Imakethe yamasheya yaseShayina eluhlaza okwesibhakabhaka 2024

Namuhla, i-China ingenye yezomnotho ezinkulu nezikhula ngokushesha kakhulu emhlabeni. Kunezinkampani eziningi ezinkulu eShayina, futhi lezi akuzona kuphela iziqhwaga zobuchwepheshe obuphezulu. Isamba semali yezinkampani ezinkulu zaseShayina ezingu-170 namuhla sedlule amabhiliyoni angu-7.5. Ngakho-ke, ukutholwa kwamasheya abo ngokungangabazeki kuyinzuzo ekuhlukaniseni
iphothifoliyo yokutshalwa kwezimali .

Yabelana ngesakhiwo semakethe yamasheya yaseShayina

Amasheya amaShayina, njenganoma yimuphi omunye, imakethe yamasheya ihlukaniswe ngama-echelons amathathu.

I-echelon yokuqala

Isigaba sokuqala sihlanganisa amasheya anezinga eliphakeme kakhulu lemali engenayo. Izinkampani ezikhiphe amasheya zizinzile kakhulu, azizweli izinguquko ezincane ezimakethe. Zinezinga eliphezulu kakhulu, elingaba ngu-90%, isilinganiso se-free-float kanye nokusabalala okuncane. Lawa ama-chips ase-China aluhlaza.

I-Free-float – iphesenti lamasheya athengiswa ngokukhululeka emakethe enanini eliphelele lamasheya enkampani.
Ukusabalala kuyinkomba yomehluko phakathi kwentengo yokuthenga nokudayisa amasheya ngesikhathi esisodwa.

Ngokwe-Hang Seng Index (HSI) (Hong Kong Stock Exchange Index). Uhlu lwama-chips aluhlaza e-China luhlanganisa ama-giants afana ne-Geely Automobile, i-Galaxy Entertainment Group, i-Lenovo nabanye.

Ama-chips aseShayina aluhlaza

Kodwa-ke, inkomba eyinhloko ye-chip yaseShayina eluhlaza okwesibhakabhaka yi-SSE 50 Index. Kuhlanganisa izinkampani ezingu-50 okuyizinkulu kunazo zonke e-China, ezinezinga eliphezulu kakhulu lemali, futhi amasheya azo abonisa ukusebenza okuhle kakhulu mayelana nokwethembeka kanye ne-liquidity. Lolu hlu luhlanganisa amabhange, izimboni kanye nezinkampani ezihwebayo ezaziwa kakhulu emakethe yomhlaba, okuhlanganisa, njengokuthi – IBhange LaseChina, I-Orient Securities; Ibhange laseBeijing; I-PetroChina (inkampani yokuqala emhlabeni ukufinyelela izinga lemali engu-$1 trillion); China National Nuclear Power nabanye.

Isiqephu sesibili

Lawa amasheya ezinkampani ezinkulu, nakuba zingaphansi kwe-echelon yokuqala, kodwa zinezinga eliphezulu le-liquidity. Izitoko zesigaba sesibili ziyisilinganiso ngokwesilinganiso se-free-float, ivolumu yokuthengisa, ubungozi kanye nembuyiselo. Ukusabalala kwamasheya anjalo kubanzi kakhulu kunama-chips aluhlaza okwesibhakabhaka.

isigaba sesithathu

Amasheya ezinkampani zesigaba sesithathu anezinga eliphansi kakhulu le-liquidity, anezindleko eziphansi kanye nesilinganiso se-free-float. Ivolumu yokuhweba yalawa masheya incane. Bathwala ubungozi obukhulu kanye nokusabalala okubanzi kakhulu. Ama-echelons amathathu ezitoko zaseShayina:

