7月30日这一周，除8月1日市场反弹19.73点外，其余几日均处于下跌状态，“市场底”再次成谜。广东乾阳投资管理有限公司董事长何辉认为，9月有可能迎来底部，跌破2000点的可能性较大。好买数据显示，乾阳旗下的1期产品截至7月23日相对收益率为9.05%，在行业中表现突出。

July 30, this week，In addition to August 1, 19.73 the market rally point，Several others in the fall on state，“Market bottom”Again are a mystery。Guangdong dry Yang investment management Co., LTD HeHui think the chairman，September may have the bottom，Below 2000 points in probability。Good buy data shows，Yang its 1 phase dry products by July 23 relative return of 9.05%，Outstanding in the industry。

　　ST股洗牌有利于市场向理性回归 ST shares to shuffle market to rational return

　　上交所此次提出的新规不能不说是对ST股的一次重大考验，在各种看似苛刻的条件之下，市场的投机风险提高，垃圾股也将遭遇一次重新的洗牌，投机性行为也将会逐渐淡出，但是我觉得这有利于投资环境的净化，有利于市场向理性投资回归。我一直崇尚价值投资，而对于ST股的整治，有利于重塑价值投资理念，所以这次的意见稿我还是比较赞同的。

The proposed new rules ShangJiaoSuo can't say more about ST strands of a major test，The harsh conditions in all kinds of seemingly under，The increased risk of speculation in the market，Trash stock also will have a new shuffle，Speculative behavior also would gradually fade out，But I think this is helpful for the purification of the investment environment，To market to rational investment return。I've been advocating the value investment，And for ST strands of renovation，To reshape the value investment idea，So this is the draft I agree with。

　市场可能在9月见底，或跌破2000点 Market may be in September see bottom，Or below 2000 points

　　虽然上证指数已经连连创新低，但是我认为市场底部可能达到2000点左右，时点大概在9月份，而跌破2000点的可能性较大。

Although the Shanghai index has a low innovation，But I think that the market bottom may reach about 2000 points，Point about in September，And below 2000 points in probability。

　　而8月2日地产板块的大幅调整，我认为是对前期调查结果的误读。未来可能还会陆续出台一些政策，但不会明显放松，调控整体应该偏中性。综上，我认为房地产板块短期内存在较大压力，还有下调的可能性；将时间放长至半年来看，这一板块不会过于悲观，但也不乐观。

But on August 2, dramatic changes to the real estate sector，I think that is the investigation results of misunderstanding。The future may also be some policy comes on stage in succession，But not obvious to relax，Control whole should be partial neutral。in，I think the real estate sector in the short term there is greater pressure，And the possibility of cut；With long time to half a year to see，The plate will not too pessimistic，But also don't optimistic。

看好大消费 Bullish on big spending

　　投资者可在底部区域未雨绸缪，布局一些估值合理的个股。未来存在结构性机会，我比较看好大消费，因为这一行业在整体GDP中占比较低，还有较大的成长空间。再加上一些政策的扶持，这一行业不乏具有投资价值的公司。据悉，乾阳1期的仓位现在在五成左右，未来会逐步布局，增加仓位。

Investors in the bottom area for a rainy day，Some reasonable stock valuations layout。The future existence structural opportunity，I will prefer big consumption，Because the industry in the whole of GDP is low，And the growth of large space。Plus some policy support，The industry has investment value to there is no lack of the company。It is reported，1 phase dry Yang position now at about fifty percent，The future will gradually layout，Increase position。

　　（理财周报私募实验室研究员 翟乐/文）

（Financial weekly private laboratory researchers ZhaiLe/text）