One year on from China’s stock market collapse, some casualties are still feeling the pain. Shares in Chinese insurer Ping An have halved from their 2015 highs and trade just one-tenth above pre-rally levels. China Life languishes near 2008 lows. Much of the destruction has been due to an ill-timed increase in equity exposure that is unlikely to repeat itself — at least, not this year.
中國股市崩盤已過去一年了，一些受害者還在承受著痛楚。在中國保險公司中，中國平安(Ping An)的股價比2015年的高點下跌了一半，只比大漲前高十分之一；中國人壽(China Life)則在2008年的低位附近徘徊。造成這種慘跌的一部分原因是，它們在錯誤的時機擴大了在股市的敞口——它們不太可能再這麼做了，至少今年不會。
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