在「国家队」资金进场干预下，与干预行动相关的一篮子中国ETF在周四尾盘成交量明显放大，其中一档追踪沪深300指数的ETF更创下单日188亿元人民币（约28亿美元）的历史最高资金流入纪录。尽管中国股市周五早盘一度反弹，但随后回吐部分涨幅；今年以来基准指数已下跌约10%，而以科技股为主的创业板指数本周更重挫9%，主要受到科技与AI相关类股抛售，以及日韩股市等全球科技股重挫的广泛波及。
股市动荡背后正值中国面临严峻的经济逆风，第二季经济增速放缓幅度超乎预期，创下三年多来最疲弱表现，消费需求疲软、民间投资低迷及房地产市场长期衰退持续拖累成长，这也使下周一将公布的第三季GDP数据备受关注。在经济前景持续疲软下，中国国债延续今年涨势，10年期公债殖利率徘徊在一年多来低点附近；不过受惠于具韧性的出口表现，人民币兑美元今年以来仍升值超过4%，表现优于亚洲同侪。
According to people familiar with the matter, Chinese financial regulators held a meeting on Thursday to discuss stock market stabilization measures, urging companies and state funds known as the "national team" to accelerate stock purchases while issuing window guidance to several major insurers to report equity holdings, refrain from locking in losses on underwater positions, and align investment decisions with broader economic goals. These coordinated interventions reflect mounting concern in Beijing over market fragility and an urgent push to prevent selling pressure from cascading into a downward spiral.
Driven by intervention from the "national team," turnover in a basket of Chinese ETFs linked to state support picked up late Thursday, with one ETF tracking the CSI 300 index posting a record daily inflow of 18.8 billion yuan ($2.8 billion). Although Chinese stocks rebounded early Friday before giving up some gains, the benchmark index remains down about 10% this year and the tech-heavy ChiNext Index slid 9% this week, pressured by a concentrated selloff in technology and AI-related shares alongside a broader global tech rout that also battered South Korean and Japanese markets.
The market turmoil comes as China faces significant economic headwinds, with second-quarter economic growth slowing more than expected to its weakest pace in over three years amid weak consumer demand, sluggish private investment, and a prolonged property downturn ahead of next Monday's third-quarter GDP release. Amid the persistently weak economic outlook, Chinese government bonds have extended their rally this year with the 10-year benchmark yield hovering near a more than one-year low, though the yuan has gained over 4% against the dollar year to date to outperform its Asian peers thanks to a resilient export sector.