再迎牛市：人工智慧推動中國股市上漲
A.I. Is Driving a Stock Market Rally in China, Too
Last year, investors in Chinese stocks lurched between euphoria and disappointment as the market swerved in response to the government’s attempts to kick-start growth in China’s sluggish economy.
Now, China’s stock markets are in the midst of another bullish run. Analysts and investors say that this time, rather than being driven mainly by policy changes, the moves are linked to a trend that is also pushing up stocks in the United States and elsewhere: artificial intelligence.
如今，中國股市正迎來又一輪牛市行情。分析師與投資者表示，這一次，行情的主要驅動力不再是政策的變化，而是一股與推高美國及其他地區股市相同的趨勢——人工智慧。
“There has been a resetting of expectations around what the government will and won’t do to stimulate the economy,” said Eric Wong, the founder of Stillpoint Investments, a hedge fund. “That has enabled people to be more comfortable to put money into parts of the economy where they think there is outsized growth.”
「市場對政府會採取以及不會採取哪些經濟刺激措施的預期已經重新校準，」對沖基金Stillpoint投資的創始人埃里克·黃（音）表示，「這讓投資者更願意將資金投入他們認為增長潛力巨大的經濟領域。」
The share prices of companies that play a major role in China’s A.I. industry have grown by triple digits this year. Alibaba, which makes widely used open source A.I. systems, has gained more than 120 percent this year. Semiconductor Manufacturing International Corporation, China’s most advanced chipmaker, is up even more, around 180 percent. Other Chinese tech stocks, including Baidu, Tencent and Xiaomi, are up around 60 percent this year.
今年，在中國人工智慧產業中扮演重要角色的企業股價都實現了三位數增長。阿里巴巴推出了廣受歡迎的開源人工智慧系統，今年其股價漲幅已超120%；中國最先進的晶片製造商中芯國際漲幅更高，約為180%。百度、騰訊、小米等其他中國科技股今年漲幅也均在60%左右。
By comparison, Nvidia, the U.S. chipmaker whose central role in the A.I. boom has made it the most valuable public company in the world, is up about 40 percent this year.
相比之下，在人工智慧熱潮中佔據核心地位、成為全球市值最高上市公司的美國晶片製造商英偉達今年股價漲幅約為40%。
The A.I.-driven rally in tech stocks has exerted an enormous influence on broad market indexes in China, as it has in the United States. The MSCI China Index, which tracks the country’s largest companies, has notched gains for five straight months. The index is up more than 40 percent this year, greatly outpacing a similar index for U.S. stocks, which is up about 15 percent.
與美國市場類似，人工智慧推動的科技股漲勢對中國整體市場指數產生了巨大影響。追蹤中國大型企業的明晟(MSCI)中國指數已連續五個月上漲，今年漲幅超40%，遠超美國同類股指約15%的漲幅。
The Chinese index has become dominated by tech companies, with Tencent, Alibaba and Xiaomi, the three largest components, accounting for about 30 percent of the benchmark. In America, the top three stocks are Nvidia, Microsoft and Apple, worth about a fifth of that index.
中國指數已由科技企業主導，其中騰訊、阿里巴巴、小米這三大成分股合計占該基準指數權重約30%。而在美國，排名前三的英偉達、微軟、蘋果合計佔比約20%。
廣告
For years, China’s stock markets were among the worst performing in the world. Then, in September last year, shares surged after the government encouraged banks to lend more to buyers of stocks and real estate.
多年來，中國股市一直是全球表現最差的股市之一。直到去年9月，政府鼓勵銀行向股票和房地產購房者增加放貸後才推動股價飆升。
In January, stocks began to rally again after the Chinese start-up DeepSeek jolted the tech world with its claim that it created a powerful A.I. model that was significantly cheaper to build than the offerings of its better-funded American rivals.
