.::金银岛财经::.'s Archiver

金银岛岛主 发表于 2005-1-2 09:38

(原创)投资是一种生活方式

[size=2][b]一、理念决胜[/b]


[b]鲤鱼跳龙门[/b]

大河里有一群鲤鱼,它们都想跳过龙门去。因为,只要它们一旦跳过了龙门之后,它们就会由普普通通的鱼变为超凡脱俗的龙了。

可是,龙门实在是太高了。鲤鱼们累得筋疲力尽,碰得鼻青脸肿,仍然没有一条鱼能够跳过去。于是,它们便一起去向龙王请求:“尊敬的龙王啊,请您把龙门的标准降低一点吧,如果连一条鲤鱼都跳不过去,这龙门不就形同虚设吗?”

龙王想了想,答应了鲤鱼们的要求。

于是,鲤鱼们一个个轻轻松松地跳过了龙门,兴高采烈地变成了龙。

可是过了不久,已经变成龙的鲤鱼们却发现,大家虽然都变成了龙,却跟大家都不是龙的时候好像没有什么两样。于是,它们又找到龙王,说出自己心中的疑惑。

龙王笑着回答它们:“真正的龙门,是不可能降低标准的。你们如果要找到真正龙的感觉,还是去跳那座没有降低标准的龙门吧!”

在股市中,同样存在着这样一座“龙门”,如果投资者一旦跳过这个龙门,他也就会因之而有“脱胎换骨”的巨变。这是每个股民梦寐以求的事情。但那毕竟是一座龙门而不是一座普通的门槛,如果不努力、不勤奋,如果没有正确的理念和方法,要想跳过去是不可能的。

许多投资者由于各种各样的原因,纷纷选择那座已经降低了标准的龙门(凭感觉、听消息炒股,或者依赖股评,看图表,相信所谓神奇的股票分析软件……),结果比从阿拉斯加赌城出来的人不会好太多,自然找不到真正成龙的感觉。[/size]

金银岛岛主 发表于 2005-1-2 09:39

       


       


<P style="WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 9.0pt"><FONT face=宋体>庖丁解牛<SPAN lang=EN-US><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></FONT></SPAN>


<P style="WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 9.0pt"><FONT face=宋体>庖丁在替文惠君宰牛之时,只要是他的手所触及到的、肩所倚靠着的、脚所踩到的、以及膝盖所能抵住的地方,都会发出一种“砉砉”的响声。还有他进刀割解时发出“哗啦”的响声,没有一样是不合于音节的。有时如桑林舞曲的节奏,有时又如经首乐章的韵律。<SPAN lang=EN-US><o:p></o:p></SPAN></FONT></SPAN>


<P style="WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 9.0pt"><FONT face=宋体>文慧君叹道:“啊!好极了!技术怎么可以达到这样高的地步呢?”<SPAN lang=EN-US><o:p></o:p></SPAN></FONT></SPAN>


<P style="WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 9.0pt"><FONT face=宋体>庖丁放下手中的屠刀,笑着回答说:“我这一生中,所爱好的就是‘道’,已经超过了单纯技术的意义。在我刚开始学习宰牛的时候,我眼中所看见的不过是一头一头的牛,过了三年之后,我的眼中已看不到整头的牛了。而现在,我动手之际,只需用心神去领会,而不靠眼睛去观看。手顺着牛身体的自然结构去用刀,却从不曾碰撞过它经络结聚的部位和骨紧密连接的地方,更加不用去碰所谓的那些大骨头了!一个好的厨师,一般都是一年要换一把砍骨刀,但我的这把刀已经用了<SPAN lang=EN-US>19年了,它所解割的牛大约不下几千头了,可是刀刃的锋利就像刚从磨刀石上磨过一样。为什么呢?因为牛的骨节之间是有间隙的,而刀刃却非常薄,我用极薄的刀刃切入有间隙的骨节之中,当然是游刃有余了。所以我这把刀用了19年之后还是像新的一样。虽然是这样,可是每遇到盘骨盘结的地方,不容易下手,我就会十分小心谨慎,眼神特别专注,速度也会缓慢下来。最后只要手中的刀子微微一动,牛也就‘哗啦’地完全解体了,牛还不知道自己已经死了,就如同泥土溃散落地!这时我提刀站立,环顾四方,感到踌躇满志,这才把刀揩干净收藏起来。”<o:p></o:p></SPAN></FONT></SPAN>


<P style="WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 9.0pt"><FONT face=宋体>文惠君抚掌赞道:“好啊,我听了庖丁的这一番话,领悟了许多人生哲理!”<SPAN lang=EN-US><o:p></o:p></SPAN></FONT></SPAN>


<P style="WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 9.0pt"><FONT face=宋体>在证券界里存在着三大门派:基本分析派、技术分析派和随机漫步派。<SPAN lang=EN-US><o:p></o:p></SPAN></FONT></SPAN>


<P style="WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 9.0pt"><FONT face=宋体>基本分析派崇尚“物有所值”,重视的是上市公司的内在价值及其发展前景,而非股票的日常涨跌情况。投资者买下的是公司,而非股票。该派的代表人物是世界股王巴菲特。<SPAN lang=EN-US><o:p></o:p></SPAN></FONT></SPAN>


<P style="WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 9.0pt"><FONT face=宋体>技术分析派所依赖的理论前提是:市场行为含涵一切、价格朝趋势移动,历史会不断重演。该派的代表人物有江恩、艾略特。不过让人沮丧的是,靠技术分析投资股票在股市上发大财的人自今在全世界还没有出现一个,包括江恩和艾略特自己。但是靠技术分析来骗取股民钱财致富的分析师却有不少。业内人士众所周知的一个事实--分析师致富的诀窍是:只作咨询,绝不操作。因此投资大师彼得<SPAN lang=EN-US>.林奇不无尖刻地说:“华尔街从没见过一个投资成功的分析师,破产的倒看到不少。”<o:p></o:p></SPAN></FONT></SPAN>


<P style="WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 9.0pt"><FONT face=宋体>由于我国股市建立的时间短,不过十年,再加上上市公司造假成风,运用基本面分析十分困难,因而加入技术分析派的人众多,但是成功者却极少,像解牛的庖丁一样能从技术中悟出“道”的投资者更是凤毛麟角。<SPAN lang=EN-US><o:p></o:p></SPAN></FONT></SPAN>


<P style="WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 9.0pt"><FONT face=宋体>禅宗中有著名的见山是山与见山不是山的公案。公案系出于宋代吉州(江西)青山惟政禅师的《上堂法语》。他说:老僧三十年前,未参禅时,见山是山、见水是水;乃至后来,亲见知识,有个入处,见山不是山、见水不是水;而今得个休歇处,见山只是山、见水只是水。”<SPAN lang=EN-US> <o:p></o:p></SPAN></FONT></SPAN>


<P style="WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 9.0pt"><FONT face=宋体>后来的人多把此话视为悟道的三种境界说。<SPAN lang=EN-US><o:p></o:p></SPAN></FONT></SPAN>


<P style="WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 9.0pt"><FONT face=宋体>看山是山,看水是水。刚刚步入股市的新股民对待技术分析这等大事是非常认真的,先是似懂非懂地开了户但不知买什么股票好,然后买来几本“新股民必读”之类的书回家猛啃,对书中所说的一些基本技巧言听计从,将趋势线、支撑与阻力、突破信号、成交量等要点谨记于心,依葫芦画瓢试着做了几单买卖,发现效果不错,感觉这些技巧还有点用,因而抓住这些基本的要义老老实实地看盘,看到一只股票价升量升判断后市将涨,看到<SPAN lang=EN-US>K线图上出现头肩顶转势形态判断股价见顶,看到RSI或KD处于严重超卖状态认定下跌已近尾声。这样虽说有些机械呆板,但见到什么是什么的单纯态度一般不会错得太离谱,如果能严格按照书上所要求的及时停损原则去做,那么就相对比较安全,即使错误,杀伤力也不大。<o:p></o:p></SPAN></FONT></SPAN>


<P style="WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 9.0pt"><FONT face=宋体>看山不是山,看水不是水。按照书上的说法去做免不了会遇到伪信号或失败形态,加之自己在操作中慢慢摸索出了一些门道来,从对股票一无所知的门外汉到自己略有心得的“老”股民,这只能说是一个进步,但常被人误解成是一个飞跃。于是,原有的看盘技巧被打破,新的成熟的看盘准则尚未建立起来,就凭着自己摸索出的一点经验雾里看花,结果就可想而知了。这个阶段是最具破坏力的,比起完全不懂的阶段赔的钱更多,看到技术面出现买入信号时担心是技术陷阱,看到基本面的利空变化时又以技术指标没有变坏为借口一厢情愿地继续看涨,看到移动平均线上出现的金叉买入信号会怀疑它的有效性,看到双底形态突破颈线会怀疑是假突破。总之,左看右看越看越糊涂,自己拿不出有说服力的方法来却急不可耐地将别人的意见全盘否定,这是绝大多数散户的现状,很多人可能一辈子都会停留在这种阶段。<SPAN lang=EN-US> <o:p></o:p></SPAN></FONT></SPAN>


<P style="WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 9.0pt"><FONT face=宋体>看山还是山,看水还是水。只有极少数的人能修炼成这种水平,虽然还是画线数浪,还是追涨杀跌,看似与新手无异,实则相距十万八千里。正如庖丁对文惠君所言:“始臣之解牛之时,所见无非全牛者。三年之后,未尝见全牛也。方今之时,臣以神遇而不以目视。”佛经故事中有一段颇有启发性的对白,说是有个小和尚请教高僧得道之后做什么?高僧答曰:吃饭睡觉。小和尚又问:那不是跟没有得道的人一样?高僧再答:不一样,没有得道的人吃饭不是吃饭,睡觉不是睡觉。技术分析,说复杂特复杂,说简单又特简单,高手看盘,就是透过复杂的表象看出股价运动最简单的方向。高手喜欢用最简单的分析工具看盘,过于复杂的技术,高手反而会弃之不用,一张<SPAN lang=EN-US>K线图加上一把量尺,对高手来说可能就够了。无非还是看支撑、阻力,还是看成交量、移动平均线,这跟新股民初入市的分析方法大同小异,本质的区别在于高手与新手具有不同的境界。<o:p></o:p></SPAN></FONT></SPAN>


<P style="WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 9.0pt"><FONT face=宋体>随机漫步派认为市场是有效的<SPAN lang=EN-US>,股价短期(几年内)涨跌是无头绪无规律的,是不可测的。他们认为一头大猩猩用飞镖掷出来的投资组合在长期里会战胜大多数华尔街的精英们。该派的代表人物是约翰.伯格尔,此君是全球第二大基金--先锋基金的老板。1976年他成立的先锋指数型基金资金不到1100万美元,受到无数华尔街专家的嘲笑,但是20年过去,该基金已经拥有2500亿美元的雄厚资产,成为世界第二大基金!进入90年代后,随机漫步派已经完全战胜了技术分析派,他们的指数型基金就如同龟兔赛跑中的乌龟一样,夺得了比赛的胜利。就连股王巴菲特和战胜华尔街的彼得.林奇也异口同声对他们称赞支持。<o:p></o:p></SPAN></FONT></SPAN>


<P style="WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; mso-bidi-font-size: 9.0pt"><FONT face=宋体>        </FONT></SPAN>

金银岛岛主 发表于 2005-1-2 09:46

       


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">龟兔赛跑</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">乌龟与兔为他们俩谁跑得快而争论不休。于是,他们定好了比赛的时间和地点。比赛开始后,兔迈开自己的飞毛腿,跑得很快,但是在比赛半途累了,躺在路旁睡着了。乌龟深知自己走得慢,毫不气馁,一刻不休息,不停地朝前奔跑。结果,乌龟超过了睡熟了的兔子,夺得了胜利。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">当今世界的证券投资管理策略就如同故事中的龟兔――指数型基金投资和活跃激进型基金投资,二者不停争论:谁盈利多?谁跑得快?两派的倡导者几十年一直相峙不下,并在最终的投资回报上比个高低。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">活跃型基金不停的买卖大量股票。他们认为,凭着他们高贵的学历和高超的选股技巧,他们是完全可以战胜市场的!基金经理的职责就是使客户满意,为了让客户的钱能继续留在基金里,他们就必须突出业绩,在股市上不断买卖股票,调整投资组合,高抛低吸,努力预测未来几个月里股票的走势,希望从预测中获利。今天美国的活跃型基金平均拥有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">100</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">种以上的股票,周转比率达</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">80</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">指数型基金相信股市的“随机漫步”,他们的策略就是买进并持有这一被动方式,而且他们投资组合里持有的股票几乎全是指数里面的股票。比如标准普尔</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">500</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">指数里的股票。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">与活跃型基金相比,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">80</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年代以前,指数型基金根本不受重视,并成为华尔街的笑话。但是进入</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">80</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年代后,指数基金战略已经完全脱颖而出!追踪</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1977</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1997</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年的基金业绩表明,能够击败标准普尔</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">500</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">指数的活跃型基金百分比呈急剧下跌趋势,从早期的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">50</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%下降到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">25</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1997</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年以后情况更糟,到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1998</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年底,有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">90</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%的活跃型基金的业绩低于市场,平均比标准普尔</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">500</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">指数低</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">14</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoBodyText style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial"><FONT size=2>活跃型基金投资的方式虽然被广泛采纳,但今后却更难超出指数型基金,更不要说击败市场了。原因是他们每年疯狂地买卖上百种股票,他们购买预计很快会获利的股票,然后出手。这种买卖逻辑的致命弱点在于:鉴于证券市场的复杂环境,正确的预测几乎是不可能的。进一步动摇这种方式并使事情复杂化的原因是频繁买卖导致它成本的大幅增加。而指数型基金由于避免了上面的弱点,在许多方面要好过活跃型基金,这也是为什么随着时间越长指数型基金越显优越的原因。就连股王巴菲特也说:“通过定期投资于指数基金,那些门外汉投资者都可以获得超过多数专业投资大师的业绩!”</FONT></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">这可能是对活跃型基金和指数型基金两种投资策略最好的评价。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 9.0pt"><FONT face="Times New Roman">        <o:p></o:p></FONT></SPAN>


