美媒：为何中国股市无视疲软经济数据逆势上涨

Why Chinese Stocks Are Defying Weak Economic Data

为何中国股市无视疲软经济数据逆势上涨？

Chinese equities are surging even as the economy shows more signs of weakness, with recent credit and activity numbers fueling worries of a deepening downturn.

尽管中国经济呈现出疲软迹象，近期的信贷和经济活动数据加剧了人们对经济下行压力加大的担忧，但中国股市却在大幅上涨。

以下是各国网友的评论：

DonutAgain
Do you think Tesla really worth 8 times market cap of BYD? Which one has more upside momentum?

你觉得特斯拉的市值真的值比亚迪的8倍吗？哪家公司的上涨势头更足呢？

drp
I think tesla is not worth 8 times of BYD, but BYD don't have automatic driving and robot, I really don't like Tesla,and I bought BYD, but BYD car is worse.

我觉得特斯拉不值比亚迪市值的8倍，但比亚迪没有自动驾驶和机器人技术。我真的不喜欢特斯拉，也买了比亚迪的车，可比亚迪的车确实差一些。

teoeehuat8742
The only reason there will tell you is : WE INVEST IN THE FUTURE.

他们会给你的唯一理由就是：我们投资的是未来。

UCiWrMgES50tlUhV3l6NqjNA
Byd cars are better than teslas, get your facts straight

比亚迪的车比特斯拉好，把事实搞清楚再说。

etli740
byd have battery and they do have self drive

比亚迪有电池技术，而且他们也有自动驾驶功能。

TeofiloL-o2q8o
@drp get out of your cave right now.

别再闭目塞听了。

tonyshen8543
calling byd car bad in comparison to tesla junk is so laughable

说比亚迪的车差，却把特斯拉的破烂当宝贝，这也太可笑了。

joem0088
Why US stock defies a lousy US economy, threat of tariff inflation ?

为什么美国股市能无视糟糕的美国经济和关税通胀的威胁？

willliam1420
@joem0088 because dollar expected to go down so US pips hedging on US stocks

因为预期美元会贬值，所以美国投资者在通过美股对冲风险。

wli2718
because US stocks are currently overpriced..... even compared to US stocks, which historically trades around PE of 17x. even if we only look at data for the last 40 years, the average is around 19x. its currently trading at 25x to 29x. so you are looking at a 20% to 30% correction in the foreseeable future. however, you can't really trade on this information, because the market can remain ignorant for longer than you can remain solvent. what you probably should do, is avoid buying hype stocks.

因为美国股市目前被高估了，即便和历史水平比也是如此，美股历史市盈率大概在17倍左右。就算只看过去40年的数据，平均市盈率也在19倍左右。现在的市盈率却在25到29倍之间。所以在可预见的未来，可能会有20%到30%的回调。或许你应该做的是，别买那些炒作起来的热门股票。

XanXus273
Because most fortune 500 companies beat earnings

因为大多数财富500强公司的收益都超预期了。

bluesteel1
speculation and overconfidence

全靠投机和过度自信。

t7s-b6x
China is looking like the sane guy in the room right now. There's no troop surge on the streets of Beiing.

中国现在就像房间里头脑清醒的人

danielch6662
@dirkvanderven8452 you lived in China but not in Beiing? How could you not be aware of the rehearsals for the upcoming 1 Oct parade. The reason their parades are so much better than Trump's birthday parade is because they really practice for it. It's already past mid-August. October is just over a month away.

你在中国生活过但没在过北京？怎么会不知道即将到来的10月1日阅兵彩排呢。他们的阅兵比特朗普的生日游行好太多，他们是真的下功夫排练。现在都过了八月中旬了，离十月就一个多月了。

Fj8282haha
u r looking at the wrong place buddy… try smaller cities where no media coverage, you will find one thing, lack of hope

兄弟，你看的地方不对，去那些媒体不怎么关注的小城市看看，你会发现一个问题：缺乏希望。

Findyification
if growth 5% is weak then the USA is corpse

如果5%的GDP增长都算疲软，那美国经济就是一具尸体了。

NURREDIN
It's because they make QUALITY products at a price point the world is willing to pay.

因为他们生产的优质产品，定价让全世界都愿意买。

freespeech8520
5%+ GDP growth is weak?

5%以上的GDP增长还算疲软？

ugenec7130
Oh yes, and the United States economy is soaring! Western and Pseudo-Western economists have been predicting and ho for Chinese economy to collapse every quarter since 1980s. But they are perfectly disappointed.

哦对了，那美国经济就一片大好咯！自上世纪80年代以来，西方和伪西方的经济学家每个季度都在预测、盼着中国经济崩溃。可他们次次都失望透顶。

danishh8454
Yes 2% is great

是啊，美国2%的增长就被吹成了不起了。

willliam1420
US GDP is illusory

美国的GDP都是虚的。

Fj8282haha
luckily they didn’t say it’s 10% growth… the joke will be too fake to be funny

幸好他们没说增长10%，不然这玩笑就假得不好笑了。

mingwu5659
Usually, a con man lie to cheat the others, you guys lie to fool yourself. Amazing.

通常骗子撒谎是为了骗别人，你们撒谎是为了骗自己。真行啊。

andresrico3676
USA markets are so overvaluated and EM are so cheap. The EM is a great opportunity right now.

