您现在的位置是:主页 > 澳门威尼斯平台app > 改革增添想象空间外资加速布局中国市场

改革增添想象空间外资加速布局中国市场
2020-01-07 13:30   来源:  www.miss9.cn   评论:0 点击:

改革增添想象空间外资加速布局中国市场中国经济总量从不到4000亿元增长至接近100万亿元,人均GDP从156美元

  中国经济总量从不到4000亿元增长至接近100万亿元,人均GDP从156美元增至有望超过1万美元,改革充当了关键因子。2019年,在经济持续调整的形势下,A股市场走出超预期行情,进一步展现出改革开放的能量。研究机构认为,经济结构转型与资本市场改革开放仍将为2020年A股提供重要机遇。

China's economy has grown from less than 400 billion yuan to nearly 100 trillion yuan, and its per capita GDP has risen from 156 US dollars to more than 10,000 US dollars. In 2019, in the situation of sustained economic adjustment, the A-share market out of the market beyond expectations, further show the energy of reform and opening up. Research institutions believe that economic restructuring and capital market reform and opening up will still provide an important opportunity for A-share in 2020.

  回顾2019年,内外复杂形势下的A股市场走势让人喜出望外;展望2020年,经济增速换挡期延续似乎也挡不住机构对行情更上一层楼的期盼。中信证券称,A股在经历了2019年的估值修复后,在2020年将迎来两至三年的“小康牛”。光大证券亦提出新牛市的观点,认为A股有望打破制约,开启过去十年未现的长牛期。

Looking back on 2019, the A-share market in the complex situation inside and outside the market is overjoyed, and looking ahead to 2020, the continuation of the economic growth period seems to be unable to stop the agency's hopes for a better market. CITIC Securities said A-shares would have a \"Kokang Bull\" for two to three years in 2020 after a 2019 valuation fix. Everbright Securities has also proposed a new bull market, arguing that A-shares are expected to break through the constraints and start a long period that hasn't appeared in the past decade.

  海通证券则称,牛市已经在路上。“2019年1月4日上证指数2440点是第六轮牛市的起点,新一轮牛市开始了。”海通证券提出,牛市有三个阶段,盈利和估值戴维斯双击的第二阶段即主升浪已蓄势待发,动力一是企业盈利进入回升周期,二是资产配置转向股市。

Haitong Securities said the bull market was already on the way. \"On January 4,2019, the Shanghai Stock Exchange index of 2440 points was the starting point for the sixth bull market, and a new bull market began.\" Haitong securities, the bull market has three stages, earnings and valuation davis double-click the second stage, that is, the main wave has been ready to go, the driving force is that corporate profits into the recovery cycle, the second is asset allocation to the stock market.

  对于2020年行情空间,中金公司预计沪深300指数前向市盈率将修复至10倍左右;华泰证券预计沪深300估值提升空间在10%以上;太平洋证券认为上证指数将逼近3600点;联讯证券则预计上证指数有望挑战3700点区域。

For 2020, CICC expects the Shanghai-Shenzhen 300 index to be trading at around 10 times the price-to-earnings ratio; Huatai Securities expects the Shanghai-Shenzhen 300 to be trading at more than 10 per cent; Pacific Securities expects the Shanghai index to be close to 3,600; and Unicom expects the Shanghai index to challenge the 3700-point region.

  各家逻辑不同,空间和节奏判断亦有别,但对趋势的预判却相当一致。虽处隆冬,机构报告字里行间透露出对春的企盼。

Different logic, space and rhythm are different, but the trend of the prediction is quite consistent. Despite the winter, the agency's hopes for spring were revealed between the lines of its report.

  对中国经济而言,2019年是名副其实的调整年,这既是过去十年经济增长换挡降速趋势的延续,又叠加了外部诸多风险因素的扰动,2019年第三季度GDP增速放缓至6%,为30年来最低。就在这样一个形势下,2019年A股市场却走出几波行情,在全球范围内表现出众。

For China's economy,2019 is a veritable year of adjustment, both a continuation of the shift in economic growth over the past decade and a combination of disturbances from many external risk factors, with GDP growth slowing to 6% in the third quarter of 2019, the lowest in 30 years. In such a situation, the 2019 A-share market out of a few waves of market performance in the world outstanding.

