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■目前机构投资者资金规模相当于上证50、上证180市值的132%和79%,市场供给严重不足,可投资对象少,机构间的博弈升级。 ■成分股估值水平与西方市场接近,消费品估值与国外市场存在倒挂,全球经济一体化将日益影响市场,具有核心定价权、核心竞争力的企业将胜出。 ■随着与国际股市关联度增大,仍判断:上证综指呈现“凹”型的难度较大,上证50指数呈现“凹”型的概率极大。
■ At present, the size of the fund of institutional investors is equivalent to 132% and 79% of the market value of SSE50 and SSE180. There is a serious shortage of market supply and few investment targets, and the game among the agencies is upgraded. ■ The valuation of constituents is close to that of the western market. The valuation of consumer goods is in fl uence with foreign markets. Global economic integration will increasingly affect the market. Enterprises with core pricing power and core competitiveness will win. ■ With the increase in the correlation with the international stock markets, it is still judged that it is more difficult for the Shanghai Composite Index to show a “concave” shape and the Shanghai Composite 50 index has a very “concave” shape.