Calm waters can be shark infested. Earnings at Shanghai’s A-share listed companies rose 12 per cent from a year ago, on average, in the first half. These smooth results compare well with the flat performance in the same period last year. The performance of stocks in Hong Kong’s benchmark index paints a similarly tranquil picture. But do not be fooled: these figures obscure dangerously poor fundamentals.
平靜的水面下可能潛伏著許多鯊魚。在上海上市的A股公司今年上半年利潤同比平均增長了12%。這些亮麗的數(shù)字，與去年同期的平庸業(yè)績形成鮮明對(duì)比。香港基準(zhǔn)股指的成份股公司業(yè)績同樣令人欣慰。但別被表象愚弄：這些數(shù)字掩蓋了上市公司糟糕而危險(xiǎn)的基本面情況。
您已閱讀20%（527字），剩余80%（2056字）包含更多重要信息，訂閱以繼續(xù)探索完整內(nèi)容，并享受更多專屬服務(wù)。