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自2001年A股市场步入熊市周期以来,“反转论”和“崩盘论”,“新牛市”与“推倒重来”已经几起几浮,其中的某一论调时而居于主流地位,很快又被打翻在地。究竟什么才是对当今中国股市最本质的概括?市场是残酷而无情的,但却遵循着内在的价值判断,指示着未来的演变方向,它不断地用下跌在教育着懵懂的投资者——2002年以来的A股市场进入了一个与过去十年截然不同的历史阶段,这是一场从封闭走向开放,从分裂走向统一,由上而下,逐步消解各种矛盾的“持久战”。同时,中国传统的中庸精神和社会改革的渐进式风格,决定了证券市场的改革同样不可能是俄罗斯式的“休克疗法”,一年中跌去95%,而将是一个渐进的过程,既不会“反转”,也难以“崩盘”。
Since the A-share market entered the bear market in 2001, the “reverse theory” and the “collapse theory”, “the new bull market” and “reinventing the wheel” have been quite a few buoyant times. Some of these arguments sometimes occupy the mainstream status. Quickly and was knocked to the ground. What exactly is the most essential generalization of today’s Chinese stock market? The market is cruel and merciless, but follows the intrinsic value judgments that indicate the direction of future evolution. It continues to be used to educate ignorant investors - Since 2002, the A-share market has entered a stage of history distinct from that of the past decade. It is a “protracted war” that moves from closure to opening up and from secession to unification and top-down and gradual resolution of various contradictions. In the meantime, the traditional Chinese moderation spirit and the gradual style of social reform have determined that the reform of the securities market can not be Russian-style “shock therapy,” dropping by 95% in one year, and will be a gradual process. Both Will not “reverse”, it is difficult to “collapse.”