❶ spot是什么意思
n. 地点；斑点；
adj. 现场的；现货买卖的；
vt. 认出；弄脏；用灯光照射；
vi. 沾上污渍；满是斑点；
adv. 准确地；恰好。
❷ 有没有关于中国股市的英文文章或者网站。。。。。。好着急啊
China stock market
我google了下，发现有很多资料。。。
http://english.people.com.cn/200703/23/eng20070323_360428.html
http://latimesblogs.latimes.com/money_co/2008/04/with-shanghai-d.html
http://www.iht.com/articles/2007/01/26/business/yuan.php
http://www.nysun.com/business/chinas-stock-market-a-life-and-death-ride/78904/
http://www.time.com/time/business/article/0,8599,1640617,00.html
http://news.bbc.co.uk/1/hi/business/7068116.stm
http://news.xinhuanet.com/english/2008-03/03/content_7707286.htm
China's Stock Market Mania
In China's two mainland capitals of capitalism, it's raining money. The relentless increase in stock prices in both Shanghai and Shenzhen — the former has tripled in value in just the last 18 months — has triggered a stampede of companies in China to offer their shares to a public that has a ravenous appetite for them. Astonishingly, according to a forecast just out from Price Waterhouse Coopers, a global consulting firm, the two main equity markets in China will raise $52 billion in capital this year in initial public offerings (IPOS), more than double the amount forecast at the start of the year. That makes it likely that China will raise more money in IPOs in 2007 than every other major market in the world did in 2006. This year, says Richard Sun, a partner at PwC, only London is on pace to outstrip the Chinese markets in terms of IPO money raised.
More than anything, the startling number testifies to the buoyancy of equity markets in China — which many analysts believe are classic, overvalued bubbles, destined at some point to crash. Indeed, the Shanghai market tumbled more than five per cent on July 5, before recovering on Friday. But $52 billion, whatever the environment, is serious money — without question a milestone in China's extraordinary economic transformation. Consider that the most money ever raised for IPOS in the United States in a single year was $63.1 billion. That was in 1999 — at the peak of the technology bubble.
That fact may be ominous — the infamous tech bubble burst the next year — and China's shares, now priced at about 45 times earnings, are definitely expensive. But there are enormous differences between Shenzhen and Shanghai now, and the NASDAQ back then. The companies offering their shares to the public in China are not small, technology oriented start ups. They are, for the most part, big state owned companies — oil and gas, mining, banks — most of which have already gone public in Hong Kong, seeking to tap the broader international capital markets. China's two main equity markets — for so called "A-shares" — remain sequestered from the outside world, available only to Chinese investors paying in Renminbi (RMB).
And those investors have been starving for places to put their money. China, economists estimate, has nearly 30 to 40 trillion in RMB savings. "People have been accumulating wealth and are desperate for good investment opportunities," says Sun. But China's banks offer paltry interest rates on deposits, so for much of the past decade, Chinese poured money into the real estate market. In part, says Sun, that's because "all the good companies in China were listing in Hong Kong," which until very recently was off limits for the vast majority of Chinese investors. The result, in the first half of this decade, was a property bubble, particularly in more prosperous eastern cities like Shanghai and Shenzhen, that drove prices out of reach of ordinary Chinese.
Economists believe the Chinese government has nudged companies that had already listed in Hong Kong to list their shares on the mainland. Officials in China knew well that their equity markets had a well-earned reputation for being poorly regulated — more casino than orderly market. That's why they introced a new securities law a year ago, and it's also why, bankers in China say, they wanted to give retail investors a shot at investing in well known companies. "For the last year," says a western banker in Hong Kong, "the word has definitely gone out that solid, state-run companies already trading in Hong Kong should consider IPOs on the mainland." If, in the process, that diverted some savings that was otherwise serving to drive up the price apartments in Shanghai — and it definitely did — that was fine, too.
The question now: Does this year's extraordinary pace of IPOs in China signal a sea change — a year that marks financial leadership in greater China moving from Hong Kong to the mainland? That thought, when the PwC forecast came out on July 4, was definitely giving western investment banks in Hong Kong heartburn, because China still maintains strict limits on their ability to underwrite deals on mainland markets. They probably needn't worry too much, at least not yet. "Hong Kong is still an international market, and the mainland markets aren't, and won't be anytime soon," says Sun. "That's still enormously attractive to mainland (Chinese) companies." Indeed, the Shanghai-based Fosun Group, the largest privately held company in China, will try to raise more than $1 billion in an IPO in Hong Kong later this month — a deal underwritten by Morgan Stanley and UBS.
For China's regulators, the more important issue is this: Having overhauled the nation's laws regulating its stock markets and successfully enticed some of the country's blue chip companies to issue stock at home, what happens now if a crash comes? Some investors in China, in fact, are already miffed at the government, saying that the new supply of shares coming to the mainland's markets — regional banks such as the Bank of Nanjing are next in the IPO line — are starting to put downward pressure on equity prices. As far as the authorities are concerned, a bit of a correction is probably welcome. But as tech investors in the US learned in 1999, corrections have a way of becoming something worse — and $50 billion can become a lot less than that in a hurry.
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Stock market fever grows in China
BEIJING: There is no exact Chinese translation for "irrational exuberance," but no explanation seemed necessary in the bustling lobby of GF Securities: Grungy-looking college students, office workers, retirees and even a pregnant woman in suede boots all jostled into the brokerage, eager to buy stocks and buy them now.
Wang Yu, 20, slouching on a black sofa in the lobby, had already doubled his initial investment of 100,000 yuan, or about $12,900, after jumping into the Chinese stock market barely a year ago. His parents had lent him the start-up money but now he was feeling confident and mulling a new investment. Commercial shipping containers, he predicted, could bring big profits.
