<p>週二，中國科技和消費股票 <strong>拼多多控股</strong>（PDD 3.07%）、<strong>萬國數據控股</strong>（GDS 0.95%）和 <strong>滿幫</strong>（YMM 4.45%）分別上漲了 3.5%、2.9% 和 6.8%，截至美東時間下午 12:26。然而，拼多多和萬國數據在當天早些時候漲幅更大。</p>
<p>當天缺乏公司特定新聞，但在北京過去幾天宣佈的最新措施後，中國消費者和科技股普遍上漲，重新燃起了對更多刺激措施的希望。雖然一些人開始懷疑中國是否願意繼續實施更多刺激措施，但過去幾天的消息再次激起了樂觀情緒。</p>
<h2>在回調後的反彈</h2>
<p>中國股市從 9 月中旬到 10 月初大幅上漲，受益於降息和對更多財政刺激的期望，儘管隨着有關刺激措施的細節仍然模糊，這一漲勢有所減弱。</p>
<p>但是，一些新數據似乎已經阻止了中國股市最近的回調，並再次推動股市上漲。上週五，中國第三季度 GDP 增長率為 4.6%，這是自 2023 年 1 月以來的最低增速。然而，這一數字略高於 4.5% 的預期。因此，增長超出預期，但仍然低於該國 5% 的增長目標，仍有望迎來更多刺激措施。</p>
<p>隨後的刺激措施出現在週一，中國人民銀行將一年期和五年期貸款基準利率分別下調 25 個基點，這是自 7 月以來該行的首次降息。</p>
<p>昨天，《金融時報》還指出，2024 年中國公司的回購創下歷史新高，已經回購了 330 億美元的股票，這比 2023 年的回購金額翻了一番。儘管今年已經處於高位，但在當局宣佈為公司提供 3000 億元人民幣用於股票回購的貸款設施後，中國公司的回購似乎將在 2024 年餘下時間繼續增加。</p>
<p>這些最近的信號清楚地表明，中國政府正尋求提振經濟和股市，儘管股市仍然非常便宜，仍遠低於 2021 年初的高點，即使在 9 月至 10 月的漲勢之後。</p>
<p><strong>拼多多控股</strong> 是中國增長最快的電子商務平台。<strong>萬國數據控股</strong> 是一家數據中心運營商，其增長取決於企業和終端消費者的計算使用。而 <strong>滿幫</strong> 是一家數字貨運平台，連接貨主和第三方卡車公司。因此，這些公司每一家都高度依賴中國的消費支出和經濟增長。因此，每隻股票在最近的經濟和刺激消息下上漲並不奇怪。</p>
<h2>這些措施足夠嗎？</h2>
<p>投資者對當前中國股市的看法存在較大分歧。畢竟，這是同一政府，曾在 2022 年初實施了嚴格的 “零 COVID” 封鎖措施，打壓中國最大的科技公司，破滅了多年來一直存在的房地產泡沫，並疏遠了其主要的美國貿易伙伴。</p>
<p>然而，今年夏天宣佈的措施，以及預期中的措施，表明政府現在擔心增長疲軟，並願意比過去幾年做更多來提供幫助。再加上股價估值極低，中國股市在過去一個月裏上漲。</p>
<p>這位投資者對此有些懷疑。迄今為止宣佈的措施主要包括降息、降低銀行準備金率以及填補地方政府預算和國有銀行的漏洞。此外，政府似乎正試圖通過向公司提供低息貸款來操縱中國股市，用於資助股票購買和公司回購自己的股票。這在短期內可能奏效，但似乎是一種不可持續的噱頭。</p>
<p>宣佈的措施似乎缺乏直接刺激家庭的財政刺激，這將提振消費需求。沒有增加的消費需求，經濟就不會增長，消費者和企業也不會貸款，即使這些貸款現在利率較低。</p>
<p>上個月，政府曾暗示將向低收入和中等收入家庭提供財政刺激。但儘管最近的降息和麪向股市的措施，但在直接財政方面並沒有太多消息。因此，投資者不應因最近的降息和回購措施而改變對中國股市的看法，無論您之前是看漲還是看跌。</p>

