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今年以来,B股市场行情“大起大落”,从80多点一路劲升到240点左右,随后又回落至140点上下,经历了我国证券市场建立以来罕见的“股市大震荡”。 我们认为,导致B股市场行情出现巨幅震荡的根本原因不是我国宏观经济基本面或公司基本面因素,而是B股政策的突发性变化等非市场化因素。
This year, the “ups and downs” of the B-share market rose from more than 80 points to about 240 points and then dropped back to 140 points. They experienced rare “stock market turmoil” since the establishment of China’s securities market. In our opinion, the root cause of the huge turmoil in the B-share market is not the non-marketization factors such as the macroeconomic fundamentals or the company fundamentals but the unexpected changes in the B-share policy.