2011年10月21日基金仓位简报

随着2010年最后一个交易日的结束，A股的投资者迎来了2011年的开始。

在过去的2010年，上证指数收出了一根年K线的阴线，从年初的2010年1月4日开盘3289点，到最后交易日12月31日收盘在2800点一线，年度走势跌宕起伏，但又缺乏趋势性机会。

对大部分投资者来说，2010年并不是一个容易操作的年份。

那么，在充满了未知的2011年，A股市场会如何运行？将发生怎样的变化？我们虽无法预知未来，但对于这些问题的思考和把握却又成为必须：倘若缺乏合理的前瞻性预期，在市场的波浪中无疑会迷失方向，导致策略上的混乱。

在对多家券商研究所、基金公司及私募机构进行采访和调查后，我们试图为投资者勾画一些在2011年中国股市可能发生的改变，于是有了“十大猜想”的由来。

这些“猜想”基于现实，并进行合理的预期，既有乐观的方面，也有悲观的方面。

“猜想”本身无法确保事件必然在2011年内发生，但它却为我们把握市场的整体运行脉络和可能的走向提供了充足的思考空间。

猜想之一：上证指数上冲4000点。

对众多的市场参与者来说，每年年初预判一年的行情走势是一件“很想知道，却又知道没法准确知道”的事情。

价值投资者更执着于寻找具有高成长性或价值被低估的个股，技术分析派则更愿意分析市场的波动和趋势运行情况。

对于未来一年可能出现的具体的点位，则往往显得漫不经心。

然而，券商研究所在每年年终的策略报告中仍会对来年指数的可能运行区间进行预测，这种预测基于两个基本的判断，即明年上市公司盈利的整体增速，以及目前市场估值相对于历史上的最高和最低估值水平而言，处于哪个位置上。

再结合流动性的判断，一个合理的区间则可以得出。

这种预测指数波动区间的方法将现实复杂的市场进行了简化，而现实市场的运行则往往复杂多变。

以理性的简化模式进行预测所得到的结果，并不具备完全的可靠性。

不过，这并不否定预测结果的参考价值。

如果市场过分超越预测区间的上限，则很有可能整体处于高估的状态，投资者在策略上进行减仓或离场就成为必要；如果市场过分低于预测区间的下限，则很有可能整体处于低估的状态，投资者在策略上进行加仓或者持有就显得更为理性。

根据公募基金中股票型和混合型基金多年来的业绩表现，从中找到最优秀的十位明星基金经理，股票型基金经理分别为：王卫东、王新艳、董承非、于鑫、梁永强，混合型基金经理分别为：王亚伟、于江勇、马少章、朱少醒、徐强。

这十位明星基金经理2011年四季度十大重仓股变动情况归结如下：
2011年基金三季报出现在十位明星基金经理所掌管基金的十大重仓股中，2011年基金四季报继续出现在其十大重仓股中并获得增持的股票名单：
表2：混合型基金经理十大重仓股增持情况
2011年基金三季报未出现在十位明星基金经理所掌管基金的十大重仓股中，2011年基金四季报出现在其十大重仓股中股票名单：
表4：混合型基金经理十大重仓股中新出现个股。

