joke是什么意思中信明明:信用利差与大类资产绩效M1视角|资产配置新浪财经

主动式负载平衡器

    资料来源:CITICS债券研究、温家宝明明债券研究小组、投资点、权益资产趋势在大多数情况下是一个快速变量,受市场预期变化的驱动;信贷息差和M1增长率是一个较慢的变量,由多个因素在宏观层面决定,趋势的反转需要相对长期的公关。奥克斯。较低的信用利差意味着较低的融资成本。如果宏观层面的货币环境处于相对宽松的阶段,企业的现金流量得到改善,那么多个积极因素的叠加无疑将反映企业的利润,并逐步传递到估值水平。此时,信用利差和M1增长的趋势总是走在指数前面,而由盈利估值的双重改善导致的反弹持续时间往往较长。外汇市场:美元先升后降,整体走低。上周的最新数据显示,12月6日美元指数跌破97点,一度跌至96.56点。美元指数从每周96.97跌至96.79,显著低于11月底的97.19水平,主要原因是ADP数据表现不佳。股市:宏观风险依然存在。在上周G20峰会上宣布中美两国会晤结果后,上海和深圳证券交易所的交易量反弹,但整体复苏市场的可持续性很弱,指数周边只有小幅收盘,制药行业在平板高度。随着近期中美贸易争端逐步缓和,此次会议稍好于预期的结果推动股市继续修复渠道。在政策性重估的背景下,市场修复的方向更加明确,但在短期内,市场修复必然面临相当大的重复风险。债券市场:资本松动,现金收益率降低。上周现金债券收益率基本下降。本周初,中美20国集团(G20)会议决定暂停征收关税和对冲,这影响了现金债券收益率的高开,但最终由于收益率的下降,仍然回到了根本性的低迷。下半周,美国经济数据低于预期,美国股市下跌,美国国债收益率下跌,5-3年期息差上下颠倒;周四华为事件引发对冲情绪;中国央行继续提供1875亿MLF等值,并推出1000亿元国债现金存款、流动性ea。辛格的期望依然强劲,现金债券的收益率一路下跌。大宗商品:上周,华南综合指数收于1395.30,周波动率为0.18%,月波动率为0.93%。除农产品外,其他行业均出现增长。黑矿和铁矿石板块反弹;煤炭价格随着煤炭消费高峰的逼近而上升;对冲情绪升温,黄金价格上涨;有色金属价格稳定;油价先涨后抑,沙特阿拉伯推迟了减产决定;玉米、豆粕和棉花价格随着国际货币基金组织的成立而下跌。港口供应增加。一般来说,信用利差不仅反映了投资者的信用风险补偿,而且可以衡量发行人、行业乃至整个社会的信用风险。它可以分为三大类:个人债券利差、行业利差、宏观信用利差。从微观层面看,利差衡量的是发行人的风险溢价,反映了公司层面的信用风险。另一方面,行业利差是从中等水平衡量工业债务行业的风险溢价,反映行业层面的信用风险。宏观信用价差是从宏观层面度量不同信用债券的风险溢价,反映整个债券市场的信用风险。虽然信用违约事件自今年以来一直持续,但总体样本比例仍然不高。大多数时候,宏观经济环境是影响个人债券利差和工业利率的主要因素之一。具体而言,信贷利差的走势主要受信贷债务供求的影响。从供给方面看,宏观经济环境和经营状况等因素在一定程度上决定了企业的信用风险状况,从而影响企业的融资成本。从需求角度看,资本面紧缩影响债券市场投资资金总量,以及市场情绪和风险偏好,间接影响信用债券的流动性,进而决定企业融资难易程度。一般来说,信用利差主要反映企业从信用风险和信用债券的流动性两方面的融资成本。M1主要反映货币的交易和防御需求。从居民角度看,M1的增长往往意味着居民消费行为和资产购买的增加,而房地产市场是居民资金的重要出口。从企业层面看,由于企业活期存款也是M1的一部分,M1的增长往往表明了企业存款的需求,表明企业资本的流动性是乐观的,资金链是相对宽松的,另一方面也显示了企业更加积极的投资意愿和退出。生产力随之扩大。一般来说,M1在一定程度上反映了现金流量的紧缩程度,表明了融资环境。本文从信用利差和M1入手,从企业的融资成本和现金流量入手,根据历史数据,分析在不同情况下哪种资产更有优势。2010年:随着房价飙升和通货膨胀加剧,地方政府债务问题浮出水面,刺激政策开始撤出,中央银行实施了紧缩货币政策和严格控制信贷额度,M1增长下降,同时加强了对房地产的监管。房地产业的融资开始受到限制。银监会起草了一份影响房地产和城市投资平台贷款的地方融资平台清单。在此期间,制度监管跟不上金融混业的步伐,监管套利形式多样,影子银行在“创新”中不断成长。由于市场对经济底部和通货膨胀上升的担忧,利率债券收益率缓慢下降,导致投资者偏好高息差的信用债券,从而缩小了信用息差。在此期间,上证综合指数显示出区间状态,在2010年年中触底,一度跌至2500点以下;同一时期的国债到期收益率在经历了阶段性低迷之后的短期内迅速上升。从2010年底到2012年初:受通货膨胀最后阶段的影响,政府多次上调基准存款利率和存款准备金率,以抑制通货膨胀。银行收紧信贷,信贷利差达到顶峰。在此期间,上证综合指数显示出明显的下降趋势,不断触底,2012年1月上证综合指数跌至2100点以下,2011年12月中国证券可转换债券指数跌至270点以下,国债到期收益率也处于下降周期。2012年初至2013年初:2012年,房地产和制造业投资增长放缓,海外欧债危机持续恶化导致贸易萎缩,中国经济增长逐季度下降,通货膨胀持续上升,经济呈现“准滞胀”特征。为了保持经济增长,中国再次实施宽松的货币政策,M1增长继续上升。2012年至2013年是银行间大规模创新、开放大规模资本经营、打击非目标银行的时期。然而,在促进规模扩张的因素中,积极管理业务的比例不高。渠道业务往往成为规模扩张的主要推动因素,并在一定程度上取代了银行和信贷的渠道。同时,经济增长和通货膨胀的放缓促使中央银行实施量化宽松政策,导致信贷利差的修正。在此期间,上证综合指数处于底部调整阶段,2012年底略有反弹,而美国国债收益率则早于股市熊市的拐点。从2013年初到2013年底,M1增长跌至谷底,主要归因于年底的季节性因素。M1的单位活期存款大部分转换成准货币的个人存款、单位定期存款和其他存款(包括金融基金),这使得M1减少,而准货币增加,广义货币M2保持相对稳定。同时,表外业务的扩大、杠杆率过高和银行到期日严重错配,导致监管政策更加严格,中央银行流动性对冲基金的及时恶化,大量利率债券被抛售,信用利差上升。年底,美联储停止了量化宽松预期的发酵,加剧了金融紧张局势,进一步增加了信贷利差。在此期间,上证综合指数在2013年初短暂上涨后再次下跌,2013年7月达到2000点的底部,当时利率债券进入长期熊市。2014年初至2016年中期:在此期间整体货币宽松,2014年欧洲债务危机继续恶化,全球货币宽松来临。同时,国内经济持续下滑,通货膨胀下降,M2增长急剧下降(杠杆率下降),监管政策更加严格,共同促进了货币政策的调整和转变。为了应对系统性的外汇外流和下行的经济风险,中央银行开始建立利率走廊,资本水平的波动性显著降低,M1增长在大幅波动后稳步上升。与此同时,地方债务置换在2015年正式启动,这极大地改变了金融体系的资产供应类型。从2014年到2016年,银行内部金融创新分阶段放缓。值得注意的是,在2015年,房地产购买限制放松,大规模融资需求再次出现。同时,中央银行采取了宽松的货币政策,促进了利率债券的下跌趋势,进一步发酵了强势和弱势的股票和债券,以及信贷息差的反弹。持续的货币宽松、杠杆率的增加以及到期日错配的增加导致了2016年4月信贷风险的爆发,信贷利差不断飙升和下降。在此期间,上证综合指数从历史上相对较低的水平迅速上升,在2015年7月达到历史最高点,然后迅速下跌;而债券市场整体走强,显示出双牛市和债务市场在某些时期。从2016年年中到现在:金融体系日益扩大,宏观杠杆率不断上升,金融链不断拉长,2013年资金短缺,2015年股市调整以及诸多隐患敲响了警钟,伴随着美联储的多次加息,全球性的黑天鹅事件。金融监管从2016年底开始逐步加强。从2014年到2016年,金融业的银行内部创新分阶段放缓。值得注意的是,在2015年,房地产购买限制放松,大规模融资需求再次出现。2015年实施的地方债务置换,极大地改变了金融体系的资产供应类型。货币政策的中性收紧与货币政策调整相结合,迫使金融去杠杆、去渠道、去链,M1增长下降。同时,在债务短缺与去杠杆化的共鸣下,基准利率急剧上升,银监会外资急剧撤出,广义的基金基金恢复正常,叠加信贷事件频繁发生,信贷息差中心上升。非常明显。2018年信贷利差走势可分为四个阶段:3月至4月:非银行资金改善,非银行机构配置信贷债券大幅增强,信贷利差因一级市场认购情绪而下降;4月至5月:违约担忧加剧,信贷利差上升;6月至4月8月:宽松信贷政策的出台缓解了市场忧虑,信贷利差下滑;8月至11月,鼓励资本建设和民营企业融资政策相继出台,但由于市场对违约的担忧,信贷利差总体上保持稳定。