论文部分内容阅读
经过两周的盘局,本周的市场终于选择向下突破!市场的短期下跌并未在本栏预期之外,但市场下跌的凌厉却也体现出市场无常的另外一面。可是,本周最吸引我注意的还不单纯是市场的下跌,而是全国人大常委员会对修改后之新《证券法》的高票通过。结合市场环境前期渐次发生的一些重大变化,我深切感到,市场正处于一个大变革的历史时期! 大变革首先体现在投资思想和投资理念的逐渐变化。这从近几年市场传统庄股的没落和“价值投资”理论的喧嚣中就可以略见一斑;大变革还体现在市场参与者的逐渐淘汰和更新,这不仅是QFII的引入,也不仅是越来越多的券商和基金管理公司开始逐渐被外资控股,更体现在越来越多的掌握国家经济命脉的大银行中也可以见到越来越多的外资身影;大变革更体现在游戏规则的更新和改变上,前期股改的强力实施和本周新《证券法》的顺利通过就意味着重大游戏规则更改的尘埃落定。
After two weeks of bailout, the market this week finally chose to break down! Short-term market decline is not expected in this column, but the sharp decline in the market but also reflects the other side of the market impermanence. However, what attracted me most attention this week was not simply the drop in the market, but the passage by the NPC Standing Committee of the new vote on the new Securities Law. In combination with some major changes that have taken place in the market environment in the earlier period, I deeply feel that the market is in a historical period of great change. The major changes are reflected in the gradual changes in investment philosophy and investment philosophy. This can be seen from the decline of the market’s traditional Zhuanggu in recent years and the hustle and bustle of the “value investing” theory. The major changes are also reflected in the phasing out and updating of market participants, which is not only the introduction of QFII, More and more brokerages and fund management companies are gradually being controlled by foreign investors, but more and more foreign investors can also see more and more foreign investors in a growing number of large banks that have the national economic lifeline. The major changes are reflected in the game The rules of the update and change, the strong implementation of early share reform and this week’s new “Securities Law” passed means that the change of major game rules the dust settles.