恐慌时机“捡”好股 Panic time"Pick up"A good share

　　最赚钱的股票，是在股市恐慌时捡到的。

The most profitable stock,In the stock market is panicking pick up.

　　周刊579期《QFII急速前进，A股开启抄底之旅？》一文用了“急速”二字，描述了近期股市在破位下跌时，QFII急吼吼入市的情形。但为什么国内许多机构投资者以及散户都没看到这样的机会，我觉得关键还是投资理念问题。

Weekly 579 period[QFII lance,A share open copy the bottom trip?]Are used"rapidly"Two words,Describes the recent stock market in the position falls,QFII urgent roar entering the market situation.But why many domestic institutional investors and retail haven't seen such a chance,I think the key or investment philosophy problem.

　　QFII注重的是长期投资理念，逢低买入，逢高出货。虽然中国经济目前处于下滑，但他们看好的是中国经济的长远发展。相反，我们许多分析家、投资者都是短期投资者，仅看眼前利益。由此，对眼下的经济下滑过于担心。

QFII attention is long-term investment philosophy,Bargain buy,Higher than the goods.Although China's economy is in a downturn,But they value is China's economic long-term development.instead,We many analysts/Investors are short-term investors,Only see immediate interests.this,To the economic downturn to worry too much about.

　　所以笔者认为，对散户来说，如果是空仓，可以在下跌时，对一些有价值、有发展潜力的股票采取倒金字塔的方法，逐步吸纳。因为最赚钱的股票，一定是在股市恐慌性下跌时捡到的。

So the author thinks that,For retail,If it is empty bin,Can be in fall,For some valuable/Have the potential for the development of stock take inverted pyramid method,Gradually absorb.Because the most profitable stock,Must be in the stock market panic falls to pick up.

　　上海 汪奇

Shanghai WangJi

　　现房销售可循序渐进 A house sales can step by step

　　房地产调控至今，经历了一系列的“预调微调”。近日，山东省副省长在房地产市场调控工作会上表示，将选择有条件的开发项目进行商品房现房销售试点。该措施的颁布预示着调控向纵深发展(000001,股吧)迈出了重要的一步。

Real estate regulation so far,Experienced a series of"Preset trimming".recently,Shandong province deputy governor in the real estate market regulation work conference that,Will choose the conditional development projects of commodity house sales pilot.The measures of adumbrative regulation issued by the further development(000001,guba)Made an important step.

　　取消预售制度的呼声由来已久，此次试点如果成效显著，相信定会为向全国推行增加筹码。届时购房者在购房时能得到更多的利益保障，降低购房的资金和质量风险；开发商也能避免楼盘降价遭致老业主不满，从而引发过激行为的尴尬。显然，现房销售制度能推动房地产业良性发展。

Cancel pre-sale system has the voice,If the pilot is effective,Believe that will increase to the national implementation of the chip.When the person that buy a house in when buying can get more interests security,Reduce the capital and quality risk;Developers can also avoid the estate price cut by the old owner dissatisfaction,Causing the embarrassment of aggressive behavior.obviously,A house sales system, can promote the benign development of the real estate industry.

　　尽管制度的出发点良好，但由于触碰到了企业和政府的利益神经，只要房企依然面临资金链困局，政府仍旧无法摆脱土地财政，那么推行必然会遭到双方的强烈抵制和消极执行，最后变得不了了之。既然强硬的执行会遭到各方排斥，或许循序渐进较为合理，首先通过政策监管预售商品住房项目，严格规定交房期限，引入第三方监管预售资金；逐步缩短预售期限，引导市场从预售向现房销售过度，充分给予市场时间来消化政策制度、转变销售模式。相信到时措施出台的阻力相应会变得小很多。

Although the starting point of the system is good,But due to touch the enterprise and government interests nerve,As long as the room enterprises still face capital chain predicament,The government still can't get rid of land finance,So carrying out by both sides will strongly resist and negative execution,Finally become nothing.Since the implementation of hard by the parties rejection,Maybe step by step is more reasonable,First of all through the policy regulation pre-sale commercial housing project,Strict rules make a room period,The third party supervision pre-sale funds;Gradually shorten the pre-sale period,Guide the market to open to booking a house sales from excessive,Fully gives the market time to digest policy system/Change sales model.Believe that when the resistance of the corresponding measures will become much smaller.

　　杭州 孟珏

Hangzhou MengJue

　　“以房养老”应该推行 "Enjoy life with the building"Should implement

　　上海试点“以房养老”似乎遇到了不小的阻力，已悄然停止。不过考虑到目前所面临的养老金短缺困局，“以房养老”不失为是一种积极有效的补充方式，所以笔者认为这种方式还是有存在的理由。

Shanghai pilot"Enjoy life with the building"Seems to be met a lot of resistance,Has quietly stop.But considering the current facing the shortage of this pension,"Enjoy life with the building"Can yet be regarded as is a positive and effective supplementary way,So the author thinks that this way or have reason to exist.

　　目前，关于中国的养老问题因养老财政的巨大缺口而备受关注。不管是已经步入老年，或者即将步入老年时期的民众，都不得不面对这样一个现实：公共财政已经无力应付所有养老问题。由此看来，在未来养老还得靠自己。

At present,About China's pension problem for pension financial gap and get attention fully.Whether has become old,Or will enter old age people,Have to face such a reality:Public finance has been able to deal with all endowment problem.So it,In the future pension still have to rely on their own.

　　那么如何靠自己？方法有不少，比如加强积蓄，或者通过投资等。“以房养老”更是一种可行的方式。与金融机构合作，采用“倒按揭”模式，来获取养老资金。当然，这种养老方式目前还面临着诸多问题，诸如如何与我国国情相适应，以及金融机构如何适应这种角色等。

So how to rely on their own?There are many methods,Such as strengthening savings,Or through investment, etc."Enjoy life with the building"Is a feasible way.Cooperation with financial institutions,the"Reverse mortgage"mode,For pension funds.Of course,This endowment way is still faced with many problems,Such as how to adapt to the situation of our country,Financial institutions and how to adapt to this kind of role, etc..

　　但我们目前要做的就是，通过试点找到应对之策，为全面铺开做好准备。毕竟这也是解决国家养老财政缺口问题的一种补充途径。

But we now have to do is,Through the pilot find of policy measures,To spread to open completely ready.After all this is also solve the national pension financing gap of a supplementary way.

　　北京 王成立

Beijing WangChengLi