田渭东 TianWeiDong

　　开源证券有限责任公司研究所所长 Open source securities company limited research institute

　　政策面强调稳增长后，市场人气有所缓和，沪指短期平衡格局正在形成，但未走出中期下降通道，投资者仍需谨慎。市场结构性机会集中在中报超预期增长、大消费、政策利好驱动等三条主线中。上半年基础设施投资增速同比增长4.4%，比一季度明显好转。预计二季度可能成为年内上市公司利润增速的低点。

Policy emphasis on stability after growth，Market popularity has eased，HuZhi short-term balance structure is formed，But not the middle passage out of decline，Investors still need to be cautious。Market opportunity to focus on structural center daily news than expected growth、Big spending、Policy interest good drivers, three main line。Infrastructure investment growth in the first half year-on-year growth of 4.4%，In the first quarter than improved obviously。In the second quarter is expected to become listed companies may be years of low profit growth。

向松祚 Elementary to loose

　　中国农业银行(601288,股吧)首席经济学家 Agricultural bank of China(601288,Shares it)Chief economist

　　中国经济转型的关键之一，就是要改变过度依赖房地产的经济模式。要摆脱土地财政，个人财富要降低对房子财富的依赖，公司要摆脱炒地皮、囤地皮、肆意赚取房地产暴利的怪圈。

China's economic transformation of the one of the key，Is to change the excessive dependence on real estate economic model。To get rid of the land finance，Personal wealth to reduce dependence on wealth to the house，The company to get rid of land speculation、Store land、To earn real estate profiteering of the vicious circle。