       

金银岛岛主 发表于 2005-1-2 09:55







<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">伟大的“道氏理论”</SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏理论的三大假设和五大定理</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏理论的三大假设</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏理论有极其重要的三个假设,与人们平常所看到的技术分析理论的三大假设有相似的地方,不过,在这里,道氏理论更侧重于其市场涵义的理解。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">假设1:人为操作——指数或证券每天、每星期的波动可能受到人为操作,次级折返走势也可能到这方面有限的影响,比如常见的调整走势,但主要趋势不会受到人为的操作。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">假设2:市场指数会反映每一条信息——每一位对于金融事务有所了解的市场人士,他所有的希望、失望与知识,都会反映在“上证指数”与“深圳指数”或其他的什么指数每天的收盘价波动中;因此,市场指数永远会适当地预期未来事件的影响。如果发生火灾、地震、战争等灾难,市场指数也会迅速地加以评估。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">假设3:道氏理论是客观化的分析理论——成功利用它协助投机或投资行为,需要深入研究,并客观判断。当主观使用它时,就会不断犯错,不断亏损。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏理论定理1</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“道氏理论”的三种走势中,第一种走势最重要,它是主要趋势:整体向上或向下的走势称为多头或空头市场,期间可能长达数年。第二种走势是次级的折返走势,是主要多头市场中的重要下跌走势,或是主要空头市场中的反弹,通常会持续数个月。第三种走势通常较不重要,它是每天波动的走势。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股票指数与任何市场都有三种趋势:短期趋势,持续数天至数个星期;中期趋势,持续数个星期至数个月;长期趋势,持续数个月至数年。任何市场中,这三种趋势必然同时存在,彼此的方向可能相反。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">长期趋势最为重要,也最容易被辨认,归类与了解。它是真正的长期投资者主要的参考,对于投机者较为次要。中期与短期趋势都附属于长期趋势之中。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">中期趋势是专业投机者的主要考虑因素。它与长期趋势的方向可能相同,也可能相反。如果中期趋势严重背离长期趋势,则被视为是次级的折返走势或修正。次级折返走势必须谨慎评估,但不可将其误认为是长期趋势的改变。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">短期趋势最难预测,唯有短线客才会随时考虑它。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">将价格走势归类为三种趋势,并不是一种学术上的游戏。投资者如果了解这三种趋势而执着于长期趋势,也可以运用逆向的中期与短期趋势提升获利。运用的方式有许多种。第一,如果长期趋势是向上,他可在次级的折返走势中卖空股票,并在修正走势的转折点附近,以空头头寸的获利追加多头头寸的规模。第二,由于他知道这只是次级的折返走势,而不是长期趋势的改变,所以他可以在有信心的情况下,渡过这段修正走势。最后,他也可以利用短期趋势决定买,卖的价位,提高投资的获利能力。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">自从80年代初期以来,由于信息科技的进步以及电脑程式交易的影响,市场中期趋势的波动程度已经明显加大。在修正走势中持有多头头寸,并看着多年来的利润逐渐消失,似呼是一种无谓的浪费与折磨。当然,大多数的情况下,经过数个月或数年以后,这些获利还是会再度出现。然而,如果你专注于中期趋势,这些损失大体都是可以避免的。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏理论定理2</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">主要走势:主要走势代表整体的基本趋势,通常称为多头或空头市场,持续时间可能在一年以内,乃至于数年之久。正确判断主要走势的方向,是投机行为成功与否的最重要因素。没有任何已知的方法可以预测主要走势的持续期限。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">了解长期趋势(主要趋势)是成功投机或投资的最起码条件。一位投机者如果对长期趋势有信心,只要在进场时机上有适当的判断,便可以赚取相当不错的获利。有关主要趋势的幅度大小与期限长度,虽然没有明确的预测方法,但可以利用历史上的价格走势资料,以统计方法归纳主要趋势与次级的折返走势。虽然近半世纪以来的科技与知识有了突破性的发展,但驱动市场价格走势的心理性因素基本上仍相同。这对专业投机者具有重大的意义。 </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏理论定理3</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">主要的空头市场:主要的空头市场是长期向下的走势,其间夹杂着重要的反弹。它来自于各种不利的经济因素,唯有股票价格充分反映可能出现的最糟情况后,这种走势才会结束。空头市场会历经三个主要的阶段:第一阶段,市场参与者不再期待股票可以维持过度膨胀的价格;第二阶段的卖压是反映经济状况与企业盈余的衰退;“不利的经济因素”是指(几乎毫无例外)政府行为的结果:干预性的立法,非常严肃的税务与贸易政策,不负责任的货币或财政政策以及重要战争。第三阶段是来自于健全股票的失望性卖压,不论价值如何,许多人急于套现至少一部分的股票。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏理论定理4</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">主要的多头市场:主要的多头市场是一种整体性的上涨走势,其中夹杂次级的折返走势,平均的持续期间长于两年。在此期间,由于经济情况好转与投机活动转盛,所以投资性与投机性的需求增加,并因此推高股票价格。多头市场有三个阶段:第一阶段,人们对于未来的景气恢复信心;第二阶段,股票对于已知的公司盈余改善产生反应;第三阶段,投机热潮转炽而股价明显膨涨--这阶段的股价上涨是基于期待与希望。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">多头市场的特色是所有主要指数都持续联袂走高,回调走势不会跌破前一个次级折返走势的低点,然后再继续上涨而创新高价。在次级的折返走势中,指数不会同时跌破先前的重要低点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏理论定理5</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">次级折返走势:次级折返走势是多头市场中重要的下跌走势,或空头市场中重要的上涨走势,持续的时间通常在三个星期至数个月;此期间内折返的幅度为前一次级折返走势结束之后主要走势幅度的33%至66%。次级折返走势经常被误以为是主要走势的改变,因为多头市场的初期走势,显然可能仅是空头市场的次级折返走势,相反的情况则会发生在多头市场出现顶部后。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">次级折返走势(修正走势)是一种重要的中期走势,它是逆于主要趋势的重大折返走势。判断何者是逆于主要趋势的“重要”中期走势,这是“道氏理论”中最微秒与困难的一环。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">判断中期趋势是否为修正走势时,需要观察成交量的关系,修正走势之历史的统计资料,市场参与者的普遍态度,各个企业的财务状况,整体状况,“财政部”的政策以及其它许多因素。次级折返走势就如同锅炉中的压力控制系统。在多头市场中,次级折返走势相当安全阀,它可以释放市场中的超买压力。在空头市场中,次级修正走势相当于为锅炉添加燃料</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">,</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">以补充超卖流失的压力。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“道氏理论”的许多原理蕴含于我们日常使用的各种投资术语中,只不过一般人并没有觉察而已。研究“道氏理论”的基本原理之后,我们具备了一种重要的知识和观念,这种知识和观念是指导我们在证券市场获利的根本。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN>





金银岛岛主 发表于 2005-1-2 09:58

       


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏理论的形成过程</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏理论的形成经历了几十年。1902年,在道去世以后,威廉·P·哈密顿和罗伯特</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">雷亚继承了道氏的理论,并在其后有关股市的评论写作过程中,加以组织与归纳而成为今天我们所见到的理论。他们所著的《股市晴雨表》《道氏理论》成为后人研究道氏理论的经典著作。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">值得一提的是,这一理论的创始者——查理斯·道,声称其理论并不是用于预测股市,甚至不是用于指导投资者,而是一种反映市场总体趋势的晴雨表。大多数人将道氏理论当作一种技术分析手段——这是非常遗憾的一种观点。其实,“道氏理论”的最伟大之处在于其宝贵的哲学思想,这是它全部的精髓。雷亚在所有相关著述中都强调,“道氏理论”在设计上是一种提升投机者或投资者知识的配备或工具,并不是可以脱离经济基本条件与市场现况的一种全方位的严格技术理论。根据定义,“道氏理论”是一种技术理论</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">. <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">在雷亚的著作《道氏理论》一书中,他论述了“道氏理论”中极其重要的三个假设和五个“定理”,基本上仍是适用于今天。但是,我们不能以表面的意思解释它们。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏理论由五个“定理”组成:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">定理1--道氏的三种走势</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">短期,中期,长期趋势</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">) <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">定理2--主要走势</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">空头或多头市场</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">) <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">定理3--主要的空头市场</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">包含三个主要的阶段</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">) <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">定理4--主要的多头市场</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">也有三个主要的阶段</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">) <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">定理5--次级折返走势</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">也称“修正走势”,多头市场中的下跌走势,或空头市场中上涨走势</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">)</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">19世纪20年代福布斯杂志的编辑理查德</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">夏巴克,继承和发展了道氏的观点,研究出了如何把“股价平均指数”中出现的重要技术信号应用于各单个股票。而在1948年出版的由约翰·迈吉、罗伯特·D·爱德华所著《股市趋势技术分析》一书,继承并发扬了查理斯·道及理查德·夏巴克的思想,现在已被认为是有关趋势和形态识别分析的权威著作。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">我们一般所称的“道氏理论”,是查尔斯·道,威廉姆·皮特·汉密尔顿与罗伯特·雷亚等三人共同的研究结果。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">查尔斯·H·道</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">1851-1902</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">)</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">出生于新英格兰。纽约道·琼斯金融新闻服务的创始人、“华尔街日报”的创始人和首位编辑。他是一位经验丰富的新闻记者,早年曾得到萨缪尔·鲍尔斯的指导,后者是斯普林菲尔德“共和党人”杰出的编辑。 道曾经在股票交易所大厅里工作过一段时间,这段经历的到来有些奇怪。已故的爱尔兰人罗伯特·古德鲍蒂</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">贵格会教徒,华尔街的骄傲</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">)</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">当时从都柏林来到美国,由于纽约股票交易所要求每一位会员都必须是美国公民,查尔斯·H·道成了他的合伙人。在罗伯特·古德鲍蒂为加入美国国籍而必须等待的时间里,道把持着股票交易所中的席位并在大厅里执行各种指令。当古德鲍蒂成为美国公民以后,道退出了交易所,重新回到他更热爱的报纸事业上来。后来,道氏设立了道琼斯公司,出版“华尔街日报”,报道有关金融的消息。1900年到1902年,道氏充任编辑,写了许多社论;讨论股票投机的方法,事实上,他并没有对他的理论作系统的说明,仅在讨论中作片段报道。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">查尔斯</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道在1895年创立了股票市场平均指数--“道琼工业指数”。该指数诞生时只包含11种股票,其中有九家是铁路公司。直到1897年,原始的股票指数才衍生为二,一个是工业股票价格指数,由12种股票组成;另一个是铁路股票价格指数。到1928年工业股指的股票覆盖面扩大到30种,1929年又添加了公用事业股票价格指数。道本人并未利用它们预测股票价格的走势。道的全部作品都发表在“华尔街日报”上,只有在华尔街圣经的珍贵档案中仔细查找才能重新建立起他关于股市价格运动的理论。但是已故的S·A·纳尔逊在1902年末完成并出版了一本毫不伪装的书——“股票投机的基础知识”中提到,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">这本书早已绝版,却可以在旧书商那里偶尔得以一见。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">)</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">他曾试图说服道来写这本书却没有找到的道关于股票投机活动的所有论述都写了进去。在全书的35章中有15章</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">第五章到第十九章</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">)</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">是“华尔街日报”的评论文章,有些经过少许删节,内容包括“科学的投机活动”、“读懂市场的方法”、“交易的方法”以及市场的总体趋势。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">1902年12月查尔斯</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道逝世</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">,</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">华尔街日报记者将其见解编成《投机初步》一书,从而使道氏理论正式定名。 威廉姆·皮特·汉密尔顿在道氏的指导下进行研究,他是当时“道氏理论”最佳的代言人</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏过世后,汉密尔顿在1903年接替道氏担任《华尔街日报》的编辑工作,直至他于1929年过世为止,他继续阐明与改进道氏的观念,这些内容主要是发表在《华尔街日报》。后来在1922年,出版了《股票市场晴雨表》一书,书中集中论述了道氏理论的精华,并使“道氏理论”具备较详细的内容与正式的结构。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">汉密尔顿在许多问题中加入了自己的思想,其中包括市场操纵行为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“在一次重要的牛市或熊市时期积极向上的力量将压倒市场操纵行为,这是后者无法比拟的”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">)</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">;投机行为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“投机行为消亡之时就是这个国家消亡之日”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">)</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">甚至包括政府的管制</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“如果说过去的十年中有什么值得公众牢记的教训,那就是当政府干预私人企业的时候,既使这个企业的宗旨是发展公用事业,其结果也将是无法估量的损失和微乎其微的收益。”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">)</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">罗伯特·雷亚是汉密尔顿与道氏的崇拜者,他由1922年开始至1939年过世为止,在病榻上勉强工作,利用两人的理论预测股票市场的价格,并有相当不错的收获。雷亚对于“道氏理论”的贡献极多,他纳入成交量的观念,使价格预测又增加一项根据。《道氏理论》一书是由巴伦氏杂志于1932年发行,目前已经绝版,雷亚在此书摘取威廉姆</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">皮特</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">汉密尔顿的研究成果,并提出许多有助于了解“道氏理论”的参考资料。稍后,在《道氏理论在商务与银行业的应用》一书中,雷亚显示“道氏理论”可以稳定地预测未来的经济活动。雷亚在所有相关著述中都强调,“道氏理论”在设计上是一种提升投机者或投资者知识的配备或工具,并不是可以脱离经济基本条件与市场现况的一种全方位的严格技术理论。根据定义,“道氏理论”是一种技术理论;换言之,它是根据价格模式的研究,推测未来价格行为的一种方法。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏理论在30年代达到巅峰。那时,《华尔街日报》以道氏理论为依据每日撰写股市评论。1929年10月23日《华尔街日报》刊登“浪潮转向”一文,正确地指出“多头市场”已经结束,“空头市场”的时代来临。这篇文章是以道氏理论为基础提出的预测。紧接这一预测之后,果然发生了可怕的股市崩盘,于是道氏理论名嗓一时。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏理论最早用于股票市场,以此判断股市的升跌,看经济的兴衰,其后他的继承人威廉彼德.咸美顿再将著名的道氏理论发扬光大,作为推测投资市场走势的一种工具。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏提出一个目前成为现代金融理论之公理的命题,即:任何一只股票所伴随的总风险包括系统性与非系统性风险。其中,系统性风险是指那些会影响全部股票的一般性经济因素,而非系统性风险是指可能只会影响某一公司而对于其它公司毫无影响或几乎没有影响的因素。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">由于道氏理论反映了投资市场收益与风险的一般客观规律,近年越来越多的人将该理论用于投资市场上,已经在成熟的金融市场上验证的结果表明,道氏理论对于价格走势的预测是有效的。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">为了庆祝道氏对投资市场研究的贡献,美国市场技术家联会颁给道琼斯公司一份哥翰银碗,以表扬查尔斯</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道对投资分析界的贡献。道氏理论,被今日的权威人士视为反映股票市场活动的晴雨表,在道氏去世100年后的今天,这个不朽的理论仍留给市场技术分析师们一个有力工具。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏理论的缺陷</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道氏理论是所有市场技术研究的鼻祖。尽管他经常因为“反应太迟”而受到批评,并且有时还受到那些拒不相信其判定的人士的讥讽(尤其是在熊市的早期),但只要对股市稍有经历的人都对它有所听闻,并受到大多数人的敬重。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 9.0pt"><o:p></o:p></SPAN>


