2003年中国股市开始引入QFII制度,但在试水期的前两年外资影响些微,与基金所代表的本土机构在市场判断和理念上没有表现出显著的差异,然而,股权分置可以说是一个分界,“土”“洋”的分界和对垒由此产生。股改的启动,令海外机构对中国A股市场估值进行全新评判,并以异乎寻常的热情投入到股改行情中,不但分享了高额的股改收益,而且也成为这波行情重要的引导力量,QFII在中国市场显示出不凡与远见。06年行情最严峻的考验将体现在再融资和IPO重启之时,管理层即将出台的政策将进一步放宽QFII额度限制,并在多项政策上给松绑,市场将此视之为备战扩容的一项举措,此间QFII代表人士大多表示不惧甚至欢迎扩容。那么,备战扩容谁是最可依赖的力量?QFII能否在未来行情中继续担当理念的引领者和身体力行者? In 2003, the Chinese stock market began to introduce the QFII system. However, in the first two years of the trial period, foreign investment had a slight impact on the market and no significant differences were found in the market judgments and concepts with the local institutions represented by the fund. However, the split share structure could be described as A boundary, “earth ” “ocean ” the boundaries and confrontation resulting. The start-up of stock reform allowed overseas institutions to make new judgments on the valuation of China’s A-share market and devoted extraordinary enthusiasm to the share reform. Not only did they share the high proceeds of share reform but also became an important guiding force for this market, QFII in the Chinese market shows extraordinary and far-sighted. The most severe test of the market in 2006 will be reflected in refinancing and IPO restart, the upcoming management of the policy will be further relaxed QFII quota limit, and in a number of policies to be relaxed, the market will see it as a Item measures, most QFII representatives here expressed their fear or even welcome expansion. So, who is the most dependent force for capacity expansion? QFII can continue to act as a leader in the market and the body practitioners in the future market?