证监会回应市场连跌：理性看待市场下跌　坚信股市广阔前景  Securities regulatory commission response to market shut down：A rational view market decline believe that the stock market and broad prospects 

 

    新华社北京７月３１日电（记者赵晓辉、陶俊洁）近期，中国股市连连下跌，上证综指３１日再次创下三年多来的收盘新低。对此，中国证监会有关部门负责人表示，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，以免造成巨额损失。

    Beijing, July 31 dec（Reporter ZhaoXiaoHui、TaoJunJie）recent，China's stock market fall repeatedly，The Shanghai composite index 31 hit another three years of closed at the low。this，The China securities regulatory commission in charge of relevant departments said，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 huge losses。

    Ａ股市场存在恐慌性下跌     A share market panic down there

    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，但是自６月份以来，上证综指下跌１１．３％，深证成指下跌１２．０６％，成为全球市场的另类。

    Securities regulatory commission to provide the data show，In the first half of this year，A shares led the world market trends，But since since June，The Shanghai composite index dropped by 11.3%，ShenZheng ChengZhi fell 12.06%，Become a global market alternative。

    同期，全球主要股指大都保持上涨态势，其中美国道琼斯工业指数和标普５００指数涨幅分别高达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％。

    Over the same period，The major indexes are mostly keep rising global trend，One of the American the dow Jones industrial average and s&p 500 index rose as high as 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%。

    “即便是在欧债危机的中心，市场反应都没有Ａ股这样强烈。”证监会有关部门负责人说。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％。

    “Even in the debt crisis of the center，Market reaction are not A shares so strong。”Securities regulatory commission in charge of relevant departments said。Data shows，The French Paris and Frankfurt, Germany CAC40 index DAX index since June or reached 10.07% and 8.14%, respectively。

    该负责人说，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 official said，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

    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。当股价高高在上时，上市公司的分红没有多少意义，因为分红与股价相比，往往１％都不到，因此投资者往往更在乎股价的波动。而在股价变得非常便宜时，分红的作用就变得重要。

    The dividend yield dividends and the ratio between the stock price，Judgment is whether a stock is an important index of the investment value。When the share price is high，The listed company of share out bonus of not much meaning，Because dividends and share price compared，Often less than 1%，So investors tend to be more care about the volatility of the stock price。And in stock prices become very cheap，The role of share out bonus becomes important。

    “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。”证监会有关部门负责人说。

    “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。”Securities regulatory commission in charge of relevant departments said。

    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％，再提高到２０１１年的１．８２％；而三年间，沪深３００的股息率更是从１．２９％上涨到了２．３４％。同期，标普５００的股息率则从２．１１％降至１．８７％，又升至２．１２％。

    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，Go up to 1.82% in 2011；And three years，Csi 300 dividend rate is rising from 1.29% to 2.34%。Over the same period，The s&p 500 dividend rate dropped to 2.11% from 1.87%，And rose to 2.12%。

    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。证监会提供的数据显示，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％。

    Only see according to share out bonus，The A share market some blue-chip companies can be expected returns have higher than regular deposits。Securities regulatory commission to provide the data show，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。

    市场对退市制度反应过度     The market to retreat city system overreacts

    近期，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。

    recent，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，证监会有关部门负责人说，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，Securities regulatory commission in charge of relevant departments said，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。

    据介绍，ＳＴ股占上证综指的权重只有１．４％，即便是全线跌停也只能影响上证综指０．９２６个点，而ＳＴ股对深证成指的影响也只有０．６个点。

    According to introducing，ST shares the weight of the Shanghai composite index accounts for only 1.4%，Even drop stop also can affect all the Shanghai composite index 0.926 points，And ST ShenZheng ChengZhi to the influence of only 0.6 points。

    坚信股市前景勿盲目跟风杀跌     Believe that the stock market prospects don't blindly follow suit winners

    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，以免造成巨额损失。

    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，So as to avoid the huge losses。