证券代码证券名称流动资产合计[报告期] 2011年报[报表类型] 合并报表[单位] 百万元资产总计[报告期] 2011年报[报表类型] 合并报表[单位] 百万元流动负债合计[报告期] 2011年报[报表类型] 合并报表[单位] 百万元负债合计[报告期] 2011年报[报表类型] 合并报表[单位] 百万元600000.SH浦发银行--2,684,693.6890--2,535,150.9090 600004.SH白云机场1,792.914610,639.46493,230.25183,550.8384 600005.SH武钢股份24,551.261696,100.673356,824.620958,910.4592 600006.SH东风汽车12,798.131119,408.761811,503.881711,889.2311 600007.SH中国国贸634.58179,424.9506804.58654,980.6165 600008.SH首创股份8,280.425219,023.56124,676.640010,667.5908 600009.SH上海机场4,469.882018,919.9514942.74793,429.2770 600010.SH包钢股份26,324.724849,733.082727,212.830136,711.8765 600011.SH华能国际34,404.0499254,365.393393,764.8535196,205.5312 600012.SH皖通高速747.428510,106.0009790.01993,545.4267 600015.SH华夏银行--1,244,141.1816--1,180,211.0587 600016.SH民生银行--2,229,064.0000--2,094,954.0000600017.SH日照港2,129.262910,428.68411,446.01923,605.2913600018.SH上港集团17,510.517683,257.505215,505.270731,913.8886 600019.SH宝钢股份79,234.2570231,099.745898,838.1661117,629.7495 600020.SH中原高速3,535.096430,379.38887,735.302124,016.3954 600021.SH上海电力5,159.888231,602.58476,880.231922,693.6090 600022.SH山东钢铁6,347.899630,050.913317,601.255822,795.0555 600026.SH中海发展5,861.182651,588.81416,479.463527,247.2062 600027.SH华电国际13,001.8130148,379.157054,003.6780124,733.0070 600028.SH中国石化327,588.00001,130,053.0000429,073.0000620,528.0000 600029.SH南方航空19,485.0000129,260.000043,506.000091,621.0000600030.SH中信证券--148,280.3800--61,290.1771600031.SH三一重工33,783.782551,306.717623,131.799230,553.1076 600033.SH福建高速455.714419,809.50184,311.546311,110.2199 600035.SH楚天高速1,252.67869,534.88221,930.51655,967.5996 600036.SH招商银行--2,794,971.0000--2,629,961.0000600037.SH歌华有线3,725.643311,117.43391,732.30925,797.6330600038.SH哈飞股份2,685.75183,130.13541,624.75631,624.7563 600039.SH四川路桥5,093.81348,525.29415,450.21286,982.3677 600048.SH保利地产187,991.3875195,014.565398,585.9423152,950.1555 600050.SH中国联通38,872.4816458,523.8439213,489.9235249,913.1478 600051.SH宁波联合3,975.43305,417.76712,982.40723,508.9606 600052.SH浙江广厦7,355.16038,364.45894,851.75935,885.4633 600053.SH中江地产2,748.32192,757.90981,519.51451,977.5354 600054.SH黄山旅游1,225.78492,993.81631,134.06381,247.5484 600055.SH华润万东692.81931,014.2885388.4200403.1200 600056.SH中国医药5,490.95196,164.80732,425.89774,252.2148 600057.SH象屿股份4,944.30536,851.86184,728.95225,280.8645 600058.SH五矿发展34,250.085848,970.385930,641.948137,101.9680 600059.SH古越龙山1,804.07783,094.0701806.8140816.9385 600060.SH海信电器14,355.104516,144.61488,806.10078,824.6714 600061.SH中纺投资999.75841,353.9102718.1617766.7450 600062.SH华润双鹤3,697.01736,076.96851,651.84411,733.6667 600063.SH皖维高新1,144.49265,382.26521,403.56582,760.0261 600064.SH南京高科8,920.862514,966.11427,426.52409,913.7867600066.SH宇通客车5,478.69337,860.07114,176.67454,522.3062 600067.SH冠城大通8,090.30089,364.64384,944.73115,829.2703 600068.SH葛洲坝39,297.753866,315.713732,297.197352,202.1639600069.SH银鸽投资2,549.11075,626.11822,723.18043,803.1275600070.SH浙江富润700.67271,453.3798702.2864742.7857 600071.SH凤凰光学663.36041,146.1519301.2356336.2356 600072.SH中船股份1,193.52082,393.9464585.3123894.1906 600073.SH上海梅林2,571.77974,249.79812,202.31112,286.3092 600074.SH中达股份709.47182,926.99901,210.35372,392.4080 600075.SH新疆天业1,986.14044,470.92162,134.88622,182.1829 600076.SH青鸟华光317.5183338.7597160.9300160.9300 600077.SH宋都股份10,518.411610,808.06034,572.88727,740.7872 600078.SH澄星股份4,075.40186,840.60944,494.55354,985.5444 600079.SH人福医药3,506.12286,170.36012,763.99993,031.4020 600080.SH金花股份210.07511,069.0612143.0516150.6153 600081.SH东风科技1,216.92672,041.28711,189.80031,189.8003 600082.SH海泰发展2,590.60633,063.86451,083.11381,409.7822 600083.SH博信股份9.996238.54318.25719.1463600084.SH中葡股份1,761.04422,771.09641,373.79251,890.8876600085.SH同仁堂5,949.99737,329.89942,419.98602,518.8397 600086.SH东方金钰2,757.05513,160.99151,360.53852,585.7385 600087.SH*ST长油4,673.395819,169.58553,447.367414,099.3760 600088.SH中视传媒1,855.33252,319.62391,252.77691,252.7769 600089.SH特变电工20,312.758533,612.466413,992.673719,559.1953 600090.SH啤酒花434.04211,203.4984564.3577572.6185 600091.SH ST明科468.26591,354.0476762.1219797.1932 600093.SH禾嘉股份242.0741616.4205220.6367266.6433 600094.SH大名城6,923.41127,415.29623,241.01744,210.9174 600095.SH哈高科833.82491,285.9319406.8715607.4175 600096.SH云天化7,135.041627,071.35328,753.209118,676.9884 600097.SH开创国际497.33361,333.4135628.1627649.8110 600098.SH广州发展4,915.781020,588.34183,693.35118,665.8476 600099.SH林海股份375.7741529.465052.685652.6856 600100.SH同方股份17,480.413730,170.951817,866.384420,345.3933 600101.SH明星电力263.10812,482.7016553.5018936.1649 600103.SH青山纸业1,408.82863,658.53121,320.58781,898.1668 600104.SH上汽集团191,232.9615318,633.1810162,512.8022185,516.8642 600105.SH永鼎股份2,526.89623,730.42281,842.49382,106.1892 600106.SH重庆路桥1,214.26425,638.0479864.55793,751.6247 600107.SH美尔雅1,833.39902,210.44991,550.82681,571.6977 600108.SH亚盛集团1,450.43324,473.69361,184.49141,738.8743 600109.SH国金证券--8,864.7051--5,614.1624 600110.SH中科英华1,476.01444,509.02811,566.14342,411.7983 600111.SH包钢稀土10,083.218014,726.63294,944.61275,648.9094600112.SH长征电气1,466.91782,214.2078623.90181,103.5377600113.SH浙江东日485.1405751.0656142.7175188.7175 600114.SH东睦股份632.11931,487.8440699.6022760.6799 600115.SH东方航空13,712.4030112,215.152043,664.571090,069.7390 600116.SH三峡水利677.15152,890.9953949.34111,818.3632 600117.SH西宁特钢3,091.699613,410.40097,463.41339,827.6805 600118.SH中国卫星4,002.75214,608.69542,298.54972,361.5443 600119.SH长江投资787.27201,415.5379485.6447526.1480600120.SH浙江东方5,120.13947,869.70723,546.77514,476.6651 600121.SH郑州煤电3,887.70576,857.22574,500.76934,899.7693 600122.SH宏图高科9,976.480311,720.88286,162.31736,431.0047 600123.SH兰花科创6,098.450715,187.02785,506.87056,471.7962 600125.SH铁龙物流2,432.84364,113.1658309.7740423.2933 600126.SH杭钢股份6,314.68829,051.99253,657.29375,046.6496 600127.SH金健米业677.25801,391.2481750.3739895.4912600128.SH弘业股份1,807.80262,863.43531,412.64391,433.3477600129.SH太极集团4,393.28137,952.56065,754.72006,330.7197 600130.SH波导股份619.2702903.9837203.2942216.4241 