近期,在国家出台了暂停国家股减持方案、降低印花税等一系列利好政策后,证券市场对这些重大政策的出台并未作出人们所预期的较大反应,市场的表现远不如过去十年的上升走势。一个重要原因就是,目前的证券市场的特征正在发生着深刻的变化,而这些特征的变化,又反过来促使投资者的投资理念、投资策略和投资方式的调整。投资者处在逐步适应市场环境变化,并探求新的、有效的投资赢利模式过程中。本文试图通过对目前证券市场特征变化、趋势及投资者投资方式的比较分析,提出现阶段我们的投资策略建议和证券市场长期发展的制度建设建议。 Recently, after the state promulgated a series of favorable policies such as the suspension of state shareholding reduction plans and the reduction of stamp duty, the stock market did not make the expected large response to the promulgation of these major policies. The performance of the market is far less than that in the past decade Up trend. An important reason is that the characteristics of the current stock market are undergoing profound changes. Changes in these characteristics in turn prompt investors to adjust their investment philosophy, investment strategy and investment pattern. Investors are gradually adapting to changes in the market environment and exploring new and effective profit-making models. This article attempts to make a comparative analysis of the current changes in the securities market characteristics, trends and investor investment, the proposed investment strategy at this stage and the long-term development of the securities market system construction proposals.