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机构投资者对未来市场环境的判断乃投资策略之基础。主要包括宏观经济运行趋势、企业的盈利水平,市场的估值水平等方面。本文收集了15家机构投资者(包括11家券商的研究机构和4家基金公司)的2009年第四季度投资策略报告,并进行了系统的比较研究。
Institutional investors’ judgment of the future market environment is the basis of investment strategy. Mainly including macroeconomic trends, corporate profitability, market valuation and so on. This article collected investment strategy reports from 15 institutional investors (including 11 brokerage research institutions and 4 fund companies) for the fourth quarter of 2009 and conducted a systematic comparative study.