<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/07/china-shenzen-skyline.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/07/china-shenzen-skyline.jpg"/></p>
<p>上海指数和恒生指数在周四小幅上涨，投资者忽视了中国的疲弱经济数据。香港恒生指数上涨了 2.60%，而上海指数上涨了 0.86%。</p>
<h2>美国通胀与中国经济放缓</h2>
<p>本周市场的主要主题是中国和美国经济放缓的情况。迹象表明，中国经济的复苏速度远低于预期。</p>
<p>本周发布的数据表明，中国的通胀在 6 月份降至 0%。因此，未来几个月该国的通胀可能会转为负值。虽然低通胀令人鼓舞，但也表明经济正在失去动能。</p>
<p>周四发布的另一份报告显示，中国的出口和进口在 6 月份继续下降。6 月份出口下降了 12.4%，而前一个月下降了 7.5%。另一方面，进口在 5 月份下降了 4.8% 后，6 月份下降了 6.8%。因此，贸易顺差扩大至 700 亿美元。</p>
<p>分析师认为，中国的经济状况比官方数据所显示的要糟糕。他们提到商品市场的持续疲软和运输成本的下降。正如我在周一所写的，海洋运输成本已跌至 2019 年的低点。</p>
<p>在最近的一份报告中，一位知名分析师警告称，中国正朝着资产负债表衰退的方向发展。资产负债表衰退是指公司和个人专注于降低债务而不是消费。因此，他将中国的经济与最近停滞不前的日本经济进行了比较。</p>
<p>在这里观看：https://www.youtube.com/embed/HTabysmCpDo?feature=oembed</p>
<h2>美国通胀放缓</h2>
<p>恒生指数和上海指数的主要催化剂是最近的美国消费者通胀数据。正如我们在这里所写，6 月份通胀降至 3.0%，而核心通胀降至 4.8%。后者首次降至 5% 以下。</p>
<p>因此，这些数字意味着美联储可能会在未来几个月开始转变，因为劳动力市场也在放缓。因此，本月的加息可能是今年的最后一次。</p>
<p>当美联储变得鸽派时，全球指数往往表现良好。首先，鸽派的美联储导致美元走弱，市场风险偏好情绪上升。</p>
<p>上海指数的主要涨幅股包括中衡设计、 大连热电厂、福建瑞能科技和 Cybrid Technologies。这些股票均上涨超过 5%。在香港，最大的涨幅股包括 AIA 集团、阿里巴巴、阿里健康信息、安踏体育和百度。这些股票均上涨超过 5%。</p>
<p>本文首发于 Invezz，标题为《这是为什么上海指数和恒生指数在中国疲弱数据后上涨》。</p>

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<p>上海指数和恒生指数在周四上涨，尽管中国经济数据疲软。恒生指数上涨了 2.60%，上海指数上涨了 0.86%。市场关注美国的通胀数据，数据显示 6 月份通胀率降至 3.0%，暗示美联储可能会转变政策。上海市场的主要推动者包括中衡设计和大连热电厂，而在香港，友邦保险和阿里巴巴领涨</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2023/07/china-shenzen-skyline.jpg" alt="" original-src="https://invezz.com/wp-content/uploads/2023/07/china-shenzen-skyline.jpg"/></p>
<p>The Shanghai Index and the Hang Seng drifted upwards on Thursday as investors ignored the weak economic data from China. Hong Kong’s Hang Seng index jumped by 2.60% while the Shanghai rose by 0.86%.</p>
<div class="lb-trans"><p>上海指数和恒生指数在周四小幅上涨，投资者忽视了中国的疲弱经济数据。香港恒生指数上涨了 2.60%，而上海指数上涨了 0.86%。</p>
</div><h2>US inflation and slowing China growth</h2>
<div class="lb-trans"><h2>美国通胀与中国经济放缓</h2>
</div><p>The main theme in the market this week is on China’s and US economic slowdown. There are signs that the Chinese economy is recovering at a significantly slow pace than expected.</p>
<div class="lb-trans"><p>本周市场的主要主题是中国和美国经济放缓的情况。迹象表明，中国经济的复苏速度远低于预期。</p>
</div><p>Data published this week showed that China’s inflation dropped to 0% in June. As a result, there is a likelihood that the country’s inflation will move to the negative zone in the coming months. While low inflation is encouraging, it also provides signs that an economy is losing momentum.</p>
<div class="lb-trans"><p>本周发布的数据表明，中国的通胀在 6 月份降至 0%。因此，未来几个月该国的通胀可能会转为负值。虽然低通胀令人鼓舞，但也表明经济正在失去动能。</p>
</div><p>A separate report on Thursday revealed that China’s exports and imports continued falling in June. Exports dropped by 12.4% in June after falling by 7.5% in the previous month. Imports, on the other hand, declined by 6.8% after falling by 4.8% in May. As a result, the trade surplus widened to $70 billion.</p>
