本报讯 7月收官，今年中报披露上半场正式落幕。数据显示，两市共有237家上市公司在7月份完成中报披露，其中153家公司今年上半年的净利润获得增长，占比达到64.56%。不过从上市公司家数来看，8月份将有2200多家上市公司发布中报，数量将近是7月的10倍。

Report from our correspondent July receive an official，This year the first half ended officially reported for disclosure。Data shows，Two city 237 companies listed on the finish in July disclosure center daily news，Among them 153 companies in the first half of this year's net profit for growth，Reached 64.56%。But from the listed company number and see，August will more than 2200 companies listed on the center daily news release，The number is almost July 10 times。

　　“从已披露中报看，近三分之二公司上半年净利同比增长，这与今年经济下行压力加剧并不相称。众所周知，报告披露越晚，业绩可能越差，尤其是那些拖到最后一刻，且一改再改的公司。因此进入8月份之后，尤其是中下旬，上市公司的业绩风险将进入集中释放期，但对于指数和个股的影响可能略有差异。”东吴证券(601555,股吧)高级研究员戴欢欢对《大众证券报》记者表示。

“From already disclosed center daily news look，Nearly two-thirds in the first half year-on-year growth company net，This year's economic and downward pressure is not matched by。As is known to all，The later report，Results may be worse，Especially those who dragged to the last minute，And a change of the company and then change it。So in August after，Especially in the middle，Listed company's performance risk will release period into focus，But for index and the influence of individual stocks may vary slightly。”Soochow securities(601555,Shares it)DaiHuanHuan senior fellow for《Public stock certificate report》reporters。

　　戴欢欢认为，A股已经持续阴跌了3个月左右，其中一个原因就是业绩风险预期的提前兑现。按照历史规律来看，股市通常提前反应实体经济6个月左右，随着国内经济阶段性触底的趋势逐渐显现，待到上市公司业绩风险释放时，或许指数的表现倒并不会过于悲观。从上市公司方面来看，经济下滑制约其盈利，而部分行业短期内与经济同步触底可能性却又非常小，盈利下滑可能会有持续。尽管部分个股已表现出提前兑现业绩利空，但由于恐慌的心态，待到风险释放时，有可能让股价再度受挫。

DaiHuanHuan think，A shares has been cloudy fell three months or so，One of the reasons is expected to cash in advance performance risk。According to the historical rules and see，The stock market reaction entity economy ahead of usually six months or so，With domestic economic stage hit bottom trend appears gradually，Stay to the performance of listed companies risk released，Perhaps index performance not will be too pessimistic。From the perspective of listed companies，Economic downturn restricted its earnings，And some of the industry in the short term and economic synchronous hit bottom possibility the but again is very small，Earnings decline may have continued。Although part of the stocks has shown to bad performance in advance，But because of panic mentality，Stay to risk released，Had the potential to again share price was。

　　自5月以来，沪深300指数累计下跌已达8.62%，两市多达1660只个股的跌幅远高于此，其中*ST兴业、福建南纸(600163,股吧)已经“腰斩”，光电股份(600184,股吧)、比亚迪(002594,股吧)等16只个股跌幅超过40%，跌幅超过30%的个股更是多达120只。观察发现，这些大幅下跌的个股中，业绩已然成为了首要问题。Wind统计显示，有466只个股中报预告净利润增幅同比下滑超过30%，其中344只下滑超过50%，75只下滑翻倍，65只下滑超过200%。面对这样的业绩、这样的行情、这样的经济环境，或许谁也不能保证它们会随着指数的好转便简单实现超跌反弹。

5 months since，Csi 300 index has reached 8.62% cumulative fall，Two city as many as 1660 only stocks fall far higher than this，Among them the * * * * ST、South fujian paper(600163,Shares it)has“ks”，Photoelectric shares(600184,Shares it)、byd(002594,Shares it)16 only stocks dropped more than 40%，Dropped more than 30% stock is up to 120 only。Observed that，These stocks sharply lower，The primary problem has become a performance。Wind statistics show，466 net profit growth forecast reported only stocks fell more than 30% year-on-year，Only 344 of them fell more than 50%，75 fell only doubled，65 just fell more than 200%。In the face of such performance、Such an option、Such economic environment，Perhaps no one can guarantee they will with the improvement of the index and simple realization of a fall rebound。

　　国联证券策略分析师王杰对记者表示，日前国务院会议已经认可经济下滑加剧，宏观经济不景气造成市场整体表现不佳，随着“稳增长”系列政策的进一步落实，经济阶段性触底回升值得期待。不过从当前的二级市场看来，空方力量主要与业绩下滑超预期、前期强势股补跌、ST股退市相关，市场底需要等待这些信号的完结才可能得以确认。此外，从深成指、中小板指、创业板指来看，在底部区间上与沪指并不同步，差距约在5%左右。因此经济好转之后，二级市场的反馈可能会由权重支撑指数，而个股从分化走向趋同可能尚需时日，应当警惕赚指数不赚钱的效应。 记者 惠晨晨

The nl securities analysts wangjie strategy told reporters，The state council has approved by the economic downturn intensified，The macro economy overall market caused by poor performance，as“Steady growth”Series of further implement the policy，Economic stage a touch on the back up to look forward to。But from the second market opinion，Air force major party and performance than expected decline、For the strong shares fell、ST strands of retreat city related，The bottom of the market needs to wait for these signals end just may be confirmed。In addition，From shenzhen composition index、Small and medium-sized board refers to、Gem refers to come to see，At the bottom HuZhi interval and are not synchronous，About 5% gap。So after a better economy，The secondary market feedback may support index by weight，And from dividing stocks to convergence may still need more time，Should be alert to earn money not the effects of the index。 Reporter HuiChenChen