<p>周二，中国科技和消费股票 <strong>拼多多控股</strong>（PDD 3.07%）、<strong>万国数据控股</strong>（GDS 0.95%）和 <strong>满帮</strong>（YMM 4.45%）分别上涨了 3.5%、2.9% 和 6.8%，截至美东时间下午 12:26。然而，拼多多和万国数据在当天早些时候涨幅更大。</p>
<p>当天缺乏公司特定新闻，但在北京过去几天宣布的最新措施后，中国消费者和科技股普遍上涨，重新燃起了对更多刺激措施的希望。虽然一些人开始怀疑中国是否愿意继续实施更多刺激措施，但过去几天的消息再次激起了乐观情绪。</p>
<h2>在回调后的反弹</h2>
<p>中国股市从 9 月中旬到 10 月初大幅上涨，受益于降息和对更多财政刺激的期望，尽管随着有关刺激措施的细节仍然模糊，这一涨势有所减弱。</p>
<p>但是，一些新数据似乎已经阻止了中国股市最近的回调，并再次推动股市上涨。上周五，中国第三季度 GDP 增长率为 4.6%，这是自 2023 年 1 月以来的最低增速。然而，这一数字略高于 4.5% 的预期。因此，增长超出预期，但仍然低于该国 5% 的增长目标，仍有望迎来更多刺激措施。</p>
<p>随后的刺激措施出现在周一，中国人民银行将一年期和五年期贷款基准利率分别下调 25 个基点，这是自 7 月以来该行的首次降息。</p>
<p>昨天，《金融时报》还指出，2024 年中国公司的回购创下历史新高，已经回购了 330 亿美元的股票，这比 2023 年的回购金额翻了一番。尽管今年已经处于高位，但在当局宣布为公司提供 3000 亿元人民币用于股票回购的贷款设施后，中国公司的回购似乎将在 2024 年余下时间继续增加。</p>
<p>这些最近的信号清楚地表明，中国政府正寻求提振经济和股市，尽管股市仍然非常便宜，仍远低于 2021 年初的高点，即使在 9 月至 10 月的涨势之后。</p>
<p><strong>拼多多控股</strong> 是中国增长最快的电子商务平台。<strong>万国数据控股</strong> 是一家数据中心运营商，其增长取决于企业和终端消费者的计算使用。而 <strong>满帮</strong> 是一家数字货运平台，连接货主和第三方卡车公司。因此，这些公司每一家都高度依赖中国的消费支出和经济增长。因此，每只股票在最近的经济和刺激消息下上涨并不奇怪。</p>
<h2>这些措施足够吗？</h2>
<p>投资者对当前中国股市的看法存在较大分歧。毕竟，这是同一政府，曾在 2022 年初实施了严格的 “零 COVID” 封锁措施，打压中国最大的科技公司，破灭了多年来一直存在的房地产泡沫，并疏远了其主要的美国贸易伙伴。</p>
<p>然而，今年夏天宣布的措施，以及预期中的措施，表明政府现在担心增长疲软，并愿意比过去几年做更多来提供帮助。再加上股价估值极低，中国股市在过去一个月里上涨。</p>
<p>这位投资者对此有些怀疑。迄今为止宣布的措施主要包括降息、降低银行准备金率以及填补地方政府预算和国有银行的漏洞。此外，政府似乎正试图通过向公司提供低息贷款来操纵中国股市，用于资助股票购买和公司回购自己的股票。这在短期内可能奏效，但似乎是一种不可持续的噱头。</p>
<p>宣布的措施似乎缺乏直接刺激家庭的财政刺激，这将提振消费需求。没有增加的消费需求，经济就不会增长，消费者和企业也不会贷款，即使这些贷款现在利率较低。</p>
<p>上个月，政府曾暗示将向低收入和中等收入家庭提供财政刺激。但尽管最近的降息和面向股市的措施，但在直接财政方面并没有太多消息。因此，投资者不应因最近的降息和回购措施而改变对中国股市的看法，无论您之前是看涨还是看跌。</p>

拼多多

满帮

万国数据-SW

万国数据

<p>周二，包括拼多多控股、万国数据和满帮在内的中国股票出现了显著的涨幅，这是由于最近的经济措施重新激发了政府刺激的希望。尽管第三季度的国内生产总值增长率为 4.6%，低于 5% 的目标，但中国人民银行降低了贷款基准利率，公司回购创下历史新高。然而，投资者对这些措施的可持续性仍然持怀疑态度，因为它们缺乏直接的财政刺激来提振消费需求，而消费需求对经济增长至关重要</p>