今年1月，中國初創企業深度求索宣稱研發出一款性能強勁的人工智慧模型，且其構建成本遠低於資金更雄厚的美國競爭對手，這一消息震動科技界，股市隨之開始新一輪上漲。
Since then, Alibaba has released multiple popular A.I. models. Open source A.I. systems made by Chinese companies consistently rank among the top performing in the world. Chinese companies with significant A.I. and cloud businesses, including ByteDance, Alibaba, Tencent and Huawei, have poured money into infrastructure like data centers.
自那以後，阿里巴巴推出了多款廣受歡迎的AI模型；中國企業開發的開源AI系統始終位居全球性能排名前列。字節跳動、阿里巴巴、騰訊、華為等擁有龐大人工智慧及雲業務的中國企業向數據中心等基礎設施投入大量資金。
The Chinese government, too, has financed A.I. infrastructure and hardware, including data centers, high-capacity servers and semiconductors, as part of a push to become self-sufficient in advanced technologies.
作為推動先進技術自主發展的舉措之一，中國政府也為數據中心、高容量伺服器和半導體等人工智慧基礎設施及硬件提供了資金支持。
China “has strong national policy support, vast data resources, sufficient power supply, leading manufacturing capabilities, diverse A.I. application scenarios and a fiercely competitive private sector,” said Winnie Wu, chief China equity strategist at BofA Global Research, a unit of Bank of America. She described China as the “global runner-up in A.I.”
「中國擁有強有力的國家政策支持、龐大的數據資源、充足的電力供應、領先的製造能力、多樣的人工智慧應用場景，以及競爭激烈的私營部門，」美國銀行旗下的美銀全球研究首席中國股票策略師吳旖表示。她稱中國為「全球人工智慧領域的亞軍」。
China’s contest with the United States for primacy over A.I. has only added to the bullish feeling, some investors say. In July, Nvidia said the U.S. government would allow it to restart sales of a China-specific chip.
部分投資者稱，中美在人工智慧領域的主導權之爭進一步推動了市場的看漲情緒。今年7月，英偉達表示美國政府將允許其重啟面向中國市場的特供晶片銷售。
But Chinese regulators have doubled down on a directive for companies building data centers to buy domestic chips instead. China’s stock markets took that “as a signal that China wants to build its own ecosystem,” said Mr. Wong of Stillpoint Investments.
但中國監管機構已加大力度推行一項指令，要求建設數據中心的企業採購國產晶片。Stillpoint投資的埃里克·黃表示，中國股市將此視為「中國有意構建自主生態系統的信號」。
廣告
Initial public offerings by Chinese tech companies, once blockbusters on Wall Street, have slowed in recent years as the relations between China and America deteriorated. And in China, the pace of domestic listings dipped as Beijing pushed to assert greater control over the market.
中國科技企業赴美上市曾是華爾街的重頭戲，但隨著中美關係惡化，近年來這類IPO已大幅放緩。而在中國國內，由於政府加強對市場的管控，本土上市節奏也有所放緩。
The recent market momentum is attracting interest from Chinese tech companies looking to go public in Shanghai or Hong Kong.
近期的市場勢頭正吸引著有意在上海或香港上市的中國科技企業。
Last week, the Shanghai Stock Exchange approved the listing of Moore Threads, a Chinese semiconductor company. Unitree Robotics, a start-up based in the tech hub of Hangzhou, said last month that it would pursue a listing by the end of the year.
上週，上海證券交易所批准了中國半導體企業摩爾線程的上市申請；總部位於科技重鎮杭州的初創企業宇樹科技上月表示，計劃在今年年底前啟動上市程序。
Vey-Sern Ling, an equities adviser based in Singapore at the private bank Union Bancaire Privé, said, “For any Chinese tech company planning to go to the market right now, Hong Kong would be the clear choice.”
瑞士聯合私人銀行駐新加坡股票顧問衛森·林（音）表示：「對於目前計劃上市的中國科技企業而言，香港無疑是首選之地。」