"A lot of the older investors lost a lot of money, so they are not as optimistic," Wang said. "I think it is going just fine."
China's stock markets are almost going mad, actually, with the leading Shanghai market at nearly 3,000, as ordinary Chinese flock to buy equities in breathless, record numbers. The bull market is so dramatic — the Shanghai index hit a record high this week before falling back slightly — that one senior Chinese official has warned against "blind optimism."
College students, yuppies, retirees and others are buying indivial shares or investing in China's swelling mutual funds. Day trading is common since most investors use home computers.
The run-up is particularly striking because China's stock markets have historically been stagnant financial backwaters, marred by scandal, weak oversight and fundamental contradictions. Even as China's economy has roared, stocks have rarely taken off, partly because of flaws that allowed murky, state-owned companies to use the market as a tool to raise money without real oversight or accountability. Public confidence was almost nonexistent.
No one is arguing that Chinese markets are now fundamentally reformed.
But enough changes have occurred to inspire new confidence. At the same time, government efforts to cool down the bubbly national real estate market have made stocks a logical place for Chinese investors to park their money.
Roughly 2.7 million new investment accounts were registered last year, more than triple the number from 2005. The result is an almost goofy buying binge that many analysts expect to continue.
"We've gone from a historic low to a historic high in the space of a year," said Stephen Green, senior economist with Standard Chartered Bank in Shanghai, who specializes in China's equities markets. "Obviously, everyone is getting a bit scared about the scale of the ramp-up." The Communist Party is one concerned bystander.
Some analysts says the market may already be overvalued and peaking.
The leading Shanghai market is still less than two years removed from lows that dipped below 1,000. It finished Friday at 2,882.56 points, up 0.88 percent from its close Thursday. It hit a record of 2,933.19 at the start of the week.
In the past, angry public protests have erupted over market malfeasance, and the possibility of a new downturn sinking millions of new Chinese investors is a concern for a ruling party that prizes social stability and is preparing to install a new generation of leaders at a crucial party meeting this fall. In late December, Cheng Siwei, a vice chairman of the National People's Congress, the party-controlled legislature, warned against "blind optimism" in the bull market.
For now, though, public excitement is outweighing anxiety. Friday morning, a news report on CCTV state television featured a cluster of elderly investors in Shanghai, clamoring about the profits to be made trading stocks. In Shanghai, a local program, "Stock Market Today," is getting some of the highest ratings in the city.
The popular publication Southern Weekend ran a long article describing how people were pulling their money out of real estate to put into stocks.
Mutual fund managers were receiving bonuses of 5 million yuan, or about $645,000, a staggering sum in China and even more surprising considering that many financial firms were near ruin only a few years ago.
"When I go to the beauty salon, the girls who give me a manicure are even talking about stocks," said Shirley Lei, a consultant in Shanghai who worries that inexperienced buyers could get cheated. "They ask me, 'What should I invest in?' They say they are doing research."
At brokerages in the major southern cities of Guangzhou and Shenzhen, the atmosphere this month at times felt like a carnival.
Inside a branch of Guosen Securities in Guangzhou, the firm had installed additional computer terminals in the landing of a stairwell to help accommodate crowds of investors tracking their investments. Other investors stared at a wall of computer screens: retirees, a few men in dark suits, people clutching their lunch in flimsy bags.
"You can probably see from the smiles on their faces that the situation is good," said Yang Sukun, a Guosen employee.
In Shenzhen, Guosen's main trading office had opened a second registration counter to handle the daily overflow of new customers. Yang Junming, an account manager, said about 70 percent of clients did not even come to the office but use company software to trade from home.
"At the moment, there are not many investment opportunities for people inside China," Yang said, noting that young people made up a high percentage of new investors. "For a while, it was real estate. But the improvement of the market's structure is now encouraging people to buy stocks."
China's markets nearly disintegrated in 2005 as scandal and structural problems sank the Shanghai composite index. Two years earlier, a poll found that 90 percent of investors had lost money. Public confidence was so low that half of these investors said they wanted to sell their holdings and abandon the market forever. False accounting was considered rampant, and massive state- owned companies were allowed to list without truly going private by keeping huge numbers of non-tradable shares.
"You gave these murky companies a ton of money when they did their IPOs," Green, the bank economist, said of initial public offerings of stock. "And then behold, a lot of money disappeared."
But since early last year, the market has risen rapidly, partly because many state-owned companies settled on formulas to begin cleaning up the problems of non-tradable shares. Analysts say reform is still needed to insure the long-term health of the markets. And the markets still represent a small piece of the national economy.
But the optimism is contagious. At GF Securities in Beijing, Zhang Jie, manager of client services, said his office registered only about six new clients a week ring in 2004. Last month, he averaged 120 new accounts a week.
Zhang once made a point to avoid discussing the market when he called clients, instead asking about their hobbies. "I'd talk about horses or we'd chat about golf or about tea," he recalled.
Now, he added, "the numbers of people trading in a single day are the same as we had over two weeks when the market was low in 2005."
Out in the lobby, Lu Chao, 24, wore a fashionable leather jacket and helped a friend register to trade. Lu is a day trader who shares a home computer with his mother, another day trader. He said his investments were up 170 percent since July 2005. He researches companies on the Internet and says he and his mother do not always agree on where to put their money. But they are both confident about the future.
"Of course, the market in China is not as regulated as in America or Britain," Lu said. "The Chinese market is much younger, so you are going to have risk. But I think the government is trying to straighten things out so that the market will become stronger."
His goal was simple. "I want to get rich," he said.