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Why China’s Stocks Are Exciting Investors: 3-Minute MLIV
🎬 互動字幕 (33段)
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00:00
We haven't touched on the China data yet because it could be too strong a strong set of data when it comes to industrial profits and the equity market performance continues to push higher in mainland China and Hong Kong.
我們尚未討論中國數據，因為數據可能過於強勁，特別是工業利潤方面，而中國內地與香港股市的表現持續走高。
00:09
But what are the future catalysts?
但未來的催化劑是什麼？
00:12
How how are markets adapting to the reality on the ground in China?
市場如何適應中國的現實情況？
00:17
Yeah, hi. Good morning, Tom.
是的，早安，湯姆。
00:19
So we have plenty of enthusiasm today and for most of the recent months as well, we've got a 2% gain more or less on the Hang Seng so far, gains in the mainland stocks as well.
我們今天充滿熱情，最近幾個月也是如此，恆生指數迄今已上漲約 2%，內地股市也同步上漲。
00:31
We've been looking at the numbers for industrial profits over the weekend, which showed a big jump, a much stronger profile than in recent months, seeing the benefits of China's anti-evolution program starting to come through, where
我們在週末檢視了工業利潤數據，顯示出大幅跳升，表現遠比近幾個月強勁，這得益於中國的反內捲計畫（anti-evolution program）開始發酵。
00:43
they're trying to reduce our hostile, cutthroat competition in the mainland in order to allow companies to to, you know, make it make a profit, increase their margins, essentially.
該計畫旨在減少中國內地惡意的割喉競爭，讓企業能夠獲利，本質上是提升利潤率。
00:52
But that's just a tiny part of their bigger overall picture where, you know, China is starting to really register again in the international investors shopping list.
但這只是中國整體藍圖的一小部分，現在中國正重新成為國際投資者的採購清單上的焦點。
01:00
People are paying attention because they like these these these reforms in the markets.
人們之所以關注，是因為他們喜歡這些市場改革。
01:05
They also like the fact that China is showing much more exciting kind of growth in terms of AI, robotics, the high technology stock market companies.
他們也喜歡中國在人工智慧、機器人以及高科技上市公司方面展現出更具吸引力的成長。
01:15
And on top of that, some of the political face off between President Trump and she is also starting to fade.
此外，川普總統與習近平之間的政治對峙也開始淡化。
01:23
And so we're seeing investors that has been staying away for four years, you know, ever since we had that big crackdown, which you'll recall, Tom, on the property sector, on the financial technology sector, that's all starting
我們看到那些已避開市場四年的投資人——你還記得吧，湯姆，自從那次針對房地產和金融科技領域的大型整頓之後——正在回歸。
01:36
to fade away.
這些干擾正逐漸消退。
01:36
And because the market is so strong, even those investors that hadn't previously paid attention are being forced to capitulate and join in on that rally.
由於市場如此強勁，連那些先前沒在關注的投資人也被迫投降，加入這波反彈行情。
01:43
Got a holiday coming up in a couple of days.
幾天後即將迎來假期。
01:45
Signs that people want to get in there before the market shut.
有跡象顯示，人們想在市場休市前進場。
01:49
Paul, Speaking of getting in there before the market shut, we're talking about a government shutdown on the other side of the Pacific there when it comes to the United States.
保羅，說到在市場休市前進場，我們來談談太平洋另一邊的美國，那邊即將面臨政府關門。
01:57
There's also a question of showing a shutdown hit in less than 48 hours.
距離可能的關門不到 48 小時，這是一個問題。
02:01
Do we get jobs data?
我們會拿到就業數據嗎？
02:02
Come Friday, what is the market reaction to no data at all?
到了週五，如果完全沒有數據，市場會作何反應？
02:08
Yeah, well, that would be interesting.
是的，這會很有趣。
02:09
I mean, that will put a lot more weight on the private indicators like the ADP, which we still will get for the jobs data.
我的意思是，這將會加重私人指標（如 ADP）的權重，我們仍將透過該指標來獲取就業數據。
02:15
But really the market has been looking to these numbers to really clinch the Federal Reserve interest rate decision that we get at the end of October to give us a stronger gauge of whether they
但實際上，市場一直關注這些數據，以期在 10 月底聯準會的利率決策出爐前，能更明確地判斷他們是否會
02:25
will act with another cut at six months in succession.
連續第六個月採取降息行動。
02:29
The jobs data has been the key factor.
就業數據一直是關鍵因素。
02:31
Are the policymakers angling for cuts have been leaning on and say without that information, it's going to make it very hard for us to to tell what the path will be from here.
主張降息的政策制定者一直依賴這些資訊，並表示若缺乏這些資訊，我們將很難判斷未來的路徑。
02:43
Paul, what do you think of this rally in gold this morning of one and a half percent to start Monday?
Paul，你對今早黃金上漲 1.5% 開啟週一行情有什麼看法？
02:49
Yeah. Gold just continues to go from strength to strength.
是的，黃金只是持續強勢上漲。
02:52
Not just go, but the minus as well.
不僅如此，跌幅也是如此（指抗跌）。
02:53
We've got some ideas coming for you which are looking strong too.
我們也為您整理了一些看漲的觀點。
02:56
The market is really leaning into that, leaning against currencies as an alternative asset.
市場確實正在湧入黃金，並將其作為替代資產來對抗貨幣。
03:02
You know, it's still hot.
要知道，這股熱潮依然強勁。
03:03
China continues to buy and that's driving the market higher.
中國持續買進，這也推動市場進一步走高。