在此期间,上证综合指数缓慢回落,到2018年初,波动性再次降至底部,而美国国债收益率经历了一个转折点,并在宏观数据疲软的背景下回到下行通道。根据2010年至今的数据,如果上证综合指数处于上游阶段,利率的下降趋势往往伴随着信用利差的收窄,而利率的上游趋势伴随着信用利差的扩大,而M1的总体增长趋势则相对一致。但在许多情况下,股票市场和债券市场的增长都高于M1,波动幅度明显较大。再者,如果简单地参考信用利差或M1的增长,就会出现许多偏离股票资产趋势的现象,但如果将两者结合起来,这些指标的参考意义将会显著增加。例如,利率和信贷利差处于下降阶段,如果M1的增长能够与同期的上升趋势相匹配,那么权益资产在这种情况下往往具有成本效益,例如2012年末和2015年初。其背后的逻辑并不难理解。较低的信用利差意味着较低的融资成本。如果宏观层面的货币环境处于相对宽松的阶段,企业的现金流量得到改善,那么多个积极因素的叠加无疑将反映企业的利润,并逐渐传递到估值水平。此时,信贷利差和M1增长的趋势总是领先于指数,而盈利估值的双重改善将导致更长的反弹期。一般来说,我们认为,在大多数情况下,股票资产的趋势是一个快速变量,由市场预期的变化驱动,而信贷息差和M1增长是较慢的变量,由多个因素在宏观层面决定,趋势的逆转需要较长的过程。因此,对于当前市场,我们更加关注是否可以缩小信用利差,当M1增长拐点出现时,如果两者发生共振,股权资产的性价比将显著增大。上周(12月3日至12月7日)的最新数据显示,12月6日,美元指数一度跌破97点,至96.56点。美元指数从每周96.97跌至96.79,显著低于11月底的97.19水平,主要原因是ADP数据表现不佳。10年期美国国债收益率同期从2.971%降至2.849%。欧元表现相对较好,整个星期小幅上涨0.01%。12月4日欧元区改革谈判结束时,欧盟领导人同意加强在银行联盟和主权救济基金方面的合作,以保护欧盟国家免受未来金融危机的影响。日圆的下跌反映出市场对贸易利好消息的乐观情绪有所减弱,主要受出口商和金融类股的外国抛售推动。同时,G20刺激计划的疲软也促使澳元和新西兰元走软。上周(12月3日至12月7日),主要发达国家国债的长期和短期收益率普遍下降。就长期利率而言,美国10年期国债收益率下跌13个基点,至2.85%,而法国和德国分别下跌2.5个基点和9个基点,至0.668%和0.25%。至于短期利率,一年期美国国债的利率下降了4个基点至2.68%,而日本一年期国债的利率下降了2.8个基点。美国股市上周全面下跌,道琼斯工业平均指数下跌2.24%,标准普尔500指数下跌2.33%,纳斯达克综合指数下跌3.05%。上周一,美国股市开盘走高,道琼斯指数上涨超过400点。中国和美国同意停止征收关税,导致全球风险资产激增。上周五,美国股市开盘小幅下跌,11月份美国非农就业数据低于预期,冷却了市场对美联储未来加息的预期。上周,欧洲股市全面上涨。英国富时100指数一周上涨1.28%,法国CAC指数一周上涨0.83%,德国DAX指数在震荡后保持不变。上周一,欧洲股市加入全球股市反弹,英国富时100指数、德国DAX指数和法国CAC指数分别上涨1.95%、2.43%和1.39%。周五,欧洲股市全面上涨,斯托克指数上涨超过1.5%。人民币汇率走势:美元指数走软,人民币整体升值。上周(12月3日至12月7日),美元指数跌破97点,96.97点跌至96.79点,显著低于11月底的97.19点,主要受ADP数据表现不佳影响。上周人民币汇率先升后降,整体上升。具体而言,周五离岸人民币兑美元汇率为6.8865,周五离岸人民币兑美元汇率为6.8798,分别贬值103个基点和升值87个基点。上周五,人民币NDF一周升值140PS,为期一年,为6.931。股市:宏观风险依然存在。在上周G20峰会上宣布中美会晤结果后,上海和深圳证券交易所的交易量出现反弹,但整体复苏市场的可持续性很弱。指数周线仅小幅收盘,而制药行业在盘中急剧下跌。随着近期中美贸易争端逐步缓和,此次会议稍好于预期的结果推动股市继续修复渠道。但上周美国股市波动的放大以及新政下药品价格的调整抑制了A股反弹的程度和可持续性。另一方面,11月份的进出口数据和制造业采购经理人指数上周公布,其中出口数据不及预期,制造业繁荣继续下降。在宏观层面上,市场仍有许多潜在的风险点。一般来说,在政策性重估的背景下,市场修复的方向更加明确,但在短期内,市场修复将面临相当大的重复风险。市场回顾:沪深股市同向变动,可转换债券的正股价格涨幅多或跌幅小。上周,上海证券交易所指数上涨0.68%,上海和深圳300指数上涨0.28%。沪深股市日均成交量为325.849亿元,年增长18.42%。在中信29个一流产业中,26个上升而3个下降。农业、林业、畜牧渔业(3.52%)、餐饮业、旅游业(3.17%)、基础化学工业(2.69%)带动增长,医药业(2.28%)、非银行金融(0.36%)和房地产业(0.20%)带动下降。除铁汉生态停牌、中新旅游、水晶光电、吴江银行、光大银行和无锡银行外,62只股票上涨,33只股票下跌。金鑫新城(18.36%)、开封煤气(16.52%)、天康生物(12.72%)带动该股上涨,广播电视网(7.84%)、吉川制药业(6.97%)和航天信息(6.09%)带动该股下跌。流动资金追踪一级市场:截至本月,一家企业共筹集资金4.3亿元,11月有8家企业发行IPO,总计96.77亿元。本月,四家企业增发,融资总额为18.41亿元;11月,12家企业增发,融资总额为118.84亿元。融资融券交易:周五沪深两市融资融券交易余额771.3亿元,增长0.12%(上周五为770.77亿元)。沪深港股票交易所:上周沪深港股票交易所资金外流总额为7.03亿元,上周资金外流总额为39.85亿元,其中沪深股票交易所资金流入总额为125.82亿元,沪深港股票交易所资金外流总额为125.82亿元。上周共计10.985亿元。市场情绪追踪:上周A股市场的平均日成交量为27.628亿股,比上周下降了51.6亿股;上周日的平均成交率为1.71%,比上周下降了0.25%。估值跟踪:上周五A股市场的总体平均市盈率为15.23,上周五为15.11,历史中值为21.67;上周五A股市场的总体平均市盈率为1.52,上周五为1.51,历史中值为2.20。可转换债券市场:债券供应进一步促进结构性改善。上周,中国证交所可转换债券指数收于286.50,当周上涨0.57%;可转换债券市场成交额为82.27亿元,年均上涨31.80%;可转换债券指数收于103.41点,当周上涨0.60%;平价指数收于82.27点,当周上涨0.78%。CB指数收于229.84点,一周上涨0.55%。

zi liao lai yuan: CITICS zhai quan yan jiu wen jia bao ming ming zhai quan yan jiu xiao zu tou zi dian quan yi zi chan qu shi zai da duo shu qing kuang xia shi yi ge kuai su bian liang, shou shi chang yu qi bian hua de qu dong xin dai xi cha he M1 zeng zhang lv shi yi ge jiao man de bian liang, you duo ge yin su zai hong guan ceng mian jue ding, qu shi de fan zhuan xu yao xiang dui chang qi de gong guan. ao ke si. jiao di de xin yong li cha yi wei zhe jiao di de rong zi cheng ben. ru guo hong guan ceng mian di huo bi huan jing chu yu xiang dui kuan song de jie duan, qi ye de xian jin liu liang de dao gai shan, na me duo ge ji ji yin su de die jia wu yi jiang fan ying qi ye de li run, bing zhu bu chuan di dao gu zhi shui ping. ci shi, xin yong li cha he M1 zeng zhang de qu shi zong shi zou zai zhi shu qian mian, er you ying li gu zhi de shuang chong gai shan dao zhi de fan dan chi xu shi jian wang wang jiao chang. wai hui shi chang: mei yuan xian sheng hou jiang, zheng ti zou di. shang zhou de zui xin shu ju xian shi, 12 yue 6 ri mei yuan zhi shu die po 97 dian, yi du die zhi 96. 