香港和内地股市以强劲上涨迎来2018年
中国股市以强劲上涨迎来新的一年。在2018年的首个交易日，在香港上市的中国股票上涨3%。
The Hang Seng China Enterprises index, a much-followed benchmark tracking large-cap Chinese stocks trading in Hong Kong, rose 3.1 per cent to its highest level since July 2015, fuelled by gains in the property, materials and consumer discretionary sectors.
恒生中国企业指数(HSCEI)是追踪在港上市的中资大盘股的基准指数，受到广泛关注。该指数昨日上涨3.1%，至2015年7月以来最高水平，其中房地产、材料和非必需消费品板块领涨。
Leading the charge was real estate developer China Vanke, up 9.5 per cent, then Anhui Conch Cement, 9 per cent, followed by Great Wall Motor, 7.3 per cent.
涨幅最高的是房地产开发商万科(China Vanke)，涨9.5%，其次是安徽海螺水泥(Anhui Conch Cement)，涨9%，之后是长城汽车(Great Wall Motor)，涨7.3%。
Stocks were boosted by strong gains in sentiment for China’s manufacturing sector, with the Caixin-Markit purchasing managers’ index rising at its fastest pace in four months in December.
股市行情受到中国制造业景气指数强劲上涨的推动，财新Markit采购经理人指数(Caixin-Markit PMI)在12月录得四个月来最大升幅。
The follows a stellar year for Hong Kong-listed equities, with the Hang Seng index up 38.7 per cent during the past 12 months.
此前在香港上市的股票经历了表现不俗的一年，恒生指数(Hang Seng index)在过去12个月期间上涨了38.7%。
Steven Leung, an executive director at UOB Kay Hian, attributed Tuesday’s rally in part to an announcement last Friday by the China Securities Regulatory Commission to allow Chinese companies listed in Hong Kong to convert their non-tradable equity — typically shares held by company founders that are not traded on exchanges — into free-floating shares, which will boost liquidity.
大华继显(UOB Kay Hian)执行董事梁伟源(Steven Leung)将周二的涨势部分归因于中国证监会(CSRC)上周五宣布，允许在港上市的内地公司将其非流通股权(通常由公司创始人持有，不在交易所交易)转换为自由流通股，此举将提高流动性。
“If the free-float proportion increases, it will increase their weighting in international indices,” said Mr Leung. The Hang Seng index closed up 2 per cent on Tuesday.
“如果自由流通股比例上升，那将增加它们在国际指数中的权重，”梁伟源表示。恒生指数周二收涨2%。
The gains cap a strong 2017 for Hong Kong-listed China stocks and the Asian market broadly, with the MSCI Asia ex Japan index rising by 29 per cent over the past year.
此轮涨势为在港上市的中国股票乃至亚洲市场整体在2017年的强劲表现画上句号。MSCI亚洲(日本除外)指数(MSCI Asia ex Japan index)在过去一年上涨29%。
Although the China property sector has rallied, some analysts said prices could cool this year as a result of government initiatives to expand the rental market in China. Analysts at Liberum said the plan, coupled with an excess of empty housing, could weigh on property prices and have a knock-on impact on commodities used in homebuilding, such as steel and cement.
虽然中国房地产板块股票上涨，但一些分析师表示，政府扩大中国租房市场的努力意味着，今年房价可能会降温。Liberum的分析师们表示，该计划，加上空置住房过多，可能会拖累房价，进而给住房建设所用的大宗商品(如钢材和水泥)带来连锁反应。
In mainland China, the CSI 300 index of companies listed in Shanghai or Shenzhen, known as A-shares, rose 1.4 per cent on Tuesday.
在中国内地，追踪上海和深圳上市公司的沪深300(CSI 300)指数周二上涨1.4%。
A-shares are set to receive a boost this year when 222 companies will be included in the MSCI Emerging Markets index.
今年A股将获得提振，因为222只A股将被纳入MSCI新兴市场指数(MSCI Emerging Markets index)。
This is a key benchmark followed by global fund managers, pension funds and sovereign wealth funds.
该指数是全球基金经理、养老基金和主权财富基金采用的关键基准。
Still, the CSI 300 index has not performed as well as the Hong Kong and Asia indices over the past year, rising 23.5 per cent.
尽管如此，沪深300指数在过去一年的表现不及香港和亚洲指数，上涨23.5%。
Mr Leung said that this is because “people realised that policy in China is not going to loosen that much”.
梁伟源称，这是因为“人们意识到中国内地的政策不会放松太多”。
In terms of currency, the Chinese yuan strengthened, fuelled by a weaker US dollar. The offshore renminbi was 0.3 per cent stronger against the dollar to trade at Rmb6.493 a dollar.
在货币方面，受美元走弱推动，人民币升值。离岸人民币兑美元汇率上升0.3%，至1美元兑6.493元人民币。
One analyst said: “The strong renminbi has probably attacked fund flows into the A-share market and tapered capital outflows.”
一位分析师表示：“强劲的人民币很可能已经打击了流入A股市场的资金，并减少了资本外流。”
