中國政府爲救市構築藍籌防線
China’s biggest listed companies have swiftly become the key line of defence for Beijing’s policy makers as they struggle to contain a rapid downward spiral in the equity market.
中國最大的上市公司迅速成爲北京政策制定者的關鍵防線，他們正竭盡全力遏止股市的快速下跌。Chinese shares dropped again yesterday with the Shanghai market shedding 1.3 per cent and Shenzhen index 5.3 per cent.
中國股市昨日再次下跌，上海市場下跌1.3%，深圳指數下跌5.3%。Both have dropped a third in the past three weeks as local investors rush to unwind leveraged bets.
隨着中國國內投資者倉促解除槓桿化倉位，上海市場和深圳市場在過去3周下跌了三分之一。
But over the past week a number of large companies have seen their shares soar, often by the daily upward limit of 10 per cent, even as the broader market has sold off sharply.
但在過去一週裏，多家大型上市公司的股價飆升，往往會達到10%的漲停板，即便大盤大幅下挫。As Chinese retail investors, who account for about 80 per cent of trading, quit the market en masse, Beijing has stepped in to buy blue-chip stocks to support broader equity indices — either directly or through purchases of exchange traded funds that track large stocks.
隨着中國大批散戶投資者退出市場，中國政府入場購買藍籌股來支持大盤指數——要麼直接購買，要麼通過購買追蹤大盤股的交易所交易基金(ETF)。散戶投資者目前佔到中國股市交易量的80%。PetroChina, which has the heaviest weighting of any Chinese company in the Shanghai index, has risen 29 per cent over the past five days, even as its Hong Kong-listed shares have fallen.
中石油(PetroChina)在過去5天上漲29%，儘管其在香港上市的H股出現下跌。中石油是上海股指中權重最大的公司。Yesterday, bank of China, China Construction Bank, and China Life were aMong a group of big companies to rise 10 per cent.
昨日，多家大型上市公司上漲10%，其中包括中國銀行(BOC)、中國建設銀行(CCB)和中國人壽(China Life)。China Citic Bank has risen 27 per cent over the past five days while ICBC, the world’s largest bank by assets, is up 17 per cent.
在過去5天裏，中信銀行(China Citic Bank)上漲27%，而按資產計算爲全球最大銀行的中國工商銀行(ICBC)上漲17%。China’s corporate sector has joined in Beijing’s efforts to stall the market slide by buying large stocks.
中國企業加入政府阻止市場下跌的努力當中，紛紛買入大型上市公司的股票。Haitong Securities said on Monday it would allocate Rmb15bn ($2.4bn) to blue-chip ETFs in order to help “maintain stable development of the securities market”.
海通證券(Haitong Securities)週一表示，爲了幫助“維護證券市場的穩定發展”，該公司將拿出150億元人民幣（合24億美元）購買藍籌股ETF。Rival Citic Securities said it too would buy into passive funds, and vowed to hold off on selling any shares so long as the Shanghai Composite index was below 4,500 points. It closed yesterday at 3,727.
其競爭對手中信證券(Citic Securities)表示，也將買入被動型基金，並承諾只要上證綜指低於4500點就不會拋售任何股票。上證綜指昨日收於3727點。The moves follow an announcement over the weekend that 21 brokerages would act in unison to support the market.
此前，21家券商在週末發表聲明稱，將採取一致行動支持市場。Many large companies were left behind in the year-long bull market that took the Shanghai Composite to a seven-year high in mid-June, as investors focused on high-growth areas like tech and healthcare.
由於投資者聚焦於科技和醫療等高增長板塊，許多大型公司在長達一年的牛市中的漲幅落後於大盤——上證綜指在今年6月中旬上漲至7年高點。Even after recent gains, ICBC trades at a price to current earnings ratio of 7.3 times compared with 19 times for the broader Shanghai index.
甚至在最近上漲之後，中國工商銀行按當前盈利計算的市盈率爲7.3倍，而上海市場的平均市盈率爲19倍。
