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2003年的证券市场将呈现双向扩容态势,一方面,市场机构投资者力量进一步增强:另一方面,股票一级市场将继续保持适度扩容。同时,随着加入WTO影响的深入,证券市场开放将进入实质阶段,证券市场金融创新也有望取得局部突破。而市场一些敏感问题,如非流通股流通问题、B股市场的定位问题、创业板市场的推出问题等,2003年取得突破性进展的可能性不大。对二级市场而言,A股市场的波动幅度可能加大,市场热点也有望趋于集中,投资理念将逐步转变,新的盈利模式将初现雏形。
In 2003, the securities market will show a two-way expansion trend. On the one hand, the market institutional investors will further enhance their power. On the other hand, the primary stock market will continue to maintain a moderate expansion. At the same time, with the deepening of the accession to the WTO, the opening of the securities market will enter a substantive stage and the financial innovation in the securities market is also expected to make a partial breakthrough. However, some sensitive issues in the market, such as the circulation of non-tradable shares, the positioning of the B-share market and the launch of the GEM market, are unlikely to make any breakthrough in 2003. For the secondary market, A-share market volatility may increase, the market is also expected to focus on hot spots, investment philosophy will gradually change, the new profit model will begin to take shape.