这波反弹，主要是因为经济在复苏，而股票的价格过去偏离公司价值太多，所以，市场最近一段时间并不是在瞎炒，但跑得再快的马儿也要歇一下脚，目前股指的调整很正常。本轮反弹中，股市上涨的速度超过经济复苏的速度，市场上的流动性比较充裕，具备了孕育一波牛市的货币条件。 This rebound,Mainly because of the economic recovery,And the price of the stock from the company value too much,so,Recent market for a period of time and not in blind speculation,But run any faster horse also want to rest a waste,At present the stock adjustment is very normal.This rebound in,The stock market rise faster than the speed of economic recovery,The market liquidity is abundant,Have conceived a bull market monetary conditions.

　　未来中低收入者的消费能力会提高，可选消费品，如家电、汽车以及医疗代表了未来消费的方向。我们看好大众消费品的投资机会。——曾昭雄 The future of the low-income earners consumption ability will improve,Optional consumer goods,Such as home appliances/Car and medical represents the direction of the future consumption.We prefer mass consumer goods of investment opportunities.- CengZhaoXiong

深圳展博投资总经理陈锋 Shenzhen exhibition bo investment inspected the general manager

　　中国经济在经历多个季度的连续下降之后，复苏越来越具有确定性。 China's economy after multiple quarter after continuous decline,Recovery is more and more uncertainty.

　　我们认为2013年A股市场超预期的概率更高一些。 We think that in 2013 A share market than expected the probability of some higher.

　　我们比较看好地产股的投资机会。经济转型带来的机会才真正是大机会，消费、服务和医疗行业未来一定会出现不少牛股。——陈锋 We will prefer with property investment opportunities.The transformation of the economic opportunities brought it really is a big chance,consumption/Services and medical industry in the future will appear a lot of winners.Inspected -

上海重阳投资合伙人陈心 The double ninth festival ChenXin Shanghai investment partners

　　在转型的过程中，不同行业和企业之间的业绩分化会加大，指望指数有大的上涨空间并不现实。 In the process of transformation,Different industries and between enterprise's performance differentiation would increase,Expect index have big rise space is not reality.

　　中国经济转型过程中产生的新兴服务业和新兴产业，对过去的生产模式和生活方式会有替代效应，这也意味着相关的投资机会。 China's economic transformation in the process of emerging service industry and emerging industry,For the past mode of production and way of life there will be a substitution effect,This also means that the relevant investment opportunities.

　　A股市场日后的分化会更加明显，投资者的结构变化了，以后群体性的机会将越来越少，市场的有效性会提高。——陈心 A-share market in the future will be more obvious differentiation,Investors structure has changed,After the group opportunities will be less and less,The effectiveness of the market will improve.- ChenXin

　　证券时报记者 付建利

The securities times reporter FuJianLi

　　自去年年末以来，A股市场展开了一波力度比较强劲的反弹行情，尤其是以银行、地产为代表的蓝筹股，成为上涨领头羊。进入2013年，尤其是春节前，蓝筹股的上涨势头明显减弱，市场结构进一步分化，股指也展开了调整。

Since since the end of last year,A share market launched A wave of strength is strong rallies,Especially in the bank/Real estate as a representative of blue chip,Become a leading rising.In the 2013 years,Especially before the Spring Festival,Blue chip rising momentum is significantly weakened,Market structure further differentiation,Stock index also started the adjustment.

　　展望2013年，宏观经济将如何演化？目前的调整会持续多久？蓝筹股还有戏吗？过往业绩优异的职业投资人将如何布局？他们的投资逻辑主要有哪些？带着这些问题，证券时报记者采访了深圳明曜投资总经理曾昭雄、深圳展博投资总经理陈锋和上海重阳投资合伙人、研究部主管、投资经理陈心。

In 2013,How will the macro economic evolution?The current adjustment how long it will last?Blue chip and play?Past performance outstanding professional investors will be how to layout?Their investment what are the main logic?With these questions,The securities times reporter interviewed the general manager of shenzhen MingYao investment CengZhaoXiong/Shenzhen exhibition bo investment inspected and general manager of Shanghai the double ninth festival investment partners/Research department director/Investment manager ChenXin.

　　三位私募基金经理较为一致的看法是，宏观经济的复苏预期将不断得到强化，A股市场的反弹行情不仅能持续，而且有可能演变为反转行情；目前的调整是股指反弹过快之后的正常整固；蓝筹股的估值水平仍然较为合理，后市仍然值得期待；与经济转型紧密相关、与中低收入者消费水平提升密切相关的大众消费品成为私募基金人士最看好的品种。

Three private equity fund managers more consistent view is,The macro economic recovery is expected to be continuously strengthened,A-share market rallies not only can continue,And it is possible to change for reverse market;The current adjustment is too stock rebound after the normal whole solid;Blue chip stock valuation levels are still relatively reasonable,The market outlook is still worth looking forward to;With the transformation of the economic closely related/And the low-income earners consumption level is closely related to the mass consumer goods become people the most promising private equity fund varieties.