Why China’s Stocks Are Exciting Investors: 3-Minute MLIV

📝 影片摘要

本單元探討中國股市吸引投資者的原因，儘管近期數據強勁，特別是工業利潤。中國政府推行的「反內捲計畫」旨在減少惡性競爭，提升企業利潤率，這是中國整體經濟藍圖的一部分。國際投資者重新關注中國，是因為其市場改革、在人工智慧、機器人及高科技領域展現的吸引力，以及中美政治關係趨緩。過去因房地產和金融科技整頓而避開市場的投資者正逐步回歸，市場的強勁表現甚至迫使觀望者加入這波反彈。此外，影片也提及美國可能面臨的政府關門及其對就業數據發布的影響，以及黃金作為對抗貨幣的替代資產的持續強勢，並指出中國持續買入黃金是推升金價的因素之一。

📌 重點整理

  • ✓ 中國工業利潤數據強勁，帶動內地與香港股市上漲。
  • ✓ 中國的「反內捲計畫」旨在減少惡性競爭，提升企業利潤率。
  • ✓ 國際投資者因中國市場改革而重新關注中國股市。
  • ✓ 中國在高科技領域（如AI、機器人）的成長潛力吸引投資者。
  • ✓ 中美政治關係趨緩，降低了投資風險。
  • ✓ 過去避開中國市場的投資者正逐步回歸。
  • ✓ 市場強勁表現迫使觀望者加入反彈行情。
  • ✓ 黃金作為替代資產持續走強，中國的買入行為是推動因素。
📖 專有名詞百科 ｜點擊詞彙查看維基百科解釋
工業利潤
industrial profits
股票市場
equity market
催化劑
catalysts
反內捲計畫
anti-evolution program
殘酷競爭
cutthroat competition
改革
reforms
人工智能
AI
政治對峙
political face off
鎮壓
crackdown
屈服
capitulate