       

金银岛岛主 发表于 2005-1-2 10:02

       




<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">亚当理论</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">韦尔德是指标发明家,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1978</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年他出版了《技术性买卖系统的新概念》一书,发明了一系列技术辅助指标:相对强弱指数(</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">RSI</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)、抛物线(</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">PAR</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)、摇摆指数(</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">SI</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)、转向分析(</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">DM</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)、动力指标(</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">MOM</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)、变异率(</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">VOL</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)等等。上述技术指标尤其是相对强弱指数大行其道,深受技术派人士的欢迎,韦尔德很快就举世闻名。但是最后他经过多年反省检讨,认识到每一种指标都有其缺陷与误区,最终悟到“顺势而为”的重要性,明白了“无招胜有招”的真谛,于是把自己发明的指标统统抛弃,推出了亚当理论</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">:</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">无需技术指标</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">亚当理论的精髓实质就是在投机市场中没有任何技术分析指标可以相当准确地推测后市的趋向。每一套技术分析工具都有其固有的内在缺陷,依赖这些并不完善也无法完善的技术分析指标和工具去推测去向不定、变化莫测的后市趋向,显然将出现许多失误。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">亚当理论的主要思想是指导投资者摒弃所有的主观分析,不管这些指标或技术工具是定性还是定量地给出定义,都应该坚决地放弃迷信技术指标或工具的做法,及时认清身处的市势趋向,并顺势而为。即认为在升势中逆势沽空或跌势中持相反理论的做多,常常因为情况和条件不同导致失败,因为没有人能够准确地预料到市场涨、跌何时结束,盲目地、主观地逃顶或抄底都在事后证明不是逃得过晚就是抄得过早,只有认清市场趋向并顺势而为,才能将风险减到最低限度。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">亚当理论的内涵有以下几条:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">在介入某个投机市场前一定要认清该市场的趋势是升还是跌,确认了市势后才具体行动,即升市中主要以做多为主,在跌市中则以沽空为主,切记买卖方向不要做错,即在升市做空、跌市买涨是最愚蠢而且相当危险的。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">买入后遇跌,沽出后却升,就应该警惕是否看错大势,看错就要认错,及早投降,不要和大势为敌。不要固执己见,要承认自己看错方向,及早认识错误则可将损失减到较少的程度。建议在未买卖之前就设法订立止损位,并且不随意更改既定的止损位。切忌寻找各种借口为自己的错误看法辩护,因为那样只会使自己深陷泥潭,损失更大。在投机市场中,不要把面子看得太重,看重脸面则要以损失钞票为代价。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">抛弃迷信技术分析指标或工具的做法,各种技术分析、技术指标均有缺陷,过于依赖这些技术分析指标的所谓买卖信号,有可能使资金遭遇被套的危险。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">韦尔德用一则故事来说明自己的亚当理论:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">亚当理论</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">----</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">顺势而为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">精确先生,今年年龄正好是</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">32</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">岁,他主要以能提前十分准确预测证券市场的走势而驰名小岛内外,是岛上的证券波浪预测理论专家。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年之前,他辞去了岛上某某金融投资机构中的高级职务,自己创立了一家投资管理公司。他所管理的证券投资基金,在这</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年之内所获得的盈利超过了其总资金量的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">倍,成绩十分斐然,令人刮目相看。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1998</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">18</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,精确先生根据其所专长的证券波浪预测理论,测算到小岛指数将可以在短时期内迅速上涨到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1900</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点,于是就在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1500</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点左右大量购入了小岛股票指数上涨合约</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">张。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,小岛股票指数开始向下下跌了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5.83</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">21</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,小岛股票指数继续下跌了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6.54</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">22</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,小岛股票指数继续再下跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">12.49</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">23</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,小岛股票指数再次下跌,当日下午跌破了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1460</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">精确先生开始感觉到有些不妙了,他此时此刻的心情已经变得十分紧张,并且开始有一种看错市势的挫败之感。尽管已经快要到收市时间了,精确先生仍然呆呆地坐在自己的办公室内,面对着电脑荧屏所显示的图形形态走势,他有一些不知所措了。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">这时,精确先生年方</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">岁的独生女儿</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">----</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">精灵小姐,从外面推门而入,她一进门便大声说道:“爸爸,你答应今日带我坐船出海去环游金银岛的,我早就准备好了,你还在这里干什么……”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">精确先生毫无反应,仍然全神贯注地注视着电脑荧幕上所显示的图形形态,脸上的气氛显得十分凝重。于是精灵小姐就轻轻地走到精确先生的身旁,抬头朝着电脑荧幕看去。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“爸爸,你不舒服吗?”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“噢!没什么问题,这些东西你是不会懂的。目前证券市场的市势发展本来应该向上升的,但是,小岛股票指数却偏偏就是不住上涨,反而一直向下走,真是令人难以理解。”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“爸爸,荧幕上的那一根线条,代表的就是证券市场的走势吗?”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“对。”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“爸爸,我不知道什么东西叫做证券市场的市势,但那线条分明还在继续向下走啊。对吗?”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“精灵,你是不会明白的了。不论是根据证券市场的波浪理论、江恩理论,还是根据易经测市、混沌测市、红光测市系统,小岛股票指数都是应该向上加速冲刺的,去试试</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1900</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点高位的阻力。但已经过去</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">天了,小岛指数却是接连不断的下跌。”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“我知道,也许你是对的。但是,那条线似乎仍然还要继续下跌。”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“灵儿,你不懂的。证券市场上的各种神奇指标都在显示小岛股票指数应该向上迅速地涨升的,所有一切证券测市系统的意见也是一致相同的,小岛股票指数实在是没有向下跌落的理由,更不应该像目前这样连续下跌。”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">精灵小姐感到有些迷糊了。但是她仍然聚精会神地望向电脑荧屏。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“爸爸,你所说的什么测市系统、什么神奇指标,我完全都不懂。什么叫做证券市场的市势,我也不明白。但是,那条线刚才一直往下行走,现在也同样在往下跌,那就表示它还将会继续下跌,是不是?”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">精确先生看了看小女儿,再望了望电脑荧幕,思索了一下后,便马上拿起电话,吩咐在场内的市场经纪沽出小岛股票指数合约</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">18000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">涨,由多仓迅速转变成为了沽仓。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">24</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,小岛股票指数继续再度下跌了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">46.27</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">26</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,小岛股票指数又再次下跌了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">38.19</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。精确先生迅速反败为胜了。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">从此以后,精确先生对证券市场的态度开始发生了十分巨大的改变,他不再去研究什么波浪理论、什么测市系统或者什么神奇指标软件,而是顺势而为,根据市场自己走出来的趋势作出相应的对策,投资成绩也较往昔飞速进展,生活变得更加惬意起来。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“根据市场自己走出来的趋势作出相应的对策”这就是亚当理论里顺势而为的全部精华。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">不要做趋势的预测者,要做趋势的追随者!</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 9.0pt"><o:p></o:p></SPAN>






金银岛岛主 发表于 2005-1-2 10:07

       


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">知易行难</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">白居易向鸟窠和尚问禅,他问:“人要如何做才能和道的要求相吻合?”鸟窠和尚告诉他说:“不可以去做坏事。凡是一切行善的事都要努力去做。”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“这个道理连三岁的小儿都知道的啊。”白居易说。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">鸟窠和尚道:“是啊,三岁儿童都知道这样的道理,但又有多少百岁老人是照这样去做的呢?”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“低买高卖”是全世界最简单的商业原理,“顺势而为”是股市上最基本的生存法则。可以说这两句话是每一位投资(投机)者耳熟能详的道理,但是又有多少人在自己的证券投资(投机)活动中能真正照这样去做呢?</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">做不到,是因为领悟不到,境界不到。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“宝剑锋从磨砺出,梅花香自苦寒来。”只有通过痛苦实战的检验,只有经过漫长的时间煎熬,才能体会趋势无敌,才能达到无招胜有招的境界。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">金庸小说《笑傲江湖》中,风清扬告诉令狐冲,要想使剑术达于极臻,一定要“忘掉一切招式”。令狐冲做到了,最后真正成为武林中数一数二的高手!但是如果令狐冲一开始对武学一无所知或者一知半解,便要他“忘掉一切招式”,他能最终拥有上乘的武功吗?这是绝不可能的。令狐冲能“忘掉一切招式”正是因为他先前已认真练习了武林剑术中各大门派的功夫,并把这些功夫融化在自己的举手投足之中,所以才能在“忘掉一切招式”之后领悟武学真谛,登上剑术最高峰!</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股市操作也是如此。要想在股林中成长为真正的高手,惟一的办法就是认真钻研学习现有的各种技术,熟悉它、吃透它、超越它、忘掉它。最终达到顺势而为,无招胜有招的“看山还是山,看水还是水”的境界。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 9.0pt"><o:p></o:p></SPAN>


       

金银岛岛主 发表于 2005-1-2 10:56

       


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">复利和时间</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">一位苏丹对一个大臣心存感激,因为这个大臣伟大的行为,拯救了苏丹的帝国,苏丹希望好好的奖励这位大臣,大臣谦逊的回答说,只愿意接受在西洋棋盘第一格放一粒小麦,第二格放两粒小麦,第三格放四粒小麦,第四格放八粒小麦</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">......</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">依次类推,把</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">64</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">个格子放满就行。苏丹以为这是一个简单的要求,立刻就同意了。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">悲惨的是,苏丹并不能认识到复利可怕的力量。任何东西连续加倍</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">64</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">次,都会变为天文数字。少数几粒小麦经过复利计算,总价值比整个帝国所有的财富加起来还多!苏丹为了维持自己的荣誉,最后把整个帝国交给了大臣。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">有人问爱因斯坦,他认为人类最有力的发现是什么?他毫不犹豫地回答说:“复利</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">!</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">如果有人在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1914</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年以</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2700</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元买了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">100</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">IBM</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">公司的股票,并一直持有到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1977</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年,则</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">100</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股将增为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">72798</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,市值增到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">万美元以上,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">63</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年间投资增值了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7407</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">倍。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">按复利计算,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">IBM</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">公司</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">63</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年间的年均增长率仅为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">15.2%</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,这个看上去平淡无奇的增长率,由于保持了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">63</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年之久,在时间之神的帮助下,最终为超长线投资者带来了令人难以置信的财富!</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">而同样是这</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2700</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元,如果以</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">15.2%</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">的年利率存在银行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">63</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年,取出来后只有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">31</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">万多美元,与复利计算的差距高达</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">60</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">多倍。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">在中国股市里,没有几个人能看得起</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">15.2%</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">的年收益率。大家都在持续高烧,痴人说梦:每年翻一倍很轻松--每月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%不是梦--每周</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%太简单</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">......<o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">要知道巴菲特的平均年增长率也达不到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">30</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%啊,但是由于他连续保持了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">40</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">多年,因而当之无愧的戴上了世界股王的桂冠。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">下面显示的是投资</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元人民币,用单利和复利计算(假设年回报率为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%),在不同的时间,得到的效果。要明白复利多么有力,时间多么神奇,请仔细看看。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">时间----单利计算----复利计算</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>0</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">15000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">16105</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">25937</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>15</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">25000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">41772</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">30000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">67275</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>25</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">35000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">108347</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>30</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">40000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">174494</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>35</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">45000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">281024</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>40</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">50000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">452592</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>45</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">55000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">728904</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>50</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">60000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元----</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1173908</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">全世界还没有一个国家或者银行可以在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">50</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年里保持</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%的单利。但是对于一个经济强劲增长的国家,其股市在数十年里保持</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%的平均年增长率则是完全可能的。在长线投资方面,耐心和毅力或者善意的忽略,比主动积极更有效。这里要颠倒一句常见的警告:“别想什么办法,只要站在那里就好!”(常见的警告是:别站在那里,想点办法。)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">阿基米德说过一段话:“给我一根足够长的棍子和一个支点,我可以举起地球。”在投资方面,这根棍子就是时间,时间会把若干最没有吸引力的投资变成最有吸引力的投资。支点则是正确的投资理念和方法。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 9.0pt"><o:p></o:p></SPAN>


