報告顯示 美國投行看好中國股市

The likelihood of a new bull run in China's A-share market has increased as the country is believed to be capable of managing its debt problem and avoiding financial shocks, US investment bank Morgan Stanley said in a report.

美國投行摩根士丹利在一份報告中稱，中國被認爲有能力解決其債務問題、避免金融震盪，因此中國A股市場再度進入牛市的可能性增強。

The bullish sentiment was based on its positive views about China's ability to rebalance its economy, address the issue of the rapid debt buildup.

看漲的情緒是基於其對中國重新平衡經濟、解決迅速增長的債務的問題的能力的積極看法。

China's high level of savings and its strong net asset positions, both domestically and externally, provide adequate buffers against financial shocks, analysts at Morgan Stanley said in the report.

摩根士丹利的分析師們在報告中稱，中國的高儲蓄水平和在國內外強大的淨資產頭寸爲抵禦金融震盪提供了充分的緩衝。

The bank said that the A-share market can enter a new bull market as domestic investors rotate from property and bonds back into stocks. The bank forecast the benchmark Shanghai Composite Index will reach 4,400 points this year.

該投行表示，隨着國內投資者從地產和債券重新轉向股票，A股市場有可能進入新一輪牛市。該投行預計，基準指數上證綜指今年將達到4400點。

The index dropped slightly by 0.15 percent to 3,212.99 points, following a 3.5 percent rally in the past month.

該指數繼上個月3.5%的反彈之後，本月報收3212.99點，小幅下跌0.15%。

But some analysts said that it is too early for investors to turn bullish toward A shares as it remains difficult to say whether the ongoing stabilization of the economic growth is sustainable.

但也有分析人士表示，投資者過早轉向A股爲時過早，因爲經濟增長的穩定是否可持續還很難說。