中国股市为何暴跌？
<table cellspacing="0" cellpadding="0" width="390" border="0"><tbody><tr><td class="storyTitle" id="storyTitle">中国股市为何暴跌？</td></tr><tr><td> </td></tr><tr><td class="textGray" id="byLine">作者：摩根大通中国证券市场部主席李晶(Jing Ulrich)为英国《金融时报》中文网撰稿</td></tr><tr><td class="textGray" id="dateLine">2008年6月11日 星期三</td></tr><tr><td height="20"> </td></tr><tr><td class="textRed" id="pagination_top" align="right"></td></tr><tr><td id="contentData" valign="top" style="PADDING-RIGHT: 2px; PADDING-LEFT: 5px;"><div id="wholeLayer"><table cellspacing="0" cellpadding="0" width="100%" align="left" border="0"><tbody><tr><td valign="top" align="left" width="190" style="PADDING-RIGHT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>中国A股指数周二创下2007年2月份以来最大单日跌幅，投资者对油价高企、通胀以及中国人民银行(PBOC)周末期间上调准备金率的决定做出反应。另外，一项大型首次公开发行(IPO)的前景也给市场造成了压力。</p></td><td width="1" rowspan="17" style="BACKGROUND-IMAGE: url(http://www.ftchinese.com/ads/house_ads/gen_dotted_vert_sm.gif);"><img height="1" alt="" src="http://www.ftchinese.com/c.gif" width="1"/></td><td valign="top" align="left" width="190" style="PADDING-LEFT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>China's A-share index posted the biggest daily decline since February 2007, as investors reacted to high oil prices, inflation and a weekend decision by the People's Bank of China to raise the reserve requirement on bank deposits by a full percentage point this month. The prospect of a major upcoming IPO also weighed on the market. </p></td></tr><tr><td> </td><td> </td></tr><tr><td valign="top" align="left" width="190" style="PADDING-RIGHT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>基准的沪深300指数暴跌8.11%，收于3206.56点，银行及地产类股领跌。两市将近1000只个股跌停。</p></td><td valign="top" align="left" width="190" style="PADDING-LEFT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>The benchmark CSI 300 index plunged 8.11% to 3206.56, with banks and property developers leading the decline. Almost a thousand A-share listed companies saw their share prices fall to the daily limit. </p></td></tr><tr><td> </td><td> </td></tr><tr><td valign="top" align="left" width="190" style="PADDING-RIGHT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>最新一次准备金率上调的力度令许多人感到意外，在投资者考虑大宗商品价格不断飙升对中国企业界的影响之际，这将令市场心态更为谨慎。这一最新举动距离上次调高准备金率不到一个月，表明政府的紧缩行动仍在进行之中。同时，这也反映出市场对5月份M2货币供应量增幅可能在4月份16.9%的水平上加速的担忧。</p></td><td valign="top" align="left" width="190" style="PADDING-LEFT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>The magnitude of the latest RRR hike took many by surprise and is fueling further cautiousness, as investors consider the impact of soaring commodity prices on the Chinese corporate sector. This latest action came less than a month after the previous RRR hike and demonstrates that the government's tightening campaign remains in force. It also reflects concern that May M2 growth could accelerate from 16.9% in April. </p></td></tr><tr><td> </td><td> </td></tr><tr><td valign="top" align="left" width="190" style="PADDING-RIGHT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>在整个亚太地区，不断上涨的价格越来越成为市场担心的因素。在这种情况下，尽管已有初步迹象表明食品价格上涨有所减缓，中国政府可能仍将对通胀保持警惕。</p></td><td valign="top" align="left" width="190" style="PADDING-LEFT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>With rising prices becoming an increasing cause for worry in markets around the region, the authorities are likely to remain vigilant against inflation, despite early signs that food prices are moderating. </p></td></tr><tr><td> </td><td> </td></tr><tr><td valign="top" align="left" width="190" style="PADDING-RIGHT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>预计5月份的消费者价格通胀将有所减缓，但中国央行可能担忧石油、煤炭、钢铁和劳动力成本的上升，可能导致结构性的核心通胀抬头。</p></td><td valign="top" align="left" width="190" style="PADDING-LEFT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>CPI inflation in May is projected to moderate, but the PBoC may be concerned that higher oil, coal, steel and labor costs could contribute to structurally higher core inflation. </p></td></tr><tr><td> </td><td> </td></tr><tr><td valign="top" align="left" width="190" style="PADDING-RIGHT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>同时，投资者也开始担心今年剩余时间内的企业盈利前景。</p></td><td valign="top" align="left" width="190" style="PADDING-LEFT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>Investors are also becoming concerned about the outlook for corporate profits in the remainder of the year. </p></td></tr><tr><td> </td><td> </td></tr><tr><td valign="top" align="left" width="190" style="PADDING-RIGHT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>今年第一季度，由于外部经济增长放缓，通胀不断加剧，原材料成本日益上升，中国国内上市公司税前利润同比增幅降至17.4%，低于2007财年的49.4%。亏损公司所占比例则增长一倍，从2007年的7.5%升至15.4%。近来A股市场走软本身也起到了放缓业绩增长的作用，原因是投资收益下降。</p></td><td valign="top" align="left" width="190" style="PADDING-LEFT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>In the first quarter, an external slowdown, rising inflation and rawmaterial costs led the pre-tax profit growth for domestically-listed companies to drop to 17.4% year-over-year, from 49.4% in FY07. The number of loss-making companies doubled to 15.4%, from 7.5% in 2007. The recent softness in the A-share market is itself contributing to a slowdown in earnings, as investment gains decline. </p></td></tr><tr><td> </td><td> </td></tr><tr><td valign="top" align="left" width="190" style="PADDING-RIGHT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>未来一段时期，投资者将密切关注中国电价管制，以及退税和月度补贴实施方面的消息。</p></td><td valign="top" align="left" width="190" style="PADDING-LEFT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>Going forward, investors will closely monitor newsflow on the regulation ofelectricity prices and China's implementation of tax rebates and monthly subsidy. </p></td></tr><tr><td> </td><td> </td></tr><tr><td valign="top" align="left" width="190" style="PADDING-RIGHT: 5px; TEXT-ALIGN: justify; WORD-WRAP: break-word;"><p>译者/怀川</p></td></tr></tbody></table></div></td></tr></tbody></table> 一直以来，谁都在寻思 8连阴了
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