据S3合作伙伴的报告，中国股票因刺激措施激增引发的市场动荡，导致对美国上市中国企业股票进行空头押注的交易者承受约69亿美元的市值亏损。
中国的基准股指自2023年9月13日的低点以来上涨超过27%，得益于一系列政策宽松举措的支持；相反，美股中中国公司的股价飙升幅度超过36%。这一波动抹去了年初至今的大约37亿美元收益，导致空头面临大约32亿美元的账面损失，据市场分析公司S3透露。
S3 的预测分析师Dusaniwsky解释道：“在近期的升势之前，空头策略曾在下跌市场中带来盈利”。然而，在反弹发生之后，针对这类资产的抛售活动已经减缓。数据显示，在北京出台刺激计划前，对中国的股票进行空头操作一度成为流行的策略，许多市场观察者削减了该板块的配置，甚至有观点称中国被“低估”。
BABA和TME是目前最让空头承受痛苦的压力来源；另一方面，押注于阿里巴巴、拼多多、京东、美团等企业的投资者仍然处于盈利状态。
即使考虑到美股中中国股票近期的涨幅，数据显示空头们并未急于平仓。不过如果市场持续上扬，S3预期“该行业将出现大量补足仓位”活动，这可能会进一步推高股价。
Dusaniwsky指出，“当空头开始大规模平仓时，BABA的股价可能会受到影响最大”。随着抛售压力不再抵消对这些股票的长期买入兴趣，在多头和买方交易之间形成的合力可能加速股价变动的趋势。
新闻来源：www.bloomberg.com
原文地址：China's Stock Rally Spurs $7 Billion Loss for Shorts of US-Listed Shares
新闻日期：2024-10-01
原文摘要：
The dramatic stimulus-fueled rally in Chinese stocks has cost traders betting against US-listed shares roughly $6.9 billion in mark-to-market losses, according to a report from S3 Partners.The country’s benchmark has risen more than 27% from its Sept. 13 trough, supported by a spate of policy-easing measures, while the of US-listed Chinese stocks has surged more than 36%. That’s erased about $3.7 billion in year-to-date gains, and left shorts now nursing around $3.2 billion in paper losses, according to the market analytics firm.“Prior to the recent rally short sellers were profitably building their positions in a falling market,” , managing director of predictive analytics at S3, said in the report. Since the rebound, however, short selling in the group has slowed, he added. Before Beijing surprised the market with its stimulus plans, shorting Chinese stocks had been a popular strategy, with a number of market observers underweighting the sector, and some even labeling the country “.” Just last month in a Bank of America Corp. global fund manager survey, 19% respondents said that shorting Chinese equities was the most crowded trade, second only to going long the so-called Magnificent Seven technology stocks.The most painful trades for short sellers have been and , S3 data show. On the flip side, traders betting against , , and are still in the black.Even with the recent rally in US-listed Chinese equities, short sellers aren’t rushing to cover their positions just yet, the data show. Still, if the market continues to advance, S3 expects “a significant amount of short covering in the sector” to push stock prices even higher.“BABA’s stock price might see the greatest impact if shorts begin covering in size as the stock has seen increased short selling into this rally,” Dusaniwsky said. “With short selling no longer offsetting some of the long buying pressure in the stock, buy-to-covers side-by-side with long buying may steepen the trajectory if its price moves.”
