广州投资翻译公司：China’s ‘national team’ in quiet retreat from stock market
中国股市“国家队”悄悄减持
广州投资翻译公司：去年进场救市的国有金融机构今年上半年大幅减持股票，而没有破坏股市涨势，粉碎了有关撤离将引发崩盘的预言。
China’s “national team” reduced its stock holdings dramatically in the first half of 2016 without derailing a market rally, defying predictions that withdrawal of government support would spark a resumption of last summer’s crash.
中国的“国家队”在2016年上半年大幅减持股票，而没有破坏股市涨势，粉碎了有关撤出政府支持将引发去年夏天那样的股市崩盘的预言。广州投资翻译公司。
In early July 2015, with the Shanghai and Shenzhen equity markets in freefall following a year-long run-up, Chinese regulators deployed a coalition of state-owned financial institutions known collectively as the “national team”.
2015年7月上旬，上海和深圳股市在经历了一年的上涨后直线下落。对此，中国监管机构投入由国有金融机构组成的联盟进场救市，它们统称为“国家队”。
The market value of the national team’s holdings declined to 7.3 per cent of tradeable market capitalisation at the end of June from 11.9 per cent at the end of 2015, according to Financial Times analysis of data from Wind Information, a research firm. In value terms, the team’s holdings fell Rmb345bn ($52bn) to Rmb2.76tn — a decline of 11.5 per cent.
英国《金融时报》对研究公司万得资讯(Wind Information)数据进行的分析显示，国家队所持股票在6月底降至占总流通市值的7.3%，而2015年底这个比例为11.9%。就价值而言，国家队所持股票减少3450亿元人民币（合520亿美元），至2.76万亿元人民币，降幅为 11.5%。广州投资翻译公司。
Analysts say the national team’s moves reflect opportunistic selling, as team members took advantage of a stronger market this year. Led by China Securities Finance Corp, team members borrowed heavily from state-owned banks to fund their purchases, so they need to turn a profit in order to repay loans without a government bailout of their own. But analysts also believe the team could return to the market if circumstances require.
分析师们表示，国家队的操盘反映了投机卖盘，团队成员充分利用了今年以来比较强劲的行情。在中国证券金融股份有限公司(China Securities Finance Corp)的带领下，团队成员当初从国有银行借入大量资金购股，因此他们需要斩获利润偿还贷款，以免他们自己需要政府纾困。但分析师们也相信，如果情况需要，国家队可能重返市场。
“The decline in its holdings’ market cap does not necessarily suggest it is quitting,” said Hong Hao, head of research at Bocom International in Hong Kong. “As long as it has not paid down its debt and banks have not cancelled their lines of credit, then its total position should be considered as cash and credit plus stock holdings.”
“所持市值下降并不一定意味着它在退出，”交银国际(Bocom International)在香港的研究主管洪灏表示，“只要它还没有偿还债务，银行也没有取消他们的信贷额度，那么它的总持仓应该被视为现金和信贷加上持有的股票。” 广州投资翻译公司。
While the data does not permit a precise estimate of what portion of the total decline in the value of national team holdings is due to share selling, as opposed to changes in stock prices, selling appears to be the dominant factor. The CSI300 index, which tracks blue-chips traded in Shanghai and Shenzhen, fell only 2 per cent in the second quarter.
尽管凭借可用数据不足以作出精确估算（国家队持股价值的下降总量中有多大部分是出售股票而不是股价变动所致），但售股似乎是主导因素。追踪在上海和深圳上市蓝筹股的沪深300指数(CSI300)在今年第二季度仅下降2%。
The national team’s holdings are heavily concentrated in blue-chips, especially financial shares. The number of companies in which national team members appear among the top 10 shareholders fell by 362 since the end of 2015 and 147 in the second quarter alone.
国家队的持股主要集中于蓝筹股，特别是金融股。自2015年底以来，国家队成员跻身于十大股东之列的上市公司的数量减少了362家，仅在第二季度就减少了147家。广州投资翻译公司。
The CSI300 index had gained 2.7 per cent so far in the third quarter. For the year it remains down 13.2 per cent, mainly because of a sharp drop in early January.
进入第三季度以来，沪深300指数已经上涨2.7%。今年迄今该指数仍下降13.2%，主要是因为在1月初大幅下降。
Wind Information draws data on national team holdings from listed companies' financial statements, which include rankings of the top 10 shareholders. National team stakes that are too small to rank in the top 10 are not included in the total estimate.
万得资讯从上市公司的财务报表提取国家队持股数据，这些报表包括十大股东排名。若国家队持股较少，未进入十大股东之列，则相关股份不包括在估算总数中。
“The national team’s holdings were low in the second quarter, but the index performed well. This shows the market is fairly resilient, especially considering the bearish external environment like Brexit, domestic regulatory crackdown, and deleveraging,” said Zhu Bin, strategist at Southwest Securities in Shanghai.
“国家队的持股在第二季度较低，但指数表现良好。这说明市场相当有韧性，尤其是考虑到利空的外部环境，比如英国退欧，国内监管打压，以及去杠杆化，”西南证券(Southwest Securities)在上海的策略师朱斌表示。广州投资翻译公司。
Despite the uneventful drawdown, analysts say it is still debatable whether the market bailout can be considered a success. With the CSI300 above 4,000 points in early July 2015 compared with 3,238.73 now, Mr Hong believes that the national team is still likely nursing paper losses. The interventions have also thwarted non-state investors looking to profit from market swings.
尽管国家队的减持没有引发波澜，但分析师们表示，救市是否可以被认为成功仍是值得商榷的。鉴于沪深300指数在2015年7月初高于4000点，而现在处于3238.73点，交银国际的洪灏相信，国家队仍很有可能被套。他们的干预还挫伤了非国有部门的投资者获利于市场波动的积极性。
“The national team did indeed provide necessary liquidity during a market crisis, but it also suppressed market moves, making it difficult for traders to make money. Intervention came at a cost to the team's stake holders and market traders,” he said.
“国家队在市场危机期间确实提供了必要的流动性，但它也抑制了市场变动，让市场操盘手难以赚钱。干预是有代价的，对市场操盘手和国家队的利益相关者都是如此，”他说。
Additional reporting by Ma Nan
Ma Nan补充报道
