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\u003cdiv class="rich_media_content autoTypeSetting24psection"\u003e\u003cp style="color: rgb(0, 0, 0); font-size: 10.5pt; letter-spacing: normal; margin-left: 0pt; margin-right: 0pt; text-align: right"\u003e\u003c!--IMG_0--\u003e\u003c!--IMG_1--\u003e\u003cspan style="background-color: rgb(255, 255, 255); caret-color: rgb(214, 214, 214); color: rgb(214, 214, 214); font-size: 12.000000953674316px; letter-spacing: 0.5440000295639038px"\u003e头图由豆包生成,提示词:美元摩天大楼\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cstrong\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e11月下旬的一个工作日,笔者坐在位于纽约曼哈顿的\u003c!--SECURE_LINK_BEGIN_0--\u003e贝莱德\u003c!--SECURE_LINK_END_0--\u003e总部会议室,与几位亚洲市场研究员交流有关中国资产的机会。\u003c/span\u003e\u003c/strong\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e初冬的阳光打在这家管理规模超10万亿美金的全球最大资产管理公司的会议桌上,感到几分暖意。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e虽然当天的A股正在经历调整,但贝莱德的研究员们却很关心中国新近两个月开始企稳的一些经济数据,且坦诚他们对A股估值相对偏低的看法。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e不过,他们更多的是一种研究与观望。也许贝莱德上海子公司前几年投资A股的惨淡业绩,让他们心有余悸。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e这样的态度,同样出现在笔者在纽约、芝加哥、硅谷等拜访的其它机构里。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cstrong\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e面对“低估”的中国资产,大洋彼岸的资金究竟在等待什么?\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; text-align: center; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e\u003cstrong style="-webkit-text-stroke-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163); font-size: 16px; letter-spacing: 0.544px; text-indent: 21px"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; caret-color: rgb(0, 0, 0); letter-spacing: 0.2px; outline: 0px"\u003e\u003cimg class="rich_pages wxw-img" data-backh="44" data-backw="526" data-galleryid="" data-imgfileid="506743955" data-ratio="0.0828125" data-s="300,640" data-src="https://inews.gtimg.com/om_bt/Okx_C62PoSGgTqk1ZVpRC6TBlW-EmwOlGX-dgA_4yHRB8AA/641" data-type="jpeg" data-w="640" src="https://inews.gtimg.com/om_bt/Okx_C62PoSGgTqk1ZVpRC6TBlW-EmwOlGX-dgA_4yHRB8AA/641" style="height: auto; letter-spacing: 0.578px; text-align: center; width: 100%"/\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003cspan style="font-size: 18px"\u003e\u003cstrong\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(255, 104, 39); letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e政策预期:是否已经透支?\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e一名华尔街市场评论员说过一句有意思的话:\u003cstrong\u003e“中国股市似乎只有在极端压力的情况下,才会出现大涨。”\u003c/strong\u003e\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e这句话或许是对今年9月底A股的那一波暴涨的总结。在他们的观察里,A股市场,更像是一个政策市。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e“你们认为12月份会议的力度有多大?”这是笔者在交流时被问到最多的问题。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cstrong\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e在外资机构的眼里,A股的上涨与否,最大的基本面来自于政策的支持力度。\u003c/span\u003e\u003c/strong\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e他们担心A股9月底那一波上涨已经透支了接下来的政策预期。这也很好地解释了A股在10月、11月经历的调整。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e好在中国的刺激政策历来都具备较强的连续性、系统性,笔者在此前发表的《\u003c!--LINK_0--\u003e》已经指出,这一轮牛市是国家发起的一个系统工程,大概率是一个“慢牛”。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e12月9日召开的中共中央政治局会议,外资机构等待的“政策力度”终于迎来了答案:\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003csection style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 32px; margin-right: 32px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cem\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 15px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e会议强调,实施更加积极有为的宏观政策,扩大国内需求,推动科技创新和产业创新融合发展,稳住楼市股市,防范化解重点领域风险和外部冲击,稳定预期、激发活力,推动经济持续回升向好……,为实现“十五五”良好开局打牢基础。