自中国政府宣布刺激政策以来，中国的科技股已出现巨大涨幅。最新的迹象显示，这一涨势主要由新买家推动。
根据S3 Partners和JPMorgan Chase & Co.的分析，近期美国存托凭证（American Depositary Receipts）的主要公司包括阿里巴巴、京东和美团，其空头仓位并未发生显著变化。若空头被迫平仓，则股价可能进一步上扬。
JPMorgan的策略师在本周的一份报告中指出：“近一周来中国ADR的剧烈上涨主要是新买入力量驱动，而非空头回补。”他们补充说，“个股的空头回补似乎只发挥了有限作用，中国股市近期的反弹主要还是新投资者进场。”
追踪30家在香港上市的中国科技公司的指数在不到四周的时间内飙升了逾45%，创下历史新高。阿里巴巴、京东和美团等公司都经历了数年来罕见的大幅上涨，原因是中国政府宣布措施刺激国内经济后，市场情绪高涨。
尽管短头寸遭受损失，但并未出现大规模强行平仓的现象，S3 Partners的预测分析管理董事在10月的一份报告中写道。阿里巴巴、京东和百度的空头仓位水平保持稳定，在流通股票的2%到3%左右。若股价继续上涨，则可以预期将有一波新的空头回补活动，从而进一步推高股价。
Maitri资产管理私人有限公司的一位基金经理指出：“中国政府近期的刺激政策显示出领导层有强烈的意愿和决心来改变局面。”
中国科技股过去几年经历了一段艰难时期。在经济增长放缓的同时，政府对该行业的打压以及激烈的电子商务竞争导致了这些昔日市场宠儿业绩下滑。
然而，在期权市场上，多头势力依然强大。追踪中国大型股票的美国交易所交易基金（ETF）的看涨期权价值已达到与熊市押注相比的历史高位。近期阿里巴巴和京东等公司出现大量看涨期权交易，成为其主要组成部分。
请注意：此处提供的信息旨在保持原文内容的真实性和准确性，并尽量调整为更符合中文阅读习惯的形式。
新闻来源：www.bloomberg.com
原文地址：Lack of China Tech Short Covering Means Rally Is Fresh Buying
新闻日期：2024-10-04
原文摘要：
Chinese tech stocks have had a tremendous rally since the nation announced its stimulus spree. And all signs point to fresh buying being the main cause. Listen to the Here’s Why podcast on , or .Short positions on American Depositary Receipts of major companies including , and haven’t changed dramatically in recent days, according to S3 Partners and JPMorgan Chase & Co. If the bears were forced out of their bets, the rally could get further momentum.“The sharp rally in Chinese ADRs over the past week has been mostly the result of fresh buying rather than short covering,” JPMorgan Chase & Co. strategists including wrote in a note this week. “Short covering in individual stocks appears to have played only a modest role in the Chinese equity rally.” The , which tracks 30 Chinese tech companies listed in Hong Kong, has soared more than 45% in less than four weeks, including a record surge in the six days through Wednesday. Alibaba, JD.com and food-delivery company Meituan were among those that had some of their in years as investors swept up in a buying spree after the Chinese government announced measures to stimulate the troubled domestic economy. The tech gauge climbed on Friday for the seventh in eight days. While short sellers have incurred , there hasn’t been a rush to cover bearish bets, , managing director of predictive analytics for S3 wrote in an Oct. 1 report. The short interest for Alibaba, JD.com and Baidu had remained around 2% to 3% of shares available. Should the rally continue, though, expect a “” of short covering, which will push up stock prices even further, Dusaniwsky warned.“The data is surprising as the magnitude of the bounce will normally cause shorts to be wiped out many times over and forced-covered in a traditional risk monitoring and control framework,” said , a fund manager at Maitri Asset Management Pte. “The latest round of stimulus pivot by the Chinese government shows that the leadership has significant zeal and intent to turn things around.”Chinese tech stocks have had a tough few years. While the nation’s economy weakened, a government crackdown on the sector and fierce e-commerce competition hurt results at the firms that once were market darlings. Also read: Short sellers who are holding on to their positions may be doing so because they’re skeptical on the recent rally, according to , an analyst at MIB Securities Hong Kong Ltd. Morningstar Inc.’s notes that consumers’ “downtrading trend” is still pronounced in sectors including e-commerce, travel and food delivery.Still, when it comes to the options market, bulls are alive and well. Bets for gains on a US exchange-traded fund tracking China’s large-cap stocks are near their priciest ever relative to bearish wagers after . Alibaba’s and JD.com — companies that have seen a burst of bullish options trading recently — are among its biggest components.Top Tech Stories
