董登新

DongDengXin

　　刺穿2000点或是反转开始

Piercing 2000 point or a reversal began

　　武汉科技大学金融证券研究所所长的董登新9月26日微博称，上证综指刺穿2000点或是反转的开始。

Wuhan university of science and technology financial securities head of the institute of DongDengXin September 26 micro bo said,The Shanghai composite index piercing 2000 points or the beginning of the reversal.

　　董登新说：“历史不会重演，但似曾相似。2005年6月6日，上证综指瞬间击穿1000点，盘中最低998点，当日收于千点之上。这就是当年反转的开始。目前，上证综指直抵2000点一线挣扎，这或许就是当年的‘千点转折’。我们期待‘十一国庆’长假后，能有像样的行情。当上证综指刺穿2000点的那一瞬，我们就该联想并思考一下2005年6月6日998点的含义。”

DongDengXin said:"History won't repeat itself,But once seemed to similar.June 6, 2005,The Shanghai composite index instantaneous breakdown 1000 points,Plate minimum 998 points,In that day the thousand point above.This is the beginning of the reversal.At present,The Shanghai composite index reaches 2000 points a line struggle,This is probably in those days‘Thousands turning point’.We are looking forward to‘11 National Day’Long vacation,Can have a decent quotation.When the Shanghai composite index piercing 2000 point that as soon as flickers,We should association and think about on June 6, 2005, the meaning of 998 points."

　　胡俞越

HuYu the

　　央行释放“谨慎宽松”信号

The central bank released"Cautious loose"signal

　　北京工商大学证券期货研究所所长胡俞越9月26日在微博上称，央行9月25日进行了共计2900亿逆回购，意味央行释放出谨慎宽松的信号，也使得市场节前降准的预期进一步推后。

Beijing university of commerce securities and futures institute director HuYu more on September 26, in micro bo said,The central bank on September 25, the total of 290 billion reverse repurchase,Means that the central bank releases cautious loose signal,Also make market preganglionic drop quasi expected further delay.

　　胡俞越说：“央行25日公告，当日进行了两期逆回购操作，分别为1000亿元14天期和1900亿元28天期品种。2900亿元的逆回购规模，创有史以来央行单日逆回购规模最高纪录。央行拉长操作期限，并明显加大逆回购力度。意味央行释放出谨慎宽松的信号，也使得市场节前降准的预期进一步推后。”

HuYu more say:"The central bank announced 25,,The two phase reverse repurchase operation,Is 100 billion yuan respectively 14 days period and 190 billion yuan 28 day period varieties.290 billion yuan of reverse repurchase scale,And the central bank single day reverse repurchase scale record.The central bank stretched operation period,And obviously increase reverse repurchase strength.Means that the central bank releases cautious loose signal,Also make market preganglionic drop quasi expected further delay."

　　朱平

ZhuPing

　　目前估值并不“很便宜”

At present valuation is not"Very cheap"

　　广发基金副总经理朱平近日表示，中国股市下跌到目前阶段，其实并不是很便宜，在投资者、投资文化上存在的一些问题拉低了上市公司的投资回报。他认为，这些问题解决的途径就是要让估值市场化，提倡公平严惩欺诈，推动上市公司分红和回购，投资者要有分辨能力给不同的公司不同的估价，这样股市的正回报才可能会越来越多。

Guangdong development fund deputy general manager ZhuPing said recently,China's stock market fell to the present stage,It's not cheap,Investors in/Investment culture exist some problems down the listed company's return on investment.He thinks,These problem solving way is to make market valuations,Advocate justice punished fraud,Promote the listed company dividends and repurchase,Investors should have resolution to different company different valuations,This is the stock market return ability may more and more.

　　据其他媒体报道，朱平认为，中国股市下跌到目前的阶段，从现在的点位上来看不是特别低。一方面，不管今年国内生产总值是多少，上市公司的业绩是下降的，所以今年股市下跌是完全正常的；另一方面，除去银行，中国股市的市盈率不算低，肯定是12倍、13倍以上，而中国的银行在指数中的比重比较高，他们的下跌拉低了整个中国股票的估值。

According to other media reported,ZhuPing think,China's stock market fell to the present stage,From now on the point to see is not particularly low.On the one hand,No matter how much is the gross domestic product this year,The performance of listed companies is down,So this year the market fell is perfectly normal;On the other hand,Remove the bank,China's stock market p/e ratio is not low,Affirmation is 12 times/13 times more,While China's Banks in the proportion of index is higher,They fall down the whole Chinese stock valuations.

　　“中国有大量并不了解上市公司的个人投资者，在客观上来看，降低了中国股市的回报。”朱平说。他还表示，中国上市公司分红回报少的重要原因是投资者给这些上市公司的压力太低了。朱平认为，投资者的权利，一是让那些业绩差的公司退市，二是要鼓励那些最好的公司，给不诚信的垃圾公司很低的估值，给好公司高估值，鼓励优秀公司去收购改造垃圾公司。“我们的投资者，一定要有这样的分辨能力，给不同的公司不同的估价，这样我们股市的正回报才可能会越来越多。"他说。

"China has a large number of listed companies do not understand the individual investors,Objectively to see,Reduce the Chinese stock market returns."ZhuPingShui.He also said,Chinese listed company dividends return less important reason for this is that investors for the listed company's pressure is too low.ZhuPing think,Investors' rights,One is to get the performance difference company delisted,The second is to encourage the best company,To the integrity of garbage company very low valuation,For the good company high valuations,Encourage excellent company to acquire transformation garbage company."Our investors,Must have such resolution,To different company different valuations,The stock market so that we can only positive returns will be more and more."He said.

　　吴国平

WuGuoPing

　　破2000点或迎来曙光

Break 2000 points, or have dawn

　　9月26日，上证综指盘中下探至1999.48点，为44个月来首次破2000点，截至收盘，沪指收于2004.17，跌1.24%。

On September 26,The Shanghai composite index plate test to 1999.48 points,For 44 months to break 2000 points for the first time,By the closing,Boomed in closed at 2004.17,Fell 1.24%.

　　据其他媒体报道，煜融投资吴国平认为此次盘中宣告跌破2000点，又是历史性的时刻，最低探至1999.48点，该破的也破了，接下来就拭目以待此处是否能演绎成为过去如1000点破位触及998点从而引发一波大行情的波动了。

According to other media reported,Yu RongTouZi WuGuoPing think the plate declared below 2000 points,Is the historic moment,Minimum ground to 1999.48 points,The broken also is broken,Then see if you can deduce here to become a thing of the past as 1000 unravel a touch 998 point causing a wave of big fluctuation of the market.

　　吴国平称，更需要关注的是，管理层是否会有一些实质动作展开，跌到此，难道还不能用阶段性崩盘来形容吗？或许跌穿2000点就是最终逼出管理层实质出台利好政策的时机，不管如何，跌到此位置，至少中长线战略性建仓的时机已到，惨不忍睹的时候就是要敢于坚持，敢于出手的时候。不管如何，此刻，就犹如过去跌破1000点触及998点类似，黎明之前或迎来曙光。（黄作金 整理）

WuGuoPing says,More concern is,Management will have some substantial action expansion,Fell to the,Don't still can't use periodic crash to describe?Perhaps fall in 2000 point is the final screw out the management on the timing of the essence of good policy,No matter how,Fell to the position,At least ZhongChangXian strategic it is time to open a position,When too horrible to look at is to dare to adhere to,Dare to release the shot.No matter how,At the moment,Just like the past below 1000 points, 998 points touch similar,Before the dawn or have dawn.(Yellow as gold finishing)