       

金银岛岛主 发表于 2005-1-2 11:01

       


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">长期投资的结果</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美国</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1925</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年至</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1995</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年几种投资工具的平均年复利增长率:</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">投资品种――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1925</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年末本利和――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1995</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年末本利和―年复利增长率(扣出通胀)</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">小公司股票――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元――――――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3822.4</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元――――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.10</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">大公司股票――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元――――――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1113.92</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元―――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7.20</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">长期政府债券-</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元――――――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">34.04</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元――――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1.99</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">财政部债券――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元――――――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">12.87</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元――――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">0.58</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">通货膨胀―――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元――――――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.58</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元―――――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">0<o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">中国几种投资工具收益比较</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">(1)一年持有期的实际收益率比较:</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年份―股票收益率―国债收益率―储蓄收益率-股票和国债,储蓄的比较</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1991</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">122.96</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.23</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6.44</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%―――+,+</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1992</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">152.06</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6.64</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2.20</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%―――+,+</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1993</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">-6.07</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%)――(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">-0.71</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%)――(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">-4.85</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%)――(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">- </SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,-)</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1994</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">-36.45</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%)――(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">-7.64</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%)――(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">-8.71</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%)――(-</SPAN><SPAN style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> </SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,-)</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1995</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">-24.16</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%)――(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">-2.09</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%)――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(-3.22</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">)</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――(-</SPAN><SPAN style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> </SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,-)</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1996</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">57.07</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4.42</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4.72</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%―――+,+</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1997</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">29.60</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7.59</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6.86</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%―――+,+</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1998</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">-2.02</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%)――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.93</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.74</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――(-</SPAN><SPAN style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> </SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,-)</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1999</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">23.05</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6.59</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7.36</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%―――+,+</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>2000</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">53.33</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4.06</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3.97</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%―――+,+</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> </SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">三年持有期的实际收益率比较:</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年份―股票收益率―国债收益率―储蓄收益率-股票和国债,储蓄的比较</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1991</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">~</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1993</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">74.12</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4.97</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1.15</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――+,+</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1992</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">~</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1994</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">14.59</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(-0.74</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">)</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">-3.89</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%)――+,+</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1993</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">~</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1995</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">-23.21</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%)――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(-3.53</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">)</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">-5.62</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%)――(-,-)</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1994</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">~</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1996</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">-8.86</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%)――(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">-1.89</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%)――(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">-2.56</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%)――(-,-)</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1995</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">~</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1997</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">15.58</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3.23</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2.69</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――+,+</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1996</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">~</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1998</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">25.88</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6.96</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6.76</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――+,+</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1997</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">~</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1999</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">16.04</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7.70</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7.65</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――+,+</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1998</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">~</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2000</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">22.73</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6.51</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6.68</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――+,+</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">(</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> </SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">八年持有期的实际收益率比较:</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年份―股票收益率―国债收益率―储蓄收益率-股票和国债,储蓄的比较</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1991</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">~</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1998</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">22.51</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3.13</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1.35</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――+,+</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1992</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">~</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1999</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">13.74</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2.82</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1.45</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――+,+</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1993</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">~</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2000</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6.89</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2.50</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1.67</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――+,+</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">中国股市的聪明人太多,短线炒作蔚然成风,以至于中长线投资者甚至不好意思表明自己的投资风格,唯恐招来众人的嘲笑,或者被专家智者教训一通。殊不知,在亏损大军中,</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">80</SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%以上都是短线炒作者。</SPAN><SPAN lang=EN-US style="COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">从上面的统计结果可以清楚看出,在中国,扣出通货膨胀的影响后,股票长期投资的实际收益率水平,与国债和储蓄比较,有显著的优势。当股票的持有期限足够长,股票的投资风险将大为降低。</SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"></SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-font-kerning: 1.0pt; mso-bidi-font-family: Arial; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">当然,理性的中长线投资并非等于随便买入股票后就此多年不闻不问,更不等于在牛市的疯狂期高位买入股票,然后在熊市里被动的抱着股票一套几年。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: Arial; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA"><BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break">

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金银岛岛主 发表于 2005-1-2 11:23

       




<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">一份</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年的投资计划</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1999</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月我的女儿来到了人世间。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">我的一位朋友在中国平安保险公司工作。她来看我,并且给我刚出生的女儿带来各种保险单据。“为了你女儿一生的幸福平安,你至少应该给她买下一份保险。”她说,“只需要连续交纳</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年的保费即可。”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“如果需要我连续</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年交纳一笔固定的钱去为女儿预购幸福平安的话,我一定会选择股市。”在仔细看了她介绍的所有保险之后,我说。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“这不可能!股市风险太大了,特别是中国的股市。像买保险一样把一笔钱连续</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年的投进股市买股票,傻瓜也不会这样做的!”朋友坚决摇头。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“我想我就是这样的傻瓜了。”我微笑着说道,“股市上的聪明人太多,做做傻瓜又何妨。”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">等朋友告辞后,我就着手开始为女儿拟定了一份</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年的投资计划。方法很简单,就是每年在固定的时间拿出一笔固定的钱买进一只固定的股票。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">我之所以愿意这样做,原因有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">我对中国股市的长期发展看好。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">短期而言,一只股票今年可能涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">50</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%而明年又可能跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">40</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%,但是如果长期持有,股票的波幅就会随时间的延长而降低。特别是固定投资法,它可以极大的降低(无法完全避免)投资风险。由于每次投入的是等量的钱,因而在股价高时买得就少,在股价低时买得就多,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">它能让你避开在牛市中追高买进的贪婪和在熊市里杀跌卖出的恐惧。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">)</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">那么实际上每股平均成本总会低于投资期间该股的平均价格。因此长期而言,总是赚钱的。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">证券市场是人性化最集中的地方,非常的残酷和尖锐。要想赚钱就一定要在这个市场中采取一些非常特殊的方法。要么你的理念和别人不一样,要么你的手段和别人不一样,要么你的投资方法和别人不一样。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">投资是一种生活方式!这是我的理念。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">下面我就以</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元为例来说明这几年我用固定投资法为女儿买股票的情况。如果你觉得可行,请跟我一起来试试。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">* * * * * * * * * * * * * * * * * * * <o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">时间---股票代码---投入资金--买进股数--股价--全部股数--资金余额</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1999</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">900</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10.30</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--900股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">650</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">派现金</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3.90</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">税后</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">)</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">350</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--900股--1000元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元---9</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">00</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">12.10元--1800股</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">0</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">配</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">540</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.00</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--2340股--(-</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4320</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">送</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3.846</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股--90</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">0</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股-----3240股--(-<SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4320</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN></SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1400</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7.00</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--4640股--(-<SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4290</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">派现金</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1.50</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元(税后)--696元------(-<FONT face=Arial>3594</FONT><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元---</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1400</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6.85</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--6040股--(-<FONT face=Arial>3352</FONT><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1999</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月共投入</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">43352</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元,持有6040</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,平均每股成本为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7.18</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break"></SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 9.0pt"><o:p></o:p></SPAN>






[align=right][color=#000066][此贴子已经被作者于2005-7-13 17:51:22编辑过][/color][/align]

金银岛岛主 发表于 2005-1-2 11:29

       