Uhlu lwamasheya aluhlaza okwesibhakabhaka emakethe yamasheya yaseShayina

NgoSepthemba 2021, iChina yashicilela uhlu lwezinkampani ezinkulu ezingama-500 esifundazweni. Ngokohlu olushicilelwe ngokuhlanganyela yiChina Enterprise Directors Association kanye neChina Enterprise Confederation. Imali engenayo ehlanganisiwe yala mabhizinisi ifinyelele ku-89.83 trillion JPY (13.9 trillion dollars). futhi ibonise ukwenyuka kwenzuzo ngo-4.43%, ngokulandelana, uma iqhathaniswa nesikhathi esifanayo sonyaka odlule. Inzuzo etholwe yilawa mabhizinisi ngo-2020 yaba irekhodi elingu-4.07 trillion JPY (okukhuphuke ngo-4.59%). Izinga lemali engenayo yokusebenza elidingekayo ukuze lifakwe ohlwini nalo likhuphuke, lafinyelela ku-39.24 billion JPY, okuyi-3.28 billion JPY ngaphezu kwenkathi edlule. Izinkampani imali yazo engenayo ekhule ngaphezu kwezigidigidi ezingu-JPY 100 yeqa ama-200 (empeleni izinkampani ezingu-222) futhi ezingu-8 zazo zeqe umkhawulo we-JPY 1 trillion.
Naphezu kokungqubuzana okwenzekayo phakathi kwe-US ne-China, ukwakheka kokukhiqizwa kwalokhu kwakamuva kube ngcono kakhulu. Yini eyenza izibambiso zezinkampani zaseShayina zikhange kakhulu emakethe yamasheya. Uhlu lwezinkampani ezinkulu kakhulu (ama-chips aseShayina aluhlaza okwesibhakabhaka) luhlanganisa izinkampani zobuchwepheshe obuphezulu ezisebenza emkhakheni wokukhiqiza, izinto zokuxhumana. Uhlu lwezinkampani eziyisi-8 ezinkulu zamaShayina (ama-chips aluhlaza) ngokusho kwe-FORTUNE GLOBAL 500:

Izinkampani eziningana ze-blue-chip Chinese

Lezi zinkampani yizona ezithembisa kakhulu ukutshalwa kwezimali, kanye nokusebenza ngamasheya azo ezimakethe zamasheya. Zinezinga eliphezulu lokusebenzisa imali, futhi ziletha imali engenayo ephezulu njalo. Amasheya abo aheha utshalomali lwesikhathi eside. Ngakho-ke isibonelo:
I- State Grid inkampani kahulumeni waseShayina, ibhizinisi elikhulu kunawo wonke emhlabeni elakha izindawo zokuphehla amandla enuzi emazweni amaningi omhlaba futhi lisabalalise ugesi kuyo yonke i-PRC. Ngaphezu kwalokho, ngezinkampani ezingaphansi kwayo, ifaka imali ngentshiseko ekuthuthukisweni kwamagridi kagesi kanye nokwakhiwa kwezikhungo ezintsha phesheya (eBrazil, ePhilippines, njll.)

Ngokwemiphumela yendali, isimo sezimali senkampani simi kanje.

I-China National Petroleum– inkampani enkulu kunazo zonke kawoyela negesi e-China, engaphansi kukahulumeni ngokuphelele futhi ethatha isikhundla sokuba yedwa emakethe yasekhaya. Kufaka phakathi izinkampani ezingaphansi (PetroChina, Kunlun Energy, njll.). Kusukela ngo-2019, impahla yayo iphelele ifinyelele ku-2.732 trillion JPY, futhi isibalo sabasebenzi sifinyelela cishe kubantu abayizinkulungwane ezingama-500. Intengo yesitoko ye-China National Petroleum namuhla ithi:
Futhi amandla nezibikezelo zayo:
Amanye ama-chips aseShayina aluhlaza, aboniswe kuthebula, abonisa cishe amandla afanayo.

Ungawathenga kanjani ama-chips aseShayina aluhlaza okwesibhakabhaka

Ukuzinza kanye nenzuzo yezibambiso zase-China ze-blue-chip kubenza babe izimpokophelo ezihehayo zokutshala izimali. Ungawathenga la maphepha.

ezimakethe zaseRussia

Ezinye izikhundla zezibambiso zaseShayina zifinyeleleka impela emakethe yamasheya yaseRussia. Lawa akuwona amasheya kuphela, kodwa
namarisidi ediphozithi (ADRs). Asakaza ngokukhululekile eSt. Petersburg Stock Exchange futhi acashunwa ngamadola aseMelika. Ku-stock exchange yase-St. Petersburg ungathenga:

