深港通低调亮相 更大的科技股敞口

 　　The failure of Chinese stocks to be included in key international benchmarks earlier this year cast a shadow over the long-awaited debut¹ of a trading link designed to give foreign investors³ greater access to shares listed on the mainland.

　　中国股票未能在今年早些时候被纳入关键国际基准股指，给深港通(Shenzhen-Hong Kong Stock Connect)的开通投下阴影，这一期待已久的交易链接旨在扩大境外投资者买卖中国内地上市股票的渠道。

　　Demand from investors outside China for shares listed on the Shenzhen Stock Exchange reached just Rmb2.67bn ($390m) on Monday, or only a fifth of the daily quota⁴ available. The trading link, known as the Shenzhen-Hong Kong Stock Connect, allows foreigners to trade 881 stocks, and offers investors more exposure to the country’s tech sector⁵ than the Shanghai Stock Exchange.

　　周一，境外投资者对深圳证交所上市股票的需求仅为26.7亿元人民币（合3.90亿美元），只用掉每日可用额度的五分之一。深港通让境外人士可以交易881只股票，且相比上海证交所为投资者提供更大的科技股敞口。

　　The lacklustre first day was a sharp contrast to the launch two years ago of a similar link giving foreigners easier access to shares listed in Shanghai. Then international investors exhausted⁶ their Rmb13bn daily quota before the debut session was over.

　　深港通首日反响平平与两年前推出的沪港通形成鲜明对比，后者让境外人士更容易交易在上海上市的股票。那时境外投资者在首日收盘之前就耗尽了130亿元人民币的每日额度。

　　At the time of the Shanghai launch, it was widely believed that Chinese equities⁷ would soon be included in MSCI, the provider of some of the most widely tracked international stock benchmarks. In June, MSCI denied China’s domestic markets entry for the third straight year.

　　在沪港通开通时，人们普遍认为，中国股票很快将被MSCI明晟纳入，后者提供一些受到最广泛追踪的国际基准股指。今年6月，MSCI明晟连续第三年拒绝纳入中国内地股市。

　　“The immediate⁸ response has been muted,” said Caroline Maurer, head of greater China equity⁹ at BNP Paribas Investment Partners. “There were more expectations built into the Shanghai Connect, like MSCI inclusion.”

　　“这一次的立即反应比较平静，”法国巴黎投资(BNP Paribas Investment Partners)大中华区股票投资主管沈昱(Caroline Maurer)表示。“当初沪港通开通时被寄予更多期待，比如被纳入MSCI明晟。”

　　The variety of smaller, fast-growing companies in Shenzhen is the chief attraction of the increased access to China, said Mark Tinker, head of AXA Framlington Equities Asia. “The add-on for Shenzhen is basically diversification¹⁰. It’s probably more of what a long-term investor² is interested in: China’s growth sectors¹¹ such as IT.”

　　AXA Framlington Equities亚太区负责人马克.汀克(Mark Tinker)表示，深圳股市有众多规模较小、增长迅速的上市公司，这是此次扩大内地股市投资渠道的主要吸引力。“深港通带来的额外好处基本上就是多样化。它很可能在更大程度上是长线投资者会感兴趣的：中国的成长型行业，比如信息技术行业。”

　　While the Shenzhen-Hong Kong Stock Connect also allows mainland investors to buy stocks listed in Hong Kong, Monday’s trading direction was tilted¹² in favour of international investors chasing stocks listed on the mainland, known as A-shares. Less than 1.2 per cent of Shenzhen A-shares are owned by foreign investors, according to data from China’s securities regulator.

　　尽管深港通也允许内地投资者买入在香港上市的股票，但周一的交易方向偏向于境外投资者追逐在内地上市的股票，即A股。根据中国证券监管机构的数据，不到1.2%的深圳A股由外国投资者拥有。

　　With the link launching on the same day Asian markets were digesting news of Italy voting against constitutional reform in a national referendum and the broader backdrop of a weakening Chinese currency, Charles Li, chief executive of Hong Kong Exchanges and Clearing, sought to head off any possible disappointment.

　　深港通开通当天，亚洲市场正在消化意大利在全民公投中投票反对宪法改革的消息，还有人民币走弱的大背景。香港交易所(HKEx)行政总裁李小加(Charles Li)寻求化解任何可能的失望情绪。

　　“When you build a bridge, the traffic will come in the next 20 years. You don’t really think about the traffic the next week,” Mr Li told the audience assembled in Exchange Square in central Hong Kong and by satellite feed in Shenzhen ahead of the opening gong.

　　“当你建造一座桥时，交通将在未来20年逐渐到来。你不会真的考虑下周的交通流量，”李小加对聚集在香港中环交易广场(Exchange Square)的观众表示。他在开盘前发表的讲话还通过卫星连线在深圳转播。

　　Kinger Lau, chief China strategist at Goldman Sachs, said that “even though the story is interesting and exciting, we think international investors need to be more selective when they pick shares in Shenzhen”.

　　高盛首席中国策略师刘劲津(Kinger Lau)表示，“尽管整个故事是有意思和令人振奋的，但我们认为境外投资者在挑选深圳股票时需要更仔细地甄别。”

1 debut   

n.首次演出，初次露面

参考例句：

• That same year he made his Broadway debut, playing a suave radio journalist.在那同一年里，他初次在百老汇登台，扮演一个温文而雅的电台记者。
• The actress made her debut in the new comedy.这位演员在那出新喜剧中首次登台演出。

2 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

3 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

4 quota   

n.（生产、进出口等的）配额，（移民的）限额

参考例句：

• A restricted import quota was set for meat products.肉类产品设定了进口配额。
• He overfulfilled his production quota for two months running.他一连两个月超额完成生产指标。

5 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

6 exhausted   

adj.极其疲惫的，精疲力尽的

参考例句：

• It was a long haul home and we arrived exhausted.搬运回家的这段路程特别长，到家时我们已筋疲力尽。
• Jenny was exhausted by the hustle of city life.珍妮被城市生活的忙乱弄得筋疲力尽。

7 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。

8 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

9 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

10 diversification   

n.变化，多样化；多种经营

参考例句：

• The seminar was to discuss diversification of agriculture. 该研讨会讨论的是农业多种经营。 来自辞典例句
• Firm diversification is increasingly achieved by the means of takeover and merger. 通过接管和兼并，厂商经营范围日益多样化。 来自辞典例句

11 sectors   

n.部门( sector的名词复数 )；领域；防御地区；扇形

参考例句：

• Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
• Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》

12 tilted   

v. 倾斜的

参考例句：

• Suddenly the boat tilted to one side. 小船突然倾向一侧。
• She tilted her chin at him defiantly. 她向他翘起下巴表示挑衅。