making the Government macro-policy change will lower. From the perspective of capital

Gold: a-shares in the four quarter run area around 2200-2300 NetEase finance, October 9-today, CICC latest 4 quarters a-share policy report, the report said, 4 market conditions at the end of the quarter to build a large level was premature. 4-quarter trend is expected to be dominated by weak correction and oversold rebound. Space between 5~10% of a technical rebound, the bottom area around 2200-2300. Recommends that investors don't have to keep up withHigh, except high jiancang. Controlling positions, while gold public recommends investors prepared to low valuations of concern chaodie plate like banking, brokerages and part cycle unit. Recommendation avoid strong stocks and small-cap stocks and a group of early. Gold believes that a-share movements cause of the prolonged slump cannot just inflation, economic growth and short-term factors such as policies to explain. TroubledA share is the central factor of some long-term factors: first diablo 3 power leveling, China's current economic growth is difficult to change the investment as the principal mode, the second is on this premise, bank debt crisis in Europe and allow for policy development for the banking and financial system risk prevention and control of consciousness more and more strong, therefore supporting financing of investment growth in the future task will be more and more through direct financing toResolved, which means that the a-share stock supply growth will long remain high. At the same time, out of concern for monetary hyper-inflation, future money-supply growth is significantly lower than the average of the past. Imbalance will result in a share of the money supply growth and stock valuations downward path into the long and slow. On the premise of long-term adverse factors that are difficult to eliminate, the market more affordableRebound is to grasp the opportunity rather than a reversal of the opportunity, so short-cycle factors, factors such as economic growth, policy change and capital remains the focus of market attention. But from the perspective of 4 quarters, these short-term factors appear less chance of reversing. At the current inflation is still high diablo 3 power leveling, slow economic growth, making the Government macro-policy change will lower. From the perspective of capital, Under the influence of monetary and credit policy tightening of money supply makes the money multiplier does not change the downward trend. Due to the devaluation of the renminbi is expected to appear, may occur 4-quarter foreign exchange accounts for growth exceeded expectations downward, while 4-quarter expiration of Central also in the volume level, so the 4 quarter of base money growth fell back the probability it will increase the, making the overall money supply continued to tighten. And by theInvestment demand has a certain stiffness, 4 quarter funding needs are still quite strong, so funds caused by the imbalance between supply and demand still high real interest rates will be the norm 4 asset market. From the perspective of a-share listed companies ' profitability, earnings growth rates come down is just the beginning. Gold in accordance with the policy from the top down model estimates, 2012 the a-share listing of non-financial companies under the baseline scenarioEarnings per cent growth to fall back to 5.4%, the market's overall earnings growth might drop to single digits. Current level of a-shares overall earnings close to record low points, but under the influence of blue-chip benchmark, and small-cap stocks and some strong valuations still well above the record low level of industry, the sector of the market/book convergence this feature does not appear at the bottom of the market, investorsNeed to take precautions underestimate the value of the trap posed by the surface of the market. Responsible editor: NF058