600131.SH岷江水电159.02632,455.5399829.89801,679.2645 600132.SH重庆啤酒1,410.11463,584.33492,056.06452,104.0645 600133.SH东湖高新1,214.81712,993.11721,129.58042,107.0446 600135.SH乐凯胶片691.86301,035.337795.800895.8675 600136.SH道博股份49.7333169.905133.043134.4040 600137.SH浪莎股份468.0512664.8937219.8292224.3767 600138.SH中青旅4,863.14078,533.59134,224.15274,335.5726 600139.SH西部资源873.98561,897.1375275.5619316.9627 600141.SH兴发集团1,464.96138,249.04362,793.99945,739.7660 600143.SH金发科技7,386.416910,162.63643,537.23625,427.0511 600145.SH国创能源325.4533367.8416164.8916164.8916 600146.SH大元股份93.9779453.5484158.8480158.8480 600148.SH长春一东705.5302902.7514533.0427553.3626 600149.SH廊坊发展216.8950358.235242.811642.8116 600150.SH中国船舶33,216.229049,750.474119,469.064130,264.4197 600151.SH航天机电2,633.10909,989.22363,594.58246,434.8450 600152.SH维科精华1,856.31693,247.45731,970.96672,092.0450 600153.SH建发股份45,952.915552,253.973531,953.561442,156.5446 600155.SH*ST宝硕261.9643770.50391,078.41781,245.1767 600156.SH华升股份664.95271,095.5276387.3885444.0162 600157.SH永泰能源7,986.973814,649.43676,306.871810,949.9562 600158.SH中体产业2,992.11143,576.27771,800.11192,008.8697 600159.SH大龙地产2,704.60972,884.35941,011.97261,012.1516 600160.SH巨化股份3,425.10456,842.52501,078.29151,097.1731600161.SH天坛生物1,186.51843,224.0410946.56101,777.8927 600162.SH香江控股6,945.88778,304.66854,751.14966,487.5311 600163.SH福建南纸1,381.40484,125.91711,719.10122,623.4592 600165.SH新日恒力1,206.22441,997.8588786.6769952.1769 600166.SH福田汽车13,804.738028,121.454314,167.743619,029.3344 600167.SH联美控股863.36191,825.89821,170.72431,170.7243 600168.SH武汉控股777.66423,188.8299427.57871,366.4709 600169.SH太原重工14,294.348918,715.539111,647.607413,000.9892 600170.SH上海建工54,288.623468,260.474350,928.951556,858.9300 600171.SH上海贝岭837.25201,999.7572156.6581271.0832 600172.SH黄河旋风1,524.64713,185.17511,006.55121,316.5512 600173.SH卧龙地产3,059.62783,180.35751,030.49861,468.9341 600175.SH美都控股3,062.63194,140.18671,840.80832,084.3083 600176.SH中国玻纤4,833.125415,947.69488,055.423312,457.2187 600177.SH雅戈尔31,037.441148,932.573332,244.220535,545.1862 600178.SH东安动力1,899.55043,603.98171,010.00491,290.0179 600179.SH黑化股份300.85231,325.7950997.62931,047.7793 600180.SH瑞茂通 2.2809169.1676 5.1257 5.1257600182.SH S佳通2,257.10043,660.25801,606.33472,378.8018 600183.SH生益科技3,887.32326,746.84472,149.25232,508.1908 600184.SH光电股份1,914.72012,896.17021,357.64391,895.2935 600185.SH格力地产10,675.633211,455.35247,201.54639,446.2553 600186.SH莲花味精1,363.78102,948.51852,045.07512,094.2447 600187.SH国中水务489.04601,855.4983282.8044653.6425 600188.SH兖州煤业34,083.506997,504.129535,569.246954,638.7958 600189.SH吉林森工1,356.39612,829.86151,312.26121,419.4459 600190.SH锦州港916.75797,846.97192,509.19453,870.3335 600191.SH华资实业598.90532,212.7057318.8781465.1050 600192.SH长城电工1,986.89722,886.50591,469.42721,699.7771 600193.SH创兴资源76.3518862.781796.8165439.3165600195.SH中牧股份1,386.26512,756.1920603.7637692.0289600196.SH复星医药6,049.105222,290.81824,991.725710,919.9906 600197.SH伊力特1,093.04832,273.52761,045.58751,072.0569 600198.SH大唐电信4,217.01745,069.31194,224.79104,363.4356 600199.SH金种子酒1,793.74372,343.3536587.9162603.2152 600200.SH江苏吴中2,993.93973,772.16272,284.73722,762.3535 600201.SH金宇集团1,321.66991,725.3226731.1340734.1924 600202.SH哈空调1,935.97302,720.19131,688.34511,813.3233 600203.SH福日电子675.83991,245.3874802.2918969.7377 600206.SH有研硅股586.50341,210.2615393.9060443.9919 600207.SH安彩高科680.90672,437.2880858.67781,933.0278 600208.SH新湖中宝27,624.982635,307.862614,165.554123,956.3264 600209.SH罗顿发展212.12991,117.5567297.4610297.4610 600210.SH紫江企业4,335.673310,130.34774,011.96415,927.1413 600211.SH西藏药业545.0324787.8643416.5607432.9286 600212.SH江泉实业250.70271,256.5899196.2394196.2394 600213.SH亚星客车787.8684903.1741725.0708725.0708 600215.SH长春经开2,140.08043,905.17891,354.40631,508.6025 600216.SH浙江医药3,424.39385,199.0779726.9532798.6306 600217.SH秦岭水泥231.87801,799.94011,684.13731,691.7430 600218.SH全柴动力1,243.53942,257.54431,062.43161,150.2645600219.SH南山铝业7,855.059720,903.81443,608.24114,051.2152600220.SH江苏阳光1,484.18925,871.44332,027.89892,548.1810 600221.SH海南航空25,087.189081,296.652034,023.399066,725.4830 600222.SH太龙药业706.55411,460.1678597.2274831.2810 600223.SH鲁商置业17,511.082117,634.377914,256.139816,231.1414 600225.SH天津松江9,479.884310,545.66328,068.10739,189.3890 600226.SH升华拜克1,004.57992,310.8215810.9002902.0602 600227.SH赤天化1,902.973110,106.65901,610.31596,104.0077 600228.SH昌九生化409.3071888.6160623.8974655.2467 600229.SH青岛碱业1,037.58622,910.95111,394.36861,448.8364 600230.SH沧州大化1,095.54004,262.8824981.95852,775.0461 600231.SH凌钢股份6,214.980611,224.50475,699.72857,379.8599 600232.SH金鹰股份1,405.99551,998.4370744.2605748.6353 600233.SH大杨创世1,074.96711,291.3327135.0560135.0583 600234.SH ST天龙47.6248415.7502384.0560475.2609 600235.SH民丰特纸1,031.32392,256.97011,146.25101,222.0092 600236.SH桂冠电力2,245.235120,958.54514,780.072516,365.9520 600237.SH铜峰电子736.27561,488.7539674.9930680.3157600238.SH海南椰岛884.40131,397.5490536.0108741.5381 600239.SH云南城投12,858.220513,815.21065,686.24419,885.9080 600240.SH华业地产7,598.62558,445.13983,392.44835,619.2576 600241.SH时代万恒879.24831,515.2899873.9732924.8445 600242.SH中昌海运570.18902,028.2838860.60191,623.4897 600243.SH青海华鼎1,446.92962,053.1653818.81911,212.3630600246.SH万通地产7,797.292211,307.76405,101.59997,531.1813600247.SH成城股份1,098.57221,379.9566777.8047878.4890 600248.SH延长化建2,571.28673,189.51612,289.64122,298.7277 600249.SH两面针991.14503,179.2062891.14591,159.1650 600250.SH*ST南纺1,600.91523,098.01722,691.25502,925.2328 600251.SH冠农股份1,196.81042,736.23591,357.06571,736.0128 600252.SH中恒集团2,364.84963,894.11201,253.14311,893.6776600253.SH天方药业1,876.78113,371.60502,432.54082,437.4936 600255.SH鑫科材料1,923.78532,492.95431,232.08991,245.4346 600256.SH广汇能源5,053.227918,851.44662,642.040810,653.7128 600257.SH大湖股份569.78971,198.1469506.4884550.6884 600258.SH首旅股份612.92552,208.1218632.0073979.7103 600259.SH广晟有色1,663.44042,300.90181,510.42131,663.4538 600260.SH凯乐科技3,365.64714,170.81911,826.63352,559.1325 