56 dian. mei yuan zhi shu cong mei zhou 96. 97 die zhi 96. 79, xian zhu di yu 11 yue di de 97. 19 shui ping, zhu yao yuan yin shi ADP shu ju biao xian bu jia. gu shi: hong guan feng xian yi ran cun zai. zai shang zhou G20 feng hui shang xuan bu zhong mei liang guo hui wu jie guo hou, shang hai he shen zhen zheng quan jiao yi suo de jiao yi liang fan dan, dan zheng ti fu su shi chang de ke chi xu xing hen ruo, zhi shu zhou bian zhi you xiao fu shou pan, zhi yao hang ye zai ping ban gao du. sui zhe jin qi zhong mei mao yi zheng duan zhu bu huan he, ci ci hui yi shao hao yu yu qi de jie guo tui dong gu shi ji xu xiu fu qu dao. zai zheng ce xing chong gu de bei jing xia, shi chang xiu fu de fang xiang geng jia ming que, dan zai duan qi nei, shi chang xiu fu bi ran mian lin xiang dang da de chong fu feng xian. zhai quan shi chang: zi ben song dong, xian jin shou yi lv jiang di. shang zhou xian jin zhai quan shou yi lv ji ben xia jiang. ben zhou chu, zhong mei 20 guo ji tuan G20 hui yi jue ding zan ting zheng shou guan shui he dui chong, zhe ying xiang le xian jin zhai quan shou yi lv de gao kai, dan zui zhong you yu shou yi lv de xia jiang, reng ran hui dao le gen ben xing de di mi. xia ban zhou, mei guo jing ji shu ju di yu yu qi, mei guo gu shi xia die, mei guo guo zhai shou yi lv xia die, 53 nian qi xi cha shang xia dian dao zhou si hua wei shi jian yin fa dui chong qing xu zhong guo yang hang ji xu ti gong 1875 yi MLF deng zhi, bing tui chu 1000 yi yuan guo zhai xian jin cun kuan liu dong xing ea. xin ge de qi wang yi ran qiang jing, xian jin zhai quan de shou yi lv yi lu xia die. da zong shang pin: shang zhou, hua nan zong he zhi shu shou yu 1395. 30, zhou bo dong lv wei 0. 18, yue bo dong lv wei 0. 93. chu nong chan pin wai, qi ta hang ye jun chu xian zeng zhang. hei kuang he tie kuang shi ban kuai fan dan mei tan jia ge sui zhe mei tan xiao fei gao feng de bi jin er shang sheng dui chong qing xu sheng wen, huang jin jia ge shang zhang you se jin shu jia ge wen ding you jia xian zhang hou yi, sha te a la bo tui chi le jian chan jue ding yu mi dou po he mian hua jia ge sui zhe guo ji huo bi ji jin zu zhi de cheng li er xia die. gang kou gong ying zeng jia. yi ban lai shuo, xin yong li cha bu jin fan ying le tou zi zhe de xin yong feng xian bu chang, er qie ke yi heng liang fa xing ren hang ye nai zhi zheng ge she hui de xin yong feng xian. ta ke yi fen wei san da lei: ge ren zhai quan li cha hang ye li cha hong guan xin yong li cha. cong wei guan ceng mian kan, li cha heng liang de shi fa xing ren de feng xian yi jia, fan ying le gong si ceng mian di xin yong feng xian. ling yi fang mian, hang ye li cha shi cong zhong deng shui ping heng liang gong ye zhai wu hang ye de feng xian yi jia, fan ying hang ye ceng mian di xin yong feng xian. hong guan xin yong jia cha shi cong hong guan ceng mian du liang bu tong xin yong zhai quan de feng xian yi jia, fan ying zheng ge zhai quan shi chang de xin yong feng xian. sui ran xin yong wei yue shi jian zi jin nian yi lai yi zhi chi xu, dan zong ti yang ben bi li reng ran bu gao. da duo shu shi hou, hong guan jing ji huan jing shi ying xiang ge ren zhai quan li cha he gong ye li lv de zhu yao yin su zhi yi. ju ti er yan, xin dai li cha de zou shi zhu yao shou xin dai zhai wu gong qiu de ying xiang. cong gong ji fang mian kan, hong guan jing ji