Year end reachs when, the security market 2004 is about to receive an official. Review a year when be about to go, it is OK to give broad investor impression the deepest job end is macroscopical adjusting control of 4 words —— . The country is investing growth to the fixed assets that appeared since second half of the year 2003 too fast, the structure is unreasonable, credit has put in fast, grain production continues coast, partial commodity has risen in price to wait quickly caused economic overheat phenomenon to practice macroscopical adjusting control. Make derive from the prices that dominant is with value discovery by last year as steely to 4 large trades, electroanalysis aluminous, cement, estate transfers of investment check, enter metaphase to adjust again, place of investor the beginning of the year obtains the big disaster that gains did not escape to be adjusted this again, cover greatly again among them. Make investor just establishs the value that rise to invest a concept to be immersed in again confused. Look into 2005, of our country economy thematic still be farther strengthen and improve macroscopical adjusting control, lose no time push reform, make invest amplitude apparent fall after a rise, the structure continues to optimize, in consumption steady growth keeps abreast of below the circumstance with one active pace, it is a bureau of 915 ” of “ to lay good foundation. Can think to will make 2005 a turn year, a year also be a connecting link between the preceding and the following. That Mo reflection arrives on security market, how does investor undertake corresponding adjustment, those who hold prices evolve, win investment get one's own back finally. Here we have two sides analyse:

OneThis currency appreciates the influence of pair of exit and international price industry

Because the exchange rate policy of our country is to stare at dollar policy closely, and the dollar depreciates continuously the pressure that the RMB when reaching crude price to accuse danger to move continuously appreciates is increased somewhat, reach to the industry that gives priority to with exit so appear on the market the company, the RMB appreciates the competitive dominant position that will weaken a product greatly, bigger to influence of company outstanding achievement. Wait for an industry like dress of foreign trade spin. Investor should give evasive.

Industry of 1 foreign trade moves small effect through exporting drawback, the gain level of foreign trade enterprise is squashed, a lot of enterprises are to pass exit to increase sale only, in an attempt to reduces unit product fixed costs, the space that depreciates further is very narrow. Accordingly, the competition ability of the product will get the influence of older rate, look from the angle of profit, because foreign trade enterprise is in inferior position position in industrial catenary, super profit is gotten in importing business to appreciate very hard from the RMB, but export business can suffer significant loss. Accordingly, this currency appreciates, criterion foreign trade industry will be in deficit brim.
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