600261.SH阳光照明1,988.59073,163.50921,425.14741,773.1733 600262.SH北方股份2,392.30023,196.32101,740.47132,299.1452 600265.SH ST景谷356.8751572.0990414.9365424.9365 600266.SH北京城建18,763.071021,990.415210,220.738815,469.9083 600267.SH海正药业3,154.09708,230.98171,580.46633,637.4217 600268.SH国电南自5,664.36017,284.71644,069.76094,287.4351 600269.SH赣粤高速4,988.413923,005.72799,035.406612,316.3304 600270.SH外运发展2,697.15815,523.3672636.6189660.0704 600271.SH航天信息6,051.66517,221.50181,654.77851,703.7391 600272.SH开开实业355.1992976.7615395.1925632.2423 600273.SH华芳纺织727.72811,802.86341,164.65261,211.5535 600275.SH武昌鱼2,582.47222,817.87842,587.26422,587.4642 600276.SH恒瑞医药3,731.15214,818.0232429.4710439.4710 600277.SH亿利能源4,368.024716,319.54537,560.77538,958.1645 600278.SH东方创业3,548.39565,247.88012,470.40432,603.3019 600279.SH重庆港九779.79944,827.86641,614.06733,127.0173 600280.SH南京中商4,757.63956,718.55415,516.25286,063.1436 600281.SH太化股份2,022.93734,104.06293,124.01673,191.4580 600282.SH南钢股份15,512.577534,340.853916,021.185424,642.8646 600283.SH钱江水利1,055.36812,916.56571,277.84711,758.2064 600284.SH浦东建设3,458.843913,085.58232,258.83158,805.5936 600285.SH羚锐制药577.57091,208.0314427.2477524.0172 600287.SH江苏舜天3,286.43004,816.16663,739.15873,754.7087 600288.SH大恒科技2,525.98533,282.35201,495.22981,529.1390 600289.SH亿阳信通2,065.35072,741.6045940.0339942.8568 600290.SH华仪电气3,418.06224,099.57691,506.52452,215.6641 600291.SH西水股份1,023.38474,215.26871,504.34691,832.5691 600292.SH九龙电力2,662.43257,145.79332,535.58274,253.3193 600293.SH三峡新材1,152.75392,591.79801,589.47191,809.9324 600295.SH鄂尔多斯14,200.752030,541.307014,683.764920,623.5435 600297.SH美罗药业907.88031,709.2887341.3196895.1596600298.SH安琪酵母1,705.25274,028.85291,210.24691,410.9186 600299.SH蓝星新材6,450.351218,098.981811,272.990814,987.3283 600300.SH维维股份3,332.99297,089.10653,082.06484,104.0658 600301.SH南化股份798.13092,714.1730797.85932,090.5539 600302.SH标准股份1,104.45011,540.9365257.5823260.6506 600303.SH曙光股份4,275.08847,667.76834,098.88515,171.0088 600305.SH恒顺醋业2,000.85433,286.09832,303.58282,828.7198 600306.SH商业城1,342.93612,542.53991,758.69131,951.3429 600307.SH酒钢宏兴23,786.074744,704.962028,488.946732,055.7358 600308.SH华泰股份5,404.349917,633.95096,007.160011,161.7917 600309.SH烟台万华7,637.946517,418.68336,756.97549,203.0592 600310.SH桂东电力1,178.41055,138.92181,807.44452,971.2251 600311.SH荣华实业382.80361,021.4008124.4121124.4121 600312.SH平高电气3,157.25304,971.08222,094.26532,232.6146600313.SH中农资源547.4080775.6684155.1614169.3023 600315.SH上海家化1,767.44752,546.7834762.6276765.0620 600316.SH洪都航空4,456.31796,086.38161,456.71311,520.7713 600317.SH营口港1,141.869811,332.44282,270.61416,112.6141 600318.SH巢东股份526.34762,020.8601559.37821,203.4478 600319.SH亚星化学1,446.84713,463.59742,386.25682,516.2568 600320.SH振华重工22,433.911544,059.465617,295.220028,556.3382 600321.SH国栋建设357.01142,996.1738611.5534921.4534 600322.SH天房发展11,283.092412,315.76946,817.95447,506.6144 600323.SH南海发展857.47203,904.4408501.01362,111.4103 600325.SH华发股份21,865.764822,540.47459,730.035215,588.5578 600326.SH西藏天路1,426.02812,330.2997704.7901925.2701600327.SH大东方1,949.62463,962.08852,532.34292,576.6447600328.SH兰太实业1,270.58166,155.89282,322.20784,616.3814 600329.SH中新药业2,158.32764,143.61531,869.59001,938.5554 600330.SH天通股份925.53372,456.3381888.81971,066.9712 600331.SH宏达股份5,170.80289,292.32826,577.49427,307.3085 600332.SH广州药业2,312.17094,851.2658871.3407956.0938 600333.SH长春燃气825.85422,598.23821,166.06071,179.4399 600335.SH国机汽车12,704.688614,543.191511,622.120411,856.8548 600336.SH澳柯玛1,543.63502,701.07792,040.81822,094.8611 600337.SH美克股份1,899.70133,690.7214975.91621,210.1870 600338.SH西藏珠峰240.3738476.8161453.4440524.2742 600339.SH天利高新688.44424,319.02262,342.30202,781.2235 600340.SH华夏幸福26,711.510027,579.843021,310.000423,571.0083 600343.SH航天动力1,765.14752,634.31711,108.80761,145.5078 600345.SH长江通信1,128.52772,006.1929627.4906633.5955 600346.SH大橡塑1,391.81252,741.09771,862.16402,164.8959 600348.SH阳泉煤业16,017.912927,912.734613,370.395314,977.0195 600350.SH山东高速4,542.111723,210.59934,365.94056,764.0571 600351.SH亚宝药业837.89792,270.3501937.41971,111.5836 600352.SH浙江龙盛12,051.404917,243.26029,430.117410,051.0492600353.SH旭光股份698.9984936.8982162.0416186.5619 600354.SH敦煌种业2,936.98874,025.50972,074.49982,392.8241 600355.SH精伦电子401.0460573.050797.470698.7406 600356.SH恒丰纸业1,128.67382,331.1642792.05701,090.3895 600358.SH国旅联合336.42541,122.6093285.3241573.3241 600359.SH*ST新农1,966.24453,821.31692,826.99703,581.2378 600360.SH华微电子1,567.06933,246.78441,518.61801,575.3523 600361.SH华联综超6,985.77389,257.18265,476.57316,203.0409 600362.SH江西铜业46,191.485268,149.628722,020.366328,343.6337 600363.SH联创光电998.74931,912.4166706.1496725.3669 600365.SH通葡股份139.0925269.3102132.4167132.4167 600366.SH宁波韵升2,845.32224,297.32671,430.92581,566.7899 600367.SH红星发展1,023.25141,642.1074329.1331339.5115 600368.SH五洲交通2,169.31689,993.39251,751.40497,098.4972 600369.SH西南证券--17,767.5896--7,868.2381 600370.SH三房巷891.98851,540.9426203.3664203.3664600371.SH万向德农653.63471,007.8118582.9693592.3951600372.SH中航电子4,705.45057,066.85242,626.62373,343.5675 600373.SH中文传媒4,857.99877,586.16003,112.04903,661.3484 600375.SH华菱星马3,803.37985,932.74482,762.91273,241.9912 600376.SH首开股份56,327.528461,792.429234,354.865849,041.0659 600377.SH宁沪高速3,403.446625,375.43894,302.65106,767.6289 600378.SH天科股份746.2815926.2088335.3953335.7953600379.SH宝光股份377.9596598.0054206.3417233.6817 600380.SH健康元4,647.22058,814.29222,008.89793,354.5182 600381.SH ST贤成1,969.68473,936.0194851.70751,618.0075 600382.SH广东明珠571.91731,469.4716133.8785163.8785 600383.SH金地集团88,238.165990,500.054248,980.338764,358.2755 600385.SH*ST金泰9.307347.3473300.5942300.5942 600386.SH北巴传媒1,317.94312,167.8425539.2131744.5743600387.SH海越股份478.89622,269.3890728.07281,098.9871 600388.SH龙净环保4,787.19515,977.27303,608.16473,647.0338 600389.SH江山股份1,008.81443,496.67072,410.09752,562.9888 600390.SH金瑞科技548.91751,363.8289672.6474799.3490 600391.SH成发科技2,028.24633,313.97601,090.80041,422.0531600392.SH*ST天成586.3738908.4224124.5146689.7596 