股市上的“入摩”现象：中英文双语解读

中文版

股市上什么叫“入摩”？

在股市中，“入摩”一词通常指的是一个股票或股票指数被纳入摩根士丹利资本国际（MSCI）指数体系。摩根士丹利资本国际是全球最大的指数编制公司之一，其编制的指数被广泛用于全球投资者的资产配置和绩效评估。因此，一个股票或股票指数被纳入MSCI指数体系，通常被视为该股票或该市场国际化的一个重要标志。

一、入摩的背景和意义

随着全球化的深入发展，越来越多的新兴市场股票被纳入全球主要指数体系。作为全球最大的新兴市场之一，中国的股市也逐渐成为全球投资者关注的焦点。被纳入MSCI指数体系，意味着中国股市的开放程度和市场化水平得到了国际认可，将吸引更多的全球资金流入，促进中国股市的国际化进程。

二、入摩的影响

入摩对中国股市的影响主要体现在以下几个方面：

资金流入：被纳入MSCI指数体系后，全球投资者将根据其资产配置需求，被动或主动地增加对中国股市的投资，从而带来大量的资金流入。

市场结构改善：随着外资的流入，中国股市的投资者结构将得到优化，有利于提升市场的公平性和透明度。

估值提升：纳入MSCI指数体系通常意味着股票估值的提升。因为全球投资者通常更愿意投资于那些被国际指数纳入的股票，这将提升这些股票的流动性和估值。

英文版

What is "Inclusion in MSCI" in the Stock Market?

In the stock market, the term "Inclusion in MSCI" typically refers to a stock or stock index being included in the Morgan Stanley Capital International (MSCI) index system. MSCI, one of the largest index compilers globally, is widely used by investors worldwide for asset allocation and performance evaluation. Therefore, the inclusion of a stock or stock index in the MSCI index system is often regarded as an important milestone in the internationalization of that stock or market.

1. Background and Significance of Inclusion in MSCI

With the deepening of globalization, an increasing number of emerging market stocks are being included in major global index systems. As one of the largest emerging markets globally, China's stock market has gradually become a focus of attention for global investors. Being included in the MSCI index system means that the openness and marketization level of China's stock market have been internationally recognized, attracting more global capital inflows and promoting the internationalization process of China's stock market.

2. Impacts of Inclusion in MSCI

The impacts of inclusion in MSCI on China's stock market are mainly reflected in the following aspects:

Capital Inflow: After being included in the MSCI index system, global investors will increase their investments in China's stock market, either passively or actively, based on their asset allocation needs, thus bringing a significant inflow of capital.

Improvement in Market Structure: With the inflow of foreign capital, the investor structure of China's stock market will be optimized, favoring the enhancement of market fairness and transparency.

Valuation Improvement: Being included in the MSCI index system typically implies an improvement in stock valuation. Global investors are usually more willing to invest in stocks included in international indices, which will enhance the liquidity and valuation of these stocks.

Conclusion

Inclusion in MSCI is a significant milestone for a stock market, indicating its increasing integration into the global financial system. For China's stock market, this not only brings capital inflows and market structure improvements but also serves as a testament to its maturing and international recognition. As China continues to open up its financial markets, the impacts of such inclusions will become even more profound.