随着金融改革不断深化，各地金融创新成为资本市场追逐的焦点。从去年开始，金改概念从浙江蔓延至深圳、泉州等各个区域板块，引爆多轮市场行情。市场人士分析，政策松动预期、金融改革创新将持续左右市场走向，金改主题投资仍被看好。不过，在关注金改概念行情同时，需注意短期题材炒作风险。

With the deepening of financial reform,All financial innovation has become the focus of the capital market chase.Since last year,Gold change concept from zhejiang spread to shenzhen/Quanzhou, and other regional plate,Detonating several rounds of market.Market analysts,Policy loose expected/Financial innovation will continue to market around,Gold is still subject to investment value.but,Focusing on gold change concept market at the same time,Need to pay attention to the risk of short-term subject hype.

　　金改概念受宠 Gold change concept suffers bestow favor on

　　在去年市场总体偏弱的格局下，一系列区域金融改革创新政策先后获批成为一些地方板块逆势上涨的重要催化剂，不少金改概念股“风景这边独好”。从市场反映的情况看，每当区域重大的金改政策“落地”，A股相关股票就会出现井喷行情。

In the last year of the total market weak pattern,A series of regional financial innovation policy has been approved as some local plate contrarian rising important catalyst,A lot of gold stocks instead"You've got a great view".From the market reflects the case,When regional major gold change policy"landing",A share related stock will appear blowout quotation.

　　以温州金改为例，2012年4月央行行长周小川调研温州，宣布温州市正式启动金融综合改革试验区建设。受此消息刺激，浙江板块异军突起，一批涉及小额贷款的个股直奔涨停。经历一波市场调整之后，11月温州金改细则出炉，上述板块再度启动，引领温州金改概念股二次冲击大盘。金改概念股集体高涨行情同样反映在深圳前海、福建泉州等区域金改板块。

In wenzhou gold to patients,In April 2012, the central bank governor zhou xiaochuan research wenzhou,Announced officially launched wenzhou financial comprehensive reform pilot area construction.By this news stimulation,Zhejiang plate rise,A batch of stocks in small loans to harden.Seen a wave of market adjustments,November wenzhou gold a change rules,The plate start again,Wenzhou gold stocks leading to secondary impact plate.Gold stocks to collective rising prices also reflected in shenzhen sea before/Fujian quanzhou of regional gold to plate.

　　从前海金融改革方案看，人民币双向投资渠道建立、外资股权投资基金建立以及税收优惠政策，吸引诸多金融投资机构进入，盘活本地金融资源与深港两地资金池，强烈的政策预期为市场迅速上扬奠定基础。分析人士认为，从温州设立综合金融改革试验区到深圳跨境人民币贷款试验，金融改革的进程出现明显加速，不少政策措施的突破程度远超市场预期，刺激本地板块崛起。

Once upon a time sea financial reform plan to see,The two-way investment channel is set up/Foreign equity investment funds to build up and tax preferential policies,Attract many financial investment institutions into,Revitalize the local financial resources and Hong Kong deep pool,Strong policy for the market is expected to lay the foundation for the rapid rise.Analysts believe that,Set up from wenzhou comprehensive financial reform pilot area to shenzhen cross-border RMB loan test,The process of financial reform apparent acceleration,Many policies and measures of the degree of breakthrough far above market expectations,Stimulate the local plate rise.

　　与此同时，随着各地金改方案及配套细则逐步落地，金改概念更为受宠，不少市场人士通过金改政策具体内容挖掘行业投资机会。在温州金改试点中，温州本地银行成为最大受益者，而参股其中的公司也被视为改革红利受益方。与此同时，方案对贷款公司、金融租赁、融资租赁等行业明确提及，与之相关的租赁、券商、信托、典当、小额贷款等公司自然成为市场资金追捧热点。

meanwhile,As local gold change plan and supporting conditions gradually fall to the ground,Gold change concept more loved,Many market participants through the gold change policy specific content mining industry investment opportunities.In wenzhou gold to the pilot,Wenzhou local Banks become the biggest beneficiaries,And the participation of the company has been regarded as reform bonus benefited party.meanwhile,Plan to loan company/Financial leasing/Financing leasing industry explicit reference,The related leasing/brokers/trust/pawn/Small loan companies such as natural capital market become hot chase after hold in both hands.

　　警惕盲目炒作 Alert blind speculation

　　不过，在金改概念股风起云涌之时，不少投资者对区域金改题材的关注仍难避免短期炒作、盲目追逐的误区。多位市场人士对金改概念的行情均表达谨慎，观察不少领涨盘面的龙头股，游资参与炒作的氛围较为浓厚。

but,In gold stocks instead of currents,Many investors to regional gold to the attention of subject matter is still difficult to avoid short-term speculation/Blindly chasing mistakes.Many market participants of the concept of change on the gold market are express cautious,Observe many brought up disk leading shares,Hot money speculation in the atmosphere is relatively strong.

　　由前海金融改革政策获批刺激的深圳本地股中，以龙头股活跃市场的沙河股份(000014,股吧)每次均能率先带动金改概念板块的整体上涨行情，而从盘后龙虎榜交易数据显示来看，以各地营业部为席位的游资大单进出该股的痕迹明显。1月23日晚，针对连续三个交易日收盘价格涨幅偏离值累计达到20%，沙河股份正式发布公告称其在前海无开发项目。

By the former sea financial reform policies approved the stimulus in the shenzhen local shares,To the main item stock active market shares of(000014,guba)Every time all can take the lead in driving to the overall concept of gold plate prices rise,From the plate and after the transaction data to show to see with uniqueness,With all the sales for seat idle fund big single and out of the strands of obvious.On January 23 night,For three consecutive trading day closing price or deviation value up to 20%,The shares issued a formal announcement to say to the sea before no development project.

　　据私募人士分析，金改概念股炒作虽然陆续受到一些相关金改政策消息的提振，但多为一两日的短线行情，一些遭到爆炒的概念个股没有基本面支撑多数业绩乏善可陈，一旦政策消息释放之后，概念股行情也会随之消退。

According to the analysis of private persons,Gold change concept stock speculation although have some related policy by gold to boost the news,But in the short term market YiLiangRi,Some were sauteed concept stocks no fundamental support most performance area,Once the policy after the news release,Concept stock market will then resolve.