在万众期待之下，中国的刺激政策似乎对市场构成了重大挑战。周五开盘后仅一小时内，上海股市交易异常活跃，成交额暴涨至7100亿元人民币（约101亿美元），然而却因处理订单故障和延迟问题，导致市场一片混乱。据了解到的券商消息显示，上海证券交易所正在深入调查这些延误事件的原因，并已发布公告进行回应。
尽管上午10时10分前后，上海综合指数保持相对平稳，但深圳综合指数在此期间却录得高达4.4%的增长。随着交易继续恢复，上海股市涨幅显著攀升。有多位交易员向我们报称，在下午时段内仍持续出现订单处理延迟的情况。之后的交易时间中，沪市成交额整体趋于平缓。
“类似这样的大规模抢购现象在2015年的市场高潮期间可以找到先例，通常这种情况会被视为市场的积极信号。”山东骆驼资产管理公司基金经理杜可君如此评价道。“虽然对于我们的交易而言只是小小的干扰，但对于急于加大投资仓位的企业来说则可能构成很大的困扰。”
本周一系列的刺激措施推出后，中国股市实现了年内零增长的目标。这引发了一场前所未有的交易狂潮，早盘的成交额更是达到惊人的1万亿元人民币。这一数额远远超过了最近几个月内任何一天的成交量。投资者纷纷涌入市场，在过去两周中，中国采取了前所未有且大胆的政策举措，推动其本土基准指数在一周内上涨约15%，创造了自国庆假期前最高交易日以来的记录。
政治局会议——中共高级领导人包括习近平在内的24名核心官员组成的决策机构，决定强化财政和货币政策，并表示将“全力争取”实现今年的目标。此外，他们承诺稳定房地产行业，这是迄今为止对这一关键领域所作出的最强烈的表态，旨在止住其下滑趋势。
“整个交易系统都处于过载状态。股市的狂热情绪达到极点。”Grow投资集团的首席经济学家在X平台上写道，“如同潮水般汹涌的牛市。”
新闻来源：www.bloomberg.com
原文地址：China’s Market Marred by Glitches as Frenzy Grips Stocks
新闻日期：2024-09-27
原文摘要：
China’s long-awaited stimulus measures may have been too much for the markets to handle.With shares soaring and turnover reaching 710 billion yuan ($101 billion) in the first hour of trading on Friday, Shanghai’s stock exchange was marred by glitches in processing orders and delays, according to messages from brokerages seen by Bloomberg News. The Shanghai Stock Exchange is investigating reasons for delays, it said in a .The Shanghai Composite Index stayed roughly unchanged from 10:10 a.m. for about an hour even as the Shenzhen composite gained 4.4% over the period. As trading resumed, the Shanghai index surged. Some continue to experience delays in getting orders through in the afternoon session, multiple traders told Bloomberg News. Onshore turnover was fairly muted after 1 p.m. local time. “I only recall a trading delay like this one during the 2015 rally, but generally it sends a positive signal,” said Du Kejun, fund manager at Shandong Camel Asset Management Co. “While it was but a small disruption to our trading, it would have been a big annoyance for firms that were eager to increase their positions today.” China’s stock markets erased losses for the year, following a blitz of stimulus measures introduced this week. That has sparked a frenzy of trading, with the volume turnover nearing 1 trillion yuan in the morning session. That’s more than the total for a seen in recent months. Investors are rushing in amid a as China’s most daring policy campaigns in decades sparked a rally of about 15% in the onshore benchmark this week.That makes this five-day period through Friday the busiest prior to a national day holiday on record. The Politburo, comprised of the ruling Communist Party’s 24 most-senior officials including President Xi Jinping, to strengthen fiscal and monetary policies and pledged to “strive to achieve” the annual goal, according to a Thursday statement. They also committed to action to make the property sector “stop declining,” their strongest vow yet to stabilize the crucial industry.“The trading system is simply overwhelmed. There is a huge stampede of stock bulls.” , chief economist at Grow Investment Group, said in a post on X.
