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在估值风险未消之前,即便政府刺激经济的政策频出,对股市的利好也难以持续。我们还是建议投资者仍谨慎控制仓位,保持灵活性,在经济刺激政策带来的股市阶段性上涨中减持,而在宏观数据或企业业绩走弱带来的进一步下跌中增持。
Before the valuation risk is not over, even if the government stimulates the economy frequently, the good for the stock market will not be sustainable. We also recommend that investors remain cautious about positions and maintain their flexibility to reduce their holdings in the stock market rally brought by economic stimulus and increase their holdings when the macro data or business performance is further weakened.