香港和內(nèi)地股市以強勁上漲迎來2018年

Chinese markets charged into the new year with Hong Kong-listed China equities rallying 3 per cent on the first day of trading in 2018.

中國股市以強勁上漲迎來新的一年。在2018年的首個交易日，在香港上市的中國股票上漲3%。

The Hang Seng China Enterprises index, a much-followed benchmark tracking large-cap Chinese stocks trading in Hong Kong, rose 3.1 per cent to its highest level since July 2015, fuelled by gains in the property, materials and consumer discretionary sectors.

恒生中國企業(yè)指數(shù)(HSCEI)是追蹤在港上市的中資大盤股的基準指數(shù)，受到廣泛關注。該指數(shù)昨日上漲3.1%，至2015年7月以來最高水平，其中房地產(chǎn)、材料和非必需消費品板塊領漲。

Leading the charge was real estate developer China Vanke, up 9.5 per cent, then Anhui Conch Cement, 9 per cent, followed by Great Wall Motor, 7.3 per cent.

漲幅最高的是房地產(chǎn)開發(fā)商萬科(China Vanke)，漲9.5%，其次是安徽海螺水泥(Anhui Conch Cement)，漲9%，之后是長城汽車(Great Wall Motor)，漲7.3%。

Stocks were boosted by strong gains in sentiment for China’s manufacturing sector, with the Caixin-Markit purchasing managers’ index rising at its fastest pace in four months in December.

股市行情受到中國制造業(yè)景氣指數(shù)強勁上漲的推動，財新Markit采購經(jīng)理人指數(shù)(Caixin-Markit PMI)在12月錄得四個月來最大升幅。

The follows a stellar year for Hong Kong-listed equities, with the Hang Seng index up 38.7 per cent during the past 12 months.

此前在香港上市的股票經(jīng)歷了表現(xiàn)不俗的一年，恒生指數(shù)(Hang Seng index)在過去12個月期間上漲了38.7%。

Steven Leung, an executive director at UOB Kay Hian, attributed Tuesday’s rally in part to an announcement last Friday by the China Securities Regulatory Commission to allow Chinese companies listed in Hong Kong to convert their non-tradable equity — typically shares held by company founders that are not traded on exchanges — into free-floating shares, which will boost liquidity.

大華繼顯(UOB Kay Hian)執(zhí)行董事梁偉源(Steven Leung)將周二的漲勢部分歸因于中國證監(jiān)會(CSRC)上周五宣布，允許在港上市的內(nèi)地公司將其非流通股權(通常由公司創(chuàng)始人持有，不在交易所交易)轉換為自由流通股，此舉將提高流動性。

“If the free-float proportion increases, it will increase their weighting in international indices,” said Mr Leung. The Hang Seng index closed up 2 per cent on Tuesday.

“如果自由流通股比例上升，那將增加它們在國際指數(shù)中的權重，”梁偉源表示。恒生指數(shù)周二收漲2%。

The gains cap a strong 2017 for Hong Kong-listed China stocks and the Asian market broadly, with the MSCI Asia ex Japan index rising by 29 per cent over the past year.

此輪漲勢為在港上市的中國股票乃至亞洲市場整體在2017年的強勁表現(xiàn)畫上句號。MSCI亞洲(日本除外)指數(shù)(MSCI Asia ex Japan index)在過去一年上漲29%。

Although the China property sector has rallied, some analysts said prices could cool this year as a result of government initiatives to expand the rental market in China. Analysts at Liberum said the plan, coupled with an excess of empty housing, could weigh on property prices and have a knock-on impact on commodities used in homebuilding, such as steel and cement.

雖然中國房地產(chǎn)板塊股票上漲，但一些分析師表示，政府擴大中國租房市場的努力意味著，今年房價可能會降溫。Liberum的分析師們表示，該計劃，加上空置住房過多，可能會拖累房價，進而給住房建設所用的大宗商品(如鋼材和水泥)帶來連鎖反應。

In mainland China, the CSI 300 index of companies listed in Shanghai or Shenzhen, known as A-shares, rose 1.4 per cent on Tuesday.

在中國內(nèi)地，追蹤上海和深圳上市公司的滬深300(CSI 300)指數(shù)周二上漲1.4%。

A-shares are set to receive a boost this year when 222 companies will be included in the MSCI Emerging Markets index.

今年A股將獲得提振，因為222只A股將被納入MSCI新興市場指數(shù)(MSCI Emerging Markets index)。

This is a key benchmark followed by global fund managers, pension funds and sovereign wealth funds.

該指數(shù)是全球基金經(jīng)理、養(yǎng)老基金和主權財富基金采用的關鍵基準。

Still, the CSI 300 index has not performed as well as the Hong Kong and Asia indices over the past year, rising 23.5 per cent.

盡管如此，滬深300指數(shù)在過去一年的表現(xiàn)不及香港和亞洲指數(shù)，上漲23.5%。

Mr Leung said that this is because “people realised that policy in China is not going to loosen that much”.

梁偉源稱，這是因為“人們意識到中國內(nèi)地的政策不會放松太多”。

In terms of currency, the Chinese yuan strengthened, fuelled by a weaker US dollar. The offshore renminbi was 0.3 per cent stronger against the dollar to trade at Rmb6.493 a dollar.

在貨幣方面，受美元走弱推動，人民幣升值。離岸人民幣兌美元匯率上升0.3%，至1美元兌6.493元人民幣。

One analyst said: “The strong renminbi has probably attacked fund flows into the A-share market and tapered capital outflows.”

一位分析師表示：“強勁的人民幣很可能已經(jīng)打擊了流入A股市場的資金，并減少了資本外流。”