huan jing he jing ying zhuang kuang deng yin su zai yi ding cheng du shang jue ding le qi ye de xin yong feng xian zhuang kuang, cong er ying xiang qi ye de rong zi cheng ben. cong xu qiu jiao du kan, zi ben mian jin suo ying xiang zhai quan shi chang tou zi zi jin zong liang, yi ji shi chang qing xu he feng xian pian hao, jian jie ying xiang xin yong zhai quan de liu dong xing, jin er jue ding qi ye rong zi nan yi cheng du. yi ban lai shuo, xin yong li cha zhu yao fan ying qi ye cong xin yong feng xian he xin yong zhai quan de liu dong xing liang fang mian di rong zi cheng ben. M1 zhu yao fan ying huo bi de jiao yi he fang yu xu qiu. cong ju min jiao du kan, M1 de zeng zhang wang wang yi wei zhe ju min xiao fei xing wei he zi chan gou mai de zeng jia, er fang di chan shi chang shi ju min zi jin de zhong yao chu kou. cong qi ye ceng mian kan, you yu qi ye huo qi cun kuan ye shi M1 de yi bu fen, M1 de zeng zhang wang wang biao ming liao qi ye cun kuan de xu qiu, biao ming qi ye zi ben de liu dong xing shi le guan de, zi jin lian shi xiang dui kuan song de, ling yi fang mian ye xian shi le qi ye geng jia ji ji de tou zi yi yuan he tui chu. sheng chan li sui zhi kuo da. yi ban lai shuo, M1 zai yi ding cheng du shang fan ying le xian jin liu liang de jin suo cheng du, biao ming liao rong zi huan jing. ben wen cong xin yong li cha he M1 ru shou, cong qi ye de rong zi cheng ben he xian jin liu liang ru shou, gen ju li shi shu ju, fen xi zai bu tong qing kuang xia na zhong zi chan geng you you shi. 2010 nian: sui zhe fang jia biao sheng he tong huo peng zhang jia ju, di fang zheng fu zhai wu wen ti fu chu shui mian, ci ji zheng ce kai shi che chu, zhong yang yin hang shi shi le jin suo huo bi zheng ce he yan ge kong zhi xin dai e du, M1 zeng zhang xia jiang, tong shi jia qiang le dui fang di chan de jian guan. fang di chan ye de rong zi kai shi shou dao xian zhi. yin jian hui qi cao le yi fen ying xiang fang di chan he cheng shi tou zi ping tai dai kuan de di fang rong zi ping tai qing dan. zai ci qi jian, zhi du jian guan gen bu shang jin rong hun ye de bu fa, jian guan tao li xing shi duo yang, ying zi yin hang zai" chuang xin" zhong bu duan cheng zhang. you yu shi chang dui jing ji di bu he tong huo peng zhang shang sheng de dan you, li lv zhai quan shou yi lv huan man xia jiang, dao zhi tou zi zhe pian hao gao xi cha de xin yong zhai quan, cong er suo xiao le xin yong xi cha. zai ci qi jian, shang zheng zong he zhi shu xian shi chu qu jian zhuang tai, zai 2010 nian nian zhong chu di, yi du die zhi 2500 dian yi xia tong yi shi qi de guo zhai dao qi shou yi lv zai jing li le jie duan xing di mi zhi hou de duan qi nei xun su shang sheng. cong 2010 nian di dao 2012 nian chu: shou tong huo peng zhang zui hou jie duan de ying xiang, zheng fu duo ci shang diao ji zhun cun kuan li lv he cun kuan zhun bei jin lv, yi yi zhi tong huo peng zhang. yin hang shou jin xin dai, xin dai li cha da dao ding feng. zai ci qi jian, shang zheng zong he zhi shu xian shi chu ming xian de xia jiang qu shi, bu duan chu di, 2012 nian 1 yue shang zheng zong he zhi shu die zhi 2100 dian yi xia, 2011 nian 12 yue zhong guo zheng quan ke zhuan huan zhai quan zhi shu die zhi 270 dian yi xia, guo zhai dao qi shou yi lv ye chu yu xia jiang zhou qi. 2012 nian chu zhi 2013 nian chu: 2012 nian, fang di chan he zhi zao ye tou zi zeng zhang fang huan, hai wai ou zhai wei ji chi xu e hua dao zhi mao yi wei suo, zhong guo jing ji zeng zhang zhu ji du xia jiang, tong huo peng zhang chi xu shang sheng, jing ji cheng xian" zhun zhi zhang" te zheng. wei le bao chi jing ji zeng zhang, zhong guo zai ci shi shi kuan song de huo bi zheng ce, M1 zeng zhang ji xu shang sheng. 