In an era of performance chasing and “tactical trading,” holding on to a buy rating for seven and a half years shows commitment. But even loyal Morgan Stanley has downgraded China’s stock market. Other brokers are making cautious noises, too. A flurry of capital raisings and initial public offerings suggest that companies also think this is a good time to sell. Worries about speculative froth are focused on high levels of margin debt in retail trading accounts. In the past three days China’s markets have swooned.
在一個(gè)追逐表現(xiàn)、講究“策略性交易”的時(shí)代，維持“買入”評(píng)級(jí)達(dá)7年半彰顯了一種鐵桿情結(jié)。但就連忠實(shí)的摩根士丹利(Morgan Stanley)都已下調(diào)了中國(guó)股票市場(chǎng)的評(píng)級(jí)。其他經(jīng)紀(jì)商也紛紛附和，提醒投資者謹(jǐn)慎行事。一連串的融資活動(dòng)和首次公開(kāi)發(fā)行(IPO)表明，各公司也認(rèn)為這是一個(gè)很好的賣出時(shí)機(jī)。對(duì)投機(jī)性泡沫的擔(dān)憂主要集中在個(gè)人交易賬戶的保證金借款(margin debt)水平過(guò)高上。中國(guó)股市已經(jīng)連續(xù)大跌了三天。