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红筹股经过两三年的整顿,业绩开始从谷底大幅回升。依赖中国市场的红筹股,估计大部分均会有可观的增长。粤海投资(0270)在东省政府大力支持下,已渡过最黑暗的时刻。现时部分红筹股已完成或正在重组来迎接中国加入世贸后的新挑战。而趋向专注及不断提升竞争力者将会脱颖而出,傲视同侪。笔者从90年代初便密切关注10家红筹股的动向,红筹股不断壮大,现在已增加至55家,总市值达2200亿元。红筹股在1993年曾引起高潮,平伏了2年后又开始飙升。1997年中已到达疯狂地步。金融风暴后,大部分业绩都不理想。随后的3年,红筹股开始整理,现在正蓄势待发,似乎红筹股正蕴酿着一次大升市。业绩衰现,否极泰来红筹股表现颇为参差,粤海投资的表现令人失望,但整体而言,似乎起落有序。撇开粤海投资不计,在1996及1997
After two or three years of red-chip rectification, performance began to rise sharply from the bottom. Red chip relies on the Chinese market, it is estimated that most will have significant growth. Guangdong Investment (0270), with the strong support of the provincial government, has passed the darkest moment. At present, some red chips have been completed or are being reorganized to meet the new challenge of China’s accession to the WTO. Those who are more focused and continuously improve their competitiveness will stand out and stand proud of their peers. From the early 90s, I paid close attention to the movements of 10 red-chip stocks. The red-chip stocks have been steadily growing and now have risen to 55 with a total market capitalization of 220 billion yuan. Red chips caused a climax in 1993, and they started to soar in just two years. In mid-1997 has reached crazy. After the financial crisis, most of the performance is not satisfactory. The next three years, red chips began to organize, and now is ready to go, it seems that red chips are brewing a rising city. Performance deteriorated, not extremely Thai red chip quite mixed performance, Guangdong investment disappointing performance, but on the whole, it seems that the ups and downs. Excluding Guangdong investment, in 1996 and 1997