• I-Alibaba Group Holding Limited (BABA);
• I-Aluminium Corporation yaseChina Li (ACH);
• Inkampani ye-Baidu Inc. (BIDU);
• I-China Eastern Airlines Corporati (CEA);
• China Life Insurance Company Lim. (LFC);
• I-China Southern Airlines Company (ZNH);
• Inkampani Hello Group Inc. (MOMO);
• Inkampani Huaneng Power International Inc. (HNP);
• I-Huazhu Group Limited (HTHT);
• com, inc. (JD);
• Inkampani JOYY Inc. (YY);
• Inkampani NetEase Inc. (NTES);
• PetroChina Company Limited (PTR);
• I-Sinopec Shanghai Petrochemical (SHI);
• com Limited (SOHU);
• Iqembu Lezemfundo Le-TAL (TAL);
• I-Vipshop Holdings Limited (VIPS);
• I-Weibo Corporation (WB);
• I-China Mobile (Hong Kong) Ltd. (CHL);
• I-China Telecom Corporation Limited (CHA)

Futhi abanye, namuhla cishe izikhundla ezingama-30. E-Moscow Exchange, ikhotheshini yenziwa ngama-ruble futhi yethulwa kulezi zinketho eziyinhloko ezilandelayo:

• I-Alibaba Group Holding Limited (BABA-RM)
• Inkampani ye-Baidu Inc. (BIDU-RM)
• I-PetroChina Company Limited (PTR-RM)
• com, inc. (JD-RM)
• Inkampani ye-Li Auto Inc. (LI-RM)
• Inkampani engu-NIO Inc. (NIO-RM)
• I-TAL Education Group (TAL-RM)
• I-Vipshop Holdings Limited (VIPS-RM)

Nokho, inani lezinketho liyaqhubeka nokukhula kancane kancane. Kubathengisi abaningi abasanda kuqala emakethe yamasheya, lokhu kungase kwanele. Akunzima ukuqala ukusebenza nabo, kwanele ukuvula
i-akhawunti yokutshala izimali (i-akhawunti yokushintshanisa). Njengoba kunikezwe ukuthi amasheya afakwe ohlwini lwe-Russian Stock Exchange, angaphansi kwalo lonke uhlu lwezinzuzo zentela ezisebenza ekutholweni kwamasheya ezinkampani zasekhaya.

Ngabathengi bakwamanye amazwe

Abatshalizimali abafuna ukusebenza ngezinhlobonhlobo ezibanzi zama-chips aseShayina aluhlaza kunalawo anganikezwa yimakethe yasekhaya bangavula ama-akhawunti nabathengi baphesheya. Inani elikhulu lamasheya “ama-chips aluhlaza” aseShayina ngo-2021 athengiswa ngokuhwebelana kwase-US (New York Stock Exchange, NASDAQ, nezinye). Ukuze uqale ukuhweba amasheya aseShayina kulokhu kushintshaniswa, kufanele uxhumane nabadayisi abafanelekile, njengokuthi:

• Charles Schwab,
• E*Trade,
• Ama-Interactive Brokers,
• TD Ameritrade, nabanye.

Ngokutshalwa kwezimali okuqondile eChina

Ukutshalwa kwezimali okuqondile ngqo e-China kuzoba yinzuzo enkulu futhi kufaneleka kakhulu, lokhu kuzokuvumela ukuthi usebenzise ikhomishini encane, kodwa amanani azotshalwa azoba makhulu kakhulu, futhi lokhu akunakwenzeka ukuthi afanele abatshalizimali abaqalayo.

Ngokutshalwa kwezimali okuhlangene kuzibambiso zaseShayina

Enye indlela yokuthola ukuchayeka ezitokweni zaseShayina ngokutholwa kwe-ΕTF. Ngokutshala imali ku-ΕTF, umtshali-zimali akathengi amasheya ngabanye, kodwa ngokushesha uthenga ibhulokhi yamasheya ezinkampanini ezihlukahlukene zaseShayina. Ngakho-ke, ukutshala izimali hhayi enkampanini ethile, kodwa kuyo yonke imakethe yamasheya yaseChina. I-ΕTF ingathengwa eMoscow Exchange. Lokhu kufaka phakathi, i-AKCH, u-opharetha we-OOO MC Alfa-Capital kanye ne-FXCN, opharetha we-FinEx Funds plc.
Ikhomishana yesikhwama ingu-0.9% ngonyaka, izimpahla zifakwa ngeyen, nokho, ukuhweba kwenziwa ngamadola ase-US nama-ruble, izinkomba ze-Solactive GBS China ex A-Shares Large & Mid Cap USD ziyalandelelwa. Izingxenye eziyinhloko zihlanganisa izibambiso ze-Tencent Holdings Ltd., i-Alibaba Group Holding Ltd. kanye ne-Meituan Class B, baphethe ngaphezu kwe-1/3 yephothifoliyo yokutshala imali, ehlanganisa izibambiso ezingu-230. Isikhwama sokuhwebelana se-Alfa Capital sika-AKCH silandelela i-Xtrackers Harvest – 60% kanye ne-KraneShares China – 40%. Umane athenge izimali zokuhwebelana ze-ASHR ne-KWEB, kodwa imali yakhe ingu-1.61%. Lena imali, ngaphandle kwezinkokhelo ze-ETF, u-0.65% we-ASHR kanye no-0.76% we-KWEB. Ukuhweba kwenziwa ngama-ruble.

