周二，中国市场股票大幅上涨，原因是中国人民银行采取了一系列政策举措，旨在稳定不断恶化的经济前景及市场情绪。开盘后虽稍显谨慎，但随后在人民银行行长的宣布下，股市动力增强，交易者开始评估此轮刺激方案是否足够有力。
到上午接近尾声时，上海证券综合指数涨幅最大可达2.4%，而香港中国企业指数则增长超过3%——这是自二月份以来的最大单日涨幅。银行、房地产开发商及券商成为带动市场的主要力量。“在距离美国大选还有时间的背景下，这可能是中国人民银行和市场监管者能提供的最积极的情绪刺激措施之一。”Lombard Odier新加坡有限公司的宏观策略高级策略师指出，“这些政策组合整体做得非常好，同时也为后续更多的宽松提供了明确指引。”
然而，在早盘时相对温和的涨幅反映出了交易者的疑虑：他们是否认为这些措施足够？市场的具体举措确实带来了额外的上涨动力，因为这些措施被视为在解决投资者情绪不佳问题上采取了行动。
本周二宣布的政策包括增加银行贷款规模、对价值5.3万亿美元的抵押贷款降低利息负担，并允许基金和券商利用央行融资购买股票。分析人士认为，“这显然是为了应对经济增长放缓，特别是制造业和消费者支出表现不佳的情况。”悉尼Global X资产管理公司的一位投资策略师表示。
尽管市场参与者普遍认为这一波政策措施超越了预期，但许多人仍质疑它们是否足够提振消费需求以遏制中国的最长通缩时期（自1999年以来）。“许多问题都是源于需求或信心不足的驱动，”Timefolio资产管理公司的组合经理表示，“这些政府措施的实际效果还有待观察。”
随着股市上涨，中国政府债券转为亏损。中国十年期国债收益率上涨2个基点至2.05%，之前一度降至2%，创下了历史最低水平。铁矿石价格在政策宣布后也有所攀升。
新闻来源：www.bloomberg.com
原文地址：Chinese Stocks Rally Most in Seven Months on Stimulus Blitz
新闻日期：2024-09-24
原文摘要：
China’s stocks climbed Tuesday, fueled by the central bank’s latest blitz of policy measures designed to stem the worsening economic outlook and market mood. After a modest open, equities gathered steam after People’s Bank of China Governor ’s announcement, with traders assessing if the stimulus package was sufficiently robust. By late morning, the for onshore Chinese stocks rose as much as 2.4%, while the Hang Seng China Enterprises climbed more than 3% — both posting the strongest gains since February on an intraday basis. Banks, property developers and brokerages led the gains.“This is probably the most aggressive sentiment booster that the PBOC and market regulators can introduce before the US election,” , senior macro strategist at Lombard Odier Singapore Ltd. “The overall packaging of these measures was done quite well, with helpful guidance for more easing down the road.”Still, the modest gains in early trade reflect traders’ skepticism on whether the measures were enough. The specific proposals to prop up the stock market spurred more gains as they were seen addressing the poor investor sentiment.READ: The steps announced Tuesday include moves to boost banks’ lending, lowering borrowing costs on as much as $5.3 trillion in mortgages, and allowing funds and brokers to tap the central bank’s funding to buy stocks. This is a “clear attempt to address slower growth, especially with the economy underperforming in areas like manufacturing and consumer spending,” said , an investment strategist at Global X Management in Sydney. “Given the ongoing low inflation and fiscal pressure, there could be more gradual moves like this as they try to stabilize things without over-committing.” Subscribe to the Bloomberg Daybreak podcast on , or you listen.While market participants said that the policy blitz exceeded expectations, many still questioned if they would help revive consumer demand enough to stem the country’s longest deflationary period since 1999. “A lot of the issues are demand or confidence driven,” said , a portfolio manager at Timefolio Asset Management Co. “The effectiveness of these government measures remains yet to be seen.”Government bonds flipped to a loss on the stock gains. China’s 10-year yields rose two basis points to 2.05%, erasing an earlier decline to 2% to a record low.Iron ore also after the announcement.
