2025年,尽管公司收入疲软,房价下跌,但中国股市在2025年Q3期间在政策刺激和技术收益方面急速上涨。 China’s stock markets soared in Q3 2025 on policy stimulus and tech gains, despite weak corporate earnings and falling housing prices.

2025年,中国投资者信心在Q3中飙升,政策刺激和技术部门收益的推动下,A股市场上升,上海综合公司上升35.7%,深圳综合公司同比上升58.2%。 China's investor confidence surged in Q3 2025, fueled by policy stimulus and tech sector gains, driving A-share markets higher with the Shanghai Composite up 35.7% and Shenzhen Composite up 58.2% year-on-year. 投资者乐观情绪上升,63.1%的投资者预期9月会进一步增长,从7月上升15.6点,预期回报率将达到1.6%。 Investor optimism rose, with 63.1% expecting further gains in September, up 15.6 points from July, and expected returns reaching 1.6%. 由于非金融公司的收入和利仍然疲软,房地产价格下降,这次反弹主要是由于估值扩张而不是更强的公司基本面. The rally was largely due to valuation expansion, not stronger corporate fundamentals, as revenue and profits at non-financial firms remained sluggish and real estate prices declined. 关键驱动因素包括两项储备要求比率削减、1.6万亿人民币流动资金注入、半导体、自动化和工业金属的强劲表现。 Key drivers included two reserve requirement ratio cuts, RMB 1.6 trillion in liquidity injections, and strong performance in semiconductors, automation, and industrial metals. 中国对美国的出口到2025年7月下降到11.8%,从而减少了对贸易的依赖。 China’s exports to the U.S. fell to 11.8% by July 2025, reducing trade dependence. 尽管情绪有所好转,但预期房价只有46.3%会上涨。 Despite improved sentiment, only 46.3% expected housing prices to rise. 专家们强调,长期增长取决于结构改革,包括转向消费、升级工业和推动私营部门活动。 Experts stress that long-term growth depends on structural reforms, including shifting to consumption, upgrading industry, and boosting private sector activity. 在全球不确定性中,黄金仍然被推荐为稳定资产。 Gold remains recommended as a stable asset amid global uncertainty.