讀社論學 英文 Super Typhoon Ragasa hit Hong Kong, marking the biggest test yet for the Hong Kong Stock Exchange (HKEX) new Severe Wea t he r Tr ad i ng ( SWT) , imp l emen t ed on September 23 last year. Stock trading cont inued under a typhoon s igna l 8 on September 23, and the next day the HKEX remained opened for the first time under a signal 10. Although there were some minor issues such as delays in cheque settlements and IPO l istings, overal l operations were smooth. Judging from the turnovers of $294.5 and $288.8 billion over the two days, the market has gradually adapted to the SWT initiative, confirming its rationality. Old rule hinders timely trades No trading suspension during typhoons is not a new idea. Neither international nor mainland markets suspend trading under severe weather. Though the world's third largest f inancial centre, Hong Kong had long resisted aligning with global standards, only taking a turn last year - a move many cons ider too l ate . Prev ious l y , whi l e the mainland cont inued trading, Hong Kong markets would halt, leaving investors under t he S t o c k Conne c t me chan i sm unab l e to prompt ly close posi t ions in response to external events , forcing them to bear unnecessary risk. This absurd situation is now gone, much to their relief. With the mainland stock market's strong performance this year, coupled with US interest rate cuts and other favourable factors, the Hang Seng Index could soon test the 27,000 level. Fortunately, trading suspens ions dur ing typhoons are now history. Otherwise, the market's upward momentum would have been stifled. In fact, the old rule had no scientific basis. Hong Kong, as a subtropical region, naturally experiences summer storms. With global warming, extreme weather will only become more frequent. The fact that trading continued smoothly even under a typhoon s i gna l 10 proves the old rul e outdated. Reform in line with realities is thus inevitable. Of course, no system is perfect. Some still have reservations about the new measure, mainly over safety concerns. With proper management, not only can safety risks be minimized, but unexpected economic benefits may also arise. For example, some traders at international institutions in Hong Kong may need to stay at their offices. To avoid commuting risks in severe weather, they will book hotels in financial districts. As a result, they can remain safe while trading continues uninterrupted with nearby hotels enjoying a boost in business. "24-hour trading" should not be rushed On e y e a r i n t o t h e n ew r u l e , t h e government, HKEX, industry and investors have a l l responded pos i t i ve l y . There i s reason to believe the SWT has taken root i n Hong Kong , and s hou l d be f ur t he r optimized instead of turning back. During Ragasa, some cheque settlements have still been af fected. The government can then only provide appropriate technical support, encouraging brokerages to adopt electronic services more quickly or risk being eliminated. Another notable issue is IPO listings being disrupted, reportedly because retail investors required extra time to submit subscription applications at banks. The only solution is also digitization, guiding investors to change their habits. The past year has proven that trading during typhoons is practical and that fears are unnecessary. The government, HKEX, industry and investors are still learning. With more experience and timely regulatory adjustments, emerging problems will be resolved. As the SWT becomes more established, some may push for "24-hour stock trading". Thi s requi res caut ion. Fi r s t l y , power ful institutional investors may manipulate prices during of f-peak hours wi th low liquidi ty, unde rmi n i ng r e t a i l i nve s t or s ' i n t e r e s t s . Second l y , southbound cap i t a l f rom the mainland far outweighs overseas funds (and wi l l cont inue to do so in the foreseeable future ) , so there i s no pres s ing need to introduce a mechani sm mainly aimed at over seas inves tor s . Thi rdl y , ne i ther the financial industry nor society at large has reached a consensus. Therefore, it would be unwise to rush. Before implementing "24-hour trading", there must be thorough study. After all, the SWT initiative took years of preparation. 