<p>中国消费科技巨头拼多多控股（PDD -5.61%）、腾讯控股（TCEHY -4.79%）以及电动汽车领军企业理想汽车（LI -5.22%）的股价今日暴跌，分别下跌了 6.1%、4.8% 和 4.4%，截至美东时间下午 12:07。</p>
<p>自政府宣布一般性刺激计划以来，中国股市从九月开始出现猛烈的上涨。然而，由于投资者担心实际措施及其细节可能不足以振兴经济增长，股市现在出现回调。</p>
<p>昨晚，令人失望的九月贸易数据公布后，继上周末该国财政部长宣布的细节不足的消息后，进一步出现回调。因此，在一个强劲的持续一个月的上涨之后，中国的消费类股票出现了大幅回调。</p>
<h2>星期一的疲弱贸易数据紧随令人失望的周末</h2>
<p>周一晚间，中国发布的贸易数据显示出口同比增长 2.4%，进口同比增长 0.3%。虽然两项增长数据均为正值，但均远低于预期。请记住，中国是一个新兴经济体，其领导人设定了今年 5% 的增长目标。</p>
<p>令人失望的贸易数据紧随周日的消费者价格指数公布，数据显示中国九月份物价仅上涨 0.1%，为自 2021 年 2 月以来的最低增速。低通胀对于试图解决疫情后通货膨胀问题的国家来说是一个积极因素，但如果经济停滞，过低的通胀就会成为一个问题。这一数据似乎非常接近通缩，这可能会成为一个更大的问题。</p>
<p>周日和周一晚间的数据紧随中国财政部长兰佛安周六发布的略显令人失望的公告。虽然佛安透露了计划帮助稳定该国地方银行以试图稳定房地产市场，但对许多人期望的直接财政刺激措施缺乏细节。昨晚，中国财新传媒报道称政府可能发行 8460 亿美元的特别长期债券，以帮助地方政府填补其表外债务的漏洞。</p>
<p>尽管投资者寄予厚望，8460 亿美元的措施听起来相当庞大，但中国是一个庞大的国家，显然有些人期望更多。迄今为止，这些措施大多似乎是为了填补地方和区域政府以及银行的漏洞，而不是能够振兴需求的 “大炮”。</p>
<p>因此，即使是增长最快的电商公司拼多多、领先的社交媒体公司腾讯，以及领先的电动汽车公司理想汽车今天也大幅下跌并不奇怪。尤其是在 9 月中旬至 10 月初之间，它们每家都曾出现过激烈的上涨。拼多多和理想汽车在 9 月 13 日至 10 月 7 日之间各自经历了 50% 以上的涨幅，而腾讯在这些涨幅开始消退之前曾上涨超过 20%。</p>
<h2>投资者再次在中国问题上存在分歧</h2>
<p>请记住，上个月刺激措施出台后，非常聪明的对冲基金经理在中国贸易问题上持相反立场。尽管北京似乎已经认真对待解决其房地产行业问题和需重新刺激需求的问题，但中国还有很多问题需要解决。此外，要提振消费者信心以重新拉动增长可能需要更大规模的刺激措施。当然，如果该国不实施更多亲市场的结构性改革，短期刺激措施很难产生持久效果。</p>
<p>北京可能会在今年余下时间内宣布更多刺激措施，但不要指望关于中国股票的多头与空头辩论会很快解决。</p>

拼多多

理想汽车-W

理想汽车

腾讯控股-R

腾讯控股(ADS)

腾讯控股(ADR)

腾讯控股

<p>今天，中国公司拼多多控股、腾讯控股和理想汽车的股价大幅下跌，分别下跌了 6.1%、4.8% 和 4.4%。这一下跌是 9 月份政府刺激措施公布后股价强劲上涨之后的反弹。最近令人失望的贸易数据以及缺乏详细的财政刺激措施引发了投资者对经济增长的担忧。中国的出口和进口虽有增长，但未达预期，并且低通胀预示着潜在的经济停滞。在关于政府措施有效性的持续辩论中，投资者对中国股市前景存在分歧</p>