600393.SH东华实业2,852.50743,131.99661,827.42482,123.2248 600395.SH盘江股份4,538.675412,224.40112,486.71374,746.3509 600396.SH金山股份1,417.518513,997.21504,266.841312,135.4640 600397.SH安源煤业592.39542,176.95671,303.23601,448.9004 600398.SH凯诺科技1,478.73792,653.9821625.0761626.4761 600399.SH抚顺特钢5,003.98507,846.00525,783.06646,156.8939 600400.SH红豆股份4,473.80326,083.91882,937.88844,455.0217600401.SH海润光伏6,074.664910,906.81255,807.10767,538.0386600403.SH大有能源4,396.696310,474.80943,374.06725,160.9198 600405.SH动力源1,051.73331,204.4378716.8954716.8954 600406.SH国电南瑞5,364.84676,025.31143,077.54443,080.6874 600408.SH安泰集团3,926.88397,304.35703,205.50474,129.5594 600409.SH三友化工3,969.195113,231.53515,879.55808,725.2720 600410.SH华胜天成3,586.69104,208.04431,487.82041,761.3568 600415.SH小商品城7,544.251418,119.67929,079.498310,293.9621 600416.SH湘电股份10,792.653713,580.98109,118.523511,135.0462 600418.SH江淮汽车6,798.564414,736.03987,915.28548,852.7770 600419.SH新疆天宏120.0660295.0112150.4470153.0945 600420.SH现代制药946.17411,492.3284486.0614544.6991 600421.SH*ST国药 4.189857.3361224.5564225.3564 600422.SH昆明制药1,143.49771,629.8948693.7979712.3724 600423.SH柳化股份1,266.41754,540.55502,246.15733,002.0535 600425.SH青松建化1,555.48035,950.76981,644.56432,931.9473 600426.SH华鲁恒升2,860.031010,632.91852,922.49065,562.3040 600428.SH中远航运4,445.972813,122.04702,629.60356,475.4723 600429.SH三元股份1,277.30703,472.12131,260.03791,676.3942 600432.SH吉恩镍业4,625.223913,330.89037,423.00049,751.5542 600433.SH冠豪高新1,289.31112,144.1657634.3791729.2464 600435.SH北方导航2,180.10033,720.15261,158.41581,224.3623 600436.SH片仔癀888.59731,568.6807309.2728379.6949 600438.SH通威股份1,858.90583,961.53211,994.11572,516.8858 600439.SH瑞贝卡2,912.09243,658.1197933.78731,532.2781 600444.SH国通管业179.2306459.3714461.5751461.5751 600446.SH金证股份897.92781,108.5776506.1288522.7772 600448.SH华纺股份817.96211,391.3383887.2365954.3712 600449.SH宁夏建材2,484.55827,411.60402,195.27673,436.3566 600452.SH涪陵电力229.8077899.7904427.3200560.8527 600455.SH ST博通239.7741768.2970534.5839632.5839 600456.SH宝钛股份2,867.22985,951.19871,793.83042,105.3208 600458.SH时代新材2,334.48003,708.79891,953.71241,979.6675 600459.SH贵研铂业1,480.92121,898.7093803.1433948.3012 600460.SH士兰微1,787.65103,317.4506772.77731,594.2398 600461.SH洪城水业353.56803,977.2185745.98132,303.5416 600462.SH*ST石岘123.2213607.73711,429.91281,435.4761 600463.SH空港股份1,920.12462,380.33811,049.28861,668.3782 600466.SH迪康药业237.2395625.903775.266384.1245 600467.SH好当家2,005.66333,689.4799943.5243958.2627 600468.SH百利电气633.37251,254.9096562.0886596.4256 600469.SH风神股份3,518.76116,982.80253,371.37114,950.8458 600470.SH六国化工2,829.13055,317.19092,375.39802,815.3967 600475.SH华光股份3,533.59544,939.13983,364.03193,486.9241 600476.SH湘邮科技350.9344434.5301150.6508155.3548 600477.SH杭萧钢构4,370.69365,503.69984,227.33234,234.7295 600478.SH科力远1,530.74622,573.92471,163.15631,279.4441 600479.SH千金药业863.05721,281.6536261.5135288.0959 600480.SH凌云股份3,538.06675,335.20662,177.57882,779.2511 600481.SH双良节能2,457.12135,319.22932,882.39283,092.4552 600482.SH风帆股份2,030.43363,280.23502,080.02902,082.8290 600483.SH福建南纺715.67641,228.0537425.6408446.6456 600485.SH中创信测560.5329667.5158164.0407176.8235 600486.SH扬农化工1,752.71512,690.6416834.1996842.7693 600487.SH亨通光电5,088.06737,835.84384,765.35405,326.7570 600488.SH天药股份1,099.20612,416.7223712.8729729.8612 600489.SH中金黄金6,979.730718,930.39116,174.63578,833.3484600490.SH中科合臣159.7382259.2580115.0735139.0385 600491.SH龙元建设11,221.619612,579.31969,462.93849,847.5099 600493.SH凤竹纺织585.50551,233.5355597.1200626.4239600495.SH晋西车轴1,762.33322,410.2923820.3535921.5535600496.SH精工钢构4,101.80575,533.26743,385.30963,597.0732 600497.SH驰宏锌锗4,392.644715,295.42727,680.066911,228.7190 600498.SH烽火通信8,578.837010,083.60095,439.12005,707.4352 600499.SH科达机电2,708.81814,705.75092,004.57532,468.4531 600500.SH中化国际16,206.171625,556.699312,632.903016,728.1555 600501.SH航天晨光2,540.00453,973.96752,503.81632,654.6901 600502.SH安徽水利4,633.99216,040.45963,982.36204,411.2447600503.SH华丽家族4,431.15775,646.35523,160.78693,244.2675 600505.SH西昌电力101.60121,566.5924431.9069712.8113 600506.SH香梨股份126.5951328.065728.304739.3727 600507.SH方大特钢4,222.98599,895.44366,420.61396,559.1312 600508.SH上海能源2,868.578210,451.11831,731.33412,859.3493 600509.SH天富热电3,180.57147,490.23872,444.92075,127.4796 600510.SH黑牡丹8,979.58799,991.14024,219.73625,835.6378 600511.SH国药股份2,946.50823,551.67351,672.77752,018.7743 600512.SH腾达建设3,209.25874,164.32692,872.66753,036.6675 600513.SH联环药业279.1634418.522190.909190.9091 600515.SH海岛建设384.68241,665.9321985.53821,541.8990 600516.SH方大炭素4,514.68146,811.42682,820.72443,046.8956 600517.SH置信电气1,372.25941,837.5883449.3732449.3732 600518.SH康美药业9,454.461215,237.49452,049.88335,989.2136 600519.SH贵州茅台27,829.632234,900.86909,480.71949,497.4894 600520.SH中发科技276.7275515.7522209.0288229.4003 600521.SH华海药业1,380.22532,577.02781,009.59121,047.4690 600522.SH中天科技4,289.14616,908.20672,122.47672,342.6769 600523.SH贵航股份1,940.27902,882.0225998.15591,101.9201 600525.SH长园集团2,081.73673,605.59281,137.63731,450.7972 600526.SH菲达环保2,048.26242,346.47821,791.92501,814.6181 600527.SH江南高纤945.94801,556.181779.299779.2997 600528.SH中铁二局35,750.094139,373.641332,233.319633,432.8486 600529.SH山东药玻1,240.24222,494.5497639.1538644.8030 600530.SH交大昂立261.00591,694.3463201.8193282.2004 600531.SH豫光金铅5,545.60246,859.21834,598.23374,993.5767 600532.SH宏达矿业371.1512767.1223586.5991586.5991 600533.SH栖霞建设9,173.697110,685.78493,918.97896,866.2228 600535.SH天士力3,983.97896,634.16692,738.52762,858.1484 600536.SH中国软件2,713.87283,551.72431,526.19351,999.3947 600537.SH亿晶光电2,421.63065,044.28522,781.46803,122.9905 600538.SH北海国发246.3333696.5425502.8409504.9309 600539.SH ST狮头603.0572749.2111143.4387146.8155 600540.SH新赛股份2,043.85882,862.57352,046.87282,144.1797 600543.SH莫高股份804.56641,216.3979106.8415123.2460 600545.SH新疆城建4,230.13255,339.27512,645.30883,500.4533 600546.SH山煤国际25,074.141634,602.098418,665.762623,595.3027 600547.SH山东黄金3,332.630312,660.58934,683.96226,263.4153 