China A-shares are the stock shares of mainland China-based companies that trade on the two Chinese stock exchanges, the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE). Historically, China A-shares were only available for purchase by mainland citizens due to China's restrictions on foreign investment.

A股（中国）是在中国两个证券交易所——上交所（SSE）和深交所（SZSE）——交易的中国大陆公司的股票。过去，由于中国对外国投资的限制，A股（中国）只能由内地公民购买。

However, since 2003, select foreign institutions have been able to purchase these shares through the Qualified Foreign Institutional Investor (QFII) system. Established in 2002, the QFII program allows specified licensed international investors to buy and sell on mainland China's stock exchanges.

但是，自2003年以来，一些选定的外国机构可以通过合格境外机构投资者(QFII)制度购买这些股票。QFII计划成立于2002年，允许特定的获得许可的国际投资者在中国大陆证券交易所买卖股票。

A-shares are also known as domestic shares because they use the Chinese renminbi (RMB) for valuation.

A股也被称为内资股，因为它们使用中国的人民币（RMB）进行估值。

China A-Shares vs. B-Shares

A股（中国）与B股

China A-shares are different from B-shares. A-shares are only quoted in RMB, while B-shares are quoted in foreign currencies, such as the U.S. dollar, and are more widely available to foreign investors. Foreign investors may have difficulty accessing A-shares because of Chinese government regulations, and Chinese investors may have difficulty accessing B shares most notably for currency-exchange reasons. Some companies opt to have their stock listed on both the A-shares and B-shares market.

A股（中国）不同于B股。A股只以人民币报价，而B股以美元等外币报价，且外国投资者可以更广泛地获得这些股票。由于中国政府的规定，外国投资者可能很难投资A股，而中国投资者可能很难投资B股，最主要的原因是汇率。一些公司选择将其股票在A股和B股市场同时上市。

Due to the limited access of Chinese investors to B-shares, the stock of the same company often trades at much higher valuations on the A-shares market than on the B-shares market. Although foreign investors may now invest in A-shares, there is a monthly 20% limit on repatriation of funds to foreign countries.

由于中国投资者获得B股的渠道有限，同一家公司的股票在A股市场的交易价格往往比在B股市场高得多。尽管外国投资者现在可以投资A股，但每月有20%的资金汇回国外的限制。

The Shanghai Stock Exchange (SSE) publishes the key performance index for A-shares, known as the SSE 180 Index. In composing the index, the exchange selects 180 stocks listed on the SSE. The selection is diversified between sector, size, and liquidity to ensure adequate representation. Thus, the index's performance benchmark reflects the overall situation and operation of the Shanghai securities market.

上海证券交易所（SSE）发布A股的关键绩效指数，即上证180指数。在编制指数时，交易所选择了在上交所上市的180只股票。选择在部门、规模和流动性之间是多样化的，以确保足够的代表性。因此，该指数的业绩基准反映了上海证券市场的整体状况和运行情况。

History of China A-Shares

A股（中国）的历史

Since its inception in 1990, including a major reform in 2002, the index has seen great fluctuations. However, it has grown along with the Chinese economy. The years 2015 to 2016 were a particularly difficult period, with a 52-week performance of -21.55% as of July 20, 2016.

自1990年创立以来，包括2002年的一次重大改革，该指数经历了巨大的波动。但是，它随着中国经济的发展而发展。2015年至2016年是特别困难的时期，截至2016年7月20日的52周绩效指数为-21.55%。

As China grows from an emerging market to an advanced economy, there is substantial demand for Chinese equity. Stock exchange regulators continue efforts to make A-shares more broadly available to foreign investors and have them recognized by the global investing community.

随着中国从新兴市场成长为发达经济体，对中国股票的需求巨大。证券交易所监管机构继续努力让外国投资者更广泛地获得A股，并让它们得到全球投资界的认可。

In June 2017, the MSCI Emerging Markets Index announced a two-phase plan in which it would gradually add 222 China A large-cap stocks. In May 2018, the index began to partially include China's large-cap A shares, which make up 5% of the index. Full inclusion would make up 40% of the index.

2017年6月，摩根士丹利资本国际新兴市场指数宣布了一项两阶段计划，其中将逐步增加222只中国大盘A股。2018年5月，该指数开始部分纳入中国大盘A股，占该指数的5%。完全纳入后将占指数的40%。

It is important for countries such as China to open their markets to global investors to stay competitive and thrive economically. China A-shares provide an alternative investment for those interested in trading in Chinese securities.

对中国这样的国家来说，向全球投资者开放市场以保持竞争力和经济繁荣是非常重要的。A股（中国）为那些对中国证券交易感兴趣的人提供了另一种投资选择。

Billionaires Wanted It; 54,578 Investors Got It First

亿万富翁想要它；但54578位投资者先拿到了

When incredibly valuable assets come up for sale, it’s typically the ultra-rich who end up taking home an amazing investment. But now, Masterworks is taking on the billionaires at their own game, fractionalizing prized blue-chip artworks for its investors. And when Masterworks sells a painting—like the 16 it's already sold— investors reap their portion of the profits. New offerings have sold out in minutes, but you can skip the waitlist here.

当极有价值的资产被拍卖时，通常是超级富豪最终会把一笔惊人的投资带回家。但现在，Masterworks在亿万富翁们自己的游戏中挑战他们，为投资者细分有价值的蓝筹艺术品。当Masterworks卖出一幅画时——就像它已经卖出的16幅画一样——投资者获得他们那份利润。新产品在几分钟内就销售一空，但你可以跳过等候名单直接获得。

（英文来源：Investopedia）