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核心观点: 1.从市场环境来看,基金竞合状态正在缔造局部牛市;而私募等投机性资金的参与则使得行情逆转呈现出更大的突发性。 2.竞合行情的内在规律是“价值推动”与“价值投机”。在基金尚未成长为主流投资群体的一两年内,“价值投资”与“价值投机”双向互动构成了行情出现逆转的关键因素。 3.由于竞合行情的显著特征是股指短期上涨、下跌的速度和幅度均超过历史上的一般行情,并且市场缺乏足够的广泛
The core point of view: 1. From the market environment, the status of fund competition is to create a local bull market; and private equity and other speculative funds make the market reversed showing more unexpected. 2. The inherent law of competitive market is “value promotion” and “value speculation”. Within a year or two, the two-way interaction between “value investing” and “value speculation” has formed the key factor in the reversal of the stock market in a year or two before the fund has become a mainstream investment group. 3. As the notable feature of competing quotations is the short-term rise of stock indexes, the rate of decline and the rate of decline have all exceeded the historical general market, and the market lacks a sufficiently broad