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1th page: focus: the warmer policy under the stock market can go far in winter? 2nd page: hard landing on chance low credit increased by more than to the legitimate expectations of the a-share risk of systemic lupus killed fell hard again now, short just 6 trading days on the huzhi is back again 2,400 points. For now, the a-share environment dramatically evilExternal: Portugal's credit rating by Fitch, the Grand Duke downgraded debt contagion fears Europe's major stock indexes continued to plunge this week; home: declines in growth as exports and investment, the economic situation increasingly gloomy November HSBC PMI initial-only 48, again falling to below the dry line, and the highest in a 32-month low. OverallIt seems that "the economy is in the real estate woes to a hard landing, still under policy tuning of a soft landing? 　　"," Extent of the earnings downgrade "," impact of the European debt crisis "such risk had not been fully released, and policies to improve results of PK, mobility improvements will determine whether a-shares can stabilise above the 2,300-point. Inside and outside the warmer policy PK dilemma realOn the Internet, was a warm wind blew the a-share market in the near future the policy level. Macro-areas, inflation gradually downward trend of uncertain, policy fine-tuning, policy corner, the balance of economic policy began to "growth" is tilted; FR, Chairman of the SFC after he took office, first forcing bonus programme arrangements the old republic power leveling, especially at the time of IPO commitments is significant.Then launched six major initiatives to promote the stable and healthy development of capital markets, involving to the higher earnings release, the delisting mechanism long-term constraints such as a-shares and healthy development of the core issues, if subsequent to further introduce rules, its effects than stock feat. Warm wind blowing with the policy, in a down economy concerns and effects greatly reduced under the impact of the European debt crisis intensified, especiallyIt is the European debt crisis deteriorating rapidly this week, Portugal's credit rating by Fitch, the Grand Duke down, Europe and the stock market plunging several days in a row, while the United States economy into a recession trend swtor power leveling, according to the United States the last 4 quarters of real GDP growth rate was 1.5%. Experience has shown that since 1948, this figure is lower than 2%, United States into a recessionPeriod, a total of 11 times, without exception. At present, this wave of international capital markets tsunami has begun to affect the country. Data show that in October, China's foreign exchange since December 2007 3 years for the first time in a row, showed foreign capital outflow of Chinese trade surplus narrowed, exports under pressure. Plus before domestic austerity policies are still in force, cool the real estateLed investment growth, especially HSBC November PMI initial value plunged to 48 this week, hit a 32-month low of messages, indeed, have sparked a round of panic, foreign investment banks issued "economic hard landing in China" increases the risk of freedom, in time, everyone from the joy of easing shifted to concerns about the economic downturn. Stocks dip again the success will depend on theWhether the economy is to achieve a soft landing. Qu Hongbin, Chief China Economist at HSBC view that November Manufacturing PMI initial decline reflected in the coming months, the growth of industrial production is likely to be slowed down further to 11%~12%. While new export orders is still flexible, but domestic demand cools, and weaker external demand began. Barclays Capital also believes that, whileThis does not mean that China's industrial production in the coming months must be in a recession, but at least China economic downside risks were increasing. Nomura, Chief China Economist Zhang Zhiwei even 2012 first-quarter GDP growth still to 8%!