今年5月以来，中国股市连连下跌。7月份的最后几个交易日里，上证综指更是每天都在刷新三年多来的新低。针对当前市场运行状况，中国证监会有关部门负责人今天表示，股市下跌存在恐慌性因素，Ａ股股息率与发达国家相比已经不低，投资者不要盲目跟风，以免造成损失。

    Since may of this year，China's stock market fall repeatedly。In July the last few trading day，The Shanghai composite index is set every day in more than three years to the lowest。In view of the current market operation condition，The China securities regulatory commission in charge of relevant departments said today，The market fell panic factors exist，A share dividend rate compared with the developed countries have not low，Investors don't blindly follow suit，So as to avoid the loss。

    证监会提供的数据显示，今年上半年，A股市场走势领先全球。然而，6月份以来，在全球主要指数都在上涨的背景下，A股却出现较深幅调整，上证综指下跌11.3%，深证成指下跌12.06%。而在同期，美国道琼斯工业指数和标普500指数涨幅分别为5.48%和5.72%。与Ａ股市场关联度最高的香港市场表现更是强劲，恒生指数在过去两个月里上涨6.27%。即便是在欧债危机的中心，近期相关股市表现也非常强劲。数据显示，法国巴黎CAC40指数和德国法兰克福DAX指数自6月以来涨幅分别达到10.07%和8.14%。

    Securities regulatory commission to provide the data show，In the first half of this year，A shares led the world market trends。however，Since June，In the world's main index are rising in the background，A shares but there deep adjustment picture，The Shanghai composite index dropped by 11.3%，ShenZheng ChengZhi fell 12.06%。And in the same period，The dow Jones industrial average and s&p 500 index rose 5.48% and 5.72%, respectively。And A share market of the highest correlation of the Hong Kong market is robust performance，The hang seng index in the past two months rose 6.27%。Even in the debt crisis of the center，Recent stock market was also very strong related。Data shows，The French Paris and Frankfurt, Germany CAC40 index DAX index since June or reached 10.07% and 8.14%, respectively。

    这位负责人认为，虽然说股市下跌从一定程度上反映了宏观经济增速放缓和企业盈利预期下降的趋势，但有些反应过头，在悲观情绪的支配下，Ａ股市场存在恐慌性下跌。

    The officials think，Although the market fell in part reflects the macro economic slowdown in corporate profits and the trend is expected to decline，But some reaction too hard，In under the control of pessimism，A share market panic down there。

    Ａ股股息率与发达市场比并不低   A shares and the developed markets than dividend yield is low

    该负责人还以股息率指标来分析目前A股市场上的投资价值。近年来，我国股票市场的股息率不断提高，A股市场目前的股息率水平与发达国家市场差距并不大，一些蓝筹股的股息率甚至高于标普500。

    The official also to the dividend yield index to the analysis of the current a-share market, investment value。In recent years，In Chinese stock market continuously improve the dividend yield，The A share market at present dividend rate level and developed markets gap is not great，Some blue chip dividend rate even higher than the s&p 500。

    股息率是股息与股票价格之间的比率，是判断一只股票是否具有投资价值的重要指标。数据显示，近年来，A股上市公司的分红水平不断提高，股息率从2009年的1.04%到2010年的1.14%，2011年则提高到1.82%；而在这三年里，沪深300的股息率分别为1.29%、1.59%和2.34%。从2011年的情况看，标普500指数的股息率则为2.12%，已经低于同期沪深300指数的股息率。

    The dividend yield dividends and the ratio between the stock price，Judgment is whether a stock is an important index of the investment value。Data shows，In recent years，A shares of the listed company of share out bonus level increases，The dividend yield from 1.04% in 2009 to 1.14% in 2010，In 2011, increased from 1.82% to；And in the three years，Csi 300 dividend rates were 1.29%、1.59% and 2.34%。From 2011 showed，The s&p 500 index of the dividend yield is 2.12%，The same period is below the csi 300 index dividend rates。

    数据显示，中国石油、工商银行、中国银行、中国石化、光大银行、大秦铁路、长江电力等分红比例较高的公司股息率都超过3%。仅仅按照分红来看，Ａ股市场一些蓝筹公司的可预期收益就已经高于定期存款。

    Data shows，China's oil、Industry and commerce bank、The bank of China、China petrochemical、Everbright bank、Daqin railway、The Yangtze river power, the higher percentage of share out bonus of the company is more than 3% dividend yield。Only see according to share out bonus，The A share market some blue-chip companies can be expected returns have higher than regular deposits。

    市场对退市制度反应过度，投资者不要盲目跟风  The market to retreat city system overreacts，Investors don't blindly follow suit

    上周五，上交所公布退市制度相关实施意见的征求意见稿，引发本周ST板块的连续暴跌。与此同时，B股指数也从上周开始破位暴跌。随着沪深两市退市制度的公布以及上海证券交易所对ＳＴ股票限涨措施，ＳＴ股票大幅跌停，这一汹涌跌势也波及其他股票。

    Last Friday，Released ShangJiaoSuo retreat city system related implementing opinions of the drafts，Caused this week of continuous slump ST plate。At the same time，B shares index also began last week from a broken tumbled。Shenzhen city with two to withdraw from the market system and the release of the Shanghai stock exchange ST stock up measures to limit，ST stock drop stop sharply，This turbulent and spreading to other stock declines。

    对此，这位负责人说，退市制度是在包括投资者在内的市场各方呼吁下推出的，有利于市场长期健康发展，而且退市制度的实施有一个过程，也并不追溯既往，市场对其利空作用的反应有些过度。

    this，In the，Retreat city system is in the including investors, calling for the launch of the parties to the market，To market long-term health development，And retreat city implementation of the system is a process，Also not back before，Market for its bad effects of some excessive reaction。

    ST股占上证综指的权重只有0.91%，占深证综指的权重只有1.4%，即便是全线跌停，对上证综指的影响仅为0.926点，对深综指的影响也只有0.6个点。

    ST shares the weight of the Shanghai composite index accounts for only 0.91%，ShenZheng accounted for only 1.4% of the index weight，Even all drop stop，To the influence of the Shanghai composite index is only 0.926 points，The influence of the shenzhen composite index of only 0.6 points。

    证监会有关部门负责人说，股票市场有涨有跌，没有只涨不跌的市场，也没有只跌不涨的市场。面对市场的大涨大跌，投资者应该保持清醒的认识，不要盲目跟风。

    Securities regulatory commission in charge of relevant departments said，The stock market rise and fall，Not only a don't fall of the market，Not only does not go up and down the market。Facing the market surged to crash，Investors should keep a clear understanding，Don't blindly follow suit。

    此外，根据现在市净率、市盈率的水平，证监会鼓励现金条件许可的上市公司回购自己的股票。这位负责人说，各方应该共同努力树立投资者信心，这既有利于保护投资者自身利益，也有利于增强市场对经济发展的信心，要坚信中国股市长期发展的基本面没有改变，没有理由怀疑资本市场具有广阔发展前景。（记者 许志峰）  

    In addition，According to the net rate now、P/e ratio level，Securities regulatory commission encourages cash conditions permit of the listed companies buy back its own shares。In the，All parties should work hard together to set up the investor confidence，This is not only beneficial to protect investors' own interests，To enhance market confidence in the economy，To believe that the fundamentals of the long-term development of the Chinese stock market has not changed，No reason to doubt the capital market has broad prospects for development。（Reporter XuZhiFeng）