600548.SH深高速2,706.793524,608.79272,551.402314,111.4050 600549.SH厦门钨业8,392.510312,655.79636,714.11257,603.4999 600550.SH天威保变8,811.478617,237.15004,309.52789,731.4658 600551.SH时代出版2,924.37544,100.83661,011.88171,089.1184 600552.SH方兴科技695.26661,029.9319554.9693570.1993600555.SH九龙山1,193.76642,921.91761,073.88661,079.3412 600556.SH ST北生26.487631.720772.904572.9045 600557.SH康缘药业1,595.10902,581.4066955.30051,106.5790 600558.SH大西洋1,254.33851,866.9190717.7623718.8423 600559.SH老白干酒891.06181,448.6723870.3205941.7425 600560.SH金自天正1,927.68272,106.31641,489.90431,498.7152 600561.SH江西长运746.45402,999.14291,546.95142,037.3545 600562.SH高淳陶瓷350.3087655.9863306.6784321.9420 600563.SH法拉电子1,071.65881,577.4887181.0629191.5673 600565.SH迪马股份5,286.69465,851.65813,377.29364,204.6936 600566.SH洪城股份415.3632961.8207326.0811434.9961 600567.SH山鹰纸业2,776.39246,751.12563,092.36133,742.3747 600568.SH中珠控股1,801.47262,095.7538946.21851,179.8725 600569.SH安阳钢铁14,791.011932,950.146615,633.824722,171.7864 600570.SH恒生电子890.79341,746.7784362.9231442.9034 600571.SH信雅达472.8292787.5187290.2789290.2789 600572.SH康恩贝1,690.04552,960.4388710.93761,348.3136 600573.SH惠泉啤酒502.59801,247.9948103.1956103.1956 600575.SH芜湖港13,965.470616,527.978713,332.931113,684.3650 600576.SH万好万家773.4588958.5760400.3928400.3928 600577.SH精达股份3,931.44384,785.19552,932.84452,947.9390 600578.SH京能热电2,274.056411,353.30333,870.23257,684.2023 600579.SH*ST黄海677.42631,191.06821,538.72271,538.7227 600580.SH卧龙电气2,854.86124,824.93152,044.40442,103.9044 600581.SH八一钢铁4,775.251713,016.53926,874.83149,348.6525 600582.SH天地科技10,370.665813,966.05126,225.52236,687.3528 600583.SH海油工程5,103.460118,785.89926,381.47459,282.6143 600584.SH长电科技1,676.72406,016.48322,744.75423,459.6821 600585.SH海螺水泥25,849.936484,003.416316,991.329137,161.7014 600586.SH金晶科技3,226.10128,208.53672,308.28363,697.7281 600587.SH新华医疗1,460.41021,952.26371,052.42501,081.0897 600588.SH用友软件2,790.66465,461.67922,238.54362,434.5564 600589.SH广东榕泰1,358.19003,000.60751,085.94161,098.4207 600590.SH泰豪科技2,754.92184,865.19411,854.85382,918.9634 600592.SH龙溪股份961.53081,845.9552404.9385668.9754 600593.SH大连圣亚150.1127600.4653309.1554316.1554 600594.SH益佰制药1,255.06531,803.6955642.0890665.5092 600595.SH中孚实业9,011.519022,874.38659,814.919816,028.0640 600596.SH新安股份2,874.27347,030.29682,296.47752,792.5832 600597.SH光明乳业3,750.53137,374.01503,817.23024,539.1897 600598.SH北大荒11,246.331218,002.472211,785.279011,860.4262 600599.SH熊猫烟花345.1783555.4250301.2032301.5675 600600.SH青岛啤酒9,583.352821,634.15367,156.084910,357.2190 600601.SH方正科技3,273.79086,277.89801,973.92612,043.8261 600602.SH仪电电子1,403.58902,778.7535323.1633354.1532 600603.SH*ST兴业30.856333.551672.8297330.1838 600604.SH市北高新630.2579836.2239663.8768665.1835 600605.SH汇通能源270.6966808.3823178.4434339.8451 600606.SH金丰投资3,825.61335,623.83552,722.76543,511.6467 600608.SH上海科技248.8029372.0950262.8799365.7802 600609.SH金杯汽车4,263.11775,417.91504,797.40064,885.4126 600610.SH S中纺机151.4278365.0074179.5865189.9007 600611.SH大众交通3,668.68779,756.42414,184.10514,296.1155 600612.SH老凤祥6,206.36597,276.59004,460.60494,772.6372 600613.SH永生投资145.9634243.066831.571831.5718 600614.SH鼎立股份1,832.69302,368.5203976.82781,367.6545 600615.SH丰华股份564.8109567.297057.015676.0185600616.SH金枫酒业920.60851,471.2599281.8640288.0110 600617.SH ST联华16.696717.933677.699877.6998 600618.SH氯碱化工1,748.73876,007.92942,134.74063,259.8202 600619.SH海立股份3,666.76447,116.40414,156.13254,651.9608 600620.SH天宸股份547.2873959.1380290.6804297.0976 600621.SH华鑫股份961.04312,071.2351661.7504761.7504 600622.SH嘉宝集团4,968.39066,030.06613,496.31723,723.3890 600623.SH双钱股份4,138.80638,925.04065,343.44275,991.7252 600624.SH复旦复华1,087.65601,524.0342800.2627886.5227 600626.SH申达股份2,092.43523,165.27601,025.63611,075.7903 600628.SH新世界1,545.68885,568.25333,460.85223,465.9643 600629.SH棱光实业613.89521,181.4730321.7505383.0617600630.SH龙头股份1,780.34772,558.61081,094.37851,095.2422600633.SH浙报传媒795.42941,617.1528481.3266491.2600 600634.SH ST澄海42.0705202.495548.044248.0442 600635.SH大众公用1,386.33799,918.60913,713.67805,416.9441 600636.SH三爱富2,016.06723,558.58291,612.67011,624.1647 600637.SH百视通1,972.42573,116.2150442.5358448.2715 600638.SH新黄浦5,172.80717,195.83091,719.81153,852.9670 600639.SH浦东金桥2,568.03968,796.28573,281.51214,330.7857 600640.SH号百控股843.21061,070.597845.393645.3936 600641.SH万业企业6,521.21276,766.14582,518.46004,161.2741 600642.SH申能股份8,168.579035,252.53435,318.248010,687.3082 600643.SH爱建股份880.44541,911.6723496.6753548.8547 600644.SH乐山电力606.23793,764.21311,430.63292,655.1838 600645.SH中源协和649.4915847.5551575.3348578.7015 600647.SH同达创业368.3071485.6878273.5256273.5256 600648.SH外高桥15,196.974124,004.392014,794.537718,757.7451 600649.SH城投控股16,404.976127,475.66197,907.028014,023.8241 600650.SH锦江投资813.09083,052.1562641.8634706.8505 600651.SH飞乐音响1,038.41242,069.8701768.8026792.9988 600652.SH爱使股份1,045.86813,443.07361,311.35251,565.1332 600653.SH申华控股3,481.97696,593.70003,778.04614,394.1298 600654.SH飞乐股份1,181.11232,152.1693784.1441805.9281 600655.SH豫园商城7,690.368212,258.93694,569.32916,918.4642 600656.SH博元投资389.4736505.3718445.6130459.2445 600657.SH信达地产13,019.793015,080.51515,098.63348,355.3066 600658.SH电子城2,792.88453,418.90041,451.19411,469.2128 600660.SH福耀玻璃4,987.521712,212.18794,811.03475,980.5228 600661.SH新南洋353.96461,019.5994506.9058508.7898 600662.SH强生控股1,972.40725,895.63472,731.26572,803.3711 600663.SH陆家嘴15,851.551327,688.118214,291.927615,167.8496 600664.SH哈药股份7,790.319111,659.15154,813.88345,245.8035 600665.SH天地源7,695.33078,448.37934,891.48816,264.8133 600666.SH西南药业1,060.14251,571.9468983.00091,175.5799 600667.SH太极实业1,806.56385,148.01442,161.86513,592.8234 600668.SH尖峰集团679.44532,638.8506893.01051,082.9193 600671.SH ST天目219.0603357.8364174.2000175.0000 600673.SH东阳光铝2,891.23167,003.39201,328.04553,734.0547 600674.SH川投能源830.480413,494.28591,041.75096,987.1710 600675.SH中华企业20,100.240723,881.463911,096.727817,997.3042 600676.SH交运股份2,388.11965,275.88352,340.28362,615.1805。