🔍 自訂查詢

📚 共 10 個重點單字
industrial profits /ɪnˈdʌstriəl ˈprɒfɪts/ noun phrase
the profit earned from manufacturing and industrial activities.
工業利潤
📝 例句
"We haven't touched on the China data yet because it could be too strong a strong set of data when it comes to industrial profits and the equity market performance continues to push higher in mainland China and Hong Kong."
→ 我們尚未討論中國的數據，因為在工業利潤方面，數據可能過於強勁，而中國內地與香港股市的表現持續走高。
✨ 延伸例句
"Analysts are closely watching the trend of industrial profits to gauge economic health."
→ 分析師正密切關注工業利潤趨勢以評估經濟健康狀況。
equity market /ˈɛkwɪti ˈmɑːkɪt/ noun phrase
a market where shares of publicly listed companies are traded.
股票市場
📝 例句
"because it could be too strong a strong set of data when it comes to industrial profits and the equity market performance continues to push higher in mainland China and Hong Kong."
→ 因為在工業利潤方面，數據可能過於強勁，而股票市場的表現持續走高，在中國內地與香港。
✨ 延伸例句
"The equity market experienced a significant downturn last quarter."
→ 上個季度，股票市場經歷了顯著的下跌。
catalysts /ˈkætəlɪsts/ noun
an event or person that causes rapid change or action.
催化劑；誘因
📝 例句
"But what are the future catalysts?"
→ 但未來的催化劑是什麼？
✨ 延伸例句
"Lowering interest rates could be a catalyst for economic growth."
→ 降低利率可能是經濟增長的催化劑。
anti-evolution program /ˌæntiː ˌiːvəˈluːʃən ˈprəʊɡræm/ noun phrase
A program aimed at reducing or preventing harmful, destructive, or overly aggressive competition within a market or industry.
反內捲計畫（旨在減少惡性競爭的計畫）
📝 例句
"seeing the benefits of China's anti-evolution program starting to come through, where"
→ 看到中國的反內捲計畫開始奏效，
✨ 延伸例句
"The government implemented an anti-evolution program to stabilize the industry."
→ 政府實施了一項反內捲計畫來穩定該行業。
cutthroat competition /ˈkʌθrəʊt ˌkɒmpɪˈtɪʃən/ noun phrase
extremely intense and ruthless competition.
殘酷競爭；削價競爭
📝 例句
"they're trying to reduce our hostile, cutthroat competition in the mainland in order to allow companies to to, you know, make it make a profit, increase their margins, essentially."
→ 他們正試圖減少中國內地的惡意、殘酷競爭，以便讓公司能夠獲利，本質上是提高其利潤率。
✨ 延伸例句
"The startup faced cutthroat competition from established players."
→ 這家初創公司面臨來自老牌企業的殘酷競爭。
reforms /rɪˈfɔːmz/ noun
the improvement or amendment of what is wrong, corrupt, unsatisfactory, etc.
改革
📝 例句
"People are paying attention because they like these these these reforms in the markets."
→ 人們之所以關注，是因為他們喜歡這些市場改革。
✨ 延伸例句
"The company announced significant reforms to its management structure."
→ 該公司宣布了对其管理结构的重要改革。
AI /eɪ aɪ/ noun
Artificial Intelligence: the theory and development of computer systems able to perform tasks normally requiring human intelligence.
人工智能
📝 例句
"They also like the fact that China is showing much more exciting kind of growth in terms of AI, robotics, the high technology stock market companies."
→ 他們也喜歡中國在人工智慧、機器人以及高科技上市公司方面展現出更具吸引力的成長。
✨ 延伸例句
"AI is transforming various industries."
→ 人工智能正在改變各行各業。
political face off /pəˈlɪtɪkəl ˈfeɪs ɒf/ noun phrase
A confrontation or rivalry between political figures or entities.
政治對峙
📝 例句
"And on top of that, some of the political face off between President Trump and she is also starting to fade."
→ 此外，川普總統與習近平之間的政治對峙也開始淡化。
✨ 延伸例句
"The political face off between the two nations has eased."
→ 兩國之間的政治對峙已經緩和。
crackdown /ˈkrækdaʊn/ noun
a severe or forceful measure taken to suppress or stop something.
鎮壓；嚴厲打擊
📝 例句
"you know, ever since we had that big crackdown, which you'll recall, Tom, on the property sector, on the financial technology sector, that's all starting"
→ 你還記得吧，自從那次針對房地產和金融科技領域的大型整頓之後，
✨ 延伸例句
"The government announced a crackdown on illegal gambling."
→ 政府宣布將嚴厲打擊非法賭博。
capitulate /kəˈpɪtjʊleɪt/ verb
cease to resist an opponent or unwelcome demand; surrender.
屈服；投降
📝 例句
"And because the market is so strong, even those investors that hadn't previously paid attention are being forced to capitulate and join in on that rally."
→ 由於市場如此強勁，連那些先前沒在關注的投資人也被迫投降，加入這波反彈行情。
✨ 延伸例句
"After weeks of negotiation, the company finally capitulated to the union's demands."
→ 經過數週的談判，公司最終屈服於工會的要求。
🎯 共 10 題測驗

1 According to the video, what is one of the main reasons China's industrial profits have seen a significant jump? 根據影片，中國工業利潤大幅躍升的主要原因之一是什麼？ According to the video, what is one of the main reasons China's industrial profits have seen a significant jump?

根據影片，中國工業利潤大幅躍升的主要原因之一是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video mentions that the strong industrial profits are benefiting from China's anti-evolution program, which aims to reduce cutthroat competition and increase profit margins.

