财经金融新闻 沪港通

In today's podcast, analysts¹ comment on the northbound flood of investment, versus² a southbound trickle³, in the just-opened Shanghai-Hong Kong Stock Connect.

在今天的播客中，在刚刚开始的沪港股票市场交易互联互通中，海外投资者要远多于大陆投资者，分析家对此给出了评论。

Trading on the first day of the Shanghai-Hong Kong Stock Connect program on November 17 saw Shanghai-listed companies receiving much more attention from overseas investors⁵ than the other way around.

沪港股票市场交易互联互通开始于11月17日，人们注意到海外投资者更关注上海的上市公司。

The pilot program allows investors in Hong Kong and on the mainland to trade stocks on the other side's bourse through securities firms in their own market.

这样的试点项目可以使来自香港和大陆的投资者在本地所在的证券交易所进行股票往来。

The program is part of connecting Chinese equity⁶ markets with those overseas.

这种项目也能够让中国的股票市场与海外相连接。

The daily limit for investments from Hong Kong to Shanghai in the program is the equivalent of 13 billion yuan.

香港在上海的每日投资限定额是130亿。

The limit the other way round is 10.5 billion yuan.

而上海在香港的投资时105亿。

By the time the market closed on the first day of trading, northbound limits hits their maximum limit,

截止到第一天的交易量，海外向大陆的投资达到了当天的峰值，

while southbound investments totaled 1.77 billion yuan, or less than 17 percent of the daily quota⁷.

而大陆的投资是12亿7千万，比每日的配额减少了17%。

Analysts say this reflected foreign investor⁴ interest in the A-share market,

分析人士指出海外投资者对A股市场更感兴趣，

as opposed to mainland apprehension⁸ regarding unfamiliar⁹ trading rules and wider fluctuations¹⁰ in the Hong Kong market.

相比之下，大陆投资人不熟悉交易原则，香港市场也存在较大的起伏性。

Some also argue that regulatory requirements have blocked many potential investors in Hong Kong-listed stocks.

许多人认为规范性的要求阻挡了许多在香港投资的投资者。

Credit Suisse predicted a big gap because the supply of foreign capital that can be invested in the Chinese market is strong, said Chen Changhua, head of the firm's China Research Department.

瑞信预计由于向中国投资的海外资本非常强大，这也使得两地的投资差距扩大，瑞信中国研究主管陈昌华说。

He went on to say that the two sides have a gap in terms of capital strength, with foreign investors more ready with capital to enter the Chinese market.

他还说双方在资本、实力上有明显的差距，外国投资者更想在中国投资。

The regulations for the Hu-Gang Tong say mainland investors must have at least 500,000 yuan to join the program.

沪港通的规定中说大陆投资者的投资资金至少要达到50万元。

This means many potential investors from the mainland have been shut out.

这就意味着许多有实力的投资者被拒之门外。

In addition to this, channeling capital to Hong Kong for investment through casinos and underground currency exchange facilities costs less than the Hu-Gang Tong, said Hong Hao, chief strategist of BOCOM International.

除此之外，通过赌场以及地下外汇交易所进行的投资比沪港同要便宜多，这是交银国际分析师宏皓所作出的评论。

Before regulators in the central government and Hong Kong tightened¹¹ rules against such illegal practices,

在中央政府制定政策之前，香港也对非法投资进行了严格管控，

they had been a major channel for wealthy mainlanders to move funds overseas.

这样的非法行为已经成为大陆投资者向外投资的主要途径。

For Caixin Online, this is Diana Bates.

这是戴安娜·贝茨为您带来的财新新闻。

1 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

2 versus   

prep.以…为对手，对；与…相比之下

参考例句：

• The big match tonight is England versus Spain.今晚的大赛是英格兰对西班牙。
• The most exciting game was Harvard versus Yale.最富紧张刺激的球赛是哈佛队对耶鲁队。

3 trickle   

vi.淌，滴，流出，慢慢移动，逐渐消散

参考例句：

• The stream has thinned down to a mere trickle.这条小河变成细流了。
• The flood of cars has now slowed to a trickle.汹涌的车流现在已经变得稀稀拉拉。

4 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。

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 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。

7 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。

8 apprehension   

n.理解，领悟；逮捕，拘捕；忧虑

参考例句：

• There were still areas of doubt and her apprehension grew.有些地方仍然存疑，于是她越来越担心。
• She is a girl of weak apprehension.她是一个理解力很差的女孩。

9 unfamiliar   

adj.陌生的，不熟悉的

参考例句：

• I am unfamiliar with the place and the people here.我在这儿人地生疏。
• The man seemed unfamiliar to me.这人很面生。

10 fluctuations   

波动，涨落，起伏( fluctuation的名词复数 )

参考例句：

• He showed the price fluctuations in a statistical table. 他用统计表显示价格的波动。
• There were so many unpredictable fluctuations on the Stock Exchange. 股票市场瞬息万变。

11 tightened   

收紧( tighten的过去式和过去分词 )； （使）变紧； （使）绷紧； 加紧

参考例句：

• The rope holding the boat suddenly tightened and broke. 系船的绳子突然绷断了。
• His index finger tightened on the trigger but then relaxed again. 他的食指扣住扳机，然后又松开了。