深圳有些特別 投資者的興趣似乎將返回股市
China’s asset bubble did not burst last year, it just changed location — from equities to residential property.
去年，中國的資產泡沫沒有破裂，只是換了地方，從股市轉移到了住宅房地產市場。
Last month, in an effort to cool the frenzy, the government introduced property price cooling measures.
上月，中國政府爲了給房地產市場降溫，推出了抑制房價的舉措。
On Friday, official data showed that these have halted the run in cities including Shenzhen.
上週五，官方數據顯示，這些舉措遏制了各城市的房價上漲趨勢，包括深圳。
There, interest looks set to shift back to the stock market as a scheme will open soon, allowing foreigners to trade Shenzhen-listed stocks through Hong Kong accounts.
在深圳，投資者的興趣似乎將返回股市，因爲一項計劃即將啓動，將允許境外投資者通過香港賬戶交易在深圳上市的股票。
In 1980, as part of Deng Xiaoping’s reforms, Shenzhen was designated a special economic zone; a test ground for a more freewheeling, capitalist system under Chinese communism.
1980年，作爲鄧小平改革計劃的一部分，深圳被列爲經濟特區；成爲在中國共產黨統治下一個測試更自由資本主義制度的場所。
Its proximity to Hong Kong bolstered its position in modernisation drives.
深圳毗鄰香港，這增強了其在中國現代化進程中的地位。
In the most recent residential property recovery it has also led the way: prices have nearly doubled in two years.
在最近這輪住宅房地產市場漲勢中，深圳也一馬當先：房價在兩年內幾乎翻了一番。
The appeal is not just speculative.
深圳並非只吸引投機。
Shenzhen is home to China’s Silicon Valley, hosting tech companies from Tencent and Huawei to space explorers and start-ups.
深圳是中國的硅谷所在地，很多科技公司在這裏落戶，從騰訊(Tencent)到華爲(Huawei)，這裏有探險家和初創企業。
In October, Apple said it will open a research lab in the city.
今年10月，蘋果(Apple)表示，將在深圳開設一個研究實驗室。
Taiwanese iPhone assembler Foxconn and SoftBank-owned chipmaker Arm will, too.
臺灣iPhone組裝企業富士康(Foxconn)和由軟銀(SoftBank)所有的芯片製造商Arm也要這麼做。
Shenzhen is also home to China’s second largest stock market with a capitalisation of $3.5tn (to Shanghai’s $4tn).
此外，深圳是中國第二大股市所在地，市值達3.5萬億美元（上海爲4萬億美元）。
In August, regulators began the process of opening a stock connect link with Hong Kong, mimicking one in place with Shanghai.
今年8月，中國監管機構開始籌備啓動深港通，仿效上海的滬港通。
The new link will allow foreign investors to buy Shenzhen-listed A shares directly.
這一新計劃將允許境外投資者直接購買在深圳上市的A股。
Recent reports suggest it could open as soon as next week.
最近的報道稱，深港通最早可能在本週開通。
There will be appetite.
投資者將會產生興趣。
At an average 24 times forecast 2017 earnings, the Shenzhen index is more expensive than Shanghai (13 times).
深圳股指2017年預期市盈率平均爲24倍，比上海（13倍）昂貴。
But growth is higher: earnings are forecast to rise by four-fifths from 2015 — twice the rate of Shanghai.
但增長更快：預計收益將比2015年增長五分之四，增幅是上海的兩倍。
That is partly down to index make-up.
這在一定程度上歸因於其股指構成。
Shenzhen is home to tech and healthcare names; Shanghai more stodgy financials.
很多科技和醫療公司在深圳上市；而在上海上市的更多的是古板乏味的金融公司。
Even if China’s property surge slows, Shenzhen’s appeal will endure.
即便中國的房地產熱潮降溫，深圳的吸引力也將繼續存在。