\u003c/span\u003e\u003c/em\u003e\u003cspan\u003e\u003c/span\u003e\u003c!--MID_AD_0--\u003e\u003c!--EOP_0--\u003e\u003c/section\u003e\u003c!--MID_ARTICLE_AD_0--\u003e\u003c!--PARAGRAPH_0--\u003e\u003csection style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 32px; margin-right: 32px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cem\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 15px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e会议指出,实施更加积极的财政政策和适度宽松的货币政策,充实完善政策工具箱,加强超常规逆周期调节,打好政策“组合拳”,提高宏观调控的前瞻性、针对性、有效性。要大力提振消费、提高投资效益,全方位扩大国内需求。……要扩大高水平对外开放,稳外贸、稳外资。要有效防范化解重点领域风险,牢牢守住不发生\u003c!--SECURE_LINK_BEGIN_1--\u003e系统性风险\u003c!--SECURE_LINK_END_1--\u003e底线。\u003c/span\u003e\u003c/em\u003e\u003c!--MID_AD_1--\u003e\u003c!--EOP_1--\u003e\u003c/section\u003e\u003c!--MID_ARTICLE_AD_1--\u003e\u003c!--PARAGRAPH_1--\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e“更加积极”“适度宽松”“大力提振”“全方位扩大”“超常规逆周期调节”等措辞,都是近30年的政策表述里最积极的词汇,很多都是第一次出现,这显示出中央提振经济的信心和决心。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c!--MID_AD_2--\u003e\u003c!--EOP_2--\u003e\u003c/p\u003e\u003c!--MID_ARTICLE_AD_2--\u003e\u003c!--PARAGRAPH_2--\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e不过,12月10日A股的高开低走,让股民们继续“吐槽”。\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e事实上,投资者们已经习惯了这样的节奏:“市场低迷——政策出台——预期大涨——高开低走——继续调整”,再等待下一波政策刺激。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e好在自9月24日以来,底部在逐级抬高。也许“慢牛”就是这样的节奏。\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cimg class="rich_pages wxw-img" data-backh="526" data-backw="526" data-galleryid="" data-imgfileid="506743958" data-ratio="1" data-s="300,640" data-src="https://inews.gtimg.com/om_bt/OQbLV5tFYLDxhhMIxxH_fBwFA2na-bWsjLsj1XBMNbSvMAA/641" data-type="jpeg" data-w="1024" src="https://inews.gtimg.com/om_bt/OQbLV5tFYLDxhhMIxxH_fBwFA2na-bWsjLsj1XBMNbSvMAA/641" style="font-size: var(--articleFontsize); height: auto; letter-spacing: 0.544px; text-align: center; width: 100%"/\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; text-align: center; visibility: visible"\u003e\u003cimg class="rich_pages wxw-img" data-backh="44" data-backw="526" data-galleryid="" data-imgfileid="506731287" data-ratio="0.0828125" data-s="300,640" data-src="https://inews.gtimg.com/om_bt/OdxlYbJvkMYRp5xyekQF4njdP2sZ7-eSdaKzHZoOviJjwAA/641" data-type="jpeg" data-w="640" src="https://inews.gtimg.com/om_bt/OdxlYbJvkMYRp5xyekQF4njdP2sZ7-eSdaKzHZoOviJjwAA/641" style="color: rgba(0, 0, 0, 0.9); font-size: var(--articleFontsize); height: auto; letter-spacing: 0.034em; text-align: center; width: 100%"/\u003e\u003cspan style="font-size: 18px"\u003e\u003cstrong\u003e\u003cspan style="-webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(255, 104, 39); font-size: 18px; letter-spacing: 0.2px; text-indent: 21px"\u003e民间信心:是否真正企稳?\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e如果说“政策力度”是华尔街资金最不意外的一张明牌,那么中国民营企业与居民的信心,则是他们更关心的另一个重要指标。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e要描述“民间信心”,更多是通过民营企业与居民的投资与消费行为来观察。而且最好是长周期的投资与消费行为。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cstrong\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e显然,房地产市场是一个较好的观察窗口。\u003c/span\u003e\u003c/strong\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e数据显示,从9月份开始,以上海为首的主要城市二手房成交量,出现了明显的回暖,10月、11月成交数据回到了历史峰值附近。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e一些地段较好的新房楼盘,出现了超过700%的认购率,还有的楼盘出现一日售罄的情况。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e这样的回暖,究竟是一个短期现象,还是一个中期拐点,需要进一步观察。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e而在民营企业的信心层面,也看到了一些积极的信号。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e比如,民营企业家代表人物、阿里巴巴创始人马云再次在杭州露面,畅谈AI对未来二十年的深刻影响。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e再如,几年未在中国露面的高瓴资本创始人张磊出现在上海,带领海外投资考察团与市委书记深入交流。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e此外,美国城堡证券CEO赵鹏、高盛集团全球总裁兼首席运营官温泽恩等高管也在近期先后到访中国。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e这些动态都在表达中国力图激活民间资本与国际资本的投资信心。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e这也许需要一个传导过程,但这些信号已经受到了华尔街资金的关注。他们继续等待着后续的变化。\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cimg class="rich_pages wxw-img js_insertlocalimg" data-backh="702" data-backw="526" data-imgfileid="506743964" data-ratio="1.3342592592592593" data-s="300,640" data-src="https://inews.gtimg.com/om_bt/Ol6dPrh7KDvu8qIR87HxVF-058adqjBtrYxrGvKrSGNEYAA/641" data-type="jpeg" data-w="1080" src="https://inews.gtimg.com/om_bt/Ol6dPrh7KDvu8qIR87HxVF-058adqjBtrYxrGvKrSGNEYAA/641" style="color: rgba(0, 0, 0, 0.9); font-size: var(--articleFontsize); height: auto; letter-spacing: 0.034em; text-align: center; width: 100%"/\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; text-align: center; visibility: visible"\u003e\u003cimg class="rich_pages wxw-img" data-backh="44" data-backw="526" data-galleryid="" data-imgfileid="506731286" data-ratio="0.0828125" data-s="300,640" data-src="https://inews.gtimg.com/om_bt/Ovj1zoRLllP29hPeghQ-Q7hNTP3zhvDKRd9blTmN-xgvQAA/641" data-type="jpeg" data-w="640" src="https://inews.gtimg.com/om_bt/Ovj1zoRLllP29hPeghQ-Q7hNTP3zhvDKRd9blTmN-xgvQAA/641" style="color: rgba(0, 0, 0, 0.9); font-size: var(--articleFontsize); height: auto; letter-spacing: 0.034em; text-align: center; width: 100%"/\u003e\u003cspan style="font-size: 18px"\u003e\u003cstrong\u003e\u003cspan style="-webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(255, 104, 39); font-size: 18px; letter-spacing: 0.2px; text-indent: 21px"\u003e中美关系:向左还是向右?\u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e对于华尔街资金来说,除了对中国的政策刺激力度、民间信心企稳程度较为关注外,更关心的是中美关系究竟是向左还是向右?这决定着未来的投资大环境。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e由于近期被提名的幕僚大都是“鹰派”背景,市场感到了阵阵寒意。但从特朗普的举措看,却明显比他前一个任期克制。比如关税税率提升幅度并不如传言的那么高。\u003c/span\u003e\u003c!--MID_AD_3--\u003e\u003c!--EOP_3--\u003e\u003c/p\u003e\u003c!--MID_ARTICLE_AD_3--\u003e\u003c!--PARAGRAPH_3--\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cstrong\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e在笔者与这些金融机构的交流里可以看出,他们普遍认为白宫会在“经济增长”与“政治遏制”之间找到一个平衡。\u003c/span\u003e\u003c/strong\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e而从中国的举措看,也显然对未来出现的各类情况做足了准备。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e12月12日结束的中央经济工作会议指出,明年要保持经济稳定增长,保持就业、物价总体稳定,保持国际收支基本平衡,促进居民收入增长和经济增长同步。要坚持稳中求进、以进促稳、守正创新、先立后破,系统集成、协同配合。要实施更加积极的财政政策,提高财政赤字率,增加发行超长期特别国债,增加地方政府专项债券发行使用,优化财政支出结构,兜牢基层三保底线。\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c!--MID_AD_4--\u003e\u003c!--EOP_4--\u003e\u003c/p\u003e\u003c!--MID_ARTICLE_AD_4--\u003e\u003c!--PARAGRAPH_4--\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cstrong\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e显然,这次的会议表态韧性十足,内外兼修。这是应对中美关系不管向左还是向右,最好的组合拳。\u003c/span\u003e\u003c/strong\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e\u003c/span\u003e\u003cspan\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="-webkit-tap-highlight-color: transparent; background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat; background-size: auto; caret-color: rgb(34, 34, 34); color: rgb(163, 163, 163) !important; letter-spacing: 0.544px; line-height: 2em; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; overflow: visible; padding: 10px; visibility: visible"\u003e\u003cspan style="-webkit-tap-highlight-color: transparent; -webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 16px; letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e目前,A股仍在区间波动,寻找下一步方向。也许华尔街资金已经在介入,也许有的还在观望等待,但这一次A股国家系统工程,正在经历一个较长期的答卷。\u003c/span\u003e\u003c/p\u003e\u003cp class="js_darkmode__97" data-style="margin-right: 16px; margin-bottom: 0px; margin-left: 16px; padding: 10px; text-wrap: wrap; outline: 0px; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); color: rgb(34, 34, 34); font-family: -apple-system-font, BlinkMacSystemFont, \u0026#34;Helvetica Neue\u0026#34;, \u0026#34;PingFang SC\u0026#34;, \u0026#34;Hiragino Sans GB\u0026#34;, \u0026#34;Microsoft YaHei UI\u0026#34;, \u0026#34;Microsoft YaHei\u0026#34;, Arial, sans-serif; background-image: none; background-size: auto; visibility: visible; caret-color: rgb(51, 51, 51); text-align: center; line-height: normal; background-position: 0% 0%; background-repeat: repeat;" style="background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat repeat; background-size: auto; caret-color: rgb(51, 51, 51); color: rgb(34, 34, 34); letter-spacing: 0.544px; line-height: normal; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; padding: 10px; text-align: center; vertical-align: bottom; visibility: visible; white-space: normal"\u003e\u003cspan style="color: rgb(136, 136, 136); font-size: 12px; font-style: italic; letter-spacing: 0.2px; outline: 0px"\u003e\u003cstrong class="js_darkmode__98" data-style="outline: 0px; color: rgb(214, 168, 65); caret-color: rgb(34, 34, 34); font-family: system-ui, -apple-system, system-ui, \u0026#34;Helvetica Neue\u0026#34;, \u0026#34;PingFang SC\u0026#34;, \u0026#34;Hiragino Sans GB\u0026#34;, \u0026#34;Microsoft YaHei UI\u0026#34;, \u0026#34;Microsoft YaHei\u0026#34;, Arial, sans-serif; letter-spacing: 0.544px;" style="caret-color: rgb(34, 34, 34); color: rgb(214, 168, 65); letter-spacing: 0.544px; outline: 0px"\u003e\u003cspan class="js_darkmode__99" data-style="outline: 0px; -webkit-text-stroke-color: rgb(0, 0, 0); text-indent: 21px; caret-color: rgb(0, 0, 0); font-family: PingFangSC-light; letter-spacing: 0.2px;" style="-webkit-text-stroke-color: rgb(0, 0, 0); caret-color: rgb(0, 0, 0); letter-spacing: 0.2px; outline: 0px; text-indent: 21px"\u003e /// END /// \u003c/span\u003e\u003c/strong\u003e\u003c/span\u003e\u003c/p\u003e\u003cp class="js_darkmode__100" data-style="margin-right: 16px; margin-bottom: 0px; margin-left: 16px; padding: 10px; text-wrap: wrap; outline: 0px; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); color: rgb(34, 34, 34); font-family: -apple-system-font, BlinkMacSystemFont, \u0026#34;Helvetica Neue\u0026#34;, \u0026#34;PingFang SC\u0026#34;, \u0026#34;Hiragino Sans GB\u0026#34;, \u0026#34;Microsoft YaHei UI\u0026#34;, \u0026#34;Microsoft YaHei\u0026#34;, Arial, sans-serif; background-image: none; background-size: auto; visibility: visible; caret-color: rgb(51, 51, 51); text-align: center; line-height: normal; background-position: 0% 0%; background-repeat: repeat;" style="background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat repeat; background-size: auto; caret-color: rgb(51, 51, 51); color: rgb(34, 34, 