<div class="lb-trans"><p>周四发布的另一份报告显示，中国的出口和进口在 6 月份继续下降。6 月份出口下降了 12.4%，而前一个月下降了 7.5%。另一方面，进口在 5 月份下降了 4.8% 后，6 月份下降了 6.8%。因此，贸易顺差扩大至 700 亿美元。</p>
</div><p>Analysts believe that China’s economy is doing worse than what official numbers are saying. They cite the ongoing weakness in the commodity market and falling shipping costs. As I wrote on Monday, ocean shippingcosts have tumbled to 2019 lows.</p>
<div class="lb-trans"><p>分析师认为，中国的经济状况比官方数据所显示的要糟糕。他们提到商品市场的持续疲软和运输成本的下降。正如我在周一所写的，海洋运输成本已跌至 2019 年的低点。</p>
</div><p>In a recent note, a well-known analyst warned that China was moving to a balance sheet recession. A balance sheet recession is where companies and individuals focus on lowering their debts instead of spending. As such, he compared China’s economy to that of Japan, which has stagnated recently.</p>
<div class="lb-trans"><p>在最近的一份报告中，一位知名分析师警告称，中国正朝着资产负债表衰退的方向发展。资产负债表衰退是指公司和个人专注于降低债务而不是消费。因此，他将中国的经济与最近停滞不前的日本经济进行了比较。</p>
</div><p>Watch here: https://www.youtube.com/embed/HTabysmCpDo?feature=oembed</p>
<div class="lb-trans"><p>在这里观看：https://www.youtube.com/embed/HTabysmCpDo?feature=oembed</p>
</div><h2>US inflation softening</h2>
<div class="lb-trans"><h2>美国通胀放缓</h2>
</div><p>The main catalyst for the Hang Seng and the Shanghai index is the recent American consumer inflation data. As we wrote here <strong>,</strong> inflation dropped to 3.0% in June while core inflation dropped to 4.8%. The latter moved below 5% for the first time in months.</p>
<div class="lb-trans"><p>恒生指数和上海指数的主要催化剂是最近的美国消费者通胀数据。正如我们在这里所写，6 月份通胀降至 3.0%，而核心通胀降至 4.8%。后者首次降至 5% 以下。</p>
</div><p>Therefore, these numbers mean that the Federal Reserve will likely start pivoting in the coming months since the labor market is also softening. As such, there is a likelihood that this month’s rate hike will be the final one this year.</p>
<div class="lb-trans"><p>因此，这些数字意味着美联储可能会在未来几个月开始转变，因为劳动力市场也在放缓。因此，本月的加息可能是今年的最后一次。</p>
</div><p>Global indices tend to do well when the Fed is becoming dovish. For one, a dovish Fed leads to a weaker US dollar and a risk-on sentiment in the market.</p>
<div class="lb-trans"><p>当美联储变得鸽派时，全球指数往往表现良好。首先，鸽派的美联储导致美元走弱，市场风险偏好情绪上升。</p>
</div><p>The top movers in Shanghai index were ARTS Group, Dalian Thermal Plant, Fujian Raynen Tech, and Cybrid Technologies. All these shares jumped by more than 5%. In Hong Kong, the biggest movers were companies like AIA Group, Alibaba, Alibaba Health Information, ANTA Sports, and Baidu. All these shares rose by over 5%.</p>
<div class="lb-trans"><p>上海指数的主要涨幅股包括中衡设计、 大连热电厂、福建瑞能科技和 Cybrid Technologies。这些股票均上涨超过 5%。在香港，最大的涨幅股包括 AIA 集团、阿里巴巴、阿里健康信息、安踏体育和百度。这些股票均上涨超过 5%。</p>
</div><p>The post Here’s why Shanghai index, Hang Seng rose after weak China data appeared first on Invezz</p>
<div class="lb-trans"><p>本文首发于 Invezz，标题为《这是为什么上海指数和恒生指数在中国疲弱数据后上涨》。</p>
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以下是为何在中国数据疲软后，上海指数和恒生指数仍然上涨的原因