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三季度,我们分析认为中国A股市场在经济减速和制度变革中开始构筑底部,但是这个结论仍然留给我们很多问题没有回答。四季度,我们希望回答的是我们到底在周期的什么地方,目前投资者应该如何选择股票和进行操作,什么时候才能决定市场的方向——也就是构筑这个底部需要多长时间和有多宽。对于这个困难的任务,我在完成本篇策略报告时设计了几个写作思路和几个版本,最终选择了这个具有国际视野的报告,重点研究的是市场方向和投资主题。
In the third quarter, our analysis suggested that the A-share market in China started to shape the bottom during the economic slowdown and institutional change. However, this conclusion still leaves us many questions unanswered. In the fourth quarter, we want to answer where exactly we are in the cycle. How investors should choose stocks and operate now will determine the direction of the market - that is, how long and how wide it is to build this bottom. For this difficult task, I designed a few writing ideas and several versions at the completion of this strategy report. I finally selected this report with an international perspective, focusing on market direction and investment themes.