[Point=2]<br/><h2 style="MARGIN: 13pt 0cm; TEXT-INDENT: 16.05pt; mso-char-indent-count: 1.0;"><span style="FONT-FAMILY: 宋体;"><font color="#ff0000">〖基金视点〗<span lang="EN-US"><p></p></span></font></span></h2><p class="MsoBodyTextIndent" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 27.7pt; mso-char-indent-count: 1.97;"><font face="宋体"><b style="mso-bidi-font-weight: normal;"><u><span style="FONT-SIZE: 14pt; COLOR: #333399; LINE-HEIGHT: 150%;">华安基金认为</span></u></b><b style="mso-bidi-font-weight: normal;"><span style="FONT-SIZE: 14pt; COLOR: #333399; LINE-HEIGHT: 150%;">：</span></b><span style="COLOR: windowtext; LINE-HEIGHT: 150%; mso-bidi-font-size: 12.0pt;"><font size="3">从估值角度出发，<span lang="EN-US">3500-3800</span>点区域对应的两市<span lang="EN-US">2008</span>年动态市盈率已经趋于合理区间，投资者现阶段应避免跟风杀跌，静待市场转机的出现。<span lang="EN-US"><p></p></span></font></span></font></p><p class="MsoBodyTextIndent" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 23.65pt; mso-char-indent-count: 1.97;"><span style="COLOR: windowtext; LINE-HEIGHT: 150%; mso-bidi-font-size: 12.0pt;"><font size="3"><font face="宋体">数据显示，上证指数对应<span lang="EN-US">3962.67</span>点位置的动态市盈率为<span lang="EN-US">36.6</span>倍，对应<span lang="EN-US">3566.4</span>点的动态市盈率为<span lang="EN-US">32.97</span>倍；深成指对应<span lang="EN-US">13817.65</span>点的动态市盈率为<span lang="EN-US">26.01</span>倍，对应<span lang="EN-US">12435.88</span>点的动态市盈率为<span lang="EN-US">23.41</span>倍。目前中国<span lang="EN-US">10</span>年期到<span lang="EN-US">30</span>年期的银行间固定利率国债收益率在<span lang="EN-US">4.1002-4.2667</span>之间，参考该利率，<span lang="EN-US">A</span>股市场平均市盈率合理倍数约为<span lang="EN-US">23.44-24.39</span>倍。<span lang="EN-US"><p></p></span></font></font></span></p><p class="MsoBodyTextIndent" style="MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 23.65pt; mso-char-indent-count: 1.97;"><span style="COLOR: windowtext; LINE-HEIGHT: 150%; mso-bidi-font-size: 12.0pt;"><font size="3"><font face="宋体">他指出，<b style="mso-bidi-font-weight: normal;"><u>从风格轮动的角度看，蓝筹指标股已经初步企稳</u></b>，近几日中小市值股票的快速下挫使得整体市场的估值风险进一步释放，华安基金认为，<b style="mso-bidi-font-weight: normal;"><u>短期大盘已经过度反映了对宏观经济减速和外部市场冲击的预期，在市场一片恐慌之际，修正性的反弹机会在增加</u></b>。<span lang="EN-US"><p></p></span></font></font></span></p>[/Point]