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经过08年的大幅调整,A股股价已经基本反映了投资者对大小非解禁的预期,目前招行估值风险大幅释放,进入合理偏低区间。作为基金第一重仓股,招行在进入全流通时代以后可能演绎出震荡上行的走势。
After a substantial adjustment in 2008, A-share prices have basically reflected the investors’ expectations of the size of the ban. Currently, the risk of the valuation of CMB is drastically released and it has entered a reasonable low range. As the fund’s first Awkwardness, China Merchants Bank in the era of full circulation may interpret the upward trend shocked.