一、市场回顾:汇改和股改带领市场走出低谷(一)第一阶段:7月份之前,市场震荡下行,指数创8年新低2005年上半年,市场仍然延续了2004年中期以来的跌势。在政策利好的预期下,年初市场曾经走出一波“两会”行情,但3月份以来,受铁矿石等原材料价格上涨、扩容压力、“A+H”等一系列影响,市场大幅调整。进入4月中旬,扩容压力再次成为股指下行的压力,由于宝钢增发以及发 First, the market review: Reform and share reform lead the market out of the trough (a) the first phase: before July, the market volatility down, the index hit a 8-year low in the first half of 2005, the market still continued the decline since 2004 mid-term. In the policy of favorable expectations, the market has come out of the beginning of a wave of “two sessions” market, but since March, by the iron ore and other raw material prices, expansion pressure, “A + H ” and a series of effects, the market Dramatically adjusted. Into mid-April, expansion pressure once again become the downward pressure on the stock index, as Baosteel additional hair and hair