Tarting up window displays is not just for shop keepers. Fund managers, too, often dress up their portfolios at the end of each quarter, buying good performers to make their holdings appear prettier. So as Asia rallied yesterday — near the end of the year’s first quarter — index strength could be dismissed as predominantly cosmetic.
会精心布置橱窗陈设的可不仅仅是店主。基金经理也会在每个季度的末尾“盛装打扮”各自的投资组合，买入业绩优良的股票，让所持股票的阵容看上去更漂亮。因此，在亚洲股市昨日（第一季度接近尾声）上扬之际，有人也许对指数的强劲不以为意，视其为主要是“妆容”所致。

But that is not the whole story. Chinese companies listed in Hong Kong and comprising the ‘H’ share index (HSCEI) led the region, up nearly 4 per cent. This should not be surprising: the HSCEI has been a laggard.
但这并不是事情的全部。在香港上市、组成H股指数（香港恒生中国企业指数(HSCEI)）的中国公司表现最为突出，上涨近4%。这不应让人意外：H股指数近来是落后者。
Since last June, northern siblings Shanghai and Shenzhen have gained 86 and 77 per cent, respectively. H shares are up just one-fifth. Domestic buyers in Shanghai and Shenzhen have clearly been more bullish about China than the foreign buyers of H shares.
自去年6月以来，中国内地的沪深股市分别上涨了86%和77%。而H股上涨幅度仅为五分之一。沪深股市上的国内投资者显然比H股的外国投资者更加看好中国。
So H shares look like a good bargain. The HSCEI trades on 8 times 2016 earnings, for growth of 11 per cent. For companies with both A and H shares, moreover, the Hong Kong lines are one-quarter cheaper. Large companies such as oil major PetroChina as well as financials including Bank of China at discounts of 10 to 20 per cent drag down the average. Even after rallying nearly one-fifth yesterday, H shares in Shanghai Electric and China Railway Construction (a beneficiary of China’s New Silk Road infrastructure plans) are still one-third and one half the price of their A share alternatives.
因此H股看上去是一笔合算的买卖。目前H股公司股价是2016年预期盈利的8倍，而预期盈利增幅达到11%。此外，在内地和香港两地上市的公司，其H股股价相对便宜四分之一。石油巨头中石油(PetroChina)等大公司股票以及中国银行(BoC)等金融股的折价幅度达10%到20%，拉低了平均水平。即使昨日H股上涨近五分之一，但上海电气(Shanghai Electric)和中国铁建（China Railway Construction，中国“新丝绸之路”基础设施建设计划的受益者之一）的H股股价也分别只有A股的三分之一和一半。
There are other reasons for the rally. Zhou Xiaochuan, People’s Bank of China governor, has reiterated the country’s commitment to growth as deflationary fears rise. This is likely to mean more monetary easing: since last November, China has cut rates twice.
还有其他原因促成了股价上涨。中国央行(PBoC)行长周小川重申，在通缩恐惧上升之际，中国仍致力于保持增长。这可能意味着货币政策的进一步宽松：中国自去年11月以来已两次下调利率。
Hopes that A shares might join the MSCI indices this year gives further bullish impetus. HSBC forecasts that foreign holdings in mainland markets will increase more than threefold by 2020. This is already under way: last week Fidelity received permission from China’s regulator to triple its A share investments.
今年，中国A股有望加入摩根士丹利资本国际(MSCI)相关指数，这也提供了上涨动力。据汇丰(HSBC)预测，到2020年，境外对中国内地股票的持有量将增加两倍以上。这一趋势已然开始：上周，富达(Fidelity)得到中国监管当局的许可，A股投资额度提高两倍。
More importantly for Hong Kong, last Friday China’s securities regulator said it would loosen restrictions on mainland institutions investing in Hong Kong through Stock Connect. This should funnel mainland liquidity into discounted Hong Kong shares.
对香港而言更重要的是，中国证监会上周五表示，将放松对内地机构通过“沪港通”投资港股的限制条件。这应当会引导内地资金购买价格较低的H股。
China’s A shares are becoming more important for foreign institutional investors. Cheaper H shares look much more appealing.
对境外机构投资者而言，中国A股正变得更加重要。较便宜的H股看上去吸引力大得多。