淺析中國股市新年暴跌 China's market frozen after 7% fall

Trading on China’s stock market finished early on Monday after heavy losses triggered a new “circuit breaker” mechanism for the first time.

中國股市在週一交易中損失巨大，首次觸發新實施的“熔斷機制”，提前收市。

China’s blue-chip stock index, the CSI 300, suffered its worst day in four months in the year’s first trading day, falling 7 per cent on Monday.

中國藍籌股指數滬深300(CSI 300)週一下跌7%，在新年首個交易日就遭遇了四個月以來最糟糕的一天。

In Shenzhen, where 1,783 stocks are listed, nearly 1,100 declined between 9.8 per cent and 10 per cent, the downward limit for individual stocks. Only 30 stocks gained (and yes, because this is China’s market, 17 stock hit the upward limit of 10 per cent).

深市1783支股票近1100支跌幅在9.8%到10%的個股跌停下限。上漲的股票只有30支，17只股票達到10%的漲停上限。

In Shanghai, where 1,119 stocks are listed, only nine stocks rose. A little more than 500 stocks fell between 9.8 and 10 per cent.

滬市1119支股票中上漲的僅有9支。500多支股票跌幅在9.8%到10%之間。

All 10 sectors in both markets fell. In Shenzhen, the ranges were from -7.5 per cent for consumer staples and -10 per cent for telecoms. In Shanghai, the range was from energy stocks falling 4.8 per cent to IT stocks shedding 8.9 per cent.

滬深兩市10個板塊全部下跌。深市下跌最嚴重爲電信板塊，跌幅達10%，下跌最輕的爲消費必需品，跌幅爲7.5%。滬市下跌最重的是IT板塊，跌幅8.9%，下跌最輕的是能源板塊，跌幅4.8%。

Stocks around Asia fell in afternoon trading, in tandem with the sell-off in China.

亞洲各股市在午後交易中也出現下跌，與中國股市大跌保持同步。

Among the possible culprits, via Gabriel Wildau in Shanghai:

導致此次大跌的可能性原因如下：

* A factory survey released on Saturday showed China’s manufacturing sector shrinking for a fifth consecutive month in December.

*上週六發布的中國官方PMI指數顯示中國製造業在12月份連續第五個月收縮。

* Investors are also nervous about the imminent expiration of a ban on stock sales by large shareholders. Regulators imposed the ban in early July at the height of the market rout that at one point had wiped 45 per cent off the value of the Shanghai market.

*讓投資者擔心的還有對大股東施加的股票拋售禁令即將到期，該禁令是去年7月初監管部門施加的，當時是A股市場崩潰最嚴重時期，滬市市值一度蒸發掉了45%。

Regulators introduced the circuit breaker in a bid to curb panic selling after a series of big one-day losses during the summer rout. The mechanism comes on top of existing rules that halts trading in individual shares if they rise or fall by at least 10 per cent in a single day.

爲了遏制夏季崩盤期間連續單日暴跌後出現的恐慌性拋售，中國監管機構推出了熔斷機制，該機制緊隨現有的漲跌停製度，即如果個股單日漲跌幅超過10%即停止交易。

Despite heavy volatility, the Shanghai composite ended 9.4 per cent higher in 2015 after large-scale buying from state-owned financial institutions — known as the “national team” — fuelled a recovery from the low point touched in late August.

儘管遭遇劇烈震盪，在國有金融機構——被稱爲“國家隊”——大舉買入的推動下，中國股市在去年8月下旬觸低迴升，2015年上證綜指最終累計上漲9.4%。

Now, however, investors are worried that the unwinding of emergency rescue measures could place fresh pressure on the market, even as corporate earnings remain weak.

但現在投資者擔心放鬆應急救援措施可能會對市場造成新的壓力，尤其當企業盈利依然不景氣的時候。

The securities regulator halted large-scale share purchases in late August, though it pledged to maintain existing holdings indefinitely. Initial public offerings resumed last month after a halt imposed in July. And the regulator has also rescinded a ban on net share sales by securities brokerages’ proprietary trading units.

中國證券監管機構於去年8月下旬暫停大規模購股，但承諾會無限期持有已購股票。去年7月強制停止的首次公開募股(IPO)也於上月恢復。中國監管機構還取消了對券商自營股票每天淨買入的要求。