经历持续调整之后,目前A股市场已经处于估值的阶段性合理区域,A股市场的基础也依然稳固——至少在08年9月份限售股另一个减持高峰来临以前,我们认为市场中短期仍存在较大的活跃机会。但如果限售股减持压力得不到有效的缓解,市场阶段反弹后的进一步表现依然难以乐观。 After experiencing continuous adjustment, the current A-share market is already in a stage-wise area of ​​valuation and the underlying A-share market remains solid - at least until another peak of the sell-off in September 2008 is approaching, we think the market Short-term there is still a larger active opportunity. However, if the restrictions on the reduction of shareholdings are not effectively alleviated, the further performance of the market rebound after the stage remains hard to be optimistic.