  究其原因,有机构认为,一是各方对经济下行的看法趋于理性,对经济出现失速下行的担忧明显减轻;二是国际国内挑战增多,促使各方面政策加大了逆周期调节力度;三是经济压力化为迎难而上的动力,在宏观托底政策发力的同时,促使经济金融改革在多个方面取得重要进展。

Some organizations believe that, first, the perception of the economic downturn tends to be rational, and the fear of a stall downturn in the economy is apparently reduced; second, the increasing number of international and domestic challenges has led to greater counter-cyclical adjustment of various policies; and third, the economic pressure has been turned into a driving force to meet the difficulties, and at the same time, the economic and financial reform has made important progress in many aspects.

  宏观政策也适时加大逆周期调节力度,财政、货币、产业、就业等政策协同配合,及时有力地稳定市场预期,并奠定了权益资产估值修复相对适宜的流动性环境。

Macro-policy has also strengthened the adjustment of reverse cycle in time, cooperatively with policies such as finance, currency, industry and employment to timely and effectively stabilize market expectations, and laid a relatively suitable liquidity environment for the valuation and restoration of equity assets.

  内外部压力已转化为深化改革、扩大开放的动力。在金融领域,突出表现为两点:一是资本市场深化改革大幅提速;二是金融市场对外开放步伐明显加快。

Internal and external pressure has been transformed into a driving force for deepening reform and opening wider to the outside world. In the field of finance, there are two outstanding points: first, the deepening of capital market reform has been greatly accelerated; and second, the pace of opening up to the outside world has been significantly accelerated.

  “政策发力逆周期调节与金融深化改革开放,让人看到了做多A股的理由。”分析人士认为,这可能是2019年A股市场走出超预期行情的关键所在。顺着这一思路,逆周期调节带来了经济企稳、盈利复苏的希望,深化改革则提供了机制保障和动力支持,进一步增添了2020年行情想象空间。

\"policy efforts countercyclical regulation and financial deepening reform and opening up, people see the reasons for more A-shares. Analysts say this could be the key to moving the A-share market out of excess expectations in 2019. Following this line of thought, counter-cyclical adjustment brings the hope of economic stabilization and profit recovery, while deepening reform provides mechanism guarantee and power support, which further increases the imagination space of 2020 market.

  过去四十余年来,中国经济总量从不到4000亿元增长至接近100万亿元;居民生活水平不断提高;营商环境持续改善;外汇储备得到极大充实;资本市场发展壮大。这一切,在相当程度上受益于改革开放。

Over the past four decades or so, China's economy has grown from less than 400 billion yuan to nearly 100 trillion yuan; the living standards of its residents have been continuously improved; the business environment has continued to improve; foreign exchange reserves have been greatly enriched; and the capital market has grown. All this has benefited to a considerable extent from reform and opening up.

  值得一提的是,受益于持续深化改革开放,境外投资者对中国资本市场的关注程度不断提高。据央行统计,截至2019年9月,外资持有中国股市和债市的市值分别为万亿元和万亿元,占中国股市和债市市值的比重分别为%和%,这一比重看似并不大。但从增量来看,2019年前9月,外资持有中国股市的市值增加了6170亿元,增幅高达54%,持有中国债市的市值增加了4720亿元,增幅高达28%。

It is worth mentioning that foreign investors are paying more attention to China's capital market because of the sustained deepening of reform and opening up. According to the central bank, as of September 2019, the market value of foreign ownership of China's stock market and bond market was trillion yuan and trillion yuan respectively, accounting for% and% of the market value of China's stock market and bond market respectively, a proportion of which does not appear to be large. But in terms of increments, the market value of foreign holdings in the Chinese stock market rose by 617 billion yuan, or as much as 54 percent, in the first September of 2019, and the market value of holdings in the Chinese bond market increased by 472 billion yuan, or as much as 28 percent.

  “本轮调控更多使用了改革和开放的手段,而不是重走刺激老路,这带来了更加长远的希望。”海通证券近期一份海外路演报告称,外资已经明显感受到中国市场开放的加快,一些国际大型基金公司表示,已经或者正准备进入中国市场,投资中国是他们未来最重要的战略之一。

“This round of regulation uses more means of reform and opening up rather than a return to the old road of stimulus, which offers more long-term hope." A recent overseas roadshow report by haitong securities said foreign investors had clearly felt an acceleration in china's market opening up, with some big international fund companies saying they were or were preparing to enter the chinese market and that investing in china was one of their most important strategies for the future.


相关热词搜索:

上一篇:持之以恒纠治四风——全面从严治党纵深发展之作风篇
下一篇:没有了

分享到: