Hong Kong’s markets have long been where east, or at least China, has met west and from where companies called Trillion Trophy Asia or Sparkle Roll, which may sound unconventional to western ears, bid for the likes of Birmingham City Football Club or Bang & Olufsen.

香港市场长期以来一直是东方（或至少是中国）与西方的相遇之处，也是Trillion Trophy Asia或耀莱集团(Sparkle Roll)——一个西方人听起来可能不寻常的名字——等企业竞购伯明翰城足球俱乐部(Birmingham City Football Club )或Bang & Olufsen等企业的地方。

The city also represents the best way of gaining broad exposure to China without facing the extreme peaks and troughs of mainland markets driven by retail investors.

这座城市还代表着获得对中国广泛敞口、而无需面临内地股市由散户投资者驱动的大上大下波动的最佳方式。

Or at least it did, until its main China index last week started diverging sharply from Shanghai and Shenzhen.

至少曾经如此，直到上周香港股市主要中国指数与沪深两市开始大幅分离。

The Hang Seng China Enterprises Index fell 3.3 per cent last week, making it one of the worst 10 performers among global primary markets, according to Bloomberg.

据彭博(Bloomberg)数据，恒生中国企业指数(Hang Seng China Enterprises Index)上周下跌3.3%，成为全球一级市场中表现最差的十个市场之一。

Meanwhile, mainland blue-chip stocks, represented by the CSI 300, added 1.3 per cent.

同时，以沪深300(CSI 300)为代表的内地蓝筹股上升1.3%。

It was the widest performance gap between the two in six months and left watchers scrambling for explanations, since Hong Kong represents a western assumption that China’s markets will eventually focus on long-term fundamentals, not short-term momentum trading, as they mix with international norms.

这是半年来两个指数之间的最大差距，令观察家忙于寻找解释，因为香港代表着一个西方假设：随着中国市场与国际规范接轨，它们最终将关注长期基本面因素，而不是短期动量交易。

The fundamental outlook for Chinese stocks is in fact picking up.

中国股市的基本面实际上正在好转。

Earnings are rising, with analysts lifting forecasts on about half of companies — the most positive level since 2013, according to Société Générale.

据法国兴业银行(Société Générale)数据，企业盈利在提高，分析师提高了对半数公司的预测，达到2013年以来最积极水平。

Economic data also suggest a steadying outlook, with producer prices rising for the first time since 2012.

经济数据也显示前景企稳，生产者价格自2012年以来首次上升。

The Hong Kong sell-off appears to be more technical than fundamental and the biggest factor is probably China itself.

相较基本面，香港市场的抛售似乎更多是技术性的，而且最大因素可能出自中国本身。

Mainland investment now counts for as much as a quarter of Hong Kong trading, according to Bank of America Merrill Lynch.

根据美银美林(Bank of America Merrill Lynch)数据，内地投资现在占香港交易的四分之一之多。

In the past three months, an increase in mainland buying of Hong Kong shares through the Stock Connect link with Shanghai has been credited with lifting Hong Kong markets.

过去3个月通过沪港通购买香港股票的内地交易不断上升，市场认为这推动了香港市场上升。

Yet last week, for no clear reason, net purchases dropped by two-thirds from recent levels.

但上周净购买量比近期水平下降了三分之二，没有明显理由。

In a market where fundamentals dominate — or at least are thought to — then technical factors are usually short-term blips.

在一个基本面主导——或至少据信如此——的市场中，技术因素通常是短期波折。

But the rise of mainland flows into Hong Kong, with all their apparent capriciousness, suggests that west must get used to meeting east, as much as the other way around.

但流入香港的内地资本上升和明显的变化无常，似乎表明西方必须习惯于同东方接触，反之亦然。