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春天将至，转机终现自2001年6月股市步入熊市，似乎跌势无边无际，似乎跌无止境，股市长时间的低迷，使其中积存的各类问题已无法继续掩盖下去，暴露出来的问题越来越多，越来越严重，负面影响已从券业内部向整个金融业扩散。可以说，04 年是券业问题总爆发的一年。屋漏偏逢连夜雨。宏观调控的重拳出击，更使股市雪上加霜，股指不断创下近三年来的新低，最终形成利好麻木，利空重挫、信心消沉的市场局面。到2004 年未，市场的悲观气氛到达近三年以来的极至。05 年的希望恰恰就在于04 年对问题的充分暴露和利空的充分反应当中。我们认为，在诸多因素的促进下，05年股市市场化改革进程将进一步加快，其所依托的宏观大环境和股市内在的小环境初现好转迹象，尽管不能希望诸多的问题在05年完好解决，股市难以形成突破之势，但却有望走出低谷。
Spring is Coming Soon After the Change of Stock Market Since the stock market entered a bear market in June 2001, it seems that the declining trend is boundless and endless. The downturn in the stock market for a long period of time has prevented all kinds of problems accumulated therein from covering up and exposed. The problems are more and more serious and increasingly serious. The negative impact has spread from the inside of the securities industry to the entire financial industry. It can be said that the year 2004 was a year in which the securities industry broke out. House seemingly endless rain. The heavy blow of macroeconomic regulation and control even further aggravated the stock market. The stock index hit a new low in recent three years, eventually forming a market situation that is favorable to numbness, bad luck and depressed confidence. By 2004, the market’s pessimistic atmosphere had reached its peak in almost three years. The hope for 2005 precisely lies in the full response to the problem in 2004 and its full response to bad conditions. We think that with the promotion of many factors, the market-oriented reform of the stock market in 2005 will be further accelerated. The macro environment in which the stock market depends and the small environment in the stock market are beginning to show signs of improvement, although we can not hope that many problems will be solved in 2005 , The stock market is difficult to form a breakthrough trend, but it is expected to come out of the trough.