2012 nian zhi 2013 nian shi yin hang jian da gui mo chuang xin kai fang da gui mo zi ben jing ying da ji fei mu biao yin hang de shi qi. ran er, zai cu jin gui mo kuo zhang de yin su zhong, ji ji guan li ye wu de bi li bu gao. qu dao ye wu wang wang cheng wei gui mo kuo zhang de zhu yao tui dong yin su, bing zai yi ding cheng du shang qu dai le yin hang he xin dai de qu dao. tong shi, jing ji zeng zhang he tong huo peng zhang de fang huan cu shi zhong yang yin hang shi shi liang hua kuan song zheng ce, dao zhi xin dai li cha de xiu zheng. zai ci qi jian, shang zheng zong he zhi shu chu yu di bu tiao zheng jie duan, 2012 nian di lue you fan dan, er mei guo guo zhai shou yi lv ze zao yu gu shi xiong shi de guai dian. cong 2013 nian chu dao 2013 nian di, M1 zeng zhang die zhi gu di, zhu yao gui yin yu nian di de ji jie xing yin su. M1 de dan wei huo qi cun kuan da bu fen zhuan huan cheng zhun huo bi de ge ren cun kuan dan wei ding qi cun kuan he qi ta cun kuan bao kuo jin rong ji jin, zhe shi de M1 jian shao, er zhun huo bi zeng jia, guang yi huo bi M2 bao chi xiang dui wen ding. tong shi, biao wai ye wu de kuo da gang gan lv guo gao he yin hang dao qi ri yan zhong cuo pei, dao zhi jian guan zheng ce geng jia yan ge, zhong yang yin hang liu dong xing dui chong ji jin de ji shi e hua, da liang li lv zhai quan bei pao shou, xin yong li cha shang sheng. nian di, mei lian chu ting zhi le liang hua kuan song yu qi de fa jiao, jia ju le jin rong jin zhang ju shi, jin yi bu zeng jia le xin dai li cha. zai ci qi jian, shang zheng zong he zhi shu zai 2013 nian chu duan zan shang zhang hou zai ci xia die, 2013 nian 7 yue da dao 2000 dian de di bu, dang shi li lv zhai quan jin ru chang qi xiong shi. 2014 nian chu zhi 2016 nian zhong qi: zai ci qi jian zheng ti huo bi kuan song, 2014 nian ou zhou zhai wu wei ji ji xu e hua, quan qiu huo bi kuan song lai lin. tong shi, guo nei jing ji chi xu xia hua, tong huo peng zhang xia jiang, M2 zeng zhang ji ju xia jiang gang gan lv xia jiang, jian guan zheng ce geng jia yan ge, gong tong cu jin le huo bi zheng ce de tiao zheng he zhuan bian. wei le ying dui xi tong xing de wai hui wai liu he xia xing de jing ji feng xian, zhong yang yin hang kai shi jian li li lv zou lang, zi ben shui ping de bo dong xing xian zhu jiang di, M1 zeng zhang zai da fu bo dong hou wen bu shang sheng. yu ci tong shi, di fang zhai wu zhi huan zai 2015 nian zheng shi qi dong, zhe ji da di gai bian le jin rong ti xi de zi chan gong ying lei xing. cong 2014 nian dao 2016 nian, yin hang nei bu jin rong chuang xin fen jie duan fang huan. zhi de zhu yi de shi, zai 2015 nian, fang di chan gou mai xian zhi fang song, da gui mo rong zi xu qiu zai ci chu xian. tong shi, zhong yang yin hang cai qu le kuan song de huo bi zheng ce, cu jin le li lv zhai quan de xia die qu shi, jin yi bu fa jiao le qiang shi he ruo shi de gu piao he zhai quan, yi ji xin dai xi cha de fan dan. chi xu de huo bi kuan song gang gan lv de zeng jia yi ji dao qi ri cuo pei de zeng jia dao zhi le 2016 nian 4 yue xin dai feng xian de bao fa, xin dai li cha bu duan biao sheng he xia jiang. zai ci qi jian, shang zheng zong he zhi shu cong li shi shang xiang dui jiao di de shui ping xun su shang sheng, zai 2015 nian 7 yue da dao li shi zui gao dian, ran hou xun su xia die er zhai quan shi chang zheng ti zou qiang, xian shi chu shuang niu shi he zhai wu shi chang zai mou xie shi qi. cong 2016 nian nian zhong dao xian zai: jin rong ti xi ri yi kuo da, hong guan gang gan lv bu duan shang sheng, jin rong lian bu duan la chang, 2013 nian zi jin duan que, 2015 nian gu shi tiao zheng