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股市心经</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">印宗和尚在广州法性寺讲涅槃经。因二僧论风幡义,一曰风动,一曰幡动,议论不已。六祖慧能进曰:“不是风动,不是幡动,仁者心动。”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">风动、幡动、仁者心动的公案,大家都很熟悉,但真正透彻的能有几人?</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">疯狂的郁金香</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">历史上第一次著名的投机狂热发生在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">17</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">世纪的荷兰,投机对象不是股票、房地产,也不是荷兰油画,而是一种花卉--郁金香。当第一车郁金香从君士坦丁堡运抵安特卫普时,这种阔叶的多年生球茎草本植物被认为具有重要的“传播知识和观赏艺术”的价值。欣赏和栽培郁金香不久成为时尚,并演变成投机风潮。稀有品种的花价没完没了的攀升,球茎越奇异越值钱。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">贵族、市民、农民、商人、海员、女佣,甚至扫烟囱的老师傅和老裁缝们都沉醉在郁金香的投机热潮中。所有的人都认为:人们对郁金香的狂热会永远持续下去,世界各地的投机者都会跑到荷兰,以荷兰人开出的任何价格求购郁金香。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">那些起初认为价格不会上涨的人,看到亲戚朋友个个满载而归,无不捶胸顿足,懊恼不已。很少有荷兰人能抵制住这种诱惑。人们不惜拿家具、珠宝、地皮等东西来换取这小小的郁金香球茎,只因为后者更值钱。这场闹剧一直持续到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1637</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年初,价格最终上升到令人不可思议的水平,开始大幅回落:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1637</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月以</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">倍速度增长的郁金香球茎价格在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月以超过</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">倍的速度全面滑坡。政府出面救市也毫无作用,花价从悬崖上向下俯冲,最后其标价还不抵一个普通的洋葱。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">99</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%的人在劫难逃,整个荷兰经济陷入长期的萧条之中。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">春去春来,郁金香依旧绚丽的绽放。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">密西西比骗局</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1716</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年,正当法国经济混乱、债台高筑、财政濒临崩溃之际,从苏格兰来了一个“财神”和“金融奇才”--约翰</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">劳先生。法国皇室十分欣赏他以纸币辅助金属货币的计划,同意给他一些资本建立“劳氏公司”银行。这家银行发行的纸币用以支付国债,并根据特权可以随意购买和兑换,发行后价值也保持不变。这便使“劳氏纸币”被认为比经常因政府干预而贬值的金银更能保值。由于纸币要有硬通货支持,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1717</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年劳先生又获取在北美密西西比河流域和路易斯安那州的垄断开发特权。他声称那里“遍地黄金”,以此出售密西西比公司不断增发的股票。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">但是,出售股票所获得的资金并没有用来开采“遍地的黄金”,而是被皇室用来还债。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">公众被密西西比公司丰厚的利润前景所诱惑,申购新股的人要昼夜排队,甚至等上几星期。公司股票的价格扶摇直上,有时几个小时就能涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%。收购国债的钞票流入股市,股价暴涨又刺激了新股的发行。雪团越滚越大,整个法兰西沉浸在致富的狂热中,经济似乎也真的繁荣起来。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1720</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年初,孔蒂亲王没能以满意的价格买到新股,一怒之下把装满三辆马车的纸币拉到劳氏银行兑换硬币。更多的人开始觉得黄金可能比纸币更好,加入到兑换的行列。由于银行缺乏足够的硬币,劳氏纸币在挤兑风潮中被宣布不可兑换,密西西比公司的股票在恐慌抛售中一落千丈。无数人因此倾家荡产,一贫如洗。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">南海上的泡沫</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1711</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年,英国牛津的哈利伯爵创建了南海公司。作为承接英国政府债务的回报,公司除了获得政府</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%的“安全利率”之外,还赢得南海贸易垄断权和南美金银矿藏开采权。但这个宏伟计划似乎有意忽略了一个重要事实,即当时仍称雄海上的西班牙声称对这些地区拥有垄断权。在人们渴望发财的狂热气氛下,南海公司垄断贸易徒有虚名这一事实没有人关心。公司股票价格从</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1720</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">128</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">英镑,上涨到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">330</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">英镑,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">890</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">英镑,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">英镑。从来没有这样多的人在这样短的时间里变得这样的富有!受“南海效应”启发,许许多多的公司也纷纷推出各自据称可以带来“滚滚财源”的“新发明”,如永动机、新式肥皂、从黄瓜中抽取阳光以及“一个具有巨大优势但一时还没人能说清楚的项目”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">......</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">所有的股票都有人买,所有的股票都身价百倍。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">最终,南海公司的高级管理层感到公司的股票价格与经营业绩之间的差距如此离谱,于是决定把持有的公司股票全部抛空。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">消息一泄漏,股价立刻下跌。不久,整个市场就因股价的一泻千里而处于极度恐慌中。政府官员为重树投资信心而付出的努力也不见成效。公众对市场的信心已经完全崩溃,无法挽回。无数公司的股票变成废纸一堆。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“南海泡沫”危机中的大输家包括大名鼎鼎的天才科学家牛顿。事后他悲叹道:“我能计算天体的运动,却无法计算人群的疯狂行为。”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美国的教训</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">正因为自由和繁荣导致的贪婪与恐惧,美国人亲手导演了两场人类文明史上最为壮观的投机热潮和最惨重的崩盘。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">世纪</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年代,人们对美国经济充满了信心。正是这一乐观态度,促成了全国上下的房地产和股市投机热潮。这场投机热潮的最大中心地之一是佛罗里达。那儿气候宜人,人口增长速度快,导致住房供不应求,地价暴涨。全国各地的投资投机者都纷至沓来,希望得到好回报。银行宽松的贷款条件更是火上浇油,房价能在几周内翻一番。人们确信不动产市场绝对没有下跌的可能。虽然时间过了几百年,这一论调却几乎与荷兰人在为郁金香发狂时候的论调一样。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">跟所有的投机狂热相同,这场投机热潮最后也无可避免地走到了尽头。到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1926</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年,市场供过于求,不动产价格开始不断下跌,投机者们只得割肉出局,进而引发了整个市场的崩溃。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1928</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年,投机战场从佛罗里达转移到了曼哈顿。这次是华尔街唱了主角。股市投机几乎成为一项全民爱好,成千上万的人无心正业,股票交易成为人们生活的重心。大资金、股票经纪人、咨询公司和上市公司联手操纵股价引诱公众上当的情况比比皆是。正当人们富贵梦正酣时,“晴天一声霹雳”,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1929</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">28</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,纽约股市爆发著名的“黑色星期二”,股指创下当日下跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">12.82%</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">的历史记录,拉开了特大经济危机的序幕。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">世界著名的经济学家、教授们说:“股价没有反映出它们的真实价格,还应该再涨上去。”股市用下跌来回应。胡佛总统站出来说:“国家的经济基本面是健康的,繁荣的。”,股市依然用下跌来回应。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">从</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1929</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1933</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月,道</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">琼斯</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">30</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">种工业股票平均价格从每股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">364.9</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元跌到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">62.7</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元,跌幅达</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">82.8</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%。危机中,几千家银行倒闭,几万家企业关门,价值上亿的股票和几百万人的梦想随之灰飞烟灭。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">电子狂热</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">世纪</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">60</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年代初,科技发展,电子时代来临,华尔街也迎来电子狂潮。当时所有上市的股票名称几乎都与“电子”沾边,根本不管公司的业务是否与电子工业有关系。人们也毫不关心公司究竟是生产何种产品,只要它们听起来和“电子”有关就会引来争购和狂炒。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美国音乐协会,其经营的业务是上门向顾客推销留声机和唱片,为了上市,将公司名称改为“电子旋律”,该公司的股票发行价为每股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元,一周后就上涨到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">14</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">一个有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">40</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年历史,生产鞋带的小公司,把“鞋带公司”改名为“电子硅片动能催化公司”,公司产品还是鞋带,股价却天翻地覆,直冲云霄。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">当公众沉醉于快速致富的梦想里而不能抵制任何诱惑时,就连“妈妈甜点”之类的糕点公司也不甘寂寞的投入到改名大军中,希望改名后会一夜暴富。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">“电子热”在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1962</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年落下帏幕。争购狂潮变成抛售狂潮,股价一落千丈,许多巨富沦为乞丐。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">君子兰传奇</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">历史总是惊人的相似。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">80</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年代,郁金香球茎的故事在中国重演。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">正值中国改革开放,市场上雨后春笋般出现了各种产品丰富人们的生活,其中包括家庭花卉,君子兰就是最吸引人的一种。这种植物原产地是非洲,引入中国后,成为身份显赫,富贵家庭高贵和品味的象征。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">80</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年代,北方城市长春将君子兰作为市花,全市一半以上家庭开始种植君子兰。由于君子兰生长期需要好几年,因此供给无法跟上,市场需求便徒然上升,价格开始上涨。这消息不胫而走,传到了全国其他城市。许多个体投机者开始筹集资金,将市场上的君子兰一抢而空。很快,君子兰的价格达到一个令人目眩的高度。开始,君子兰一般售价是每株</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">100</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元,然后价格翻了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">倍,为每株</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">200000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">这场投机热免不了会有同样的下场。君子兰还是君子兰,只是价格下跌了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">99</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%以上,令无数投机者血本无归。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日本“气泡”破裂</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">世纪后期规模最大的一次投机狂潮属于日本。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">二战后的几十年,日本人艰苦创业实现了经济的腾飞和国民的富有。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">80</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年代中期,不少日本人发现,炒股票和房地产来钱很快,“气泡”迅速弥漫。从</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1955</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1990</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年,日本不动产价格上涨了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">75</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">倍多,股价上涨了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">100</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">倍。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">人们的投机热情一浪高过一浪,根本不相信日本有限的土地价格会下跌,不相信股价会下跌。炒股成为日本大众生活的必需。日本最大的券商--野村证券的股票市值就超过了全美国所有券商市值的总和。日本高尔夫场地的总价值达</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">亿美元,是在澳大利亚证券交易所全部上市公司价值总和的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">倍。根据地产价格,日本只需要卖掉东京市,所获取的资金就足够买下全美地产;只要卖掉皇宫便可以筹到足够的资金购买整个加利福尼亚。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">终于,政府认识到“泡沫经济”的危害,紧急刹车,调整利率,紧缩信贷,希望能把房地产价格涨势遏制住,让股市软着陆。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">但是局势已经不能控制了。日本的股市不是选择软着陆,而是彻底崩盘。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1989</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年年底日经指数差不多</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">40000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点的水平,到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1992</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月,指数就跌到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">14300</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点附近,并从此一蹶不振--截止</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">29</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,日经指数收盘为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9215</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。同时,房地产价格下跌了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">70</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">互联网热潮</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">历史不会简单的重复</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">,</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">却常有惊人的相似之处。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">90</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年代后期,全球迎来互联网热潮。在“高科技,新技术”的口号下,每个人都相信“这一次真的不一样!”亚马逊书店和雅虎等互联网企业,其股价在一年内翻了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">倍,没有人计算市盈率,也没有人关心企业是否会盈利。和</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">60</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年代的电子狂热一样,只要企业改名,加上</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> .com </SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">立刻就会吸引风险投资家的大笔资金和公众对股票的疯狂抢购。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美国一家名为“音像网络”的小公司,业务是在网上传播各种电台和电视台的节目,自</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">90</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年代中期成立就持续亏损,在互联网热潮中把名字改成“广播</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">.com</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">”,股价马上身价百倍,从每股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">18</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元上涨到每股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">74</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元,然后进一步炒到每股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">300</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">美元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">大洋彼岸的中国股市也紧跟世界潮流,上百家公司纷纷宣布触网,改名,披上高科技的外衣,忙着挂羊头卖狗肉,上演一幕幕荒诞悲喜剧。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">也许是为了再一次验证金融市场也有万有引力定律,代表全球高科技的美国纳斯达克股指由</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5048</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点跌至今年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">多点,共</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">30</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">个月跌幅达</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">78.4%</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">无数投资、投机者的希望与热情,贪婪与梦想最终化为苦涩的回忆与泡影。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">为何人们总是健忘?为什么人们不会吸取以往惨痛的教训?在郁金香和互联网之间,是风动?是幡动?还是人类贪婪和恐惧的心在动?</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">经济史学家说,人类的“金融记忆”是短暂的。可以肯定,人类的”泡沫史“还会继续不断地写下去。因此索罗斯说:“世界经济史是一部基于假象和谎言的连续剧。要获得财富,做法就是认清其假象,投入其中,然后在假象被公众认识之前退出游戏!”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 9.0pt"><o:p></o:p></SPAN>


       

金银岛岛主 发表于 2005-1-2 11:34

       


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">了解自己</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">有两个选择题:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">一、</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">a</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">75</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%的机会得到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元,但有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">25</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%的机会什么都得不到。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">b</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,确定得到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">700</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  (大多数人宁愿少得些,也要确定的利润。)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">二、</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">a</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">75</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%的机会付出</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元,但有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">25</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%的机会什么都不付。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">b</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,确定付出</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">700</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  (大多数人去搏</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">25</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%什么都不付的机会。)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">问问你自己,会做什么样的选择?</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股市上,许多股民买进的股票升了一点,便迫不及待地脱手。这只股票或许有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">75</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%继续上升的机会,但为了避免</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">25</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%什么都得不到的可能性,他们宁可少赚些。结果是眼睁睁看着大黑马绝尘而去。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">而一旦买进的股票跌了,许多股民便死皮赖脸不肯止损,想出各种各样的理由说服自己下跌只是暂时的。其真正的原因只不过是为了搏那</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">25</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%可能全身而退的机会!结果是小亏慢慢积累成大亏。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">所以,如果每次买股的输赢机会各是均等的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">50</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%的话,对于许多股民来说,由于人性好贪小便宜、吃不得小亏、不愿承担风险的心理,使得在股市中赢时赚小钱,亏时亏大钱。于是股市就成了输赢机会不是均等的游戏。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股市没有击败你,是你自己击败了你自己。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">忧虑型投资人</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">有一种投资人在股票买卖过程中十分认真,也很努力,但是却总显得精神紧张,提心吊胆,业绩也很糟糕。他们总想彻底了解市场,由于股市非常复杂,所以他们大量阅读各种市场资讯,花很多时间思考各种观点,希望能理出头绪。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">他们买进一只股票后如果给自己定下卖出持股的标准是股价上涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">50</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%,却经常基于一些说不清道不明的理由而不能坚守标准。如果手中的股票走高,涨幅达到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">15</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%,他就开始感到紧张不安,认为这股票可能已经到达头部了,很快就会下跌。于是他会说服自己,现在一定是卖出的最佳时机,为什么不先获利再说,为什么还要等到股价下跌又损失一部分利润才卖呢?然后他会卖出股票,并立刻觉得轻松许多。但是这种感觉通常只能持续一会儿,如果股价继续上涨(牛市中常常如此),他会责怪自己太早抛出持股,为什么不等它涨了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">50</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%再卖呢?</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">如果买进一只股票后股票表现不佳,他立刻会有一个卖出的好理由,例如公司业绩下滑啊,庄家在出货啊等等。他会很快把股票卖掉,然后安慰自己说,这样做能够避免赔钱或者减少损失。而一旦卖出股票不久,他又开始担心,怀疑自己做错。如果股票就此开始上行,他自然开始抱怨自己卖掉了股票。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">这类投资人还喜欢和其他投资人进行比较。如果他知道朋友也持有自己的股票,他会想方设法了解朋友的想法;如果他发现朋友已经卖出了股票,他便会寝食不安,不知道自己是否也该卖出持股;如果朋友没卖股票而他自己已经卖出,他又责怪自己是否做了错事。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">他们总是在不停的担心:万一该卖的时候我却买进,那怎么办?万一该买的时候我却卖出,那又该怎么办?万一我忽略了一波涨势或者跌势的讯号该怎么办?万一我赔钱了怎么办?</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">他们总生活在怀疑和紧张中,进行自我折磨。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">执着型投资人</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">和忧虑型投资人正好相反,执着型投资人喜欢盲目乐观,对自己持有的股票过于迷恋。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">所有的投资人都会喜欢自己持有的股票,但执着型投资人却达到了着迷的程度,这种执着会扭曲他们的观察力,并让他们对股市的判断产生不好的影响。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">华尔街有一句话:“股票不知道你拥有它。”投资人的执着和自我陶醉,使他们成为睁眼瞎,忽略公司的缺点,或对大势的转向视而不见。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">在牛市中,执着型投资人因为抱牢股票不动而避免了利润的断层,往往会获得超越大盘的优秀成绩,这样更导致了他们对股票的盲目乐观和迷恋。当股市由牛转熊时,他们完全没有迎接坏消息的心理准备,不重新评估大势,否认的情绪非常强烈,他们相信股市会很快回升,根本用不着担心。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">如果股价下跌,并持续走低,他会告诉自己:“专家说过这只股票还会上涨的,我得抱牢。”股价继续下跌,他仍会想:“这是庄家故意在打压洗盘,我别上当。”他持续地为自己找持股不动的借口,甚至这家公司的各种负面消息在媒体上不断出现,他还在坚持己见。一直到原本是赢利很多的股票慢慢变为亏损,他才开始反省自己是否错了,但是依然不会卖掉股票,理由是赚钱的时候都没有卖,现在亏损了就更不能卖了。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">赌徒型投资人</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">赌博是人的本能。在股市中,赌博的冲动会随时出现。但是成功的投资人会设法对抗这种本能以求自保,并反其道而行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">赌徒型投资人虽然知道久赌必输的道理,但是却控制不住股价波动给他们带来的那份刺激快感。对于认真按照计划的投资或者依靠时间慢慢的赚钱这些方式他们不屑一顾。时间是真正投资人的朋友,却是赌徒的敌人,他们不停的下注,希望能够迅速获利,一心一意想大捞一票。如果赔钱了他们不会收手,反而会加大投入,甘冒更大的风险,希望成为命运的宠儿,在下一次交易里能全部赚回来。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">牛市中,只要买股票就会赚钱,于是他们会认为交易成功是自己赌博或者努力的结果,虽然有几笔极成功的交易让他们永世难忘,但是这种赢利记录只会加速他们的灭亡。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">赌博与投机或投资完全是两码事,以股市为赌场的人迟早会遭受到极大的伤害和挫败。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">理性型投资人</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">成功的投资人所具有的共同的特征就是理性、自信和耐心。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">他们有自己的投资方法,并且忠于自己的投资模式。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">他们自信,不会被自己所犯错误困扰,他们把错误看成进步的阶梯。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">他们承认股市是不可测的,接受股市的不确定性,在市场老师面前,永远做一名谦虚的学生。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">他们以平常心态看待投资,了解投资即不复杂,也不恐怖。投资只是他们生活中的一部分。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">他们非常自律。在股市这个能让人性充分自由的市场里,他们能做到“弱水三千,只取一瓢。”面对眼花缭乱的各种诱惑,</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> </SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">他们往往选择放弃。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">他们非常耐心。因为他们知道,耐心不仅仅是一种美德,而且是投资成功必不可少的武器。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 9.0pt"><o:p></o:p></SPAN>