美国市场被严重高估，新兴市场却很便宜。现在投资新兴市场是个好机会。

avocadoarmadillo7031
Yup. Petrobras produces almost as much oil as Chevron and has 1/4 the market cap and better shareholder renumeration. The compounding on a company that pays a trailing 22% dividend yield is pretty sweet.

没错。巴西国家石油公司的产油量和雪佛龙差不多，市值却只有雪佛龙的四分之一，给股东的回报还更高。一家过去股息率22%的公司，复利效应可是很可观的。

hasunokirie8
Good at least Bloomberg went from "China is uninvestable" to "Why Chinese Stocks Are Defying Weak Economic Data".

不错，至少彭博社从“中国不可投资”改口成了“为何中国股市无视疲软经济数据”。

avocadoarmadillo7031
It's not so much that they're defying weak economic data as that their multiples were ABSURDLY low

与其说它们无视疲软的经济数据，不如说之前的估值低得离谱。

TomLee-e5r
Amercia will start money printing and all these money couldn't all go to the US market since it's already very high. So the second best choice is China market which is "undervalued" compares to the US market.

美国要开始印钞了，而美国市场已经涨得很高，这些钱不可能都进去。所以第二好的选择就是中国市场，和美国市场比起来它算“被低估”的。

robertm.8518
No soft Qt by treaury dept. and negative interest rates will be a localized stealth QE

财政部没有实行温和缩表，负利率其实就是一种局部的隐性量化宽松。

itusp9488
Yvonne Man used to be smart then this year she is like blind and dumb? >5% industrial production and >3% retail growth is weak? compare to what other country? Market is buoyant because people have hope for policy and trade to improve ... there is liquidity

中国工业产值增长超5%、零售业增长超3%，这叫疲软？跟哪个国家比啊？市场之所以活跃，是因为人们对政策和贸易改善有期待，而且市场有流动性。你没见她吐槽美国的高估值和越来越差的宏观数据啊。

AlejandroPikoulasPlata
The outlook is great!

中国经济的前景一片大好！

GeorgeGao-w5z
China stock market is never co-related with macroecnomy

中国股市从来就和宏观经济不挂钩。

I_Love_Figs
In 1998 when TACOed the Chinese stock market went to the moon, then started a multi-year bear market from 2000 to 2005 despite the economy actually booming from entering the WTO.

1998年后，中国股市一飞冲天，之后从2000到2005年进入了多年熊市，尽管当时中国加入世贸后经济其实在蓬勃发展。

MyOhwhatever
I think in Asia, lots of money are now sitting in the bank accounts, only other choices are short term stocks trading, and some trust funds.

我觉得在亚洲，现在很多资金都躺在银行账户里，其他选择只有短线股票交易和一些信托基金。

vincentli1064
It’s because the US is in decline

因为美国正在衰落。

UC8FDH
Imagine cherry picking metrics to reflect a weak economy in another Nation due to politics and propaganda, then making a video of "oh what doesn't our calculation make any sense?"

想想看，出于政治和宣传目的，刻意挑选某个指标来显示另一个国家经济疲软

jazzbeats8168
rarely foundimentals and price go hand in hand .

基本面和价格很少会同步。

chris.theman
BS, compare the fundamentals of Chinese companies and us holdings. And check the most recent Recent earnings. The rally is backed by strong numbers.

胡说，对比一下中国公司和美国公司的基本面。再看看最新的收益数据。中国股市这次上涨是有强劲数据支撑的。

windsong3wong828
Foreign selling the last 2-3 years had turned into foreign buying the last 1 year. The valuation in China is really cheap 6-12 months ago. Chinese stock investors are buying lots of stocks in HK. Chinese stock investors are loaded in cash.

过去两三年外资一直在卖，而过去一年外资开始买了。六到十二个月前，中国股市的估值真的很便宜。中国股民在大量买入港股。中国股民手里现金很多。

patrickgz
fundamentals are fluid and economists are fungible about fundamentals.

基本面是会变的，经济学家对基本面的看法也随时可换。

eliso5973
Replace China with US, now you are asking the right question.

把中国换成美国，这问题就问对了。

rbanana4993
is there any chance at all you could be wrong about chinas weak economy?

你对中国经济疲软的判断有没有可能是错的？

RedsGoAway
Kinda like American stocks?

有点像美国股市？

jointy
From "uninvestible"to opportunity of a life time.

从“不可投资”到“一生难求的投资机会”。

robertm.8518
You also have chinese investors selling massive amounts of chinese securities which is only going to be saved for buying real estate mid way when its super cheap after everyone gets burned out.

还有中国投资者在大量抛售中国证券，他们只是想等大家都被套牢后，在房地产跌到超便宜的时候中途抄底买房。

AlejandroPikoulasPlata
I don't think so, real estate prices will be low for so many years.

我不这么认为，房价会低迷很多年。

888YangJi
the same can be said.about the US market.

美国市场也一样。

ibrahimismail4759
Western economy not working... US huge debts but stock market is booming...

西方经济不行了，美国债务高企，股市却在暴涨

willliam1420
China Investing people avoiding US market?

中国投资者在避开美国市场吗？

johnweber6612
would believe non of these allegded statistics

这些所谓的统计数据我一个都不信。

jaycetse2956
Deepseek is opensource and cheap, robotics are moving fast. No future jobs for new graduates