Summary
For a typically volatile index like the Shanghai Composite, the 9.9% range it has traded in over the last six months is relatively narrow.
While the Shanghai Composite index has been lacking in vitality, smaller-cap Chinese stocks have been showing signs of life.
The ChiNext Index had a strong start to 2019, but quickly gave up most of its early gains.
While US and Chinese trade talks are a constant in the news, you don't really hear much about Chinese equities these days. While the Shanghai Composite Index got off to a blistering start in 2019, it gave up a good share of those gains in the spring and has traded in a very tight range ever since even as global stocks break out. For a typically volatile index like the Shanghai Composite, the 9.9% range it has traded in over the last six months is relatively narrow. Since 1990, there have only been three other periods where the index's six-month trading range was in the single digits.
While the Shanghai Composite index has been lacking in vitality, smaller-cap Chinese stocks have been showing signs of life. The chart below shows the performance of the Chinese ChiNext Index, which is a segment of the Shenzhen stock exchange that is composed of smaller-cap Chinese companies. Companies in this index face less stringent listing requirements and are often considered to be earlier in their corporate life-cycle than more established companies. In simple terms, the ChiNext index is often referred to as the Nasdaq of China.
Like the Shanghai Composite Index, the ChiNext Index had a strong start to 2019, but quickly gave up most of its early gains. Unlike the Shanghai Composite Index, though, the ChiNext index has recouped much of its losses from the spring and is now just 4.5% below its 2019 high compared to the Shanghai Composite Index which is still down just under 10% from its YTD high. If the ChiNext can take out both its recent high from August and the highs from earlier in the year, Chinese equities, in general, will likely follow suit.
Original post
Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
Summary
For a typically volatile index like the Shanghai Composite, the 9.9% range it has traded in over the last six months is relatively narrow.
對於上證綜指這樣一個典型的波動指數來説，過去六個月9.9%的波動區間相對較窄。
While the Shanghai Composite index has been lacking in vitality, smaller-cap Chinese stocks have been showing signs of life.
儘管上證綜指一直缺乏活力，但中國小盤股已顯示出復甦跡象。
The ChiNext Index had a strong start to 2019, but quickly gave up most of its early gains.
創業板指數2019年開局強勁，但很快回吐了早盤的大部分漲幅。
While US and Chinese trade talks are a constant in the news, you don't really hear much about Chinese equities these days. While the Shanghai Composite Index got off to a blistering start in 2019, it gave up a good share of those gains in the spring and has traded in a very tight range ever since even as global stocks break out. For a typically volatile index like the Shanghai Composite, the 9.9% range it has traded in over the last six months is relatively narrow. Since 1990, there have only been three other periods where the index's six-month trading range was in the single digits.
雖然美國和中國的貿易談判在新聞中屢見不鮮，但這些天你真的很少聽到關於中國股市的消息。儘管上證綜指在2019年開局火爆，但它在春季回吐了很大一部分漲幅，自那以來一直在非常狹窄的區間內交易，儘管全球股市爆發了。對於上證綜指這樣一個典型的波動指數來説，過去六個月9.9%的波動區間相對較窄。自1990年以來，該指數的6個月交易區間僅有另外三個時期位於個位數。
While the Shanghai Composite index has been lacking in vitality, smaller-cap Chinese stocks have been showing signs of life. The chart below shows the performance of the Chinese ChiNext Index, which is a segment of the Shenzhen stock exchange that is composed of smaller-cap Chinese companies. Companies in this index face less stringent listing requirements and are often considered to be earlier in their corporate life-cycle than more established companies. In simple terms, the ChiNext index is often referred to as the Nasdaq of China.
儘管上證綜指一直缺乏活力，但中國小盤股已顯示出復甦跡象。下圖顯示了中國創業板指數(China ChiNext Index)的表現，該指數是深圳證券交易所的一部分，由規模較小的中國公司組成。該指數中的公司面臨不那麼嚴格的上市要求，通常被認為比更成熟的公司更早進入公司生命週期。簡而言之，創業板指數通常被稱為中國的納斯達克(Nasdaq)。
Like the Shanghai Composite Index, the ChiNext Index had a strong start to 2019, but quickly gave up most of its early gains. Unlike the Shanghai Composite Index, though, the ChiNext index has recouped much of its losses from the spring and is now just 4.5% below its 2019 high compared to the Shanghai Composite Index which is still down just under 10% from its YTD high. If the ChiNext can take out both its recent high from August and the highs from earlier in the year, Chinese equities, in general, will likely follow suit.
與上證綜指一樣，創業板指數2019年開局強勁，但很快回吐了大部分早盤漲幅。不過，與上證綜指不同的是，創業板指數已經收復了今年春季的大部分失地，目前僅比2019年的高點低4.5%，而上證綜指仍比年初高點下跌了不到10%。如果創業板能夠同時跌破8月份的近期高點和今年早些時候的高點，中國股市總體上可能會效仿。
Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
編者按：本文的摘要項目符號是由尋求Alpha編輯選擇的。
