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我们认为,支撑跨春节行情的制度原因有三:一是股权分置改革对市场可能的负面影响在06年1季度末以前不会出现,而股改的正面影响则从估值角度继续体现;二是市场对06年宏观经济形成了较为一致的预期,即06年整体经济增长依然有利于股市;三是股权激励和引入外资战略投资者等制度层面
In our opinion, there are three reasons for the system supporting the cross-holiday market: First, the possible negative impact on the market of the non-tradable share reform will not occur until the end of the first quarter of 2006, while the positive impact of the share reform will continue to be reflected in the valuation perspective. Second, The market formed a more consistent expectation on the macroeconomy in 2006, that is, the overall economic growth in 2006 will still be conducive to the stock market. Third, equity incentives and the introduction of foreign strategic investors and other institutional levels