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2011年,中国经济终于踏上转型之路,虽然此时国内经济增长的内在动力依然强劲,但经济刺激政策的负面效果已经开始显现,通胀仍是当前市场面临的主要风险。在政府连续出台的流动性收紧措施之下,上半年A股市场无疑将面临更加诡异复杂的矛盾局面——不仅有经济层面上通胀上行与政策调控的矛盾,还有市场层面上估值分化的矛盾。
In 2011, China’s economy has finally embarked on a path of transformation. Although the intrinsic momentum of domestic economic growth is still strong at this time, the negative effects of economic stimulus policies have begun to emerge. Inflation is still the main risk facing the current market. Under the continuous liquidation tightening measures introduced by the government, the A-share market will undoubtedly face a more intricate and contradictory situation in the first half of the year - not only the contradiction between upward inflation and policy adjustment on the economic level but also the divergence in valuation at the market level Contradictions.