抛弃幻想,面对现实(国外英文资料).docVIP

抛弃幻想,面对现实 Good afternoon everyone: The title of my speech is abandon fantasy and face reality. Choose this topic is mainly because the market index did well in the first three months, investors may produce some unrealistic ideas, including the bottom for economic growth, policy more fantasy expected adjustment, etc. I think the actual situation may be far from the imagination of the market, with the illusion of a rising process. Im here to tell you what the actual situation is, regardless of what investors have imagined. In general, there are several things: What are the markets and the things we are all concerned about? At the end of last year, we were relatively bullish on the market. At that time, we were expecting a bounce in the market, and now what is the situation? 3, the comparison between market expectations and reality before the improvement of earnings. The impact of institutional reform. Our conclusions and the view of industry configuration. (1) what we need to focus on at any point in time: 1) corporate earnings. Market interest rate (no risk return). Risk appetite. Many investors are talking about the stock market of the time like to tie the macro economy and the stock market, (a) because some people bullish on Chinas economic growth, for example, so in the stock market has been bullish on China. This view is not correct, when they were on the way to the investment will meet barriers, actually economy and the stock market is the existence of relationship, just dont know what is the relationship between them. In simple terms the key factors of stock price is not in the economic growth in this article, economic growth is through the effect on earnings and stock prices play a role, so the key factors of stock price is the enterprise profit ability. If economic growth is consistent with corporate earnings, a rise in economic growth will drive profits and drive up prices. If theres no relationship between the two, thats irrelevant. So economic growth is n