2004年总体趋紧的宏观经济政策对上市银行的高速扩张不会构成太大影响,但长期的单一盈利模式令上市银行并无独特的核心竞争力可言,2004年上 市 银 行 将 难 以 再 续2003 年的“辉煌”,股价基本上只能维持与大盘同步的市场表现,但招商银行有望获得优于大盘的市场表现。 The general tightening of macroeconomic policies in 2004 will not have much impact on the rapid expansion of listed banks. However, the long-term single-profit model has no unique core competitiveness of listed banks. In 2004, listed banks will find it difficult to resume their business in 2003 Year, “brilliant”, the stock price basically can only maintain market performance synchronized with the broader market, but China Merchants Bank is expected to get better than the broader market performance.