2013主板熊市创板牛市的根源(刘志博).docxVIP

《证券投资分析》课程论文 2013年主板熊市创业板牛市的根源、启示及投资策略 学 院：经济学院 专 业：财政学 年 级：2012级 学 号：2012020522 学生姓名：刘志博 任课教师：李凤翔 PAGE \* MERGEFORMAT11 2013年主板熊市创业板牛市的根源、启示及投资策略 摘要：股市从2008的到2013年的跌宕起伏，A股不知不觉已躺在熊市的怀抱中度过了6个春秋。最近几年，A股似乎总在重复同样的故事，疲于反弹又无力反弹，气喘吁吁。到底是什么原因导致熊市周期“变异”延长？可以看出熊市的延长并非偶然，而是缘于资金“ 内因”，做空机制的存在以及其他的盈利模式，令A股深陷困境。6124或将是永恒的回忆，随着股指期货的发展，资金逐渐熟悉做空赚钱。在没有充裕的资金面和宏观面彻底复苏下，这些盈利模式将对市场走出熊市造成阻碍。由此也可以看做是主板熊市的根本原因。同一时期，2013年的A股市场，创业板唤起了做多资金的热情。在IPO暂停的一年里，创业板鲜有空头警报，最终演绎出自己的神话，无视主板调整，全年飙涨70%左右。2013年以来，创业板疯狂上涨，机构投资者尤其是公募基金扮演了极为重要的角色。2013年上半年，创业板市场有个明显变化，即从无人问津到众星捧月，引来了各类机构的关注。 关键词：主板、创业板、A股、熊市、牛市 Abstract Stock market from 2008 to 2013 ups and downs，A stock has spent six low tide，in recent years, A stock seem to repeat the same story, struggling to rebound and are unable to rebound, in the end is what causes the bear market cycle alternative to extend,you can see an extended bear market is not accidental, but due to funding internal and other short mechanism exists profit model,6124 or will be eternal memories, with the development of stock index futures, funds become familiar with short money. In the absence of sufficient funds face thoroughly and macroeconomic recovery, these profit model will be out of a bear market, causing obstruction.It can also be seen as the root cause of the motherboard bear. During the same period, 2013s A share market, the GEM funds to do more to arouse the enthusiasm. Pause in IPO year, GEM few short alert, and ultimately their own interpretation of the myth, ignoring the motherboard to adjust the year soared 70%. Since 2013, the GEM skyrocketing, especially institutional investors raised funds play a very important role. In the first half of 2013, the GEM market has a significant change, from nobody cares toattracted the attention of various agencies Keywords: motherboard, GEM, A shares, bear market, bull market 目录 TOC \o 1-3 \h \z \u HYPERLINK \l _Toc381485677 摘要  PAGEREF _Toc381485677 \h I  HYPERLINK \l _Toc381485678