自从2004年4月9日以来，股票市场一路下滑，上证指数跌幅达20％。从个股来看，跌幅超过30％以上的不在少数。股市下跌的原因主要有：市场经历了前期上涨后技术上有调整的需要；宏观调控造成对上市公司赢利前景的担忧；被扭曲了的价值投资理念难以为继。本期我们关注跌幅最大的 Since April 9, 2004, the stock market has slipped all the way and the Shanghai index has fallen by 20%. From the stock point of view, a decline of more than 30% of the more than a few. The reasons for the drop in the stock market are: the market has experienced the technical adjustments after rising; the macro-control has caused concerns about the profitability of listed companies; the distorted value investment concept is unsustainable. This issue we are concerned about the largest decline