Izinzuzo kanye nezingozi zokutshala imali kuma-chips aluhlaza emakethe yaseShayina

Emashumini eminyaka amuva nje, i-China ithuthuke ngamandla amangalisayo, futhi namuhla ibhekwa ngokufanelekile njengomnotho wesibili (ngemuva kwe-United States) emhlabeni. Kodwa ngesikhathi esifanayo, akukho ukuvumelana phakathi kwabatshalizimali mayelana nokuzinza komnotho wayo. Lokhu kungenxa yenqubo yezepolitiki ekhona ezweni. Ngaphezu kwalokho, i-United States iphikisana nokwanda okusebenzayo kwangaphandle kwezinkampani zaseShayina. Ngakho-ke, ekubikezelweni kuka-2022, umbono wokuthi ukukhula komnotho waseShayina kuzoncipha kakhulu uyanda kakhulu. Lokhu akukwazi kodwa ukuthikameza ukubaluleka kanye nenzuzo yama-chips ase-Chinese aluhlaza. Futhi ngokwemvelo kwandisa izingozi zokutshala izimali zesikhathi eside.

Kufanele Utshale Malini Ku-Chinese Blue Chips?

Esimweni esinjalo esingacacile, lapho uthenga amasheya ezinkampani zaseShayina, ukulinganisela kufanele kubhekwe. Asikho isiqiniseko sokuthi ikusasa eliqhakazile lilindele zonke izinkampani zakuleli. Kodwa umuntu akufanele anganaki iqiniso lokuthi umnotho waseShayina usekude nokuqeda amandla awo futhi unazo zonke izimfuneko zokuqhubeka nokukhula okusheshayo. Ngakho-ke, isixazululo esingcono kakhulu kungaba ukutshala imali kuma-chips aseShayina aluhlaza 6-12% wephothifoliyo yakho yokutshala imali. Lokhu kukuvumela ukuthi unciphise ubungozi bakho futhi ngesikhathi esifanayo uzuze ekutshalweni kwezimali.

Izinzuzo zokutshala imali kuma-chips ase-China aluhlaza

Izinzuzo ezingangabazeki zokutshala imali ezibambiso zaseShayina zifaka:

• izinga eliphezulu lokukhula kwe-GDP (ngokwesilinganiso ngaphezu kuka-8% ngonyaka) iminyaka eminingana;
• ingxenye ephezulu yokukhiqizwa kobuchwepheshe obuphezulu emnothweni wezwe;
• ukuncintisana okuphezulu kwezimpahla zaseShayina emakethe yangaphandle;
• izindleko eziphansi zomsebenzi kanye nokuba khona kwenani elikhulu labantu abakwaziyo;
• ukulawulwa okuqinile yiziphathimandla, okunciphisa kakhulu amathuba okukhwabanisa nokukhohlisa abatshalizimali.

Ububi bokutshalwa kwezimali

Kepha kanye nezinzuzo, ukutshala imali eChina nakho kunemibi eminingana:

• ukungaqiniseki okudalwe uhlelo lwezombangazwe;
• kungenzeka “impi yokuhweba” evela e-US nase-EU;
• ingozi yokufaka unswinyo;
• ukunemba kwedatha enikeziwe.

Ingabe kunengqondo ukuthenga ama-Chinese “blue chips”

Ngokungangabazeki, kuhle ukuthenga amasheya ezinkampani zaseShayina. Ingxenye ethile yamasheya, izinkampani zaseShayina ezithakazelisa kakhulu, kufanele zibe khona kumaphothifoliyo okutshalwa kwezimali njengempahla yokukhula okungenzeka. Kodwa ukusebenzisa amasheya e-Chinese blue-chip ukukhiqiza imali engenayo akusizi ngalutho.