⊙记者 时娜 ○编辑 李剑锋

When reporters, editors ⊙ ○ LiJianFeng

　　由于憧憬内地及海外周内出台利好政策，港股昨日显著反弹，恒生指数及国企指数分别大涨了1.75%及1.76%，中资金融股、铁路基建股及香港本地地产股受到资金热捧。

Due to look forward to the mainland and overseas weeks on good policy，Hong Kong stocks significant rally yesterday，The hang seng index and the h-share index surged 1.75% and 1.76% respectively，Chinese-invested financial、Railway infrastructure shares and the Hong Kong property counters were held by local hot money。

　　恒生指数昨日高开35点后迅速向上突破，收市报19455.33点，急升333.99点，重越10日均线，涨幅1.75%；国企指数收报9380.67点，上涨了161.89点，涨幅1.76%；红筹指数收报3803.13点，涨幅1.27%。大市总成交回升至426亿港元，成交量依然较为低迷。

The hang seng index high up to 35 points yesterday after the break up very rapidly，Closing reported 19455.33 points，Hurry up 333.99 points，The average weight 10 line，Or 1.75%；The h-share index finished at 9380.67 points，Up 161.89 points，Or 1.76%；The red-chip index finished at 3803.13 points，Or 1.27%。The total market clinch a deal back up to hk $42.6 billion，Volume is still relatively low。

　　昨日港股各大指数的主要成分股均呈现普涨态势，其中香港本地地产股、中资金融股及中资铁路基建股成为上涨的领头羊。其中恒生地产分类指数大涨了2.77%；恒生H股金融指数上涨了2.03%；铁路基建龙头股中国铁建及中国中铁的涨幅则高达4%及6%。

Yesterday the index of major stocks stocks are present situation general goes up，Hong Kong property counters were of local、Chinese financials and Chinese railway infrastructure shares rose as leader。Among them the hang seng property classification index jumped 2.77%；The hang seng H share financial index is up 2.03%；Railway infrastructure leading shares the China railway construction and China iron or is as high as 4% and 6%。

　　香港证券专业协会委员温天纳指出，港股昨日大涨主要受到4个因素刺激：一是新特首施政报告没再出现将继续打压楼市的表述，引发香港本地地产股大涨；二是海外机构普遍预期内地本周末将再度下调存款准备金率；三是市场憧憬美联储在即将公布的货币政策报告中透露将推QE3的信息；四是广东日前启动了44项、总投资额达2353亿元的重大项目，使得市场对于内地政府近期出台稳增长措施的预期持续升温。

Hong Kong securities professional association members temperature day the nasdaq，Hong Kong stocks surged yesterday mainly affected by the four factors stimulation：One is the new chief executive's policy address didn't appear will continue to press statement of the property market，Hong Kong property counters were triggered local issuance；2 it is overseas agencies generally expected this weekend mainland will again down the deposit reserve rate；Three is to unveil the fed in market vision of monetary policy report revealed that would push QE3 information；Four is the guangdong has launched 44 items、Total investment amounts to 235.3 billion yuan of major projects，That makes the market for the mainland government recently issued steady growth of the measures expected continues to heat up。

　　事实上，尽管半年报地雷不断，但憧憬内地及美联储出台利好，港股已连升3日。与此同时，近两个月来因市场低迷，操作频率大幅降低的外资大行，近日也动作频频，突然变得活跃起来。

In fact，Although half annals mines constantly，But for the mainland and the fed issued positive news，Hong Kong stocks already even rose 3,。At the same time，Nearly two months because market downturn，The operating frequency to sharply reduce foreign big line，Recently also frequently action，Suddenly become active。

　　以摩根大通为例，港交所最新发布的股权信息显示，摩根大通于7月11日减持中石油H股达2005.4万股，每股平均价9.4港元，套现约1.89亿港元，仓位由 6.04%降至5.94%。7月10日，摩根大通还增持了中国神华H股415万股，每股平均价28.25港元，涉资约1.17亿港元，仓位由8.96%升至9.08%；当日，中资地产股中国海外也获摩根大通增持206万股，每股平均价18.41港元，涉资3792万港元，持仓比例由5.99%升至6.02%。

To jpmorgan chase, for example，Hong Kong exchange the equity of the latest release information display，Jpmorgan chase on July 11, in the reduced their oil H shares of 20.054 million shares，The average hk $9.4 per share，Taking about hk $189 million，Position by 6.04% to 5.94%。July 10,，Jpmorgan chase also increasing the China shenhua H share 4.15 million shares，The average hk $28.25 per share，In information about hk $117 million，Position to 8.96% from 9.08%；On that day，China's overseas Chinese property counters were also obtained jpmorgan chase around 2.06 million shares，The average hk $18.41 per share，Hk $37.92 million in capital，Open ratio to 5.99% from 6.02%。

　　尽管如此，对于后市，分析人士仍不敢轻言乐观，温天纳预计，恒指的上涨空间会受到中期业绩和经济因素的制约，突破20000点会有困难。荷兰合作银行股票衍生部董事黄集恩也表示，虽然指数涨幅较大，但成交并未跟上，显示投资者依然非常谨慎。由于市场缺乏趋势性机会，投资者入市兴趣不高，预计港股三季度会维持震荡整理格局，大举向上突破的可能性较小。

Even so，For market outlook，Analysts still can't light speech optimistic，WenTianNa is expected to，The space will be affected by rising join the medium-term performance and economic factor restraint，Breakthrough 20000 points can be difficult。The Netherlands cooperative Banks stock derivatives department director HuangJi grace also said，Although index increased greatly，But clinch a deal did not keep up with them，Showed investors still very cautious。Due to the lack of opportunity to market trend，Investors entering the market interest is not high，Hong Kong stocks will remain the third quarter is expected to concussion consolidation pattern，Sweeping up less likely to break through。