影片提到，強勁的工業利潤得益於中國的反內捲計畫，該計畫旨在減少殘酷競爭並提高利潤率。

2 What does the 'anti-evolution program' aim to achieve in China? 「反內捲計畫」旨在中國實現什麼目標？ What does the 'anti-evolution program' aim to achieve in China?

「反內捲計畫」旨在中國實現什麼目標？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video explains that the program is intended to reduce cutthroat competition in order to allow companies to make a profit and increase their margins.

影片解釋該計畫旨在減少殘酷競爭，以便讓公司能夠獲利並提高其利潤率。

3 Why are international investors paying attention to China again? 國際投資者為何再次關注中國？ Why are international investors paying attention to China again?

國際投資者為何再次關注中國？

✅ 正確！ ❌ 錯誤，正確答案是 C

Investors are attracted by China's market reforms and its exciting growth in areas like AI, robotics, and high-tech companies.

投資者被中國的市場改革以及在人工智慧、機器人及高科技公司等領域的蓬勃發展所吸引。

4 Which sectors were previously subject to a large crackdown, causing investors to stay away? 哪些行業先前曾遭受大規模整頓，導致投資者避而遠之？ Which sectors were previously subject to a large crackdown, causing investors to stay away?

哪些行業先前曾遭受大規模整頓，導致投資者避而遠之？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video specifically mentions the crackdown on the property sector and the financial technology sector as reasons investors had been staying away.

影片特別提到對房地產行業和金融科技行業的整頓，是投資者先前避開的原因。

5 What is forcing investors who previously paid no attention to join the rally? 是什麼迫使先前未關注的投資者加入這波反彈行情？ What is forcing investors who previously paid no attention to join the rally?

是什麼迫使先前未關注的投資者加入這波反彈行情？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video states that because the market is so strong, even investors who hadn't previously paid attention are being forced to capitulate and join the rally.

影片指出，由於市場如此強勁，連那些先前沒在關注的投資人也被迫投降，加入這波反彈行情。

6 What potential issue is mentioned regarding the United States? 關於美國，影片中提到了什麼潛在問題？ What potential issue is mentioned regarding the United States?

關於美國，影片中提到了什麼潛在問題？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video discusses the possibility of a government shutdown in the United States happening in less than 48 hours.

影片討論了美國可能在不到 48 小時內發生的政府關門事件。

7 If the US experiences a government shutdown, what impact might it have on economic data? 如果美國發生政府關門，對經濟數據可能產生什麼影響？ If the US experiences a government shutdown, what impact might it have on economic data?

如果美國發生政府關門，對經濟數據可能產生什麼影響？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video raises the question of market reaction to 'no data at all' if a shutdown occurs, implying delays or unavailability of official data like jobs numbers.

影片提出了如果發生關門，市場對「完全沒有數據」的反應，暗示就業數據等官方數據的延遲或無法獲取。

8 What role does jobs data play in the Federal Reserve's interest rate decisions? 就業數據在聯準會的利率決策中扮演什麼角色？ What role does jobs data play in the Federal Reserve's interest rate decisions?

就業數據在聯準會的利率決策中扮演什麼角色？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video states that the market has been looking to jobs data to gauge whether the Federal Reserve will act with another cut at the end of October, and that policymakers rely on this information.

影片指出，市場一直關注就業數據，以判斷聯準會是否會在十月底採取進一步降息行動，且政策制定者依賴這些資訊。

9 How has gold performed recently, according to the speaker? 根據講者說法，黃金近期表現如何？ How has gold performed recently, according to the speaker?

根據講者說法，黃金近期表現如何？

✅ 正確！ ❌ 錯誤，正確答案是 B

The speaker notes that 'Gold just continues to go from strength to strength' and mentions its resilience ('Not just go, but the minus as well').

講者提到「黃金只是持續強勢上漲」，並指出其抗跌性（「不僅是上漲，下跌也是如此」）。

10 What is driving the market higher for gold, according to the video? 根據影片，是什麼在推動黃金市場走高？ What is driving the market higher for gold, according to the video?

根據影片，是什麼在推動黃金市場走高？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video explicitly states, 'China continues to buy and that's driving the market higher.'

影片明確指出，「中國持續買進，這也推動市場進一步走高。」

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