34); letter-spacing: 0.544px; line-height: normal; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; padding: 10px; text-align: center; vertical-align: bottom; visibility: visible; white-space: normal"\u003e\u003cspan style="color: rgb(136, 136, 136); font-size: 12px; font-style: italic; letter-spacing: 0.2px; outline: 0px"\u003eNo.6119 原创首发文章|作者 江南\u003cspan style="display: none; line-height: 0px"\u003e\u003c/span\u003e\u003cspan style="display: none; line-height: 0px"\u003e\u003c/span\u003e\u003cspan style="display: none; line-height: 0px"\u003e\u003c/span\u003e\u003cspan style="display: none; line-height: 0px"\u003e\u003c/span\u003e\u003cspan style="display: none; line-height: 0px"\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp class="js_darkmode__100" data-style="margin-right: 16px; margin-bottom: 0px; margin-left: 16px; padding: 10px; text-wrap: wrap; outline: 0px; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); color: rgb(34, 34, 34); font-family: -apple-system-font, BlinkMacSystemFont, \u0026#34;Helvetica Neue\u0026#34;, \u0026#34;PingFang SC\u0026#34;, \u0026#34;Hiragino Sans GB\u0026#34;, \u0026#34;Microsoft YaHei UI\u0026#34;, \u0026#34;Microsoft YaHei\u0026#34;, Arial, sans-serif; background-image: none; background-size: auto; visibility: visible; caret-color: rgb(51, 51, 51); text-align: center; line-height: normal; background-position: 0% 0%; background-repeat: repeat;" style="background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat repeat; background-size: auto; caret-color: rgb(51, 51, 51); line-height: normal; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; padding: 10px; text-align: center; vertical-align: bottom; visibility: visible; white-space: normal"\u003e\u003cspan style="color: #888888"\u003e\u003cspan style="font-size: 12.000000953674316px; letter-spacing: 0.20000000298023224px"\u003e\u003cem\u003e作者简介:\u003cspan style="background-color: rgb(255, 255, 255); caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 12px; font-style: italic; letter-spacing: 0.2px; outline: 0px; text-align: center"\u003e上海八\u003c/span\u003e\u003cspan style="background-color: rgb(255, 255, 255); caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 12px; font-style: italic; letter-spacing: 0.2px; outline: 0px; text-align: center"\u003e桂资产管理有限公司董事长。\u003c/span\u003e\u003cspan style="display: none; line-height: 0px"\u003e\u003c/span\u003e\u003cspan style="display: none; line-height: 0px"\u003e\u003c/span\u003e\u003c/em\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp class="js_darkmode__100" data-style="margin-right: 16px; margin-bottom: 0px; margin-left: 16px; padding: 10px; text-wrap: wrap; outline: 0px; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); color: rgb(34, 34, 34); font-family: -apple-system-font, BlinkMacSystemFont, \u0026#34;Helvetica Neue\u0026#34;, \u0026#34;PingFang SC\u0026#34;, \u0026#34;Hiragino Sans GB\u0026#34;, \u0026#34;Microsoft YaHei UI\u0026#34;, \u0026#34;Microsoft YaHei\u0026#34;, Arial, sans-serif; background-image: none; background-size: auto; visibility: visible; caret-color: rgb(51, 51, 51); text-align: center; line-height: normal; background-position: 0% 0%; background-repeat: repeat;" style="background-color: rgb(255, 255, 255); background-image: none; background-position: 0% 0%; background-repeat: repeat repeat; background-size: auto; caret-color: rgb(51, 51, 51); line-height: normal; margin-bottom: 0px; margin-left: 16px; margin-right: 16px; outline: 0px; padding: 10px; text-align: center; vertical-align: bottom; visibility: visible; white-space: normal"\u003e\u003cspan style="color: #888888"\u003e\u003cspan style="font-size: 12.000000953674316px; letter-spacing: 0.20000000298023224px"\u003e\u003cem\u003e\u003cspan style="background-color: rgb(255, 255, 255); caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 12px; font-style: italic; letter-spacing: 0.2px; outline: 0px; text-align: center"\u003e\u003cspan style="background-color: rgb(255, 255, 255); caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 12.000000953674316px; font-style: italic; letter-spacing: 0.20000000298023224px; text-align: center"\u003e风险提示:本文为个人观点,不构成投资建议,投资有风险,入市需谨慎。\u003c/span\u003e\u003c/span\u003e\u003c/em\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style="text-align: center"\u003e\u003cstrong class="js_darkmode__357" data-style="outline: 0px; color: rgb(34, 34, 34); letter-spacing: 0.544px; font-size: 12px; text-align: justify; caret-color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, \u0026#34;Helvetica Neue\u0026#34;, \u0026#34;PingFang SC\u0026#34;, \u0026#34;Hiragino Sans GB\u0026#34;, \u0026#34;Microsoft YaHei UI\u0026#34;, \u0026#34;Microsoft YaHei\u0026#34;, Arial, sans-serif;" style="-webkit-text-stroke-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12px; font-style: italic; letter-spacing: 0.544px; outline: 0px; text-indent: 21px"\u003e\u003cspan class="js_darkmode__358" data-style="outline: 0px; color: rgb(255, 255, 255); background-color: rgb(214, 168, 65); letter-spacing: -0.4px; caret-color: rgb(0, 0, 0); font-family: PingFangTC-light; -webkit-text-stroke-color: rgb(0, 0, 0); line-height: 19.2px;" style="background-color: rgb(214, 168, 65); caret-color: rgb(0, 0, 0); color: rgb(255, 255, 255); letter-spacing: -0.4px; line-height: 19.2px; outline: 0px"\u003e 欢迎点\u003c/span\u003e\u003c/strong\u003e\u003cstrong class="js_darkmode__359" data-style="outline: 0px; color: rgb(34, 34, 34); letter-spacing: 0.544px; font-size: 12px; text-align: justify; caret-color: rgb(34, 34, 34); font-family: system-ui, -apple-system, BlinkMacSystemFont, \u0026#34;Helvetica Neue\u0026#34;, \u0026#34;PingFang SC\u0026#34;, \u0026#34;Hiragino Sans GB\u0026#34;, \u0026#34;Microsoft YaHei UI\u0026#34;, \u0026#34;Microsoft YaHei\u0026#34;, Arial, sans-serif;" style="-webkit-text-stroke-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); caret-color: rgb(34, 34, 34); color: rgb(34, 34, 34); font-size: 12px; font-style: italic; letter-spacing: 0.544px; outline: 0px; text-indent: 21px"\u003e\u003cspan class="js_darkmode__360" data-style="outline: 0px; color: rgb(255, 255, 255); background-color: rgb(214, 168, 65); letter-spacing: -0.4px; caret-color: rgb(0, 0, 0); font-family: PingFangTC-light; -webkit-text-stroke-color: rgb(0, 0, 0); line-height: 19.2px;" style="background-color: rgb(214, 168, 65); caret-color: rgb(0, 0, 0); color: rgb(255, 255, 255); letter-spacing: -0.4px; line-height: 19.2px; outline: 0px"\u003e看【秦朔朋友圈视频号】\u003c/span\u003e\u003c/strong\u003e\u003cbr/\u003e\u003c/p\u003e\u003cstyle\u003e.data_color_scheme_dark{--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}.data_color_scheme_dark{--weui-DIALOG-LINE-COLOR: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BG-COLOR-ACTIVE: #373737}.data_color_scheme_dark{--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-5: #2c2c2c;--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-LINK: #7d90a9;--weui-TEXTGREEN: 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