yi ji zhu duo yin huan qiao xiang le jing zhong, ban sui zhe mei lian chu de duo ci jia xi, quan qiu xing de hei tian e shi jian. jin rong jian guan cong 2016 nian di kai shi zhu bu jia qiang. cong 2014 nian dao 2016 nian, jin rong ye de yin hang nei bu chuang xin fen jie duan fang huan. zhi de zhu yi de shi, zai 2015 nian, fang di chan gou mai xian zhi fang song, da gui mo rong zi xu qiu zai ci chu xian. 2015 nian shi shi de di fang zhai wu zhi huan, ji da di gai bian le jin rong ti xi de zi chan gong ying lei xing. huo bi zheng ce de zhong xing shou jin yu huo bi zheng ce tiao zheng xiang jie he, po shi jin rong qu gang gan qu qu dao qu lian, M1 zeng zhang xia jiang. tong shi, zai zhai wu duan que yu qu gang gan hua de gong ming xia, ji zhun li lv ji ju shang sheng, yin jian hui wai zi ji ju che chu, guang yi de ji jin ji jin hui fu zheng chang, die jia xin dai shi jian pin fan fa sheng, xin dai xi cha zhong xin shang sheng. fei chang ming xian. 2018 nian xin dai li cha zou shi ke fen wei si ge jie duan: 3 yue zhi 4 yue: fei yin hang zi jin gai shan, fei yin hang ji gou pei zhi xin dai zhai quan da fu zeng qiang, xin dai li cha yin yi ji shi chang ren gou qing xu er xia jiang 4 yue zhi 5 yue: wei yue dan you jia ju, xin dai li cha shang sheng 6 yue zhi 4 yue 8 yue: kuan song xin dai zheng ce de chu tai huan jie le shi chang you lv, xin dai li cha xia hua 8 yue zhi 11 yue, gu li zi ben jian she he min ying qi ye rong zi zheng ce xiang ji chu tai, dan you yu shi chang dui wei yue de dan you, xin dai li cha zong ti shang bao chi wen ding. zai ci qi jian, shang zheng zong he zhi shu huan man hui luo, dao 2018 nian chu, bo dong xing zai ci jiang zhi di bu, er mei guo guo zhai shou yi lv jing li le yi ge zhuan zhe dian, bing zai hong guan shu ju pi ruan de bei jing xia hui dao xia xing tong dao. gen ju 2010 nian zhi jin de shu ju, ru guo shang zheng zong he zhi shu chu yu shang you jie duan, li lv de xia jiang qu shi wang wang ban sui zhe xin yong li cha de shou zhai, er li lv de shang you qu shi ban sui zhe xin yong li cha de kuo da, er M1 de zong ti zeng zhang qu shi ze xiang dui yi zhi. dan zai xu duo qing kuang xia, gu piao shi chang he zhai quan shi chang de zeng zhang dou gao yu M1, bo dong fu du ming xian jiao da. zai zhe, ru guo jian dan di can kao xin yong li cha huo M1 de zeng zhang, jiu hui chu xian xu duo pian li gu piao zi chan qu shi de xian xiang, dan ru guo jiang liang zhe jie he qi lai, zhei xie zhi biao di can kao yi yi jiang hui xian zhu zeng jia. li ru, li lv he xin dai li cha chu yu xia jiang jie duan, ru guo M1 de zeng zhang neng gou yu tong qi de shang sheng qu shi xiang pi pei, na me quan yi zi chan zai zhe zhong qing kuang xia wang wang ju you cheng ben xiao yi, li ru 2012 nian mo he 2015 nian chu. qi bei hou de luo ji bing bu nan li jie. jiao di de xin yong li cha yi wei zhe jiao di de rong zi cheng ben. ru guo hong guan ceng mian di huo bi huan jing chu yu xiang dui kuan song de jie duan, qi ye de xian jin liu liang de dao gai shan, na me duo ge ji ji yin su de die jia wu yi jiang fan ying qi ye de li run, bing zhu jian chuan di dao gu zhi shui ping. ci shi, xin dai li cha he M1 zeng zhang de qu shi zong shi ling xian yu zhi shu, er ying li gu zhi de shuang chong gai shan jiang dao zhi geng zhang de fan dan qi. yi ban lai shuo, wo men ren wei, zai da duo shu qing kuang xia, gu piao zi chan de qu shi shi yi ge kuai su bian liang, you shi chang yu qi de bian hua qu dong, er xin dai xi cha he M1 zeng zhang shi jiao man de bian liang, you duo ge yin su zai hong guan ceng mian jue ding, qu shi de ni zhuan xu yao jiao chang de guo cheng. yin ci, dui yu dang qian shi chang, wo men geng jia guan zhu shi fou ke yi suo xiao xin yong li cha, dang M1 zeng zhang guai dian chu xian shi, ru guo liang zhe fa sheng gong zhen, gu quan zi chan de xing jia bi jiang xian zhu zeng da. shang zhou 12 yue 3 ri zhi 12 yue 7 ri de zui xin shu ju xian shi, 12 yue 6 ri, mei yuan zhi shu yi du die po 97 dian, zhi 96. 