介绍:
A股相对H股溢价创4年新高
1-One thing that makes a dull party worse is the sound of revelry from the shindig next door. 能让一场无聊的派对变得更糟的，是隔壁派对上传来的狂欢声音。
2-While Chinese stocks have rallied to a seven-year high on the mainland, most international investors have been left off the guest list. 在中国内地股市飙升到7年高点之际，大多数国际投资者却没收到邀请加入这场狂欢。
3-The Hang Seng China Enterprises index, the most accessible gauge of Chinese shares for global funds, has added 4 per cent this year, compared with 17 per cent in Shanghai and 39 per cent in Shenzhen. 恒生中国企业指数(Hang Seng China Enterprises Index)是衡量全球共同基金中中国股票表现的最常用指标。今年该指数仅上涨4%，而沪深股市分别上涨了17%和39%。
4-The divergence has helped push up the Hang Seng AH premium index, a measure of price differences between dual-listed stocks, to a four-year high. A stock with both an onshore and offshore listing typically trades at a 33 per cent premium on the mainland, though for some the gap is far greater. 沪港股市表现的差异，将衡量两地价差的恒生AH股溢价指数(Hang Seng China AH Premium Index)推升至4年高点。对于同时在沪港两地上市的中国股票，在中国内地交易的A股相对在香港交易的H股一般存在33%的溢价，而有些股票的溢价率甚至比这还要高得多。
5-The challenge for global investors, who can access onshore markets more easily with the inception of a two-way cross-border share trading link, is whether to join the fun in Shanghai or hold out for Hong Kong to deliver. 全球投资者现在可通过已经启动的双向跨境股票交易通道“沪港通”更方便地进入内地股市。他们面临的挑战是要作出决定：是加入上海的狂欢，还是坚守在香港、等待情况好转。
6-In spite of the opening of the Shanghai-Hong Kong Stock Connect last November, the investor bases in the two markets remain distinct. Global institutional investors are the main force in Hong Kong, while China’s domestic markets are dominated by retail punters, prone to bouts of exuberance. 尽管去年11月“沪港通”已经启动，但这两个市场上的投资者群体依然有着显著不同。国际机构投资者是香港股市上的主力，而中国内地股市由散户主导，更容易出现一波波的迅猛上涨。
7-Many signs point to a speculative frenzy in China. Last month, more than 4m new accounts were opened to trade onshore stocks, known as A shares, while margin debt has been rising at a record pace. A survey by Bloomberg showed that nearly 6 per cent of those opening new accounts were deemed “not literate” — more than those who had a university education. 许多迹象表明内地股市已出现一轮投机热潮。上月，A股市场的新开户数超过400万，保证金负债则以创纪录的速度增长。彭博(Bloomberg)一项调查显示，A股市场有近6%的新股民是文盲，比例高于接受过大学教育的新股民。
8-“Investors are finding assorted excuses to justify their holdings,” Hong Hao, chief strategist at Bocom International, wrote. “Many are proclaiming [an] index level without much thought on how their targets are derived. It is tantamount to pulling numbers out of thin air.” “投资者正在寻找各种理由来证明自己的持仓是正确的，”交银国际(Bocom International)首席策略师洪灏写道，“许多人都在宣称指数会涨到这个或那个点位，却很少琢磨目标点位是怎么得出的。这无异于是凭空给出一个点位。”
9-The importance of liquidity as a driver also separates the onshore and offshore markets. Domestic shares are far more beholden to changes — or often rumoured changes — in Chinese policy. The leg-up in the Shanghai and Shenzhen markets followed rising chatter about a stimulus package. 对于陆港两地股市，流动性作为驱动因素的重要性也有不同体现。中国内地股市更易受中国政策变化——或者往往只是传闻中的变化——的影响。沪深两市近期的上涨，就出现在有关经济刺激计划的传言愈演愈烈之后。
10-These factors have fuelled expectations that mainland stock markets will come back down to earth with a thud, as they did in 2007 following a similar run-up. 这些因素助长了一种预期——中国内地股市会“砰”的一声重重落回到地面，就像它们在2007年经历了类似急剧上涨后所遭遇的那样。
