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一、宏观调控和扩容压力带动市场调整7月的 A 股市场延续了6月上旬以来的高位宽幅震荡走势,在中国银行上市大幅高开并计入指数的情况下,上证指数一举冲上千七;期间,又以三次大幅急跌,进行了向下的调整。截至7月31日,上证指数收于1612.73点,下跌3.56%,而深成指则下跌了8.25%(参见表1)。沪强深弱的主要原因是中行上市给上证指数带来的虚涨效应。长时间的高位宽幅震荡(参见图1),反映出的是投资者对于长期市场前景的看好,同时也显示的是对中短期不确定性的犹豫不决。7月市场延续了6月以来的结构性调整,其中综合
First, the macro-control and expansion pressures to drive market adjustment July’s A-share market extended the high since the beginning of June wide swings in the Bank of China listed sharply higher open and included in the index case, the Shanghai index in one fell swoop thousands During the period, three further sharp plunges were made to adjust downward. As of July 31, the Shanghai Composite Index closed at 1612.73 points, down 3.56%, while the Shenzhen Component Index fell 8.25% (see Table 1). Shanghai strong weak main reason is listed on the Shanghai Composite Index brought the virtual stock up effect. Long periods of high volatility (see Figure 1) reflect investors’ optimism about the long-term market outlook and the hesitancy of medium- and short-term uncertainty. The July market continued the structural adjustment since June, which consolidated