拼多多

滿幫

萬國數據-SW

萬國數據

<p>週二，包括拼多多控股、萬國數據和滿幫在內的中國股票出現了顯著的漲幅，這是由於最近的經濟措施重新激發了政府刺激的希望。儘管第三季度的國內生產總值增長率為 4.6%，低於 5% 的目標，但中國人民銀行降低了貸款基準利率，公司回購創下歷史新高。然而，投資者對這些措施的可持續性仍然持懷疑態度，因為它們缺乏直接的財政刺激來提振消費需求，而消費需求對經濟增長至關重要</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>週二，中國科技和消費股票 <strong>拼多多控股</strong>（PDD 3.07%）、<strong>萬國數據控股</strong>（GDS 0.95%）和 <strong>滿幫</strong>（YMM 4.45%）分別上漲了 3.5%、2.9% 和 6.8%，截至美東時間下午 12:26。然而，拼多多和萬國數據在當天早些時候漲幅更大。</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>當天缺乏公司特定新聞，但在北京過去幾天宣佈的最新措施後，中國消費者和科技股普遍上漲，重新燃起了對更多刺激措施的希望。雖然一些人開始懷疑中國是否願意繼續實施更多刺激措施，但過去幾天的消息再次激起了樂觀情緒。</p>
</div><h2>A bounce after a pullback</h2>
<div class="lb-trans"><h2>在回調後的反彈</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>中國股市從 9 月中旬到 10 月初大幅上漲，受益於降息和對更多財政刺激的期望，儘管隨着有關刺激措施的細節仍然模糊，這一漲勢有所減弱。</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，一些新數據似乎已經阻止了中國股市最近的回調，並再次推動股市上漲。上週五，中國第三季度 GDP 增長率為 4.6%，這是自 2023 年 1 月以來的最低增速。然而，這一數字略高於 4.5% 的預期。因此，增長超出預期，但仍然低於該國 5% 的增長目標，仍有望迎來更多刺激措施。</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>隨後的刺激措施出現在週一，中國人民銀行將一年期和五年期貸款基準利率分別下調 25 個基點，這是自 7 月以來該行的首次降息。</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，《金融時報》還指出，2024 年中國公司的回購創下歷史新高，已經回購了 330 億美元的股票，這比 2023 年的回購金額翻了一番。儘管今年已經處於高位，但在當局宣佈為公司提供 3000 億元人民幣用於股票回購的貸款設施後，中國公司的回購似乎將在 2024 年餘下時間繼續增加。</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>這些最近的信號清楚地表明，中國政府正尋求提振經濟和股市，儘管股市仍然非常便宜，仍遠低於 2021 年初的高點，即使在 9 月至 10 月的漲勢之後。</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> 是中國增長最快的電子商務平台。<strong>萬國數據控股</strong> 是一家數據中心運營商，其增長取決於企業和終端消費者的計算使用。而 <strong>滿幫</strong> 是一家數字貨運平台，連接貨主和第三方卡車公司。因此，這些公司每一家都高度依賴中國的消費支出和經濟增長。因此，每隻股票在最近的經濟和刺激消息下上漲並不奇怪。</p>
</div><h2>Will these measures be enough?</h2>
<div class="lb-trans"><h2>這些措施足夠嗎？</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>投資者對當前中國股市的看法存在較大分歧。畢竟，這是同一政府，曾在 2022 年初實施了嚴格的 “零 COVID” 封鎖措施，打壓中國最大的科技公司，破滅了多年來一直存在的房地產泡沫，並疏遠了其主要的美國貿易伙伴。</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，今年夏天宣佈的措施，以及預期中的措施，表明政府現在擔心增長疲軟，並願意比過去幾年做更多來提供幫助。再加上股價估值極低，中國股市在過去一個月裏上漲。</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>這位投資者對此有些懷疑。迄今為止宣佈的措施主要包括降息、降低銀行準備金率以及填補地方政府預算和國有銀行的漏洞。此外，政府似乎正試圖通過向公司提供低息貸款來操縱中國股市，用於資助股票購買和公司回購自己的股票。這在短期內可能奏效，但似乎是一種不可持續的噱頭。</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>宣佈的措施似乎缺乏直接刺激家庭的財政刺激，這將提振消費需求。沒有增加的消費需求，經濟就不會增長，消費者和企業也不會貸款，即使這些貸款現在利率較低。</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>上個月，政府曾暗示將向低收入和中等收入家庭提供財政刺激。但儘管最近的降息和麪向股市的措施，但在直接財政方面並沒有太多消息。因此，投資者不應因最近的降息和回購措施而改變對中國股市的看法，無論您之前是看漲還是看跌。</p>
</div>

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

- 中國科技和消費股如 PDD、GDS 和 YMM 分別上漲 3.5%、2.9% 和 6.8%。  
- 近期刺激措施重燃市場信心，儘管中國 GDP 增長仍低於目標。  
- 投資者對政府措施的有效性存在分歧，缺乏直接的財政刺激。  

為什麼中國股票拼多多控股、萬國數據控股和滿幫今天反彈