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一、“深强沪弱”—’96中国证券市场的新特征如果以1990、1991年间沪深两个证券交易所的先后成立作为中国证券市场发展的新开端的话,那么,当年轻的中国证券市场走过了5年的风风雨雨后,终于在今年迎来了新纪元.1996年在宏观经济不断向好、新一轮经济周期即将启动的大背景下,沪深股市作为国民经济的“晴雨表”作出了超前反应,演绎出几乎整整一年的长牛行情.其中尤以深市最为突出.在经历了近10个月的火爆行情后,深市以整体升幅约3、4倍,日均成交量一、二百亿的骄人成绩,再度成为中国证券市场的主流市场.“深强沪弱”成为’96中国证券市场最引人注目的一点.“深强沪弱”可以从以下几点获得验证:1、深市升幅强劲、回调有限而沪市上升乏力、回调较深.以指数计算,深市从1月份的924点的最低点升至目前的4000多点,已上升3至4倍,而沪市从512点升至10OO点,仅涨了约1倍.“深强沪弱”体现在深市大涨小回而沪市则相反.深市从1月的1000点至6月的2000点,仅用了4个月的时间,几乎没有什么回调,从6月的2000点到10月的3000点,期间
First, the “deep strong Shanghai weak” -96 new features of the Chinese stock market If in 1990 and 1991, the establishment of the Shanghai and Shenzhen stock exchanges as the new start of the development of China’s securities market, then when the young China Securities After five years of market ups and downs, the market finally ushered in a new era this year. In 1996, under the background of a macroscopic economy and a new round of economic cycles to start soon, the Shanghai and Shenzhen stock markets, as the barometer of the national economy, Table “made a lead reaction, deducing nearly a whole year long cattle market.Especially in Shenzhen City, the most prominent.After nearly 10 months of hot market, the Shenzhen market to an overall increase of about 3,4 times daily average Volume of one or two billion outstanding achievements, once again become the mainstream market in China’s securities market. ”Strong and strong Shanghai weak“ 96 the most striking point of the stock market in China. ”Strong Shanghai weak“ from the following Point to be verified: 1, the Shenzhen stock market rose strongly, the callback is limited and the Shanghai stock market weakness, the callback deeper depth index from the 924 points in January rose to the current 4,000 points, has risen 3 to 4 times, while the Shanghai stock market rose from 512 to 10 OO point, only up about 1 times. ”Strong Shanghai weakness" is reflected in the Shenzhen stock market ups and downs but the Shanghai stock market is the opposite .Shanghai from January 1000 to June 2000, only 4 Months, almost no callback, from 2000 in June to 3000 in October, period