金融改革、经济转型、券商创新、市场变局，这几大主题词吸引逾700名投资者21日赶到上海浦东，参加由中国证券报主办、国信证券承办、华安基金联合承办的“梦想的力量·梦之蓝2012中证金牛会”首场活动。此次活动以“开启转型时代的投资新思维”为主题，是中国证券报成立20周年之际，为感恩回聩广大读者及投资者而举办的系列活动中的首场活动。

Financial reform/Economic transformation/Brokers innovation/Market change,This a few big subject attracted more than 700 investors 21 to Shanghai pudong,To participate in the stock certificate report by China/Securities held for/The HuaAn fund joint"The power of a dream · dream blue 2012 Taurus will be enhanced"First activities.The activities to"Open transformation era investment new thinking"As the theme,Is China's stock certificate report the 20th anniversary of the established,For Thanksgiving back folder readers and investors and held a series of activities of the first activities.

　　国信证券副总裁陈革博士向与会投资者指出，中国资本市场和金融格局现在都迎来一个变革的新时代，券商、基金、保险都在“放松管制、加强监管”指导思想下，推出许多创新具体举措。国信证券从2005年开始的“金色阳光”证券账户现已升格为“金色阳光”财富管理服务，这也是整个行业转型和变革的缩影，将引导投资者从原来盯住狭窄的股票二级市场推进到多层次资本市场。

Held securities vice President dr ChenGe to the investors pointed out,China's capital market and financial pattern are now usher in a new age of change,brokers/fund/Insurance in"deregulation/Strengthening the supervision of"Under the guiding ideology,Came out with many innovative measures.Securities held since 2005's"Golden sunlight"Securities account has been upgraded to"Golden sunlight"Wealth management service,This is also the industry transformation and the epitome of change,Will guide investors from the original gaze at narrow stock 2 class market to promote multi-level capital market.

　　中国证券报首席经济学家卫保川指出，从近期的一些宏观经济指标看，短期市场正在转好，经济增长需求端没有问题，库存水平可能降到近10年来中等偏低水平，经济底部正在逐渐形成。但从长期看，中国正在向低增长、低通胀和低利率时代过渡。在这种形势下，不能指望市场出现太大的牛市，需要在消费、医药、环保等板块寻觅结构性机会。

China's stock certificate report chief economist WeiBaoChuan pointed out,From the recent some macro economic indicators to see,Short-term market is turned for the better,Economic growth needs end no problem,Inventory level may be down to nearly 10 years medium low level,Economic bottom are gradually formed.But in the long run,China is to lower growth/Low inflation and interest rates low age.In this situation,Can't expect the market to appear too big bull market,Need in the consumer/medicine/Environmental protection plate for structural opportunity.

　　与会的中国社科院金融重点实验室主任刘煜辉和华安基金的基金经理牛勇分别就中国经济发展大趋势和明年股市投资整体策略作深入分析。

The Chinese academy of financial key laboratory LiuYuHui and HuaAn fund managers NiuYong respectively to China's economic development trends and the next year stock market investment overall strategy for further analysis.

　　刘煜辉认为，在经济资源发生错配后，需要一个自我出清的调整过程以走向新的均衡。

LiuYuHui think,In the economic resources occur after mismatch,Need a self clearing the adjustment process to a new equilibrium.

　　牛勇认为，券商股今年受益于政策创新比较明显，但从三季报看，业绩并未落实到实际层面。相比之下，寿险行业更值得看好，如果银行理财产品有比较明显收缩的话，寿险公司保费增长将会出现好转。此外，依然对白酒行业明年业绩增速和股价表现较为乐观。

NiuYong think,Brokers shares this year benefit from the policy innovation more apparent,But from three quarterly report to see,Performance did not carry out to the actual level.Compared with,Be more positive on life insurance industry,If bank financing products are more apparent shrinkage words,Life insurance premium growth will be better.In addition,Still on liquor industry performance next year growth and share price performance more optimistic.