56 dian. mei yuan zhi shu cong mei zhou 96. 97 die zhi 96. 79, xian zhu di yu 11 yue di de 97. 19 shui ping, zhu yao yuan yin shi ADP shu ju biao xian bu jia. 10 nian qi mei guo guo zhai shou yi lv tong qi cong 2. 971 jiang zhi 2. 849. ou yuan biao xian xiang dui jiao hao, zheng ge xing qi xiao fu shang zhang 0. 01. 12 yue 4 ri ou yuan qu gai ge tan pan jie shu shi, ou meng ling dao ren tong yi jia qiang zai yin hang lian meng he zhu quan jiu ji ji jin fang mian di he zuo, yi bao hu ou meng guo jia mian shou wei lai jin rong wei ji de ying xiang. ri yuan de xia die fan ying chu shi chang dui mao yi li hao xiao xi de le guan qing xu you suo jian ruo, zhu yao shou chu kou shang he jin rong lei gu de wai guo pao shou tui dong. tong shi, G20 ci ji ji hua de pi ruan ye cu shi ao yuan he xin xi lan yuan zou ruan. shang zhou 12 yue 3 ri zhi 12 yue 7 ri, zhu yao fa da guo jia guo zhai de chang qi he duan qi shou yi lv pu bian xia jiang. jiu chang qi li lv er yan, mei guo 10 nian qi guo zhai shou yi lv xia die 13 ge ji dian, zhi 2. 85, er fa guo he de guo fen bie xia die 2. 5 ge ji dian he 9 ge ji dian, zhi 0. 668 he 0. 25. zhi yu duan qi li lv, yi nian qi mei guo guo zhai de li lv xia jiang le 4 ge ji dian zhi 2. 68, er ri ben yi nian qi guo zhai de li lv xia jiang le 2. 8 ge ji dian. mei guo gu shi shang zhou quan mian xia die, dao qiong si gong ye ping jun zhi shu xia die 2. 24, biao zhun pu er 500 zhi shu xia die 2. 33, na si da ke zong he zhi shu xia die 3. 05. shang zhou yi, mei guo gu shi kai pan zou gao, dao qiong si zhi shu shang zhang chao guo 400 dian. zhong guo he mei guo tong yi ting zhi zheng shou guan shui, dao zhi quan qiu feng xian zi chan ji zeng. shang zhou wu, mei guo gu shi kai pan xiao fu xia die, 11 yue fen mei guo fei nong jiu ye shu ju di yu yu qi, leng que le shi chang dui mei lian chu wei lai jia xi de yu qi. shang zhou, ou zhou gu shi quan mian shang zhang. ying guo fu shi 100 zhi shu yi zhou shang zhang 1. 28, fa guo CAC zhi shu yi zhou shang zhang 0. 83, de guo DAX zhi shu zai zhen dang hou bao chi bu bian. shang zhou yi, ou zhou gu shi jia ru quan qiu gu shi fan dan, ying guo fu shi 100 zhi shu de guo DAX zhi shu he fa guo CAC zhi shu fen bie shang zhang 1. 95 2. 43 he 1. 39. zhou wu, ou zhou gu shi quan mian shang zhang, si tuo ke zhi shu shang zhang chao guo 1. 5. ren min bi hui lv zou shi: mei yuan zhi shu zou ruan, ren min bi zheng ti sheng zhi. shang zhou 12 yue 3 ri zhi 12 yue 7 ri, mei yuan zhi shu die po 97 dian, 96. 97 dian die zhi 96. 79 dian, xian zhu di yu 11 yue di de 97. 19 dian, zhu yao shou ADP shu ju biao xian bu jia ying xiang. shang zhou ren min bi hui shuai xian sheng hou jiang, zheng ti shang sheng. ju ti er yan, zhou wu li an ren min bi dui mei yuan hui lv wei 6. 8865, zhou wu li an ren min bi dui mei yuan hui lv wei 6. 8798, fen bie bian zhi 103 ge ji dian he sheng zhi 87 ge ji dian. shang zhou wu, ren min bi NDF yi zhou sheng zhi 140PS, wei qi yi nian, wei 6. 