<p>Shares of Chinese consumer and tech leaders <strong>PDD Holdings</strong>(PDD -5.61%), <strong>Tencent</strong>(TCEHY -4.79%), and electric vehicle (EV) leader <strong>Li Auto</strong>(LI -5.22%) plunged today, down 6.1%, 4.8%, and 4.4%, respectively, as of 12:07 p.m. ET.</p>
<div class="lb-trans"><p>中国消费科技巨头拼多多控股（PDD -5.61%）、腾讯控股（TCEHY -4.79%）以及电动汽车领军企业理想汽车（LI -5.22%）的股价今日暴跌，分别下跌了 6.1%、4.8% 和 4.4%，截至美东时间下午 12:07。</p>
</div><p>Chinese stocks had a vicious rally beginning in September with the announcement of general stimulus plans from the government. However, stocks are now pulling back as investors fear the actual measures and their details may not be enough to revive growth.</p>
<div class="lb-trans"><p>自政府宣布一般性刺激计划以来，中国股市从九月开始出现猛烈的上涨。然而，由于投资者担心实际措施及其细节可能不足以振兴经济增长，股市现在出现回调。</p>
</div><p>Last night, disappointing September trade data led to a further pullback after last weekend's announcement from the country's finance minister was also light on details. Hence, consumer names in China are pulling back hard after a strong month-long run.</p>
<div class="lb-trans"><p>昨晚，令人失望的九月贸易数据公布后，继上周末该国财政部长宣布的细节不足的消息后，进一步出现回调。因此，在一个强劲的持续一个月的上涨之后，中国的消费类股票出现了大幅回调。</p>
</div><h2>Weak trade data Monday follows a disappointing weekend</h2>
<div class="lb-trans"><h2>星期一的疲弱贸易数据紧随令人失望的周末</h2>
</div><p>On Monday night, China released trade data showing exports rose 2.4% over the past year, and imports rose 0.3%. While both growth figures were positive, each figure was well below expectations. Remember, China is an emerging economy, and its leaders have set a 5% growth target for the year.</p>
<div class="lb-trans"><p>周一晚间，中国发布的贸易数据显示出口同比增长 2.4%，进口同比增长 0.3%。虽然两项增长数据均为正值，但均远低于预期。请记住，中国是一个新兴经济体，其领导人设定了今年 5% 的增长目标。</p>
</div><p>The disappointing trade figures follow Sunday's consumer price index, which showed just a 0.1% increase in prices in China in September, the lowest rate since February 2021. While low inflation would be a positive in countries trying to solve the post-pandemic inflation problem, too-low inflation is a problem if one's economy is stalling. The figure seems dangerously close to deflation, which would become a larger problem.</p>
<div class="lb-trans"><p>令人失望的贸易数据紧随周日的消费者价格指数公布，数据显示中国九月份物价仅上涨 0.1%，为自 2021 年 2 月以来的最低增速。低通胀对于试图解决疫情后通货膨胀问题的国家来说是一个积极因素，但如果经济停滞，过低的通胀就会成为一个问题。这一数据似乎非常接近通缩，这可能会成为一个更大的问题。</p>
</div><p>The data Sunday and Monday night followed the somewhat disappointing announcement from China's finance minister, Lan Fo'an, on Saturday. While Fo'an disclosed plans to help shore up the country's regional banks in an attempt to stabilize the property market, there were few details on direct fiscal stimulus to households that many had been hoping for. Last night, China's Caixin media reported the government may raise $846 billion in special long bonds to help local governments plug holes in their off-balance sheet debt.</p>
<div class="lb-trans"><p>周日和周一晚间的数据紧随中国财政部长兰佛安周六发布的略显令人失望的公告。虽然佛安透露了计划帮助稳定该国地方银行以试图稳定房地产市场，但对许多人期望的直接财政刺激措施缺乏细节。昨晚，中国财新传媒报道称政府可能发行 8460 亿美元的特别长期债券，以帮助地方政府填补其表外债务的漏洞。</p>
</div><p>While investors had high hopes and the $846 billion measure sounds fairly large, China is a huge country, and clearly, some were expecting more. To date, these measures mostly seem to be an attempt to plug holes in local and regional governments and banks, not the &#34;bazooka&#34; to consumers that could revitalize demand.</p>
<div class="lb-trans"><p>尽管投资者寄予厚望，8460 亿美元的措施听起来相当庞大，但中国是一个庞大的国家，显然有些人期望更多。迄今为止，这些措施大多似乎是为了填补地方和区域政府以及银行的漏洞，而不是能够振兴需求的 “大炮”。</p>
</div><p>Thus, it's no surprise that even the fastest-growing e-commerce company, PDD; the leading social media company, Tencent; and one of the leading electric vehicle companies, Li Auto were down sharply today. This is especially true as each had rallied viciously between mid-September and early October. PDD and Li each experienced a 50%-plus rally between Sept. 13 and Oct. 7, while Tencent had rallied over 20% before each of those rallies began to fade.</p>
<div class="lb-trans"><p>因此，即使是增长最快的电商公司拼多多、领先的社交媒体公司腾讯，以及领先的电动汽车公司理想汽车今天也大幅下跌并不奇怪。尤其是在 9 月中旬至 10 月初之间，它们每家都曾出现过激烈的上涨。拼多多和理想汽车在 9 月 13 日至 10 月 7 日之间各自经历了 50% 以上的涨幅，而腾讯在这些涨幅开始消退之前曾上涨超过 20%。</p>
</div><h2>Once again, investors are divided on China</h2>
<div class="lb-trans"><h2>投资者再次在中国问题上存在分歧</h2>
</div><p>Remember, very smart hedge fund managers are on opposite sides of the China trade following last month's stimulus measures. While Beijing has seemingly gotten serious about tackling its property sector problems and the need to restimulate demand, China has a lot of holes to fill. Moreover, it will likely take a much bigger stimulus to improve consumer confidence to get growth going again. And of course, it may be hard to count on a long-lasting effect from near-term stimulus if the country does not enact more capitalism-friendly structural reforms.</p>
<div class="lb-trans"><p>请记住，上个月刺激措施出台后，非常聪明的对冲基金经理在中国贸易问题上持相反立场。尽管北京似乎已经认真对待解决其房地产行业问题和需重新刺激需求的问题，但中国还有很多问题需要解决。此外，要提振消费者信心以重新拉动增长可能需要更大规模的刺激措施。当然，如果该国不实施更多亲市场的结构性改革，短期刺激措施很难产生持久效果。</p>
</div><p>Beijing is likely to announce more stimulus measures through the rest of the year, but don't expect the bull versus bear debate on Chinese stocks to be resolved anytime soon.</p>
<div class="lb-trans"><p>北京可能会在今年余下时间内宣布更多刺激措施，但不要指望关于中国股票的多头与空头辩论会很快解决。</p>
</div>

Why Chinese Stocks PDD Holdings, Tencent, and Li Auto Fell Today

- 中国消费和科技股今日大幅下跌，PDD、腾讯和理想汽车分别下跌 6.1%、4.8% 和 4.4%。  
- 由于投资者对刺激措施的细节感到失望，市场情绪转弱，导致股市回调。  
- 最新贸易数据和低通胀率引发对经济增长的担忧，刺激措施未能提振消费者信心。  

为什么拼多多控股、腾讯和理想汽车的中国股票今天下跌