{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Eigentlich müsste an Chinas Börse die Post abgehen.","nodeType":"text"},{"data":{},"marks":[],"value":" Die Notenbank spült Liquidität ins System, die Zinsen fallen, Sparer suchen Rendite, KI und Robotik boomen. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Die naheliegende These: ","nodeType":"text"},{"data":{},"marks":[],"value":"Findet Geld zu wenig „sicheren“ Ertrag (Renditen für zehnjährige chinesische Staatsanleihen bei 1,677 Prozent), fließt es in Aktien.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Die Realität: ","nodeType":"text"},{"data":{},"marks":[],"value":"Der Aktienindex MSCI China fiel netto (also inklusive Dividenden) in US-Dollar gerechnet seit Jahresbeginn um zehn Prozent. In den vergangenen zehn Jahren stieg er gerade mal um vier Prozent pro Jahr. Das KGV des MSCI China liegt bei moderaten 13,7.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Auch bei Festlandaktien:","nodeType":"text"},{"data":{},"marks":[],"value":" Der CSI 300 – der Aktienindex für den festlandchinesischen Aktienmarkt – liegt in US-Dollar gerechnet seit Jahresbeginn leicht im Minus. Die durchschnittliche Rendite der vergangenen zehn Jahre liegt bei 6,1 Prozent – immerhin, aber dennoch ein Underperformer. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"id":"2JVQGrIKDkRZA1Ky4P3fnf","type":"Entry","createdAt":"2026-08-19T12:27:49.351Z","updatedAt":"2026-08-19T12:28:31.590Z","publishedVersion":3,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"infoGraphic"}},"locale":"de"},"fields":{"title":"Die China-Börse","description":"Entwicklung des CSI 300 seit 2020, Entwicklung in CNY, Werte in Punkten","media":{"sys":{"type":"Link","linkType":"Entry","id":"7GPK5rclMYXfLNe2m5U35C"},"fields":{"id":"SW1hZ2VXaXRoTWV0YS03R1BLNXJjbE1ZWGZMTmUybTVVMzVDX19fMzIzMjE3ZjY0M2MzZTNmMWZlNzUzMmU3MmFjMDFiYjA3NDhjOTdiZQ","url":"https://image-service.thepioneer.de/show/mj324dykhxwi/2bTSsErvxPecTsittoKmjN/ed1e7c1b3850d523a483d47615e55248/Die_China_B_rse_no_header.png","preview":"","width":1850,"height":2080,"assetId":"2bTSsErvxPecTsittoKmjN","link":null,"title":"Die China-Börse","fileSize":1182298,"contentType":"image/png"}},"slug":"die-chinaborse-5dkr2z","download":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"7ouoDfJmDw8U2ZgJVyEBNP","type":"Asset","createdAt":"2026-08-19T12:27:44.865Z","updatedAt":"2026-08-19T12:27:44.865Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"locale":"de"},"fields":{"title":"Die China-Börse","file":{"url":"//images.ctfassets.net/mj324dykhxwi/7ouoDfJmDw8U2ZgJVyEBNP/1d691e409f9986fa29a7f5c30dcdeb92/Die_China_B_rse_with_header.png","details":{"size":870838,"image":{"width":1600,"height":2132}},"fileName":"Die_China_B_rse_with_header.png","contentType":"image/png"}}},"tags":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"LHs7spAot8qiu3GTO84UV","type":"Entry","createdAt":"2026-08-19T12:28:29.946Z","updatedAt":"2026-08-19T12:28:29.946Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":1,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"tag"}},"locale":"de"},"fields":{"title":"CNY"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"1m69M3QWB08tmMmVqTOBDk","type":"Entry","createdAt":"2026-08-19T12:28:28.592Z","updatedAt":"2026-08-19T12:28:28.592Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":1,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"tag"}},"locale":"de"},"fields":{"title":"China-Börse"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"4OFeOv2HeaDhkPa72sNVNu","type":"Entry","createdAt":"2026-08-19T12:28:27.160Z","updatedAt":"2026-08-19T12:28:27.160Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":1,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"tag"}},"locale":"de"},"fields":{"title":"CSI 300"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"mj324dykhxwi"}},"id":"2Tg3kFYN1hluYWWnV1KHuF","type":"Entry","createdAt":"2025-08-26T20:04:50.154Z","updatedAt":"2025-08-26T20:04:50.154Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":1,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"tag"}},"locale":"de"},"fields":{"title":"Punkteentwicklung"}}],"publishingDate":"2026-08-19T12:27:48Z","id":"SW5mb0dyYXBoaWMtMkpWUUdySUtEa1JaQTFLeTRQM2ZuZg"}}},"content":[],"nodeType":"embedded-entry-block"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Ist das eine große Aufholchance?","nodeType":"text"},{"data":{},"marks":[],"value":" Japanische Anleger dachten einst auch so und warteten zwanzig Jahre auf eine Markterholung. Wiederholt sich die Geschichte in China? Diese vier Punkte sollten Anleger kennen:","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}

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