• Benchmark CSI 300 Index rises as much as 6.5% on Monday
  基准沪深 300 指数周一最高上涨 6.5
• **Rally extends after fresh steps to ease housing woes
  在采取新措施缓解住房问题之后，反弹得以延续
  **

By Bloomberg News 作者：布隆伯格新闻 2024 年 9 月 30 日 at GMT+8 09:35

Chinese stocks extended one of their most remarkable turnarounds in history, soaring for a ninth straight day as government stimulus entices investors back to one of the most beaten-down markets worldwide.
中国股市延续了历史上最引人注目的转折之一，连续第九天飙升，因为政府的刺激政策吸引投资者重返全球最疲软的市场之一。

The CSI 300 Index jumped as much as 6.5% on Monday, the most since 2015, as traders rushed to buy shares in the last session before a week-long holiday. The index, which lost more than 45% of its value from a 2021 high through mid-September, has since soared more than 20% — heading for a technical bull market. Its rally last week was the biggest since 2008.
沪深 300 指数周一跳涨 6.5%，创 2015 年以来最大涨幅，原因是交易员在一周假期前的最后一个交易日抢购股票。从2021年的高点到9月中旬，沪深300指数贬值超过45%，但此后又飙升了20%以上--正迈向技术性牛市。上周的涨幅是 2008 年以来最大的。

The extended rally came after three of China’s largest cities relaxed rules for homebuyers, while the central bank also moved to lower mortgage rates. The latest measures were among the key elements of a sweeping stimulus package released Tuesday that also included interest rate cuts, freeing-up of cash for banks, as well as liquidity support for the stock market.
在中国三个最大的城市放宽了购房规定，同时央行也采取了降低抵押贷款利率的措施之后，中国经济出现了持续反弹。最新措施是周二发布的全面刺激计划的主要内容之一，该计划还包括降息、为银行释放现金以及为股市提供流动性支持。

While the market has experienced several similar-sized rallies in recent years only to plumb new depths, investors are betting the market’s current momentum may be sustainable in at least the near term. In a sign of continued frenzy, combined turnover on both the Shanghai and Shenzhen bourses exceeded one trillion yuan ($143 billion) in a little over 30 minutes since trading began Monday.
尽管近年来市场经历了几次类似规模的反弹，但都以跌入新的深渊而告终，投资者押注市场目前的势头至少在短期内可能是可持续的。自周一开始交易以来，沪深两市在30多分钟内的总成交额就超过了1万亿元人民币（约合1430亿美元），这是市场持续狂热的一个迹象。

“The pace of the turnaround is clearly reflective of how oversold the market was,” said Charu Chanana, global markets strategist at Saxo Markets. “There is a clear belief that this time is different when it comes to authorities’ support for the markets.”
"盛宝市场（Saxo Markets）的全球市场策略师查鲁-查纳纳（Charu Chanana）说："转机的速度明显反映了市场的超卖程度。"在当局对市场的支持方面，人们显然相信这次是不同的。

Brokerages were among the top gainers, with Citic Securities Co. hitting the 10% daily upside limit. Almost all of CSI 300’s component stocks were in the green.
券商股涨幅居前，中信证券股份有限公司（Citic Securities Co.沪深 300 指数成分股几乎全线飘绿。

The fear of missing out is also spreading offshore, with hedge funds selling US technology stocks and piling into mining and materials firms.
对冲基金抛售布隆伯格美国科技股，大举进军矿业和材料企业，这种担心错失良机的情绪也在海外蔓延。

“I think the euphoric surge that we saw last week in China markets could turn into something more concrete and sustainable because there appears to be a complete policy shift that could finally address the cyclical headwinds of the past 3 years,” said David Chao, a strategist at Invesco Asset Management. “While there may still be debate over how these policy shifts are implemented and whether enough has been done, I think a new direction has been charted.”
"英伟达资产管理公司（Invesco Asset Management）的策略师大卫-赵（David Chao）说："我认为，我们上周在中国市场上看到的欣喜若狂的飙升可能会转化为更具体、更可持续的东西，因为似乎出现了彻底的政策转变，最终可以解决过去三年的周期性逆风。"虽然对于如何实施这些政策转变以及是否已经做得足够多可能仍有争论，但我认为新的方向已经指明。"