当前的A股市场,最大的风险并非是指数的持续下跌,而是在社会存量财富再配置中被边缘化2012年的A股市场整体表现黯淡:跌幅虽然较201 1年有所收窄,但交易量极度萎缩,表现出了熊市后期的典型特征。截至2012年年末,上证指数年跌幅7.82%,深成指下跌7.58%,中小板指下跌9.72%,创业板指下跌10.7%。虽然在指数跌幅上,相比2011年有了一定的收 The current A-share market, the biggest risk is not the index continued to decline, but in the social stock of wealth redistribution marginalized in 2012, the overall performance of the A-share market downturn: though the decline has narrowed in 201 1, Trading volume has shrunk dramatically, showing the typical characteristics of the late bear market. As of the end of 2012, the Shanghai Composite Index fell 7.82% for the year, the Shenzhen Component Index dropped 7.58%, the SME Index fell 9.72% and the GEM Index dropped 10.7%. Although the index decline, compared with 2011 have a certain income