宏观紧缩将进一步加剧的市场预期已经基本消化并反映在当前的股价中,“基本面恶化”所导致的下跌过程短期内已基本结束。从今年下半年开始,A股市场的价值重心将难以出现持续的提升,稳中略降有可能是主要趋势。目前“软着陆”正在成为各界市场紧缩之后的一致预期,短期来看,“软着陆预期”将引致反弹。 The market expectation that the macro-tightening will further intensify has been basically digested and reflected in the current share price. The downturn caused by the “deterioration of the fundamentals” has basically ended in the short term. Starting from the second half of this year, the value center of the A-share market will be hard to sustain a steady improvement. A slight decline may be the major trend. At present, the “soft landing” is becoming the unanimous expectation after the market tightening in all sectors. In the short term, the “soft landing expectation” will cause a rebound.