欧洲股市在周二显著上扬，这背后是中国宣布了一系列措施旨在提振世界第二大经济体——这一消息引发市场积极反应。矿产企业、奢侈品制造商、汽车生产商以及金融公司等不同行业股票出现上涨。尤其在中国经济增速放缓的背景下，这波涨势显得尤为引人注目。
具体而言，在欧洲斯托克600指数（Stoxx Europe 600 Index）中，矿业股、如Gucci的所有者Kering集团和保险公司AXA S.A.等成为领涨企业，并显著增长了约5%。中国消费者对各类奢侈品，从昂贵的白兰地到豪华汽车的需求对于全球市场具有重大影响。而目前中国经济表现疲软，已成为投资者关注焦点。
此前第二季度财报季中遭遇挫折的公司——由于中国经济减速冲击了它们的盈利表现，这一轮涨势更是显得格外有意义。“中国政府新出台的刺激计划应能帮助提振欧洲公司的出口需求。”Panmure Liberum公司策略、经济学和ESG事务的主管表示，“然而，Klement质疑这种措施是否最终足以推动持续性的复苏。”
值得注意的是，在这场危机中，德国汽车制造商特别受到中国市场的重大冲击。仅在本月，宝马集团（BMW）与大众集团（Volkswagen）就下调了利润预期，其股票随之大幅下跌。这两家公司表示，中国房地产行业的长期困境正在影响消费者购买决策。
除此之外，中国近期的房地产市场问题也拖累了金属价格，作为矿业公司主要收入来源之一的铁矿石成为今年表现最差的商品之一，导致钢铁厂减产。在周二的交易中，包括铁矿石在内的期货合约涨幅超过5%，而铜和铝的价格也有所上涨。
对于欧洲企业而言，尤其是房地产行业受到此次政策影响，如中国开发商对市场的扶持举措让、以及等公司均获得积极回应，股价至少涨幅达到4%以上。
此外，奢侈品集团（LVMH）与爱马仕国际（Hermès International SA）以及高端烈酒生产商帝亚吉欧（Diageo）和百加得（Bacardi）等都感受到中国市场需求减弱带来的直接冲击。分析师普遍担忧，这将影响行业整体复苏趋势。
晨星公司欧洲市场策略师Field指出：“尽管我们之前曾经历类似情况，但鉴于对中国经济敞口的极度悲观情绪和配置现状，新刺激措施的消息可能在短期内为相关板块提供提振作用。”
然而，田补充道，考虑到目前较低的利率水平使得中国人民银行的政策空间有限，这一系列举措能否成功转变经济走向仍存在不确定性。整体而言，尽管近期市场情绪出现波动，但至少这些政策措施能缓解欧洲企业面临的内外需求压力的一部分问题。
新闻来源：www.bloomberg.com
原文地址：Europe’s China-Reliant Sectors Surge as Stimulus Fuels Optimism
新闻日期：2024-09-24
原文摘要：
European stocks at the forefront of concerns over a slowdown in China rallied strongly on Tuesday, after Beijing announced a package of to revive the world’s second-largest economy.Miners, luxury goods makers, automobile manufacturers and financial firms notched gains. Miner , Gucci-owner and insurer were among the top performers in the Stoxx Europe 600 Index, all rising by around 5%.China’s sluggish economy has been a concern for investors, given the influence of its consumers on demand for goods spanning pricey cognacs to luxury vehicles. The second-quarter earnings season was marred by a as a slowdown in the economic giant hit companies’ bottom lines. “The new stimulus package by the Chinese authorities should help boost export demand for European companies,” said , head of strategy, economics and ESG at Panmure Liberum. However, Klement questioned whether the measures would ultimately be enough to create a sustained recovery.German automakers remain heavily exposed to China’s downturn. Just this month, and slashed profit forecasts, sending shares in both tumbling. The two companies said the country’s protracted real estate crisis is weighing on consumer spending decisions. Both stocks were higher Tuesday. The property troubles have dragged down metal prices. Iron ore, the biggest driver of profits for miners, has been among the worst-performing commodities this year, leading steel mills to curb output. Futures jumped more than 5% on Tuesday, while copper and aluminum also advanced. Shares of , and all gained at least 4% following Beijing’s package to shore up the real estate sector. Read More: Luxury fashion groups and Hermes International SA, as well as premium distillers and , have keenly felt the impact of weaker consumer demand in China. Analysts have been on the sector as a demand recovery remains elusive.“Consumer and industrial firms in Europe have been dealing with a double-whammy of weaker demand, both from inside Europe and from China. So, these measures at least help to alleviate some part of that problem,” said , European market strategist at Morningstar.Whether the package will be enough to help turn the economy around is debatable, Field added, noting already-low interest rates leave the People’s Bank of China with less room to maneuver. “We have been there before, but given how depressed sentiment /positioning is on China exposure, latest stimulus headlines may provide a lift to the space, at least short-term,” said , head of European equity strategy at Barclays, in written comments.
