Page 23 - CCFA Journal - Fourth Issue

加中金融 CCFA DSS 卓越领军

Bruce：太好了，非常感谢。让我们跟高滨教授简单谈谈股票市场。因此，中国股市在过去四周一直动荡不安。我们只是想了解您对目
前影响中国股市的因素的看法，以及您认为长线投资者应该考虑什么。

高滨: 这是一个结构性问题。有些股票市盈率很高，但股价被低估了。事实上，我可以看到一些在香港上市的股票。他们的估值处于
这样一个底部，而且他们有增长，相信我，更高的估值被忽视了

Bruce: 我们最后一个关于 ESG 投资的问题，请海来回答。你知道大多数中国人从 ESG 的角度来看他们处于什么阶段吗? 他们现在意识
到了吗，或者他们正在关注，或者他们还没有意识到。我们可以看到那些在北美的机构投资者，很多关注社会责任投资在中国的投资。

卢海:当我们采访共同基金的经理时，ESG 的假设很有趣，例如，环境，他们考虑的是可见污染;我们谈论社会，他们就会考虑最多的
是捐赠。政府从 2018 年开始关注它。该公司被要求披露变化，所以我们可以看到政府真的开始关注这个问题以及碳排放之类的法律，
这让我很惊讶。在中国市场有一件事是非常独特的，那就是这些都是不同类型的投资者，所有的公司都可以接受教育。所以这就是为
什么你会在四个五年计划中看到，当政府谈到绿色能源，和新能源，然后一个新的部门马上出现。市场受到政策的严重影响。我的总
体观点是中国公司慢慢开始, 起步较晚, 但他们可能很快迎头赶上, 并融入经济发展的速度。这就是我的评估。

Bruce: That’s great, thanks so much. Let’s talk to Dr. Gao about the stock market briefly. The Chinese stock market has been
turbulent over the past four weeks. We just wanted to know your views on the current factors affecting the Chinese stock market
and what you think long-term investors should consider.

Bin: There might be a structural issue. Some stocks have high price-earnings ratios, but their stock prices are undervalued. In fact, I
see some stocks listed in Hong Kong. Though their valuations are currently so low, they are growing, believe me, over-valuated
stocks are ignored by investors.
Hai Lu: Supply shock followed by demand shock. Chinese government has very tight control and it also helps the economy. China
has recovered much faster than other nations in APAC, which is also beneficial to China’s neighbours.

Bruce: Our last question here is about ESG investing; this might be a good question for Lu to tackle. Do you know what stage the
majority of Chinese people are in from an ESG perspective? Are they now aware of it or are they moving to it, or are they not there
yet? We can see that many institutional investors here in North America pay a lot of attention to socially responsible investment in
China.

Hai Lu: When we interviewed mutual fund managers for our survey, the ESG assumptions were very interesting. For example, in
terms of the environment, they were discussing visible pollution; when we discussed society, they were most focused on donations.
The government has paid attention to this since 2018. The company has been asked to disclose changes, so we can see that the
government is really starting to pay attention to this issue and laws concerning carbon emissions, which surprised me.

One thing that is very unique in the Chinese market is that these are all different types of investors and that all companies can
further their learning. So this is why you will see that in the next four five-year plans, when the government talks about green energy
and new energy, a new department will immediately emerge. The market is heavily influenced by policy. My general opinion is that
Chinese companies start slowly and start late, but they may soon catch up and integrate into economic development.

CCFA JOURNAL OF FINANCE June 2021
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