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“在股市表现不济的情况下,可将投资焦点从快速增长的企业,慢慢转移至尊重股东权益的企业价值上。”过去几年,环球央行不断推出量化宽松政策,对经济复苏没有太大的推动效果,反而刺激资产价格上涨。可是,受欧洲债务危机、中国经济放缓等因素影响,中国股市今年以来表现不济,与美国股市连日创出新高,形成颇大对比。尽管中国的经济增速跟发达国家相比依然很高,但若与过去10年相比则明显放缓,传统企业盈利也难有爆炸性增长。
“In the stock market underperforming circumstances, the investment focus from rapid growth of enterprises, gradually shift to respect the shareholders’ rights and interests of the enterprise value. ” Over the past few years, the global central bank has introduced quantitative easing policy, the economic recovery is not Too much effect to promote, but to stimulate asset prices. However, under the influence of the debt crisis in Europe and the slowdown of China’s economy, the Chinese stock market has performed poorly this year and has made a sharp contrast with the U.S. stock market reaching a new high in recent days. Although China’s economic growth is still high compared with developed countries, its profitability will not be able to increase explosively if the growth rate is significantly lower than in the past 10 years.