本报记者 杨博

Our correspondent YangBo

　　美银美林17日发布的月度基金经理调查显示，7月份投资者信心水平进一步下滑，特别是对未来企业盈利增长的预期出现大幅下降。当月美银美林增长预期综合指数从6月的43下滑至37。

Bank of America merrill lynch published 17 monthly fund managers survey，In July, investor confidence level from falling further，Especially for future earnings growth expected appear to drop considerably。Bank of America merrill lynch growth expectations that month from June's composite index fell to 43 37。

　　调查显示，7月份预计未来12个月企业盈利水平将出现恶化的投资者净占比为38%，较6月份19%的水平上升。认为企业盈利有望增长10%或以上的投资者净占比创下2009年4月以来最低水平，预计企业利润增长低于10%的投资者净占比达到69%。同时，有58%的投资者认为未来12个月企业毛利率将下滑，6月份时这一比例为41%。

survey，The expected future in July 12 months enterprise profit will be worse than the net for 38% of investors，A level of 19% rise in June。Think the enterprise profit is expected to rise a robust 10% or more investors accounted for a net than in April 2009, the lowest level since，Enterprise profit growth is expected to less than 10% of the net investors reached 69%。At the same time，58% of investors think the next 12 months enterprise profit margins decline，June compared to 41%。

　　7月份投资者对经济前景的预期和风险偏好较此前两个月趋稳。净占比13%的投资者预计未来一年全球经济将走低，较6月份的水平下降2个百分点。此外由于投资者削减现金持仓比例至5%以下，美银美林风险和流动性综合指标在7月份出现环比小幅增长。当月更多投资者预计将有进一步量化宽松措施出台。

In July, the economic outlook is expected of investors and risk preference is in the previous 2 months stabilised。Accounting for 13% of the net than investors expected next year to the global economy will slide，A June levels dropped 2%。In addition because investors cut cash position proportion to less than 5%，Bank of America merrill lynch risk and liquidity comprehensive index in July in a small increase in November。That month more investors is expected to have further quantitative loose measures introduced。

　　针对最新调查结果，美银美林全球研究部门欧洲股票策略主管加里·贝克尔表示，这一调查显示在近两个月经济前景下滑后，企业利润预期也随之下降，“股市反弹没能扭转投资者的悲观情绪，目前仍有近四分之一的投资者预计全球经济将出现衰退”。

According to the latest survey results，Bank of America merrill lynch global research department European stock strategy director Gary becker said，The investigation shows that in the last two months after economic prospects decline，Profit expectations also fall subsequently，“The stock market rally failed to reverse the investor pessimism，At present there are still nearly a quarter of investors expect the global economic recession”。