随着上证指数在上周四轻松跃过5000点,中国股市正在宣告一个新的时代已经来临。在两年之前,中国股市在国际资本市场上的地位不值一提。两年后的今天,一系列指标凸现出中国股市的重要性日益增强,正成为全球股市重要的组成部分。在诸多研究机构年初的策略报告之中,即使是最乐观的预测,恐怕也难以想象在不到3个季度的时间里,A股能够达到今日之辉煌。虽然我们认为中国股市的发展很大程度上受益于强劲的实体经济增长,但同时,我们也在不停的反思当今A股大幅上涨背后存在的非理性成分。在市场乐观预期之时,我们再次重申对一些基本问题的看法。 As the SSE index easily jumped 5,000 points last Thursday, the Chinese stock market is declaring a new era has arrived. Two years ago, China’s stock market was not worth mentioning in the international capital market. Two years later, a series of indicators highlight the growing importance of the Chinese stock market and are now becoming an important part of the global stock market. Even among the most optimistic forecasts in the strategy reports of many research institutes at the beginning of this year, I am afraid it is hard to imagine that A-share can achieve today’s glory in less than 3 quarters. Although we think the development of China’s stock market benefits largely from the strong real economic growth, we are also constantly thinking about the irrational elements behind the sharp rise in A-shares today. While market optimism is expected, we reiterate our views on some basic issues.