中国的资本市场具有高波动性。虽然中国沪深股市的市值规模已经不小了,但是中国资本市场依旧属于新兴市场,高换手率、机构持股占比低、趋势投资盛行等,每年主导市场超额收益的来源均有很大的不同。从2006年到2009年的上半年,基本上是β系数(衡量股票收益相对于业绩评价基准收益的总体波动性的相对指标)主导的市场。这3年半时间内,最需要把握的就是市场本身的趋势,特别是对于周期类资产的取舍。从2009年下半年一直到2010年,最重要的投资机会全面转向了稳定类资产。2010年全年,有5个行 China’s capital market is highly volatile. Although the market value of China’s Shanghai and Shenzhen stock exchanges is not small, the capital markets in China are still emerging markets, with high turnover rates, low shareholdings in institutions and prevailing trends and investments. Each year, the sources of excess returns in leading markets are large s difference. From 2006 to the first half of 2009, there was essentially a predominance of beta coefficients (a measure of the relative volatility of stock returns relative to the benchmark earnings of performance measures). In these three and a half years, the most important thing to grasp is the trend of the market itself, especially the choice of cyclical assets. From the second half of 2009 through 2010, the most important investment opportunities have shifted completely to stable assets. 2010 year, there are five lines