滕泰a股正成为最后一块估值洼地（Teng Tai A is becoming the last piece of land valuation）.doc

滕泰a股正成为最后一块估值洼地（Teng Tai A is becoming the last piece of land valuation） Teng Tai: A shares are becoming the last valuation depression At present China economy is facing how to maintain the long-term potential growth rate of the economys problems through reform, innovation, urbanization and structural adjustment, is also facing some urgent need to resolve the short-term economic problems, such as: how to avoid the accumulated excess liquidity of goods damage economic problems, how to expand domestic demand to become as the slogan and maintain economic stability, the problem of how to reverse the foreign exchange inflows continued caused by economic imbalances etc.. At present, all aspects of the focus on the Third Plenary Session of the convening of the deep-seated reform program, which is clearly a great thing. But we can not ignore the short-term economic problems in the long term. On the contrary, only by actively dealing with short-term problems can we create a favorable economic environment for deepening long-term reform. The author believes that the positive capital market bull market is not only a requirement for the return of the stock market itself after a long decline, but also the key to solving Chinas short-term multiple problems. Bull market is an urgent demand to resolve the currency epidemic dilemma In March this year, Chinas M2 balance has exceeded 100 trillion yuan. So the excess liquidity is huge did not cause hyperinflation, mainly because of a few years ago, real estate, PE, banking, stock market and other asset markets has become a society to absorb excess liquidity. . It is estimated that in recent 10 years, Chinas real estate industry has absorbed as much as 11 trillion and 500 billion of the total funds, and the stock market expansion has absorbed 4 trillion and 100 billion of the liquidity of the currency. At the same time, the financial products market PE and Bank of Chinas rapid development in recent years, has become a large surplus of mo