p><p><blockquote>自股市反弹开始以来，中国债券一直在下跌，至少暂时结束了一段收益率连续创下历史新低的时期，因为投资者购买了避险资产。</blockquote></p><p>“There are still major challenges to be resolved, and it’s not an easy road,” said Lynn Song, chief economist for Greater China at ING Bank in Hong Kong. “We need to ensure that this policy blitz is effective in stabilizing the downward trajectory of the housing market and not just result in a rush of hot money to equities.”</p><p><blockquote>ING银行驻香港大中华区首席经济学家Lynn Song表示：“仍有重大挑战需要解决，这不是一条容易的路。”“我们需要确保这一政策闪电战能够有效稳定房地产市场的下行轨迹，而不仅仅是导致热钱涌入股市。”</blockquote></p><p>Bonds may become a beneficiary if the stock market cools, Song said. “There’s certainly a risk we could revert back to the previous months’ environment if anything goes wrong in the next steps ahead.”</p><p><blockquote>宋表示，如果股市降温，债券可能会成为受益者。“如果接下来的步骤出现任何问题，我们肯定有可能恢复到前几个月的环境。”</blockquote></p><p><p style=\"text-align: start;\">Yuan traders will be watching out on Tuesday for the central bank’s daily reference rate, the level around which the currency is allowed to trade. The onshore yuan has strengthened more than 1% in the past month to approach the key level of 7 per dollar. A break of that barrier may trigger a further rally.</p><p><blockquote><p style=\"text-align: start;\">周二，人民币交易员将密切关注央行的每日参考汇率，即允许人民币交易的水平。在岸人民币过去一个月走强逾1%，逼近1美元兑7的关键水平。突破该障碍可能会引发进一步反弹。</p></blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NTES":"网易","JD":"京东","YINN":"三倍做多富时中国ETF-Direxion","BILI":"哔哩哔哩","DRAG":"中国龙ETF-Roundhill","BIDU":"百度","BABA":"阿里巴巴","PDD":"拼多多","NIO":"蔚来","TCOM":"携程网","LI":"理想汽车","TIGR":"老虎证券","XPEV":"小鹏汽车"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1113715460","content_text":"Chinese ADRs and ETFs jumped in premarket trading. YINN rose 7.8%; Tiger rose 11%; Li Auto rose 5%; XPeng rose 3%; Alibaba rose 3%; Nio rose 2.2%; PDD Holdings rose 1%.The world-beating rally in Chinese stocks is failing to convince many global fund managers and strategists.Invesco Ltd., JPMorgan Asset Management, HSBC Global Private Banking and Wealth, and Nomura Holdings Inc. are among those viewing the recent rebound with skepticism and waiting for Beijing to back up its stimulus pledges with real money. Some are also concerned many stocks are already reaching overvalued levels.Chinese shares have skyrocketed since late-September as a barrage of economic, financial and market-support measures reinvigorated investor confidence. The Hang Seng China Enterprises Index, which comprises Chinese stocks listed in Hong Kong, has jumped more than 35% over the past month, making it the best performer among more than 90 global equity gauges tracked by Bloomberg, while raising concern it may be too far, too fast.“In the short term, sentiment could overshoot but people will go back to fundamentals,” said Raymond Ma, Invesco’s chief investment officer for Hong Kong and Mainland China. “Because of this rally, some stocks have become really overvalued” and they lack a clear value proposition based on their likely earnings performance, he said.Stimulus announced by Beijing has included interest-rate cuts, freeing-up of cash at banks, billions of dollars of liquidity support for stocks, and a vow to end the long-term slide in property prices. The China National Development and Reform Commission will host a press conference Tuesday to discuss implementation of a package of incremental economic policies.While there’s plenty of optimism that could underpin a sustainable equity rally, there have been a number of false dawns before, most recently a rally in February that completely unwound.Ma at Invesco, who was one of relatively few China bulls coming into this year, said he’s in no rush to add to his investments now.“There are a group of stocks whose share prices are up by 30% to 40% and almost at historical highs,” he said. “Whether in the next 12 months the fundamentals will be as good as before their peak, that’s more uncertain to me. That would be the category we would like to trim.”The surge in the past two weeks has seen Chinese equities reassert their influence over broader emerging-market gauges, and dented the performance of fund managers who had been running underweight positions in the biggest developing-nation economy. The durability of the rebound will not only matter for the year-end performance of index-tracking funds, but also have direct implications for nations that have trading and investment links with China.JPMorgan Asset Management is just as cautious.“Additional policy steps would be needed to boost economic activity and confidence,” said Tai Hui, Asia Pacific chief market strategist in Hong Kong. “The policies announced so far can help to smoothen out the de-leveraging process, but the balance-sheet repairing would still need to take place.”Hui also pointed to global uncertainties that may crimp the nascent stock rally.“With the U.S. elections only a month away, many investors would argue that the U.S. view of China as an economic and geopolitical rival is a bipartisan consensus,” he said. Moreover, “foreign investors may choose to wait for economic data to bottom out and for this new policy direct to solidify,’ he said.Slowing GrowthHSBC Global Private Banking remains concerned the steps China has taken aren’t enough to reverse the nation’s slowing long-term growth outlook.“More significant fiscal easing is still needed to sustain the recovery momentum and shore up growth to achieve the 5% 2024 GDP growth target,” said Cheuk Wan Fan, chief investment officer for Asia at the private bank in Hong Kong. “For now, we stay neutral on mainland China and Hong Kong equities based on our expectation of China’s GDP growth decelerating from 4.9% in 2024 to 4.5% in 2025.”Goldman PositiveSome are predicting further gains.Goldman Sachs Group Inc. has upgraded its call on Chinese stocks to overweight, and said indexes tracking the nation’s equities may rise another 15%-to-20% if authorities deliver on policy measures.Beijing’s recent stimulus announcements “have led the market to believe that policy makers have become more concerned about taking sufficient action to curtail left-tail growth risk,” strategists including Tim Moe wrote in a note dated Oct. 5.Bond ‘Challenges’Some investors and strategists are also wary about what the stimulus blitz means for the nation’s bonds and currency.China’s bonds have dropped since the stock rally started, ending at least temporarily a period in which yields set successive record lows as investors bought haven assets.“There are still major challenges to be resolved, and it’s not an easy road,” said Lynn Song, chief economist for Greater China at ING Bank in Hong Kong. “We need to ensure that this policy blitz is effective in stabilizing the downward trajectory of the housing market and not just result in a rush of hot money to equities.”Bonds may become a beneficiary if the stock market cools, Song said. “There’s certainly a risk we could revert back to the previous months’ environment if anything goes wrong in the next steps ahead.”Yuan traders will be watching out on Tuesday for the central bank’s daily reference rate, the level around which the currency is allowed to trade. The onshore yuan has strengthened more than 1% in the past month to approach the key level of 7 per dollar. A break of that barrier may trigger a further rally.","news_type":1,"symbols_score_info":{"BILI":1.1,"NIO":1.1,"LI":1.1,"YINN":1.1,"XPEV":1.1,"DRAG":1.1,"NTES":1.1,"TIGR":1.1,"BIDU":1.1,"BABA":1.1,"JD":1.1,"PDD":1.1,"TCOM":1.1}},"isVote":1,"tweetType":1,"viewCount":2307,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":27,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/357581257126152"}
精彩评论