除短期政策干扰因素外,事实上许多市场机构仍将今后时期中国宏观经济走向和微观层面的企业盈利状况作为主要的着眼点,阅读中金公司与中银国际最新推出的策略报告可以看出,这些机构对于2004年年报所展现的大幅增长数据,并未表现出常人的乐观。从增长折射的隐患来看,随着总体经济 In addition to short-term policy disruptions, in fact many market agencies still regard the macroeconomic trends in China’s future and the profitability of enterprises at the micro level as the main focus. As can be seen from the latest strategy reports released by CICC and BOCI Institutional data on the substantial growth shown in the 2004 annual report did not show the optimism of ordinary people. From the hidden dangers of growth refraction, with the overall economy