<p>Shares of Chinese tech and consumer stocks <strong>PDD Holdings</strong>(PDD 3.07%), <strong>GDS Holdings</strong>(GDS 0.95%), and <strong>Full Truck Alliance</strong>(YMM 4.45%) rallied 3.5%, 2.9%, and 6.8% on Tuesday, respectively, as of 12:26 p.m. ET. However, PDD and GDS were much higher in the earlier part of the day.</p>
<div class="lb-trans"><p>周二，中国科技和消费股票 <strong>拼多多控股</strong>（PDD 3.07%）、<strong>万国数据控股</strong>（GDS 0.95%）和 <strong>满帮</strong>（YMM 4.45%）分别上涨了 3.5%、2.9% 和 6.8%，截至美东时间下午 12:26。然而，拼多多和万国数据在当天早些时候涨幅更大。</p>
</div><p>The day was light on company-specific news, but Chinese consumer and tech names broadly rallied on renewed hopes for more stimulus after Beijing's latest measures announced over the past few days. While some had come to doubt China's willingness to follow through on more stimulus measures, the past few days' news got optimism going again.</p>
<div class="lb-trans"><p>当天缺乏公司特定新闻，但在北京过去几天宣布的最新措施后，中国消费者和科技股普遍上涨，重新燃起了对更多刺激措施的希望。虽然一些人开始怀疑中国是否愿意继续实施更多刺激措施，但过去几天的消息再次激起了乐观情绪。</p>
</div><h2>A bounce after a pullback</h2>
<div class="lb-trans"><h2>在回调后的反弹</h2>
</div><p>Chinese stocks rallied hard from mid-September to early October on the back of interest rate cuts and hopes for more fiscal stimulus, although that rally faded a bit as details around stimulus remained vague.</p>
<div class="lb-trans"><p>中国股市从 9 月中旬到 10 月初大幅上涨，受益于降息和对更多财政刺激的期望，尽管随着有关刺激措施的细节仍然模糊，这一涨势有所减弱。</p>
</div><p>But a couple of new data points seem to have arrested the recent pullback in Chinese stocks and gotten them going higher again. Last Friday, China's third-quarter GDP growth came in at 4.6%, which was the lowest growth since January 2023. However, the figure was a touch above expectations of 4.5%. So, the growth was ahead of expectations, but still low enough to welcome more stimulus, as it was still below the country's 5% growth target.</p>
<div class="lb-trans"><p>但是，一些新数据似乎已经阻止了中国股市最近的回调，并再次推动股市上涨。上周五，中国第三季度 GDP 增长率为 4.6%，这是自 2023 年 1 月以来的最低增速。然而，这一数字略高于 4.5% 的预期。因此，增长超出预期，但仍然低于该国 5% 的增长目标，仍有望迎来更多刺激措施。</p>
</div><p>More stimulus then came on Monday, when the People's Bank of China cut both the one-year and five-year loan prime rates by 25 basis points each, in the bank's first rate cuts since July.</p>
<div class="lb-trans"><p>随后的刺激措施出现在周一，中国人民银行将一年期和五年期贷款基准利率分别下调 25 个基点，这是自 7 月以来该行的首次降息。</p>
</div><p>Yesterday, <em>The Financial Times</em> also noted Chinese company buybacks were at a record high in 2024, with $33 billion in repurchases already more than doubling the 2023 buyback figures for Chinese companies. Although already at a high through the year, Chinese company buybacks seem set to increase through the rest of 2024 after authorities announced a 300 billion yuan lending facility for companies to use on share repurchases.</p>
<div class="lb-trans"><p>昨天，《金融时报》还指出，2024 年中国公司的回购创下历史新高，已经回购了 330 亿美元的股票，这比 2023 年的回购金额翻了一番。尽管今年已经处于高位，但在当局宣布为公司提供 3000 亿元人民币用于股票回购的贷款设施后，中国公司的回购似乎将在 2024 年余下时间继续增加。</p>
</div><p>These recent signals clearly demonstrate the Chinese government is looking to boost its economy and stock market, which remains very cheap and still at levels far below its early 2021 highs, even after the September-October rally.</p>
<div class="lb-trans"><p>这些最近的信号清楚地表明，中国政府正寻求提振经济和股市，尽管股市仍然非常便宜，仍远低于 2021 年初的高点，即使在 9 月至 10 月的涨势之后。</p>