       

金银岛岛主 发表于 2005-1-2 11:35

       


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">做一名理性的中长线投资者</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">如何才能在股市中持续,稳定的赚钱?十载股海浮沉,我最深的体会就是要做一名理性的中长线投资者。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">做一名理性的中长线投资者,首先不能心存幻想,盲目乐观。由于股市所具有的变化莫测的特性,短期暴利的机会是很少的,更多的时候是处在耐心的等待之中。投资人面对股市犹如在进行一场马拉松长跑,刚开始,你不必斤斤计较谁领先了十米,谁又占了一百米的便宜。在一万米、十万、几十万米的路途中,各种变化的因素太多了,不争一日之长短,不计一时之输赢,笑到最后的才是真正的赢家。股民们如果没有打持久战的心理准备,一旦大势逆转,股价下跌,暴利预期破灭,就会惊慌失措,自乱阵脚,迷失在股市中。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">做一名理性的中长线投资者,一定要有自己的投资理念,有自己的交易方法和原则。很多股民都认为炒股票赚钱的关键是听消息碰运气,对大势及个股的走势缺乏自己的思考和研究,人云亦云,盲目从众。这样往往中了主力庄家的圈套而成为股市上的牺牲品。或者是在某本证券书上学到一招半式便自认为找到了笑傲江湖的武功秘籍,而不去管它是否适合自己的个性和风格,结果只是邯郸学步、东施效颦。消息是别人的,不经调查研究的投资就像打牌时不看牌就出牌一样,注定会失败;别人总结出来的经验招式,放到自己身上并不一定适用。可以借鉴,却不要照搬。要想在股市上生存发展,必须练就属于自己的独孤九剑,靠自己的真本事挣钱才牢靠,才不会受制于人。而且,一个理性的投资者还应该具备一些投机家的气质。诸葛亮一生谨慎,面对司马懿的追兵却用起了空城计;巴菲特一生以投资股票为主,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1997</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年却在白银期货市场重金博多。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">做一名理性的中长线投资者,就是要战胜自我,克服人性的两大弱点</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">--</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">贪婪和恐惧。股民赔钱</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">99%</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">都是因为无法克服自身的弱点而自己打败自己,贪婪使他们在高点买进,然后因为缺乏耐心和恐惧,而在股市不可避免的下跌中,在低点抛出。如果再出现</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1996</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">12</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月股票全体三个跌停板的情形,你是否有勇气进场?如果再来一次</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">99</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5.19</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">行情,在股价整体有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">60</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%~</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">70</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%的上扬后,你是否能理智的退场?而不是做的正好相反。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股市是人性弱点表露无遗的地方。贪婪与恐惧、欲望和后悔,时时刻刻刺激着股民的神经。经历牛熊交替,无数涨涨跌跌;尝遍酸甜苦辣,多少成功失败,渐渐地,会从大悲大喜、颓丧振作的磨练中,褪去浮躁,恢复心灵的宁静。“不管风吹浪打,胜似闲庭信步。”</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> </SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">于是你会领悟,股市就如人生,起起落落寻常事,做股票的过程其实就是做人的过程。投资,只是一种生活方式。重要的是你对待生活的信念和态度,只要信念不失,勇气常存,你的人生必将灿烂辉煌。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 9.0pt"><o:p></o:p></SPAN>


       

金银岛岛主 发表于 2005-1-2 11:48

<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"></SPAN>       


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">二、交易入门</SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"></SPAN>       


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">趋势是惟一的朋友--如何看大势</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股市是集政治、经济、军事、哲学、心理、科学、艺术之大成的人生搏斗场,要想在股市上成为一个成功的投资人</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">,</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">正确把握大盘的运动方向是很重要的。华尔街有句名言:“不要与趋势相对抗。”意思就是炒股要看大势,看大势者赚大钱。这也正是亚当理论的内容――顺势而为。牛市中要坚持以持股为主,少作空;熊市则以空仓为主,少作多。古今中外著名的投资大师们都非常注重这一点。但大众投资者们在实际操作中却常常把这一点忘掉。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">无论你是新手还是老手,如果你想在股市上成功,学会看懂大势是最基本的。看大势就像建房子选地基一样,只有选好了地基才会有后边的一系列的建筑。如果地基选不好,房子的质量就会有问题。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股谚说:“新手看价,老手看量,高手看势。”这足以说明看大势的重要性。有一种说法叫“轻大盘重个股”,但是这种观点也必须建立在明确大势的基础上,否则就是一种只见树木不见森林的行为了。因为无论个股有多少,但至少</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">80</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%的股票会随大盘而动,假如你错误判断了大盘的走势,则很容易就前功尽弃。牛市中,大部分股票都涨,可供选择的牛股也多,赚钱的机会非常大。相反,熊市里“空”气弥漫,人心涣散,投资者争相出逃。其间股市虽然可能有几次大反弹和无数小反弹,但最终几乎所有的股票都在下跌,并且跌得面目全非。在那种大势下,投资者一买就套,亏损累累,根本没有获利的可能。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">作手杰西</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">李弗莫说过一段话:“我赚钱的诀窍不在于我怎么思考,而在于我能安坐不动,坐着不动,明白吗?在股票这行,能够买对了且能安坐不动的人少之又少,我发现这是最难学的。忽略大势,执着于股票的小波动是致命的。这行的秘密就在于牛市时,买进股票,安坐不动,直到你认为牛市接近结束时再脱手。”牛市持股,熊市现金为王,这是股市投资最简单有效的策略。关键是你必须能分清楚什么是牛市,什么是熊市。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">那怎样来看清大势呢?</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">一般而言,看大势必须从三方面入手:看经济形势;看政策导向;看市场走势。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">首先说经济形势,对于西方比较成熟的股市,说股市是经济的晴雨表是正确的。但是对中国来说,股市和经济的关系不太大。特别在共产党的领导之下,我国的经济形势常常是“说你好,不好也得好!”因此这一条就不多说了。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">看政策导向。政策面是影响我国股市走势很重要的因素,有时甚至是决定性的因素。因为我们的股市从生下来就是畸形的,不是为了合理配置社会资源,而是为了帮助国企解困脱贫,到目前为止股市仍是政府手中的一块抹布,脏了(跌多了)洗洗(救市),洗干净(涨了),继续做抹布用途。再加上股市是最好的劫贫场所,各方面的利益团体都拿着巨资进场,利用巨资制造各种慨念,控制媒体,诱惑散户上当,然后加以猎杀。利益团体之间的冲突加剧,或者对猎物的所作所为太过分,政府也会出面干涉。毕竟,把市场玩完了,损失最大的是政府。因此,炒股一定要听党的话。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">看市场走势。市场走势是从技术角度分析的。一切政治、经济、心理因素对股市的反映最终会体现在日</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">K</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">线图上。因此,必须掌握一种简单而又可靠的判断大盘运行方向的方法来看清大势,以确认自己是处于牛市还是处于熊市中。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">这里首先说说著名的凯恩斯长期好友理论。凯恩斯是经济学家,他的代表作《就业、利息和货币的通论》是经济理论的经典之作。凯恩斯买卖股票的理论很简明,他认为世界经济一定是发展的,并会越来越繁荣。随着经济的发展,物价水平也会随之走高,股票价格也不会例外,长期一定会看好,股指也会不断攀高。因此,长期好友最终会成为大赢家。后人就把这叫“凯恩斯长期好友理论”。其次得说说道氏理论。按照道氏理论,股票运动有三种趋势:主要趋势,次要趋势和短暂趋势。多个短暂趋势组成次要趋势,几个次要趋势组成主要趋势,并且,短暂趋势服从于次要趋势,次要趋势服从于主要趋势。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">道势理论如何以最简单的且最好的方法在技术图表上表现出来呢?用移动平均线无疑是最有效的方法了,均线是市场趋势最忠实的记录者。下面我就用移动平均线来说明如何看清大势。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">一般书本上和软件上的移动平均线喜欢显示</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日、</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日、</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">30</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日这</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">条,它表示一个月内短期趋势的运动,而短期趋势是庄家惟一可以控制的趋势,这</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">条均线宛如庄家手中的道具,是庄家诱骗散户的惯招之一,如果大家都运用这</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">条线,正好落入庄家的手掌中,任他玩弄。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">其实主力利用巨资完成一只股票的炒作,从悄悄建仓到从容派发,一般都要历时一年时间,并且需要大势的配合。如果看错大势,整个坐庄过程还须延长,并且失败的可能很大。因此,庄家对移动平均线的运用是不可能如此简单的。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">我们常说要“与庄共舞”,与庄共舞最基本的一条就是必须和庄家的步伐保持一致。第一步就是看大势的方法应该和庄家一致。也就是说,你的均线运用应该和庄家是一致的。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年线。年线是决定牛熊的移动平均线。这是看大势必不可少的一条线,股市建立的时间越长,年线的作用越大。我们用</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">250</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">天线来表示年线。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">半年线。半年线是对年线的补充,它和年线的金叉表示中长期趋势的好转,牛市来临。而它和年线的死叉往往是告诉你彻底退出市场避开熊市的信号。我们用</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">120</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">天线表示半年线。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">季线。季线是看中期趋势的关键移动平均线。它在低处走平然后上行,配合成交量的渐渐放大,常是一轮中级行情的开始。而它在高处走平后下行,则是中级行情结束的信号。我们用</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">60</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">天线来表示季线。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月线。月线显示的是一个月内短期趋势的变化情况。我们用</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">天线来表示。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月线、季线、半年线、年线,通过这四条平均线的组合,我们可以清楚的观察到大盘的长中短期走势情况。下面我就用沪市大盘为例,具体说说如何看大势。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">上证指数于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1990</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">12</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">号开盘,一路上扬。一个月后,开始围绕</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日线(月线)上下振荡做箱体运动。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">91</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,月线和季线死叉,一轮中级行情结束,大盘开始下跌,指数由</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">135</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点跌到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">个月后,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">91</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">17</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,月、季线金叉,指数并且站在了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">120</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日线(半年线)上,预示着中级行情展开了。随后,月、半年线和季、半年线先后金叉,大盘开始拾级而上,其间大涨小回,但是月、季、半年线呈典型的多头排列,漂亮舒展,一直到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">92</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">26</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日创下</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1429</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点高位。再到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">92</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日月、季线死叉,表示行情的中线趋势变坏,可以退场休息,此时大盘指数收</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1002</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点,仍在千点之上。如果投资人据此入市,于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">91</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">17</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日月、季线金叉时</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">125</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点进场,不理会市场上媒体中的各种声音,到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">92</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日月、季线死叉</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1002</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点出局,获利是非常丰厚的。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">92</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日月、季线死叉后,大盘江河日下,破半年线,破年线,一直到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">92</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">17</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">386</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点才见底回升,于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">92</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">12</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日月、季线金叉(</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">722</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点)然后月、年线,月、半年线先后金叉,(</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">93</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">814</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点)大盘再次上行,到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">93</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">16</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日创下</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1558</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点的高点。然后大盘于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">93</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">22</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日(</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1036</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点)和</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日(</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1162</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点)两次月、季线死叉,投资人仍然可以在千点之上安全出局。当然这一次的收益不算大,但是从后面的情况来看,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">93</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年的这一波行情正是结束牛市的筑顶行情,投资人不仅完全逃掉了历史大顶!而且获利退场。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">而股市从</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">90</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">12</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月――</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">93</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月,表示长期趋势的半年线、年线一直多头排列,说明这几年是牛市行情。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">93</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日月、季线死叉后,大盘就步入漫漫熊途。很快,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">93</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月,半年线、年线死叉,很明显,熊来了,大盘一去千里,于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">94</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">29</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日低见</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">325</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日四大政策救市的影响,股市开始上行,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">94</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">15</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,月、季线金叉(</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">665</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点)中级行情来临,一个月后,大盘达</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1052</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">94</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">21</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,月、季线死叉,中级行情结束。牛市来了吗?看看半年线、年线,它们仍然处在空头排列之下,说明这只是熊市中的一次大反弹而已。投资人不应该对后市抱有幻想,出局为上策。结果大盘再次下行,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">96</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">19</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日跌到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">512</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">94</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">96</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年初的这段时间里,大盘趋势很难掌握,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">条均线频频金叉死叉。但是投资人如果严格按照交易规则买卖,最多也是小亏出场,无碍大局。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">96</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,月、季线金叉(</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">569</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点),中级行情又开始了。这一次大盘很顺利的过五关斩六将,一路凯歌。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">96</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日半年线、年线平稳金叉,牛市再次降临。这一轮牛市行情一直持续到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">97</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">12</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,大盘达</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1510</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">然后趋势又开始变坏,图表上显示的就是大盘在高位</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">条均线纠缠不清。这段时间最好的策略就是出局观望。最终股指破位下行,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">98</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">27</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日半年线、年线死叉,大盘下跌不回头。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">99</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年因为导弹事件,国内人心涣散,影响政治,政府救市。人造牛市开始。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">99</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,月、季、半年线同时金叉,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">14</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,半年线、年线金叉,虽然有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">99</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年下半年的调整,但是半年线、年线坚定的多头排列说明大势正处于牛市之中。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">一直到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">18</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,半年线、年线再次死叉,说明熊市到来了。理智的投资人应该彻底退出股市,而不是跟着媒体和其他人幻想明天会如何辉煌。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">根据这四条均线的判断,我们可以毫不费力的看清现在的大势情况――言牛市来临尚早。总的来说,现在像</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">93</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年――</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">96</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年初的情况,前途光明,但是道路曲折。对大势不必过于悲观,也不要过于乐观,当走势非常低迷时,我们乐观一点;当走势比较疯狂时,我们要理智一些。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">学会看大势是走向成功投资的第一步。在看明白大势的前提下,还必须制订出牛市、熊市、牛皮市的相应的投资策略,交易方法,精选个股……</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">提示:此文写于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 9.0pt"><o:p></o:p></SPAN>

