促使我们将“投资泡沫”作为这一期杂志封面文章的直接诱因,是近期我们在国内某些行业中又嗅到了一丝令人担忧与不安的投资动向。比如说汽车行业,国际上的总体趋势是供过于求,产品价格逐年下降,利润率越来越低,兼并重组的势头一浪高过一浪,行业集中率越来越高。而在国内,受去年汽车需求量爆发性增长的短期影响,汽车一度出现了供不应求的“井喷”行情,各厂家的产品产销率基本上达到了100%,甚至连前几年的库存也被打扫得干干净净。在这种极度乐观形势的刺激下,不仅传统的汽车生产大厂在今年纷纷大幅度增加投资,扩大产量,就连一些前几年还在苦苦挣扎的小厂也开始热情高涨,大干快上,似乎以现在区区几万辆的年产量,就具备 Encouraging us to use the “investment bubble” as a direct incentive for the cover story of this issue is that we have recently noticed some worrying and disturbing investment trends in some industries in the country. For example, in the automotive industry, the overall international trend is oversupply. Product prices have been declining year by year. Profit margins have been getting lower and lower. The momentum of mergers and acquisitions has been surging ahead and industry concentration has been getting higher and higher. In China, due to the short-term impact of the explosive growth in demand for automobiles last year, the auto sector saw a “blowout” market that was in short supply. The production and sales rates of various manufacturers basically reached 100%, even the inventories of previous years were also cleaned up To be clean. Under the extremely optimistic stimulus, not only have the traditional automobile manufacturers greatly increased their investment and production volume this year, even some small factories that struggled a few years ago have also started to grow enthusiastically. It seems that with the present annual output of tens of thousands of vehicles, it is available