1.“过冬”受欧美经济危机影响,全球陷入经济低迷。2012年国内经济形势严峻,中小企业生存困难,制造业面临寒冬,电商、PE等新兴行业也不景气,这与前两年的“PE过热论”、“全民PE论”形成了鲜明的反差。12月份央行发布的四季度调查报告显示,虽然经济温和回升,但企业市场需求预期、出口订单预期、经营景气预期、盈利预期等指数均有所下降,说明寒冬并未过去。 1. “Winter” By the economic crisis in Europe and the United States, the global economy into a downturn. In 2012, the domestic economic situation was grim, the survival of SMEs was difficult, and the manufacturing industry was facing a cold winter. Emerging industries such as electricity supplier and PE also suffered a downturn. This is in line with the previous two years of “PE overheating theory” and “universal PE theory” A sharp contrast. In the fourth quarter survey released by the Central Bank in December, although the economy rebounded modestly, the market demand expectation, the expected export orders, the operating prospective expectations and the earnings forecasts all declined, indicating that the winter has not passed.