中国政府为救市构筑蓝筹防线
China’s biggest listed companies have swiftly become the key line of defence for Beijing’s policy makers as they struggle to contain a rapid downward spiral in the equity market.
中国最大的上市公司迅速成为北京政策制定者的关键防线，他们正竭尽全力遏止股市的快速下跌。Chinese shares dropped again yesterday with the Shanghai market shedding 1.3 per cent and Shenzhen index 5.3 per cent.
中国股市昨日再次下跌，上海市场下跌1.3%，深圳指数下跌5.3%。Both have dropped a third in the past three weeks as local investors rush to unwind leveraged bets.
随着中国国内投资者仓促解除杠杆化仓位，上海市场和深圳市场在过去3周下跌了三分之一。
But over the past week a number of large companies have seen their shares soar, often by the daily upward limit of 10 per cent, even as the broader market has sold off sharply.
但在过去一周里，多家大型上市公司的股价飙升，往往会达到10%的涨停板，即便大盘大幅下挫。As Chinese retail investors, who account for about 80 per cent of trading, quit the market en masse, Beijing has stepped in to buy blue-chip stocks to support broader equity indices — either directly or through purchases of exchange traded funds that track large stocks.
随着中国大批散户投资者退出市场，中国政府入场购买蓝筹股来支持大盘指数——要么直接购买，要么通过购买追踪大盘股的交易所交易基金(ETF)。散户投资者目前占到中国股市交易量的80%。PetroChina, which has the heaviest weighting of any Chinese company in the Shanghai index, has risen 29 per cent over the past five days, even as its Hong Kong-listed shares have fallen.
中石油(PetroChina)在过去5天上涨29%，尽管其在香港上市的H股出现下跌。中石油是上海股指中权重最大的公司。Yesterday, Bank of China, China Construction Bank, and China Life were among a group of big companies to rise 10 per cent.
昨日，多家大型上市公司上涨10%，其中包括中国银行(BOC)、中国建设银行(CCB)和中国人寿(China Life)。China Citic Bank has risen 27 per cent over the past five days while ICBC, the world’s largest bank by assets, is up 17 per cent.
在过去5天里，中信银行(China Citic Bank)上涨27%，而按资产计算为全球最大银行的中国工商银行(ICBC)上涨17%。China’s corporate sector has joined in Beijing’s efforts to stall the market slide by buying large stocks.
中国企业加入政府阻止市场下跌的努力当中，纷纷买入大型上市公司的股票。Haitong Securities said on Monday it would allocate Rmb15bn ($2.4bn) to blue-chip ETFs in order to help “maintain stable development of the securities market”.
海通证券(Haitong Securities)周一表示，为了帮助“维护证券市场的稳定发展”，该公司将拿出150亿元人民币（合24亿美元）购买蓝筹股ETF。Rival Citic Securities said it too would buy into passive funds, and vowed to hold off on selling any shares so long as the Shanghai Composite index was below 4,500 points. It closed yesterday at 3,727.
其竞争对手中信证券(Citic Securities)表示，也将买入被动型基金，并承诺只要上证综指低于4500点就不会抛售任何股票。上证综指昨日收于3727点。The moves follow an announcement over the weekend that 21 brokerages would act in unison to support the market.
此前，21家券商在周末发表声明称，将采取一致行动支持市场。Many large companies were left behind in the year-long bull market that took the Shanghai Composite to a seven-year high in mid-June, as investors focused on high-growth areas like tech and healthcare.
由于投资者聚焦于科技和医疗等高增长板块，许多大型公司在长达一年的牛市中的涨幅落后于大盘——上证综指在今年6月中旬上涨至7年高点。Even after recent gains, ICBC trades at a price to current earnings ratio of 7.3 times compared with 19 times for the broader Shanghai index.
甚至在最近上涨之后，中国工商银行按当前盈利计算的市盈率为7.3倍，而上海市场的平均市盈率为19倍。
