第一部份大意：
中国政府的监管风波使得有政府背景的公司对投资人来说也变得不再安全。这个风波让许多公司措手不及。在19大召开之后，中国的无风险利率，比如政府债的利率，开始飙升。对于那些和国家紧密关联的公司，比如国开行的十年债，更是飙升到了三年来的最高点，将近5%。
The regulatory storm of Chinese government makes the government-owned firms not safe to the investors any more. The storm caught many off-guard. After the important Communist party meeting in October, the risk-free interest rate, ie. the yield on government bonds, has shot up. Even to those companies which are closely tied to the country, e.g. the ten-year bonds issued by the China Development Bank, has soared to the highest in recent three years, to nearly 5%.
