中国股市极有可能将迅速回归"牛市常态"

 　　Chinese stocks are back on the bull market, a surprising achievement after a volatile¹ summer wiped out trillions of dollars in value from mainland equities², reported Wall Street Journal.

　　据华尔街日报报道，中国股市回归牛市，这是经过从大陆撤出万亿股值的浮动不定的夏天之后，股市取得的令人惊讶的成就。

　　The benchmark Shanghai Composite Index has rallied 20.3 percent since Aug 26, the bottom of the summer selloff. Such surge signals a bull market where by definition stocks rise 20 percent from a recent low.

　　自8月26日以来，上海综合指数涨停至20.3%，这是夏季的最低值。这个报账形势预示着牛市的到来，据股市定义，从最近的最低点上涨20%即为牛市。

　　The Shanghai gauge³ climbed 1.8 percent to close at 3,522.82 on Thursday, bringing its year-to-date gains to 8.9 percent.

　　上海数据攀升1.8%，在周四接近3522.82，使今年的涨幅达到8.9%。

　　The outstanding balance of margin⁴ debts at the Shanghai Stock Exchange rose to a two-month high of 648.76 billion yuan ($102.1 billion) as of Thursday, according to the bourse data, but are still down 54 percent from its 1.4 trillion yuan peak in June when the Shanghai index touched on 5178.19.

　　根据交易所的数据，截至星期四在上海股票交易所的保证金债务余额升至两个月高位6487.6亿元（1021亿美元）， 但是相比六月上海接近5178.19，1.4万亿交易额高峰数据还是下降54%。

　　Investors⁵ have gradually returned to the market since the rout⁶, said the newspaper, as trading volumes have rebounded⁸ to the highest level since mid-August.

　　自从上次崩盘后，投资者逐渐恢复到市场，交易额总量又回归到8月中旬以来的最高峰。

　　The Shenzhen Composite Index and ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, have surged 32 percent and 43 percent respectively from their recent lows on Sept 15.

　　深圳综合指数和创业板指数，两个追踪中国的纳斯达克式板成长性企业，从最近的9月15日低点分别上涨32%和43%。

　　The rebound⁷ came as the government launched a spate⁹ of policies to prop¹⁰ up the economy and restore market faith. Among which, China cut benchmark interest rates for a sixth time in a year on Oct 23 and unveiled its five-year plan ending 2020.

　　股市回弹得益于中国政府一系列的刺激经济和重拾市场信心的政策措施。今年10月23日，中国政府第六次降低基准利率，并且颁布了到2020年的下一个五年规划。

　　The country will have to keep its economy growing at no less than 6.5 percent over the next five years to realize the goal of doubling 2010 gross domestic product and per capita income by 2020, President Xi Jinping said, according to Xinhua.

　　新华网报道，习近平主席说道，在未来五年国家经济将保持6.5%以上，实现比2010年GDP翻一番的目标。

　　Financial and technology stocks fueled the latest gains after central bank governor Zhou Xiaochuan was reported to have said that China would launch a trading link connecting bourses in Shenzhen and Hong Kong within the year. Brokerages including Huatai Securities and Everbright Securities rallied by the daily limit of 10 percent over the past two days.

　　央行行长周小川曾说，中国将在年内上市交易环节连接深圳和香港，金融和科技板块股市将推动最新收益。包括华泰证券和光大证券的券商在过去两天里以10%涨停。

　　The Chinese government has likely spent hundreds of billions of yuan buying shares to stabilize¹¹ the market since it announced state intervention¹² in early July, said the Journal citing consensus¹³ estimate, adding that authorities have held on to stocks since then, if not adding more to their portfolio¹⁴.

　　今年7月政府出台干预股市，出资上千亿元购买股份来稳定股市。据日报援引的统一意见指出，如果不增加投资，中国当局已经不再干预股市。

　　Despite the gains, some investors remain skeptical¹⁵ as lessons were learnt from the rout, while for others, confidence that the government will not soon sell its holdings has encouraged more buying, reported the newspaper.

　　即使有这些收益，投资者因为上次的大崩盘得到的教训,还是对中国股市持怀疑态度。据报纸称，政府将卖掉其所持股票来刺激投资给予了更多股民信心。

1 volatile   

adj.反复无常的，挥发性的，稍纵即逝的，脾气火爆的；n.挥发性物质

参考例句：

• With the markets being so volatile,investments are at great risk.由于市场那么变化不定，投资冒着很大的风险。
• His character was weak and volatile.他这个人意志薄弱，喜怒无常。

2 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。

3 gauge   

v.精确计量；估计；n.标准度量；计量器

参考例句：

• Can you gauge what her reaction is likely to be?你能揣测她的反应可能是什么吗？
• It's difficult to gauge one's character.要判断一个人的品格是很困难的。

4 margin   

n.页边空白；差额；余地，余裕；边，边缘

参考例句：

• We allowed a margin of 20 minutes in catching the train.我们有20分钟的余地赶火车。
• The village is situated at the margin of a forest.村子位于森林的边缘。

5 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

6 rout   

n.溃退，溃败；v.击溃，打垮

参考例句：

• The enemy was put to rout all along the line.敌人已全线崩溃。
• The people's army put all to rout wherever they went.人民军队所向披靡。

7 rebound   

v.弹回；n.弹回，跳回

参考例句：

• The vibrations accompanying the rebound are the earth quake.伴随这种回弹的振动就是地震。
• Our evil example will rebound upon ourselves.我们的坏榜样会回到我们自己头上的。

8 rebounded   

弹回( rebound的过去式和过去分词 )； 反弹； 产生反作用； 未能奏效

参考例句：

• The ball rebounded from the goalpost and Owen headed it in. 球从门柱弹回，欧文头球将球攻进。
• The ball rebounded from his racket into the net. 球从他的球拍上弹回网中。

9 spate   

n.泛滥，洪水，突然的一阵

参考例句：

• Police are investigating a spate of burglaries in the area.警察正在调查这一地区发生的大量盗窃案。
• Refugees crossed the border in full spate.难民大量地越过了边境。

10 prop   

vt.支撑；n.支柱，支撑物；支持者，靠山

参考例句：

• A worker put a prop against the wall of the tunnel to keep it from falling.一名工人用东西支撑住隧道壁好使它不会倒塌。
• The government does not intend to prop up declining industries.政府无意扶持不景气的企业。

11 stabilize   

vt.（使）稳定，使稳固，使稳定平衡；vi.稳定

参考例句：

• They are eager to stabilize currencies.他们急于稳定货币。
• His blood pressure tended to stabilize.他的血压趋向稳定。

12 intervention   

n.介入，干涉，干预

参考例句：

• The government's intervention in this dispute will not help.政府对这场争论的干预不会起作用。
• Many people felt he would be hostile to the idea of foreign intervention.许多人觉得他会反对外来干预。

13 consensus   

n.(意见等的)一致，一致同意，共识

参考例句：

• Can we reach a consensus on this issue?我们能在这个问题上取得一致意见吗？
• What is the consensus of opinion at the afternoon meeting?下午会议上一致的意见是什么？

14 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

15 skeptical   

adj.怀疑的，多疑的

参考例句：

• Others here are more skeptical about the chances for justice being done.这里的其他人更为怀疑正义能否得到伸张。
• Her look was skeptical and resigned.她的表情是将信将疑而又无可奈何。