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市场展望A股展望展望201 3年,在宏观层面,传统的经济引擎减弱,弱周期GDP季度间呈N型小幅波动;在微观层面,盈利见底回升概率大,但拐点钝化,回升趋势不明显;在政策面,传统的经济刺激政策出台空间仍然不大,政府换届后制度改革希望提振市场信心;在流动性方面,资金供给趋于温和改善,但解禁压力和新股发行将对A股市场形成持续的压力。就整体而言,股票市场有望呈现中枢抬升的区间震荡。在投资风格方面,从全年来看,过去两年来投资性周期股及稳定
Market Outlook Outlook for the A-share Outlook 201 In the macro level, the traditional economic engine weakened and the weak cyclical GDP showed a slight N-shaped fluctuation in the quarterly quarters. At the micro level, the bottom-line pick-up in profitability was large but the inflection point was passive and the upward trend was not reversed Obviously, in terms of policies, there is still little room for the introduction of traditional economic stimulus policies. After the change of government, the reform of the system hopes to boost market confidence. In terms of liquidity, capital supply tends to moderately improve, but the pressure of lifting the ban and the issuance of new shares will raise the price of A shares The market is under constant pressure. On the whole, the stock market is expected to show the central uplift of the interval shock. In the aspect of investment style, from the whole year, the investment cyclical stocks have been stable in the past two years