深港通股价上涨
Shenzhen-HK stock connect gains ground
624字
2019-12-12 12:19
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火星译客

Trading link is vital conduit in nation's capital market opening-up, say experts

专家称,贸易联系是国家资本市场开放的重要渠道

The stock connect program between the Shenzhen and Hong Kong bourses, which was launched in 2016, has seen its trading volume expand over time to become an important conduit for the Chinese capital market's opening-up, experts said.

专家表示,深港通于2016年启动,随着时间的推移,其交易量不断扩大,成为中国资本市场对外开放的重要渠道。

The Shenzhen-Hong Kong stock connect, which celebrated its third anniversary on Thursday, was launched two years after the successful operation of the Shanghai-Hong Kong stock connect, which was the first of its kind launched in 2014.

周四是深港通开通三周年纪念日。两年前的2014年,沪港通首次成功开通。

By Wednesday, the accumulated trading value of the Shenzhen-Hong Kong stock connect during the past three years was 9.42 trillion yuan ($1.34 trillion), according to Shanghai-based market tracker Wind Info. The total trading value so far this year has reached 5.11 trillion yuan, outnumbering the sum of the previous two years.

据上海市场跟踪机构万得资讯的数据,截至周三,深港通过去三年累计交易额达到9.42万亿元人民币(合1.34万亿美元)。到目前为止,今年的总交易额已达5.11万亿元,超过前两年的交易总和。

On the other hand, the Hong Kong stock market has also been buoyed by the stock connect mechanism. According to Hong Kong Exchanges and Clearing Ltd, the operator of the Hong Kong bourse, southbound trading volume-investment made by Chinese mainland investors in the Hong Kong stock market-has been valued at over HK$8.7 trillion ($1.1 trillion) cumulatively as of Oct 31. The Chinese mainland investors held about HK$999.5 billion worth of Hong Kong shares via the mechanism, up from the HK$13.1 billion in 2014.

另一方面,“深港通”机制也提振了香港股市。香港交易所运营商香港交易及结算所有限公司(简称港交所)称,截至10月31日,中国内地投资者在香港股市的南下交易量累计已超过8.7万亿港元(合1.1万亿美元)。通过这一机制,中国内地投资者持有价值约9995亿港元的香港股票,高于2014年的131亿港元。

Li Daxiao, chief economist of Yingda Securities, said that the bonding between the capital markets in Shenzhen and Hong Kong has been further strengthened with the stock connect program. Based on its success, more attempts to connect the capital markets in different regions using different currencies will be made possible in the near future, he said.

英达证券首席经济学家李大霄表示,“深港通”进一步加强了深圳和香港资本市场之间的联系。他说,在成功的基础上,在不久的将来,将有更多的尝试以不同种类的货币连接不同地区的资本市场。

Over the past three years, the A-share market has attracted total cross-border capital inflows of more than 136.4 billion yuan via the Shenzhen-Hong Kong stock connect program. According to Yang Delong, chief economist of Shenzhen-based First Seafront Fund, the ongoing changes in investment style among the A-share market investors are more noticeable and important than capital inflows.

过去三年,通过深港通计划,a股市场吸引了超过1364亿人民币的跨境资本流入。总部位于深圳的第一海滨基金首席经济学家杨德龙表示,与资本流入相比,a股市场投资者投资风格的持续变化更为显著,也更为重要。

According to Yang, overseas investors have always focused on the primary operations of companies and stuck to long-term investment and value investment. The top 20 A-share listed companies that they have invested in the most heavily over the past three years have reported compound returns of 350 percent, which is way ahead of the average performance of most public companies and even the benchmark indexes.

杨德龙表示,海外投资者一直专注于公司的主营业务,坚持长期投资和价值投资。过去三年里,他们投资最多的前20家a股上市公司的复合回报率达到了350%,远远超过了大多数上市公司的平均表现,甚至超过了基准指数。

As of Aug 31, 989 out of the 2,179 companies listed on the Shenzhen bourse were from the strategically emerging industries, according to public information.

公共信息显示,截至8月31日,在深圳证交所上市的2179家公司中,有989家来自战略性新兴产业。

"Overseas investors have shown preferences for A-share market listed technology, consumption and finance companies, which abound in the Shenzhen stock exchange. The higher-than-average return over the past three years shows that overseas investors are still more mature in choosing the right targets, experiences that domestic investor can learn from," said Yang.

杨德龙称:“海外投资者对在a股市场上市的科技、消费和金融公司表现出了偏好,在深圳证券交易所里有很多这样的公司。过去三年高于平均水平的回报率表明,海外投资者在选择合适的投资目标方面更加成熟,这是国内投资者可以学习的有用经验。”

Overseas investors have taken increasingly important roles in the A-share market. According to Swiss investment firm UBS, overseas investors had 1.77 trillion yuan worth of A shares by the end of September. That number equaled 3.2 percent of the total value of the A-share market, up from the 2.4 percent registered at the end of 2018.

海外投资者在a股市场中扮演着越来越重要的角色。据瑞士投资公司瑞银的数据,截至9月底,海外投资者持有价值人民币1.77万亿元的A股。这一数字相当于a股市场总市值的3.2%,高于2018年底的2.4%。

The inclusion of the A-share market into leading global indexes such as the MSCI is another important impetus. According to UBS estimates, about 300 billion yuan of overseas capital will flow into the A-share market in 2020, if the A-share constituent in the MSCI remains unchanged.

将a股市场纳入摩根士丹利资本国际公司等全球领先指数是另一个重要推动因素。据瑞银估计,如果摩根士丹利资本国际公司 a股指数保持不变,到2020年将有约3,000亿元人民币的海外资本流入a股市场。

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