3并非所有人都认为今年6月初的股市大跌意味着熊市的开始。上证综指在6月4日大跌后,仍较年初上涨37％——这意味着大跌后,股市仍处在与四月份接近的水平。而且该次的跌幅低于2月底那次(当时,上证综指下跌8．8％之后,转天即恢复上行)。上海某基金管理公司的一位投资总监说,“牛市的结束应该是在上市公司收益恶化的时候,而我们现在还没看到这种情况。” 3 Not everybody thinks the stock market crash early in June this year means the beginning of a bear market. The Shanghai Composite Index still rose 37% from the beginning of the year after the plunge on June 4 - meaning that after the plunge, the stock market is still at a level close to April. And this time the decline was lower than the end of February (when the Shanghai Composite Index fell 8.8%, the day resumed its upside). An investment director at a fund management firm in Shanghai said: “The bull market should end when the earnings of public companies have deteriorated, and we have not seen it yet.”