介绍:
2b
11-“Excessive animal spirits and unsustainable increases in leverage can, of course, continue to power the market upwards for the time being,” Richard Iley, BNP Paribas economist, said in a report. “But the longer the frenzy continues, the bigger the ultimate correction is likely to be.” 法国巴黎银行(BNP Paribas)经济学家理查德?伊利(Richard Iley)在报告中表示：“短期内，过度的动物精神和不可持续的加杠杆当然能够继续支撑股市上涨。但狂热的时间持续得越长，最终的调整幅度可能就越大。”
12-In spite of the feverish pace of A share trading, many analysts are optimistic about China’s prospects and expect the market to rise even higher, both onshore and offshore. 尽管A股交易步入狂热，许多分析师仍对中国前景持乐观态度，并预期两地市场都会进一步上扬。
13-“When I look at China A shares, I’m not necessarily seeing a bubble yet,” says Guillaume Chatain, head of equity solutions at JPMorgan Private Bank in Asia. 摩根大通私人银行(JPMorgan Private Bank)驻亚洲的股票解决方案主管纪尧姆?沙坦(Guillaume Chatain)说：“在我看来，中国的A股未必已经形成了泡沫。
14-“It’s not a crazy rally. Compared with 2007, it’s nothing. Yes we have the start of a bubble, but I don’t think we’re at a level yet where we should really be afraid.” “涨势并不疯狂。比起2007年，这根本不算什么。我们的确看到泡沫在酝酿，但我不认为它已经处在我们真正应该担心的水平。”
15-The price-to-forward-earnings ratio for mainland shares has risen to 14.8 times, compared with 10.8 times for the MSCI China, an index of shares listed outside the mainland. 中国内地股市的预期市盈率已升至14.8倍，相比之下，摩根士丹利资本国际中国指数(MSCI China Index)的预期市盈率为10.8倍。该指数追踪在中国内地之外上市的中国股票。
16-Goldman Sachs tips offshore Chinese shares to end the year 28 per cent higher from current levels, twice the increase it expects onshore. 高盛(Goldman Sachs)的看法是，离岸市场中国股票的价格到今年年底时会比目前水平高出28%，这一增幅比它预期的在岸市场中国股票同期涨幅高出一倍。
17-There could also be some spillover effect from domestic markets now that the border is more porous. Over the past week, activity has picked up on the southbound leg of the Stock Connect, meaning more mainland investors are putting cash into the Hong Kong market. 此外，由于跨境交易更加方便，中国内地市场可能会产生一些溢出效应。在过去一周里，沪港通的“南向”活动有所加速，意味着更多中国内地投资者正把资金投入香港市场。
18-The available quota for investment into China through Stock Connect has also been rising, a signal that offshore investors are taking cash out of the Shanghai market.
沪港通“北向”投资的可用配额也在增加，这一迹象表明，境外投资者正从上海股市撤资。
19-Nomura strategist Wendy Liu says this year marks the start of a three-year bull market for China stocks, with a rally built on reforms, stabilising economic growth and improving property sales. Ms Liu expects the MSCI China index to rise 60 per cent between the start of this year and 2017.
野村(Nomura)策略师刘鸣镝(Wendy Liu)表示，今年标志着中国股市三年牛市的开端，股市的上涨建立在改革、经济增长日渐企稳和房地产销售逐渐改善的基础之上。她预计，从今年初到2017年，摩根士丹利资本国际中国指数将上涨60%。
大家还在听