2011年中国十大金融事件2012年01月12日16:39来源：银行家字号:T|T0人参与0条评论打印转发编者按：2011年，金融危机的阴霾似是退去，但造成的深层次影响却持续发酵。

全球经济在阴晴不定中继续前行，相比前几年所谓的“后危机时代”，“不确定性”成为全球经济金融形势发展的基本背景和基调。

作为全球经济的“定海神针”，美国市场复苏疲软，二次衰退的担忧甚嚣尘上，债务上限的不断提高，预示美国经济未来恢复的不确定性和难度不减。

抱团取暖、共度危机的欧盟各国，深陷主权债务危机泥淖，由此造成的不良影响，甚至危及欧洲各国“结盟”的基石，欧元区未来前景充满变数。

其他各国，特别是新兴市场经济体，复苏和发展势头超越欧美，相对发展速度领跑主要大国，但通胀伴生，依然侵蚀其来之不易的发展成果。

而未来发展中的不确定性，更为其发展之路平添更多脆弱色彩。

2011年，我国经济发展更可谓多波多折。

在全年抗通胀的大主题下，实体经济发展中“质”与“量”的调整更显微妙与艺术，结构调整依然在摸索，继续在推进。

金融领域上演多场惊险大戏，巨量地方政府债务陆续到期、房价下行测试冲击商业银行、人民币升值惯性急转直下、温州“跑路”几乎倒逼货币政策等，这些事件在对国内经济金融健康运行“围追堵截”的同时，暗示国内金融体系存在的诸多问题。

一万年太久，只争朝夕。

针对国内金融体系的改革与完善，或许可以“思想更解放一些，改革的步子更快一些”。

2011年年底，三大金融监管机构陆续“换帅”。

市场对履新的各位“新掌门”寄予厚望，期盼来年可在金融市场重拾“牛市”，一吐胸中块垒。

总结过去，继往开来，《银行家》甄选“2011年中国十大金融事件”，铭刻中国金融发展历程，望与广大读者一起，在2012年迈步从头，谱写中国经济金融发展新的篇章！三大金融监管机构“换帅”2011年10月29日，我国三大金融监管机构--银监会、证监会、保监会--集体发布公告，宣布各自机构“换帅”的消息，原证监会主席尚福林、建设银行董事长郭树清、农业银行董事长项俊波分别成为上述三大机构的新掌门人。

2011年，宏观经济环境呈现出前所未有的复杂性和严峻性，欧美债务危机引发全球需求萎缩和金融市场动荡，随着市场内外宏微观多因素的叠加影响及监管部门严厉监管措施的出台，2011年全国期货市场交易规模明显下滑，累计成交约10.5亿手（单边），同比下降32.72％，累计成交额约137万亿元（单边），同比下降11.03％。

一、经济环境变化2011年，是全球经济发展最为复杂的一年。

在经历了2009年各国政府持续而有力的经济刺激政策之后，新兴市场的率先复苏为阴霾中的全球经济带来一抹亮色；然而，发达经济体，尤其是以欧元区为代表的主权债务危机的出现，使得全球经济再次陷入“二次探底”的危险局面。

与此同时，自2009年开始的以美联储量化宽松为代表的经济刺激政策的负面效应亦逐步显现，特别是新兴市场高企的通货膨胀率，使得刺激政策的退出问题变得极度敏感。

二、期货市场状况2011年，国内期货市场在多个层面取得了快速发展和积极变化：1、品种创新加快推进，期货市场服务实体经济能力日益增强。

2011年，虽然国内期货市场成交量有所下降，但新品推出力度不减，国内期货市场相继上市了铅、焦炭和甲醇期货，开展了铜、铝期货保税交割试点。

根据美国期货行业协会(FIA)摘录的信息，中国期货市场在2011年已经超过美国，成为世界最大的商品期货市场。

不仅如此，包括国债期货、原油期货、白银期货、玻璃期货以及生猪期货等在内的一系列新品种在2011年也开始加紧研发筹备，尤其是国债期货业界寄予厚望。

随着期货品种的进一步丰富壮大，我国期货市场服务于实体经济、金融机构的能力也得到进一步增强。

2、十二五规划纲要两提期货，期货市场地位进一步提升。

2001年，我国“十五”规划纲要提出“稳步发展期货市场”；2006年的“十一五”规划纲要提出“积极发展股票、债券等资本市场，稳步发展期货市场”；而2011年“十二五”规划纲要草案中明确提出要“推进期货和金融衍生品市场发展”，“促进证券期货经营机构规范发展”。