金银岛岛主 发表于 2005-1-2 12:06

       


       


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">如何交易</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">一个真实的故事。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">理查德</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">丹尼斯是美国一位富有传奇色彩的交易大师,他把几千美元放在股市中赚到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">亿美元。这在美国的个人投资中是绝无仅有的。艾肯哈特是一位非常有名的基金经理。一次,他们两人在讨论交易方法时出现了很大的分歧。丹尼斯认为,只要是智力正常的人,哪怕他从来不懂股市,只要掌握了一套好的交易系统方法,就能在股市中获得成功。艾肯哈特对此持否定态度。为了解决两人的争论,他们决定举行一场带有大赌注的试验。艾肯哈特选择了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">13</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">个普通人作为培训者,丹尼斯用</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">周时间向这</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">13</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">人传授他的一套交易方法。培训后,由丹尼斯向这些人提供交易资金,然后让他们独立交易,时间一年。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">丹尼斯的观点正确吗?任何普通人都可以成为股市交易高手吗?一年后,答案出来了,丹尼斯的观点完全正确!受训的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">13</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">人业绩都很优秀,其中有人的收益率甚至高出他们的师傅丹尼斯。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">从这则故事中,我们可以看到建立交易系统,按原则计划去交易的重要性。股市是不可预测的,在无序的市场中建立有序的交易规则,才能在股市上克敌制胜。所谓克敌制胜不是指一次性获取一倍或两倍的利润,而是你在股市中长期持续稳定的获利能力。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">但是在很多人眼里,建立交易系统,按原则计划交易的概念想当模糊,他们过多重视股价预测,而对自己的交易行为稀里糊涂,充满随意性。没有交易原则和计划就去买卖股票如同没有设计图纸就去建筑房屋一样肯定要付出巨大代价。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">交易原则、交易计划、风险控制、买卖时间、技术等接合起来就是交易系统。当你选择了一套符合你个性的交易系统操作,一定要将它贯穿交易的始终,不要轻易地改变它。在交易过程中最忌讳“朝三暮四”。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月线、季线、半年线、年均线法就是一套比较完善的交易系统</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">,</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">它能让你在残酷的高风险的市场里不伤元气的活下去。此系统简单实用,可操作性强,特别是把握了股市的中线关键,忽略了不可把握的机会。做到有所不为才有所为!</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">下面我随便拿一只股票,用此系统来显示如何交易。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股票代码:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600033<BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股票名称:福建高速</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">投入资金:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">交易过程:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001.2.9. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1956</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2059</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2062</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2023</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1908</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月、季线死叉,半年线下行,短中线不乐观。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.85</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元,今日上市新股。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  新股需要一段时间来确定它在市场上的合理价位,因此现在不宜进场交易。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  观望。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001.3.8. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1959</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2030</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2005</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1940</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数短线趋势正在恢复中。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.65</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线出现(</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日均线),</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.55<BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  关注。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001.3.14. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2018</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1969</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2025</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2006</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1945</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数短线趋势恢复中,中长线趋势保持平稳。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.59</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.51</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股价虽然站在月线上,但是月线下行趋势没改,不是交易时机。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  密切关注!</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001.3.16. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2020</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1977</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <SPAN lang=EN-US>2023</SPAN></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2007</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1948</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数短线趋势恢复中,中长线趋势保持平稳。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.64</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.51</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,拐头上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  在没有其它均线可以参考,大盘向好的情况下,建部分仓位,但是不能超过资金总量的一半。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  买</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600033</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">400</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.64</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股(收盘价),</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3468</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元(已计算费用)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  资金:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6532</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001.4.18. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2172</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2119</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2036</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2042</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1983</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘短、中、长期趋势良好。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.85</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.89</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股价跌破月线,但是月线依然上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  警惕!</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001.4.23. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2150</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2131</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2040</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2048</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1987</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘短、中、长期趋势良好。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.73</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.89</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,拐头下行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  目标股和大盘的趋势表现出不同,清仓出局:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  卖</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600033</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">400</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.73</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <SPAN lang=EN-US>3480</SPAN></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  资金:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10012</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">在第一次建仓后,如果没有赢利或者盈利不多,就一定不能再加仓操作。只能止损或者保持小仓位,盲目下摊成本的方法非常被动愚蠢。长线投资除外。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001.5.21. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2213</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2161</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2083</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2070</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2007</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  四条均线多头排列,大盘趋势良好。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.88</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.75</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.71</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  虽然股价两次站在月线上,但是月线仍在下行,不是买入时机。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  密切关注。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001.5.30. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2211</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2173</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2112</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2076</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2020</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  四条均线多头排列,大盘趋势良好。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.94</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.74</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,拐头上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.75</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月、季线在明日即将金叉,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2/3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">仓介入。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  买</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600033</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">800</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.94</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7176</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  资金:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2836</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001.6.8. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2223</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2206</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2140</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2084</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2031</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  四条均线多头排列,大盘趋势良好。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.45</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">K</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">线出现向上跳空缺口。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.92</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.82</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月、季线呈多头排列,仓位盈利</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">0.5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元,加仓操作。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  买</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600033</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">200</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.45</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1894</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  持股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,平均成本</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.07</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  资金:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">942</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001.7.5. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2181</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2207</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2183</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2107</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2054</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数下破季线,短期趋势已经变坏。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.09</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.24</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,拐头下行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.98</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线对股价有支撑作用,因此减仓操作:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  卖</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600033</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">400</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.09</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3624</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  持股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,成本</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.07</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  资金:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4566</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN>

金银岛岛主 发表于 2005-1-2 12:08

       


       


<SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001.7.24. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2136</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2172</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2186</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2114</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2066</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月、季线死叉,中线趋势变坏。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.93</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.01</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行。股价两次跌破季线。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  空仓止损:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  卖</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600033</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.93</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5340</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  资金:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9906</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">12</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">.)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001.8.10. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1955</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1923</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2093</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2109</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2050</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数中长期趋势正在转坏中!</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.88</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.77</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.00</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.85</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  虽然股价站在月线和半年线上,但是月、季线;月、半年线是空头排列,不是买进时机。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  观望。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">13.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001.10.31. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1689</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1676</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1804</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1990</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2021</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数的半年线和年线已经死叉!熊市可能来了!!</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.29</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.13</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,拐头上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.41</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.71</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  虽然月线上行且股价站在月线上,但是由于三条均线空头排列,且距离很近,股价上行的压力很大,不是买进时机。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  空仓观望。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">14.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001.12.4. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1769</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1681</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1717</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1886</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1990</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数短线趋势转好,熊市中的反弹!</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.54</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.27</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.24</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.58</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  虽然月、季线金叉,但是半年线依旧下行。代表短期和中期趋势的三条均线在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">0.5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元的小范围内波动纠缠。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  趋势不明朗,关注。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">15.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002.2.7. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1515</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1451</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1600</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1683</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1900</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数还是熊市中的反弹!</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.54</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.25</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.37</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.35</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线、半年线金叉,多头排列。股价在三条均线上。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  建底仓,底仓不能超过总资金的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1/3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,熊市中应该保护资金第一!</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  买</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600033</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">300</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.54</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2571</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  资金:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7335</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">16.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002.3.7. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1613</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1500</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1578</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1652</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1883</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数继续熊市中的反弹!</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.02</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元,创近期新高</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.56</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.46</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.35</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.61</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  底仓盈利</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">0.5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元左右,月线、季线、半年线呈多头排列</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  加仓操作,但是熊市中不能重仓:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  买</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600033</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">300</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.02</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2715</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  持股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,平均成本</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.81</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  资金:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4620</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">17.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002.4.2. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1582</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1639</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1556</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1624</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1860</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数反弹可能结束。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.87</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.06</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.61</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.45</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.65</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  中长线趋势运行良好,但是短线趋势有转坏迹象。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  警惕!</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN>

金银岛岛主 发表于 2005-1-2 12:08

       


<SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">18.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002.5.13. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1623</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1643</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1603</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1613</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1815</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数窄幅盘整中,何去何从?</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.24</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.99</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.66</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.69</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股价两次跌破月线,虽然中长线趋势良好,但是为了资金安全,必须减仓。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  卖</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600033</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">300</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2721</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  持股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">300</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,成本</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.81</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  资金:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7341</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">19.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002.6.24. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1707</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1525</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1588</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1574</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1738</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数因停止国有股的利好刺激,短中期趋势向好。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.83</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.12</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.85</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.72</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线、年线平稳金叉,四条均线呈多头排列</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  加仓操作:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  买</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600033</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">400</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.83</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3944</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  持股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">700</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,平均成本</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.41</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  资金:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3397</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002.9.5. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1641</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1656</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1674</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1632</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1642</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数窄幅盘整。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.75</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.92</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.78</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.43</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.89</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股价同时跌破月线和季线,减仓一半:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  卖</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600033</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">400</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.75</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3888</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  持股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">300</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,成本</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.41</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  资金:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7285</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">+</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">67</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">(</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">派</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">0.96</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元,税后)=</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7352</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">21.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002.10.9. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1535</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1607</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1649</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1627</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1629</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数继续熊市进程!</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股票收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.43</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.63</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.78</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.50</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.96</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,上行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  股价前后两次跌破半年线,且月线和季线死叉,空仓:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  卖</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600033</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">300</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.43</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">/</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2821</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  资金:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10173</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">22.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002.12.13. <BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  大盘点位:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1396</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1404</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1497</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1585</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1587</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  指数继续熊市进程。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  收盘价</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.61</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  月线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.66</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  季线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.18</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  半年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.51</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  年线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9.13</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,下行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  代表短中长期的四条均线呈空头排列,股价在月线下运行。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  空仓观望。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">在交易</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600033</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">近</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年的过程中,大盘从</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1956</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点跌到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1396</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点,跌幅为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">28.6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%,投入资金</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元,收益率为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1.73</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">备注:当我重新修订这篇文章的时候,是</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2005</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日。我用此套操作系统在互助会员取模拟练习板块中操作的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600033</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,从</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">9</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日开始,截止</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2004</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">12</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">30</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日,收益率为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">12.18</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%!而同期上证指数从</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1956</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点跌到</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1266</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">点,跌幅</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">35</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%!不过,本帖展示的均线系统并不全面,周线和月线的均线系统我没有公布。如果缺少这两种时间周期的均线,该套交易系统的成功率会大打折扣,请各位读者注意!</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">通过上面这只股票的实例,大家应该对此交易系统有一个大概认识。当然,这个交易系统并不一定适合你,一个好的交易系统应如行云流水般地毫不费力</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">,</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">什么时候买</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">,</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">什么时候卖</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">,</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">一切清清楚楚,并且胜算大。如果你对每一步骤都有怀疑,做起来很勉强,这方法就可能不对了。必须说明,总结适合自己的交易系统是一个痛苦而漫长的过程,许多人一辈子也做不到。否则,这个世界的百万富豪会泛滥。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">你必须学会用交易系统来进行股票买卖,而不是想当然,听消息,凭运气,靠感觉。如果你希望自己在股票市场上最终成为赢家,请一定记住:</SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"></SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">.按原则交易。每一次符合交易规则哪怕是赔钱的交易都是正确的,每一次违背交易规则哪怕是赚钱的交易都是错误的。判断成败的基准在于你是否严格遵守交易原则,不要根据盈亏结果定输赢。经过一段时间的训练,根据原则交易,你的胜算就会大大提高。</SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"></SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">.资金管理。资金管理是战略,买卖股票是战术,具体的价格只是一个小小的战斗而已。</SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"></SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">.风险控制。在风险市场首先需要学会如何生存,再图发展。股票能否赚钱是第二位的,没有损失是第一位的。因此,世界上最伟大的投资大师巴菲特说:“成功投资最重要的两条原则是:一,永远不要亏损。二,永远记住第一条。”</SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"></SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">.截短亏损,让利润奔跑。交易系统强调的是胜算大的机会,而不是黑马。</SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"></SPAN>       


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股票是概率游戏。进入股市,最终的结局不外乎五种――大亏,小亏,持平,小赚,大赚。在正确的交易方法操作下,在彻底避免大亏的基础上,根据概率计算,你在股市上的时间越长,你越能得到小赚甚至大赚的结果!</SPAN>


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金银岛岛主 发表于 2005-1-2 12:09

       