931. gu shi: hong guan feng xian yi ran cun zai. zai shang zhou G20 feng hui shang xuan bu zhong mei hui wu jie guo hou, shang hai he shen zhen zheng quan jiao yi suo de jiao yi liang chu xian fan dan, dan zheng ti fu su shi chang de ke chi xu xing hen ruo. zhi shu zhou xian jin xiao fu shou pan, er zhi yao hang ye zai pan zhong ji ju xia die. sui zhe jin qi zhong mei mao yi zheng duan zhu bu huan he, ci ci hui yi shao hao yu yu qi de jie guo tui dong gu shi ji xu xiu fu qu dao. dan shang zhou mei guo gu shi bo dong de fang da yi ji xin zheng xia yao pin jia ge de tiao zheng yi zhi le A gu fan dan de cheng du he ke chi xu xing. ling yi fang mian, 11 yue fen de jin chu kou shu ju he zhi zao ye cai gou jing li ren zhi shu shang zhou gong bu, qi zhong chu kou shu ju bu ji yu qi, zhi zao ye fan rong ji xu xia jiang. zai hong guan ceng mian shang, shi chang reng you xu duo qian zai de feng xian dian. yi ban lai shuo, zai zheng ce xing chong gu de bei jing xia, shi chang xiu fu de fang xiang geng jia ming que, dan zai duan qi nei, shi chang xiu fu jiang mian lin xiang dang da de chong fu feng xian. shi chang hui gu: hu shen gu shi tong xiang bian dong, ke zhuan huan zhai quan de zheng gu jia ge zhang fu duo huo die fu xiao. shang zhou, shang hai zheng quan jiao yi suo zhi shu shang zhang 0. 68, shang hai he shen zhen 300 zhi shu shang zhang 0. 28. hu shen gu shi ri jun cheng jiao liang wei 325. 849 yi yuan, nian zeng zhang 18. 42. zai zhong xin 29 ge yi liu chan ye zhong, 26 ge shang sheng er 3 ge xia jiang. nong ye lin ye xu mu yu ye 3. 52 can yin ye lv you ye 3. 17 ji chu hua xue gong ye 2. 69 dai dong zeng zhang, yi yao ye 2. 28 fei yin hang jin rong 0. 36 he fang di chan ye 0. 20 dai dong xia jiang. chu tie han sheng tai ting pai zhong xin lv you shui jing guang dian wu jiang yin hang guang da yin hang he wu xi yin hang wai, 62 zhi gu piao shang zhang, 33 zhi gu piao xia die. jin xin xin cheng 18. 36 kai feng mei qi 16. 52 tian kang sheng wu 12. 72 dai dong gai gu shang zhang, guang bo dian shi wang 7. 84 ji chuan zhi yao ye 6. 97 he hang tian xin xi 6. 09 dai dong gai gu xia die. liu dong zi jin zhui zong yi ji shi chang: jie zhi ben yue, yi jia qi ye gong chou ji zi jin 4. 3 yi yuan, 11 yue you 8 jia qi ye fa xing IPO, zong ji 96. 77 yi yuan. ben yue, si jia qi ye zeng fa, rong zi zong e wei 18. 41 yi yuan 11 yue, 12 jia qi ye zeng fa, rong zi zong e wei 118. 84 yi yuan. rong zi rong quan jiao yi: zhou wu hu shen liang shi rong zi rong quan jiao yi yu e 771. 3 yi yuan, zeng zhang 0. 12 shang zhou wu wei 770. 77 yi yuan. hu shen gang gu piao jiao yi suo: shang zhou hu shen gang gu piao jiao yi suo zi jin wai liu zong e wei 7. 03 yi yuan, shang zhou zi jin wai liu zong e wei 39. 85 yi yuan, qi zhong hu shen gu piao jiao yi suo zi jin liu ru zong e wei 125. 82 yi yuan, hu shen gang gu piao jiao yi suo zi jin wai liu zong e wei 125. 82 yi yuan. shang zhou gong ji 10. 985 yi yuan. shi chang qing xu zhui zong: shang zhou A gu shi chang de ping jun ri cheng jiao liang wei 27. 628 yi gu, bi shang zhou xia jiang le 51. 6 yi gu shang zhou ri de ping jun cheng jiao lv wei 1. 71, bi shang zhou xia jiang le 0. 25. gu zhi gen zong: shang zhou wu A gu shi chang de zong ti ping jun shi ying lv wei 15. 23, shang zhou wu wei 15. 11, li shi zhong zhi wei 21. 67 shang zhou wu A gu shi chang de zong ti ping jun shi ying lv wei 1. 52, shang zhou wu wei 1. 51, li shi zhong zhi wei 2. 20. ke zhuan huan zhai quan shi chang: zhai quan gong ying jin yi bu cu jin jie gou xing gai shan. shang zhou, zhong guo zheng jiao suo ke zhuan huan zhai quan zhi shu shou yu 286. 50, dang zhou shang zhang 0. 57 ke zhuan huan zhai quan shi chang cheng jiao e wei 82. 27 yi yuan, nian jun shang zhang 31. 80 ke zhuan huan zhai quan zhi shu shou yu 103. 41 dian, dang zhou shang zhang 0. 60 ping jia zhi shu shou yu 82. 27 dian, dang zhou shang zhang 0. 78. CB zhi shu shou yu 229. 84 dian, yi zhou shang zhang 0. 55.

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