深圳有些特别 投资者的兴趣似乎将返回股市
China’s asset bubble did not burst last year, it just changed location — from equities to residential property.
去年，中国的资产泡沫没有破裂，只是换了地方，从股市转移到了住宅房地产市场。
Last month, in an effort to cool the frenzy, the government introduced property price cooling measures.
上月，中国政府为了给房地产市场降温，推出了抑制房价的举措。
On Friday, official data showed that these have halted the run in cities including Shenzhen.
上周五，官方数据显示，这些举措遏制了各城市的房价上涨趋势，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，投资者的兴趣似乎将返回股市，因为一项计划即将启动，将允许境外投资者通过香港账户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，作为邓小平改革计划的一部分，深圳被列为经济特区；成为在中国共产党统治下一个测试更自由资本主义制度的场所。
Its proximity to Hong Kong bolstered its position in modernisation drives.
深圳毗邻香港，这增强了其在中国现代化进程中的地位。
In the most recent residential property recovery it has also led the way: prices have nearly doubled in two years.
在最近这轮住宅房地产市场涨势中，深圳也一马当先：房价在两年内几乎翻了一番。
The appeal is not just speculative.
深圳并非只吸引投机。
Shenzhen is home to China’s Silicon Valley, hosting tech companies from Tencent and Huawei to space explorers and start-ups.
深圳是中国的硅谷所在地，很多科技公司在这里落户，从腾讯(Tencent)到华为(Huawei)，这里有探险家和初创企业。
In October, Apple said it will open a research lab in the city.
今年10月，苹果(Apple)表示，将在深圳开设一个研究实验室。
Taiwanese iPhone assembler Foxconn and SoftBank-owned chipmaker Arm will, too.
台湾iPhone组装企业富士康(Foxconn)和由软银(SoftBank)所有的芯片制造商Arm也要这么做。
Shenzhen is also home to China’s second largest stock market with a capitalisation of $3.5tn (to Shanghai’s $4tn).
此外，深圳是中国第二大股市所在地，市值达3.5万亿美元（上海为4万亿美元）。
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，中国监管机构开始筹备启动深港通，仿效上海的沪港通。
The new link will allow foreign investors to buy Shenzhen-listed A shares directly.
这一新计划将允许境外投资者直接购买在深圳上市的A股。
Recent reports suggest it could open as soon as next week.
最近的报道称，深港通最早可能在本周开通。
There will be appetite.
投资者将会产生兴趣。
At an average 24 times forecast 2017 earnings, the Shenzhen index is more expensive than Shanghai (13 times).
深圳股指2017年预期市盈率平均为24倍，比上海（13倍）昂贵。
But growth is higher: earnings are forecast to rise by four-fifths from 2015 — twice the rate of Shanghai.
但增长更快：预计收益将比2015年增长五分之四，增幅是上海的两倍。
That is partly down to index make-up.
这在一定程度上归因于其股指构成。
Shenzhen is home to tech and healthcare names; Shanghai more stodgy financials.
很多科技和医疗公司在深圳上市；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.
即便中国的房地产热潮降温，深圳的吸引力也将继续存在。