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">保护自己--如何止损</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"> <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">从前,有人以偷为生。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">小偷的儿子对他说:“爸爸,我要像你一样以偷为生,你教我怎么偷东西吧。”小偷看看儿子尖嘴猴腮的模样,好逸恶劳的个性,心想若不学偷,这孩子日后或许会饿死,便答应了。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">一天晚上,小偷带着儿子来到一户人家,在围墙上挖个洞,爬了进去。他们找到储存间,小偷就叫儿子进去找一些值钱的东西。儿子一进去,小偷便在外面将储存间的门锁上,同时跑到天井大喊大叫,吵醒这家人,然后自己从墙上的洞溜了出去。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">这家人知道遭了盗窃,全家都出来查看。当他们看到墙上的洞,便以为小偷已经溜走了。主人便叫佣人点上蜡烛到储存间看看不见了什么。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">小偷的儿子在储存间千万遍地骂他的爸爸。当他听到有人要到储存间查看,更是吓得腿都软了。但是他没有什么办法,只好躲在储存间的门后。佣人一打开门,小偷的儿子便冲出来,一口气吹熄蜡烛,推开佣人,拔腿就跑。这一家人就大呼小叫地在后面追。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">在逃跑的路上,小偷的儿子看见有口池塘,便拾起一块大石丢到水里。在这家人围着池塘找偷儿的时候,小偷的儿子已回到家中。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">他正想指责爸爸,小偷已先开口了:“儿子,告诉我你是怎么回来的?”听完儿子的叙说,小偷说:“孩子,你已经学会当小偷了。小偷的本事不在偷,而在于危急的时候怎么逃。”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股市投资最重要的是什么?肯定每个人都有不同的答案。对我而言,风险控制是投资股市的头号规则。而风险控制里最基本又最重要的就是止损。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">无论你是新手还是老手,在股市上都不能避免不犯错误。而一旦犯错后,身处股市险境,如果不能快速止损,你就会遭到非常重大的损失――金钱上和心理上的损失。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">成功的投资人几乎都是止损高手。一个投资人如果学会了正确的止损就等于成功了一半。华尔街著名的市场高手伯纳德</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">.</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">巴伦奇,在华尔街为自己创造了数亿美元的财富,而且是几位总统信任的高参,他说:“如果投机家有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">50</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%的选择是正确的,那他就是很幸运了。假如他意识到自己的错误,并能及时止损的话,即使只有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">30</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%――</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">40</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%的选择是正确的,他也有机会给自己创造足够的财富。”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">问题在于,能深刻明白这个道理的投资人太少了。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">投资人从一入市开始就处于一个随时随地都可能在选股和入市时机等方面犯错误而遭受损失的境地。就买卖双方而言,买方是有更大的选择余地,如果他们不愿意投资,就完全没必要强迫自己去买。失去一次好的购入机会可能很让人沮丧,但是至少资本仍保持完整,以后总会出现其它机会。而一旦做出投资决策并且把资金投了出去,选择的自由就立刻受到限制――或者持有手中股票,或者卖出去。如果手中的股票投资已经存在损失时,投资人在做出抛售决策时会承受很大的压力:资金损失的压力,对自己的智力、教育、骄傲等等做出否定的压力。更糟的是,当你开始止损的时候,有半数的可能是,你才卖出的股票又开始上涨了,这时你会更难受。于是许多人会得出结论:卖出是错误的,止损原则也是很糟糕的。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">但是,出现这种情况的真实的原因是,止损原则并没有错,错的是投资人没有掌握好应该如何止损。有一种短线客,不断地买股票,不断地套牢,不断地止损,再不断地买股票……如此循环往复,越止越损,资金在不断的买卖过程中很快缩水甚至消失。另一种投资人正好相反,总是在一只股票跌去</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">50</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%以后才会考虑卖出。一只股票跌去</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">50</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%意味着你买入这只股票的资金损失了一半,那么你在下一只股票上要获得</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">100</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%的赢利才能弥补亏损。而你能够买到价格翻番的股票的机会又是多少呢?</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">那么应该如何止损呢?</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>1</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">.在选股买入时一定要慎重,反复研究。没有经过考虑的买卖行为就如同打牌时不看牌就出牌一样,输是迟早的事情。止损只是一种风险控制的措施而不是股市投资的目的。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>2</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">.不同的投资策略有不同的止损方法。一般而言,短线炒作的止损方法最严格,中线次之,长线止损的方法就比较宽松。但是长线买入的要求又是最严格的。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">.不同的大势下止损方法不同。牛市中(半年线,年线平稳金叉后),万马奔腾,大多数股票都有轮番上涨的机会,投资人只要沉得住气,不贪心,自己手中的股票迟早会有表现的机会,套牢的情况比较少,只是赢利的多少有区别而已。牛市比的是持股耐心,止损这把利刀不能轻易出鞘,除非你有非常好的理由。熊市里(半年线,年线死叉后)现金为王,止损就是你不二的保命法则。当你被市场这只巨鳄咬住一只胳膊的时候,应该怎么办?那就是千万不要挣扎,丢掉一只胳膊,赶紧跑,否则你将赔掉另外一只胳膊甚至性命,最终不可能活着回来。而在牛皮市道,就是技术派人士按照技术指标买卖的天堂。这个时候,各种技术指标就比较灵验了,按照技术指标止损一般不会出错。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>4</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">.不同的个股止损方法不同。世界上没有完全相同的两片树叶,股市里也没有完全相同的个股走势图。即使是同一个主力,在操作不同的股票时手法也是不同的。因此,投资人一旦在考虑之后买入股票,就必须根据该股的股性来制定不同的止损措施。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR>5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">.止损最难的一点在于,如何在作出止损决定时防止感情用事。在决定止损的时候,感情往往容易占上风,这时候就会努力维持原有决定而继续持有这只股票,哪怕心里清楚自己应该是卖出。造成这种结果的往往是投资人的侥幸心理和不愿意承认失败的心理作祟。当断不断迟早会导致重大损失,而重大损失将使人失去信心,这是应该绝对避免的。要克服这种不好的心态,只有经过时间的磨炼才行。罗马不是一天建成,各行各业的成功人士也不是在三个月之内就可以造就的,任何成功都需要时间。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">这里我来介绍几种简单的止损方法:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%止损法:无论买入哪一只股票,当它跌到你买进价格的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%,就止损卖出。这种方法虽然笨,但是它会使你免于巨大的损失。随着时间的推移,你选股技术的提高,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">%的损失也会大量减少。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">通道线止损法:股价总是呈波浪形态上升的。当一只股票上升趋势形成后,一底总比一底高,把它的底部连接起来,形成趋势线,然后通过趋势线作一条与趋势线平行的线条,形成通道。如果股票在此通道中运动则放心持股,如果股票跌破通道线下轨,立即止损。待新的通道出现后再买进。需要说明的是,按通道买进股票,必须在通道下轨股价受到支撑后买入,不要在它碰上轨时追高买进。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">资金止损法:建立资金曲线,以每日(每周)收盘价算出市值,加上自己的资金余额绘出曲线,表示你的资金状况。曲线上升,说明状态良好;曲线震荡,警惕;曲线下跌,跌破均线,减仓空仓,等待机会。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">移动止损法:月线(</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">日均线)在低位走平上拐,买入。股价跌破月线,第二天如果不能收回去,并且月线开始下行,止损出局。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><BR></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">  </SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        </SPAN>

金银岛岛主 发表于 2005-1-2 12:21

       




<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">一份</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年的投资计划</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1999</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">月我的女儿来到了人世间。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">我的一位朋友在中国平安保险公司工作。她来看我,并且给我刚出生的女儿带来各种保险单据。“为了你女儿一生的幸福平安,你至少应该给她买下一份保险。”她说,“只需要连续交纳</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年的保费即可。”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">“如果需要我连续</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年交纳一笔固定的钱去为女儿预购幸福平安的话,我一定会选择股市。”在仔细看了她介绍的所有保险之后,我说。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">“这不可能!股市风险太大了,特别是中国的股市。像买保险一样把一笔钱连续</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年的投进股市买股票,傻瓜也不会这样做的!”朋友坚决摇头。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">“我想我就是这样的傻瓜了。”我微笑着说道,“股市上的聪明人太多,做做傻瓜又何妨。”</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">等朋友告辞后,我就着手开始为女儿拟定了一份</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年的投资计划。方法很简单,就是每年在固定的时间拿出一笔固定的钱买进一只固定的股票。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">我之所以愿意这样做,原因有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">点:</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">我对中国股市的长期发展看好。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">短期而言,一只股票今年可能涨</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">50</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">%而明年又可能跌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">40</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">%,但是如果长期持有,股票的波幅就会随时间的延长而降低。特别是固定投资法,它可以极大的降低(无法完全避免)投资风险。由于每次投入的是等量的钱,因而在股价高时买得就少,在股价低时买得就多,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">它能让你避开在牛市中追高买进的贪婪和在熊市里杀跌卖出的恐惧。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">)</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">那么实际上每股平均成本总会低于投资期间该股的平均价格。因此长期而言,总是赚钱的。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">证券市场是人性化最集中的地方,非常的残酷和尖锐。要想赚钱就一定要在这个市场中采取一些非常特殊的方法。要么你的理念和别人不一样,要么你的手段和别人不一样,要么你的投资方法和别人不一样。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">投资是一种生活方式!这是我的理念。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">下面我就以</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元为例来说明这几年我用固定投资法为女儿买股票的情况。如果你觉得可行,请跟我一起来试试。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">* * * * * * * * * * * * * * * * * * * </SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"></SPAN>       

<SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">时间---股票代码---投入资金--买进股数--股价--全部股数--资金余额</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>






<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1999</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">900</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10.30</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元--900股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">650</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>






<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">派现金</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3.90</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">税后</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">)</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">350</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元--900股--1000元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>






<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元---9</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">00</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">12.10元--1800股</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">0</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>






<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">配</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">540</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.00</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元--2340股--(-</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4320</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>






<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">送</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3.846</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">股--90</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">0</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">股-----3240股--(-<SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4320</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN></SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>






<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1400</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7.00</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元--4640股--(-<SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4290</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN></SPAN>






<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">派现金</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1.50</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元(税后)--696元------(-<FONT face=Arial>3594</FONT><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN></SPAN>






<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1400</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6.85</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元--6040股--(-<FONT face=Arial>3352</FONT><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN></SPAN>







</o:p></SPAN>

<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2003</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">派现金</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2.88</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元(税后)--1739元-----</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">(-<FONT face=Arial>1613</FONT><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元)</SPAN></SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2003</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元--7</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">00</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">13.65</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元--6740股--(-1273元)</SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2004</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">月――</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">――</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">送</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">派</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1.20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元(税后)――</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1995</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">股――8760股</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">(-<FONT face=Arial>465</FONT><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元)</SPAN></SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2004</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">月――</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">――</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元――17</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">00</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">股――</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5.64</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元――10460股--(-223</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元)</SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">2005年6月--600104--10派2.20元(税后)--2301元--------2078元</SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt"></SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>       



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1999</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2005</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">年6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">月共投入57922</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元,持有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10460</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">,平均每股成本为</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5.54</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial; mso-ascii-font-family: Arial; mso-bidi-font-size: 10.5pt">元。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">        <o:p></o:p></SPAN>






[align=right][color=#000066][此贴子已经被作者于2005-7-13 22:06:17编辑过][/color][/align]

金银岛岛主 发表于 2005-10-26 11:13



<SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p>        <SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">一份</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年的投资计划</SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"></SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>       


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">时间---股票代码---投入资金--买进股数--股价--全部股数--资金余额</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>









<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1999</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">900</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10.30</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--900股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">650</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>









<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">派现金</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3.90</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">(</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">税后</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">)</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">350</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--900股--1000元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>









<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元---9</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">00</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">12.10元--1800股</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">0</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>









<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">配</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">540</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">8.00</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--2340股--(-</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4320</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>









<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">送</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3.846</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股--90</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">0</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股-----3240股--(-<SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4320</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN></SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>









<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2001</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1400</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">7.00</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--4640股--(-<SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">4290</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN></SPAN>









<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">派现金</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1.50</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元(税后)--696元------(-<FONT face=Arial>3594</FONT><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN></SPAN>









<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2002</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1400</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6.85</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--6040股--(-<FONT face=Arial>3352</FONT><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN></SPAN>











</o:p></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2003</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">派现金</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2.88</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元(税后)--1739元-----</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">(-<FONT face=Arial>1613</FONT><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元)</SPAN></SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>






<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2003</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--7</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">00</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">13.65</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元--6740股--(-1273元)</SPAN>






<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2004</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">6</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月――</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">送</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">3</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">派</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1.20</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元(税后)――</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1995</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股――8760股</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">(-<FONT face=Arial>465</FONT><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元)</SPAN></SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>






<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2004</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月――</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">――</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">10000</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元――17</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">00</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股――</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">5.64</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元――10460股--(-223</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元)</SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">2005年6月--600104--10派2.20元(税后)--2301元--------2078元</SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">2005年10月--600104--10送3.4股(股改)--3556股--------14016股</SPAN></SPAN>



<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"></SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt"><o:p></o:p></SPAN>       






<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">1999</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">11</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月--</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">2005</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">年10</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">月共投入57922</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元,持有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">14016</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">股</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: Arial; mso-bidi-font-size: 10.5pt">600104</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">,平均每股成本为4.13</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial">元。</SPAN>


<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; LINE-HEIGHT: 12pt"><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Arial; mso-hansi-font-family: Arial; mso-bidi-font-family: Arial"></SPAN>       



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