易天富基金10月报：关注政策面的变化发布日期:2011-10-10（数据来源：易天富基金研究中心、易天富基金分析系统）一、证券市场综述与分析9月份两市加速下跌，沪指击穿2400点整数关口，在30日报收于2359.22点，并于当天创出2348.22新低点。

而深成指则逼近了一万点，在29日创出10224.72低点。

整个月市场无视国内外各种利好，弱势特征明显，股指缩量震荡下行。

9月21日的大反弹并没有树立反转的趋势，反而成了投资者减仓的良机。

月末中小市值个股出现暴跌，股指虽然跌幅有限，但个股则是大幅且大面积的下挫。

截止30日，上证综指报2359、22点，9月涨幅为-8.11%；深证成指报10292.33点，9月涨幅为-9.70%。

从成交量上看，9月份较8月份能量出现大幅的萎缩。

由于资金面再次收紧，这将对股市、债市都会形成负面的冲击，加上市场扩容加速，新股不断。

所以在市场资金有限的情况下，我们建议，投资者在市场相对弱势的环境中应该以轻仓为主，甚至是空仓。

另外，市场板块的上涨并不能持续，而这也加剧了选择基金困难度，所以建议在市场低迷时期，待市场明朗后再重仓操作。

债券市场方面，9月债市受地方债券影响延续弱势震荡，国债指数整月缩量上涨0.30%，并且上涨的趋势仍未有改变；企债指数则继续下跌，月中几乎没有出现反弹，9月份下跌0.75%。

表1：2011 年9 月主要指数表现二、基金市场回顾表2：2011 年9 月各类型基金表现图1：2011 年9 月各类基金对比图1、开放式基金1.1 偏股型基金（股票型、混合型）股票型基金本月大幅下跌，全月涨幅为-9.60%，393只股票型基金仅有无一实现上涨。

跌幅较小的基金多为近期成立的基金，跌幅小于沪指-8.11%的基金仅有72只，跌幅超过10%的基金达到了153只，且多为小盘风格的基金，主要原因为本月中小盘股票出现了补跌。

跌幅最大的为金鹰行业优势，期间跌幅达到了-15.12%，同时金鹰稳健成长、金鹰主题优势也跌幅超过了14%，分别达到-14.41%%和-14.27%。

2011年股市下跌原因探析摘要：2011年是国际多事之年，伴随着国际环境的波动，中国股票市场也是一路震荡下跌，各种救市政策收效甚微。

笔者基于对国际大事件和中国股票市场自身情况的分析，初步探讨了2011年中国股市下跌的原因，并分别给政府和投资者提出建议，以期能为控制中国新兴股票市场的下跌局面提供帮助。

关键词：2011年；股市；下跌；原因中图分类号：f832.5 文献标识码：a 文章编号：1001-828x（2012）05-0-012011年，全球经济复苏步伐放缓，全球通货膨胀压力大，失业率高，发达国家的债务危机严重，世界金融市场剧烈动荡。

同样，在世界经济形势不甚乐观的2011年，中国的股市状况也令人堪忧。

一、2011年股市价格走势分析(一)选取沪深300指数作为反映股市价格变化的数据指标沪深300指数选择a股市场中规模大、流动性好的最具代表性的300只股票构成指数样本，覆盖了a股市场65%的总市值和57%的自由流通市值。

因此，笔者选取沪深300指数作为反应股市价格变化的数据指标。

(二)2011年沪深300指数表现分析[1]1.指数一年走势沪深 300 指数年初经过短暂下探后开始反弹，至 4 月 11 日，指数涨幅达 6.56%，并于当日触及年度最高点 3380.53 点；此后在通胀形势持续恶化及货币政策不断收紧的影响下，指数一路下跌，期间虽有反弹但未能扭转下跌趋势，成交量也随之一路萎缩，并于 12 月 28 日下探至年度最低点2267.11点。

全年沪深300指数下跌782.52点，跌幅-25.01%，成交 16.09 万亿元。

2.指数阶段表现2011 全年，沪深 300 指数只在 2 月、6 月、10 月三个月份出现上涨，月度涨幅分别为5.30%、1.42%、4.41%；在其他 9 个月份均以下跌报收，单月最大跌幅出现在 9 月份，当月下跌 9.32%。

指数成交金额最大值出现在 3 月份，当月成交 25790 亿元；最小值出现在12 月份，当月仅成交 6771 亿元。

好买2011年一季度宏观经济分析报告 2010年12月24日 14:39 新浪财经来源：好买基金研究中心报告目录1. 好买对一季度宏观经济的判断1.1 宏观经济：低档运行即将完结，消费提供涡轮加速1.2 消费：逐步成为拉动经济的主导力量1.2.1 居民收入持续增长，消费结构明显提升1.2.2 通胀预期挤出储蓄需求1.2.3 财政政策给力，减轻消费者后顾之忧1.3 投资：高速增长难以再现，结构性转向将成主流1.3.1 政策到期，基建设备投资或将放缓1.3.2 调控政策对地产投资的影响并不如想象中猛烈1.3.3 货币收紧后行业投资水平分化或将加剧1.4 出口：波动恐将加大，复苏趋势并不牢固1.4.1 外围经济：基本摆脱衰退，但欧债危机阴影挥之不去1.4.2 人民币升值稳步升值，出口的不确定性增加2. 好买对一季度A股市场的判断2.1 四季度A股市场回顾2.2 2011年一季度A股市场研判2.2.1 经济基本面见底回升，有力支撑企业业绩2.2.2 货币政策回归稳健，数量型工具长袖善舞2.2.3 存量资金：下一站，股市2.2.4 行业选择：跟着政策走2.3 2011年一季度基金选择逻辑报告要点宏观经济低档运行即将完结。

消费逐步接过接力棒，成为经济的主要动力源(12.99,0.24,1.88%)。

政策对投资的影响力并不如想象中严重，投资将维持于历史均值水平，但难有超预期的表现。

外部经济因素日趋复杂，出口面临不确定因素增多，维持对其的谨慎态度。

四季度GDP增速或降至9%左右的谷值，明年一季度增速将迈开回升的步伐。

消费逐步成为拉动经济的主导力量。

消费水平在收入水平提高、财政政策支持、社保改革等因素作用下将持续高位运行的态势，并将逐步超过投资，成为拉动宏观经济增长的主导力量。

固定资产投资将现结构性分化。

2009年大规模行政性信贷对于投资的刺激期已过，短期内固定资产投资增速将在历史均值区间维持震荡，投资方向将从前期的基建项目转向低端地产和新兴制造业，高耗能产业及高端地产投资将受到政策和资金成本抑制。