猪年的中国资本市场让人感慨万千。“有形之手”和“无形之手”的较量给人留下了深刻印象。两市市值屡创新高,股市规模进一步扩大是中国资本市场配置资源能力的提高,是市场深度和投资环境的日臻完善,显现了中国股市经济“晴雨表”的功能。但同时,新股发行的弊端、中石油独霸熊头以及指数失真、美国次级债风暴等问题也暴露出了监管层的监管空白。 Year of the Pig Chinese capital market with emotion. “Tangible hand ” and “invisible hand ” contest left a deep impression on people. The market capitalization of both cities has hit record highs. The further enlargement of the stock market is an improvement in the allocation of resources and capacity in China’s capital market. This is a result of the deepening of market depth and investment environment, which shows the function of the “barometer” of the Chinese stock market economy. However, at the same time, the drawbacks of IPO, PetroChina’s tyrannical bear head and index distortions and the storm of U.S. subprime mortgage debt also exposed the regulators’ regulatory gaps.