    这位负责人说，现在市净率、市盈率如此低，证监会鼓励现金条件许可的上市公司回购自己的股票。

    In the，Now the city net rate、P/e ratio is so low，Securities regulatory commission encourages cash conditions permit of the listed companies buy back its own shares。

    该负责人还表示，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。

    The official also said，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。

证监会投资者保护局正探讨长期资金入市税收减免 Securities investor protection agency are exploring long-term capital listed tax breaks

    中国证监会投资者保护局近日发布的《近期投资者关注热点50问》透露，目前，证监会正在与有关部门探讨养老金等长期资金入市税收减免等方面的措施。关于引入银行理财产品方面，相关部门正在研究，关键在于充分揭示风险，并让投资者自行选择判断。 >>>详细阅读

    The China securities regulatory commission investor protection bureau released recently《Investors focused on recent hot 50 asked》revealed，At present，Securities regulatory commission is discussed with the relevant departments such as pension long-term capital city tax breaks and measures。Bank financing products introduced about，Relevant departments are studied，The key is to fully reveals risk，And let investors choose judgment。 > > > detailed reading

郭树清赴渝与地方政府、投资者和上市公司座谈 In chongqing and local government guo、Investors and listed companies discussion

    7月5日至6日，中国证监会主席郭树清一行到重庆调研。在紧凑而高效的日程中，调研组深入了解重庆市清理整顿各类交易场所工作进展情况，听取各方对建设区域性资本市场的意见建议，走访证券公司营业部并与部分个人和机构投资者代表面对面交流，还邀请部分上市公司座谈，认真听取重庆的投资者和上市公司对证券市场改革发展的意见和建议。 7月5日下午，在渝州宾馆召开的座谈会上，重庆市市长黄奇帆与市政府相关部门负责同志向郭树清一行介绍了重庆市资本市场发展与清理整顿交易场所的情况。重庆市前期认真扎实地推进清理整顿交易场所工作，目前已基本完成整改工作，将尽快申请部际联席会议验收。郭树清对重庆市的相关工作予以肯定，并再次重申，国务院去年发出的38号文件，重点是清理停止类股票、类期货交易，防止非法的和违规的金融活动酿成地区性系统性风险，同时使那些符合实体经济需要的商品、要素流通转让活动得到健康顺畅的发展。在建设区域性市场问题上，地方的规范力度有多大，证监会的支持力度就有多大。中小企业股份转让系统（“新三板”）筹备组组长杨晓嘉表示，建设区域性市场是多层次资本市场的重要组成部分，证监会支持地方的探索和努力，将在吸收各方意见基础上尽快落实细化全国性市场与区域性市场的对接机制。 >>>详细阅读

    July 5 to 6 days，The China securities regulatory commission chairman guo a line to chongqing research。In the compact and efficient agenda，Research group of in-depth understanding of chongqing rectification work progress of all kinds of trading places，Listen to the construction of the regional capital market opinion suggestion，Visit a securities company sales and and a part of individual and institutional investors representative face-to-face，Also invited discussion of the listed company，Listens to the chongqing investors and listed companies in the securities market reform and development opinions and Suggestions。 July 5, afternoon，In YuZhou hotel at the symposium，Chongqing municipal government and related departments HuangJiFan mayor comrade guo a line to responsible for introduced capital market development in chongqing and rectification of trading places。The chongqing seriously of solid rectification work trading places，At present already basic finish the improvement work，Will apply for the joint meeting as soon as possible BuJi acceptance。Guo in chongqing related work be sure，And reiterated its，The state council issued last year 38 files，Key is clear to stop such stocks、Kind of futures trading，To prevent illegal and illegal financial activities into regional systemic risk，At the same time so that those who comply with the entity economy needs the goods、Factors to flow transfer activity get health smooth development。In the construction of the regional market，How big is the standard of local efforts，Support to the CSRC be big。Small and medium-sized enterprise share transfer system（“New SanBan”）The group leader/issue YangXiaoJia said，Construction regional market is mutiple level an important part of capital market，CSRC support local exploration and hard work，The parties will absorb ideas based upon implement national market as soon as possible and refined regional market the docking mechanism。 > > > detailed reading