</div><p>PDD Holdings is the fastest-growing e-commerce platform in China. GDS Holdings is a data center operator, whose growth is predicated on compute usage by businesses and end consumers alike. And Full Truck Alliance is a digital freight platform that connects shippers with third-party trucking companies. Therefore, each of these companies is highly levered to consumer spending and economic growth in China. So it's no surprise each stock is rising on the recent economic and stimulus news.</p>
<div class="lb-trans"><p><strong>拼多多控股</strong> 是中国增长最快的电子商务平台。<strong>万国数据控股</strong> 是一家数据中心运营商，其增长取决于企业和终端消费者的计算使用。而 <strong>满帮</strong> 是一家数字货运平台，连接货主和第三方卡车公司。因此，这些公司每一家都高度依赖中国的消费支出和经济增长。因此，每只股票在最近的经济和刺激消息下上涨并不奇怪。</p>
</div><h2>Will these measures be enough?</h2>
<div class="lb-trans"><h2>这些措施足够吗？</h2>
</div><p>There is a considerable divide among investors about the current China rally. After all, this is the same government that imposed onerous &#34;zero-COVID&#34; lockdowns well into 2022, clamped down on China's largest tech companies, burst the country's property bubble it let fester for years, and alienated its key U.S. trading partner.</p>
<div class="lb-trans"><p>投资者对当前中国股市的看法存在较大分歧。毕竟，这是同一政府，曾在 2022 年初实施了严格的 “零 COVID” 封锁措施，打压中国最大的科技公司，破灭了多年来一直存在的房地产泡沫，并疏远了其主要的美国贸易伙伴。</p>
</div><p>However, this summer's measures -- announced, as well as anticipated -- suggest the government is now worried about flagging growth and is willing to do much more to help than it has over the past couple of years. Combine that with rock-bottom valuations, and Chinese stocks have rallied over the past month.</p>
<div class="lb-trans"><p>然而，今年夏天宣布的措施，以及预期中的措施，表明政府现在担心增长疲软，并愿意比过去几年做更多来提供帮助。再加上股价估值极低，中国股市在过去一个月里上涨。</p>
</div><p>Color this investor somewhat skeptical. The measures announced thus far mainly include interest rate cuts, lowering bank reserve ratio requirements, and plugging holes in regional government budgets and state-owned banks. In addition, the government appears to be trying to manipulate Chinese stocks by offering low-rate loans to fund stock purchases and to companies to buy back their own stock. That may work in the short term, but it seems like a gimmick that isn't sustainable.</p>
<div class="lb-trans"><p>这位投资者对此有些怀疑。迄今为止宣布的措施主要包括降息、降低银行准备金率以及填补地方政府预算和国有银行的漏洞。此外，政府似乎正试图通过向公司提供低息贷款来操纵中国股市，用于资助股票购买和公司回购自己的股票。这在短期内可能奏效，但似乎是一种不可持续的噱头。</p>
</div><p>The announced measures seem to lack direct fiscal stimulus to households, which would boost consumer demand. And without increased consumer demand, the economy won't grow and consumers and businesses won't take on loans, even if those loans are now at lower rates.</p>
<div class="lb-trans"><p>宣布的措施似乎缺乏直接刺激家庭的财政刺激，这将提振消费需求。没有增加的消费需求，经济就不会增长，消费者和企业也不会贷款，即使这些贷款现在利率较低。</p>
</div><p>Last month, the government had hinted that fiscal stimulus to low- and middle-income households would be forthcoming. But despite the recent rate cuts and stock market oriented measures, there hasn't been much news on the direct fiscal front. Therefore, investors shouldn't necessarily change their outlook on China stocks because of the recent rate cuts and buyback measures. That goes for whether or not you were a bull or a bear prior to the last few days.</p>
<div class="lb-trans"><p>上个月，政府曾暗示将向低收入和中等收入家庭提供财政刺激。但尽管最近的降息和面向股市的措施，但在直接财政方面并没有太多消息。因此，投资者不应因最近的降息和回购措施而改变对中国股市的看法，无论您之前是看涨还是看跌。</p>
</div>

Why Chinese Stocks PDD Holdings, GDS Holdings, and Full Truck Alliance Were Bouncing Back Today

- 中国科技和消费股如 PDD、GDS 和 YMM 分别上涨 3.5%、2.9% 和 6.8%。  
- 近期刺激措施重燃市场信心，尽管中国 GDP 增长仍低于目标。  
- 投资者对政府措施的有效性存在分歧，缺乏直接的财政刺激。  

为什么中国股票拼多多控股、万国数据控股和满帮今天反弹