翻譯自9月25日《星島日報》社論 （http://std.stheadline.com/） Trading unaffected by Ragasa – SWT can be optimized 翻譯︰George turnover (n) ——成交額 rationality (n) ——合理性 position (n) ——倉位 stifle (v) ——抑制 commuting (adj) ——乘車往返的 brokerage (n) ——經紀行 manipulate (v) ——操縱 liquidity (n) ——成交量 Vocabulary cheque settlement ——支票交收 subtropical region ——亞熱帶地區 retail investor ——散戶投資者 subscription application ——認購申請 Useful Terms Under the SWT arrangements, Hong Kong's securities and derivatives markets, including Stock Connect trading, derivatives holiday trading and after-hours trading session, will continue to operate according to the pre-determined trading calendar, regardless of severe weather conditions. Remote working and the use of online services are strongly encouraged on a SWT day. Did you know? 1. The word _____ in the second paragraph is the opposite of "slowly". 2. Hong Kong resisted _____ with global standards of trading during extreme weather. 3. In the passage, the word _____ means "enhanced". 4. It will be _____ to rush "24-hour trading". 5. According to the last paragraph, thorough _____ is necessary before implementing "24-hour trading". Answers 1. promptly 2. aligning 3. optimized 4. unwise 5. study & Q A 地靈人傑——談浙江古今 由江得名千年飛躍 中國省份名稱含有「江」字的有四個： 江蘇、浙江、江西和黑龍江。顧名思義， 浙江省的得名與「江」——錢塘江有關。 錢塘江是省內第一大河。《說杭州》一書中 載︰「秦時，西湖猶為海灣，受潮汐之沖 擊。居民築塘以捍之，故曰泉塘。」《史 記．秦始皇本紀》亦有：「錢唐，臨浙江」 之說。錢塘江古稱「之江」，有說浙江因河 道曲折如「之」字而得名。故知「浙江」得名 與相關地理關係密切。 文化地位上，浙江更經歷蛻變。春 秋戰國時，浙江分屬吳、越兩國，是「斷 髮文身」的「蠻夷之地」，不被「中原人士」 看重。「秦王掃六合」、「漢大綱正」，秦漢 以後，中國真正一統，浙江亦逐步融入中 華。時代推移，北方士族南遷，中原文化 與浙江本地傳統自然融合，是日後浙江繁 榮的濫觴。唐安史之亂後，中國經濟重心 南移。南宋時定都臨安，浙江成為全國的 政治、經濟、文化中心。由蠻夷之地到中 國重心，是一種難得的飛躍，亦見證着中 國歷史洪流的變遷！ 杭州勝景最美「天城」 浙江省會「杭州」，定名與「餘杭」地 名、「大禹治水」有關。杭州在南宋時以 人口論，可算「世界第一城」，意大利探險 家馬可．波羅筆下寫杭州是「最美麗的天 城」。考公元1138年南宋因金人入侵，首 都從開封（汴京）南遷至杭州。臨安作為都 城，人口急劇膨脹。據估計，鼎盛時人口 逾百萬，遠超同期歐洲大城市巴黎、威尼 斯等。其物產豐富，建築華美，更首屈一 指。 杭州西湖 （大圖） ，更是美景！北宋蘇 軾有句︰「欲把 西湖比西子，淡 妝濃抹總相宜。」 把西湖比作「四 大美人」之一的 西施，這種美難 以言喻。筆者曾 帶領學生乘船遊 西湖，黃昏日 落，大家為美景 震撼，至今難 忘！不知馬可． 波羅或蘇軾所看 美景是否一樣。 但西湖的美、杭 州的美、浙江的 美相信是跨時代 觸動人心！ 海納浙江人才輩出 浙江有錢塘江的滋養，有西湖美景， 更「盛產」文化偉人：「千古第一才女」李清 照曾在浙江寫下〈聲聲慢〉千古名篇。「愛 國詩人」、「南宋四大家」之一陸游是今浙 江紹興人。詩詞以外，南宋理學昌明，浙 東學派呂祖謙與朱熹等並稱「東南三賢」， 「經世致用」思想影響深遠。四大名著《水 滸傳》作者施耐庵亦是杭州人，在浙江完 成傳世佳作。浙江的古代名人不勝枚舉。 之前筆者有幸帶領本校學生到姊妹學 校「紹興市第一中學」交流。記得導賞同工 介紹推動「新文化運動」的北京大學前校長 蔡元培是浙江人，也曾擔任「紹興一中」校 長。然後指着前面輕輕說了句：「魯迅（周 樹人）先生，浙江紹興人，一中曾經的教 務長，就在眼前這地方辦公。」地靈人傑、 文化底蘊超乎想像。這也許就是海納百川 的浙江！ 昔往日，看今朝。由「斷髮文身」、 「杭州天城」，到改革開放、溫州模式、數 位經濟。孕育「人傑」的是浙江、彰顯「地 靈」的是「人傑」！浙江彷彿是中國歷史的 縮影，是有底蘊、豐富多彩的傳奇故事。 浙江省，簡稱「浙」，中國 東部沿海省份，長江三角洲 南翼，與東海接壤。面積是中國陸 地最小的省份之一，島嶼卻是全國 最多。有「魚米之鄉」、「絲綢之府」 美譽。從歷史角度看，浙江經歷了 由「蠻夷之地」到南宋「政經重心」的 跨越。擁有天下勝景、地靈人傑， 更有豐富的底蘊與故事，值得探 索。 浙江省是中國最多島嶼的省，數 目近3000個。而陸地上也有「島」—— 「方言島」。 「方言島」不是一個真實的、被水 包圍的海島。它是一個語言學上的比 喻。 明朝為加強沿海抗倭防務，曾在 浙江等地駐兵，這些軍戶及其後代形 成的居住區，逐漸發展出有別於周邊 方言的「軍話」，故出現了被吳語包圍 的「軍話方言島」，如浙江蒼南金鄉軍 話即為一例。學者稱之為人口遷徙留 下的「語言活化石」。 方言島 冷知識 BOX 歷史思與行 1. 春秋時期，浙江人民被中原視為「蠻 夷」。但到了南宋卻是政經中心。中 國歷史上一再出現「邊緣變中心」的情 況。你認為今日中國西北或其他邊緣 地方將來會有重大發展機遇嗎？ 2. 中國最古老的成熟獨木舟，出土於浙 江，有專家 估計近8000 年歷史。你 認為中國海 外交流或貿 易會否在秦 漢以前已經 出現？ ■康熙上諭浙閩總督碑 （浙東運河博物館內） 星島 教室 陳易楊 仁濟醫院羅陳楚思中學 副校長、中國歷史科主任 作者介紹 ■浙江省杭州市的千島湖湖區 ■「紹興一中」名人介紹 D6 侷芎 03.27.2026 星期五 天 地 人 時 誌 本欄逢周一刊出，由教育評議會邀請資深中小學教師及校長撰寫。 文章以生動有趣的方式，透過中國節氣氣候、各地風土民情及歷史人物故事，帶領讀者探索中國文化與歷史的奧妙。
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