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.
平静的水面下可能潜伏着许多鲨鱼。在上海上市的A股公司今年上半年利润同比平均增长了12%。这些亮丽的数字，与去年同期的平庸业绩形成鲜明对比。香港基准股指的成份股公司业绩同样令人欣慰。但别被表象愚弄：这些数字掩盖了上市公司糟糕而危险的基本面情况。
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