MS 摩根斯丹利：中国泡沫 bubble burst

China Strategy 2007: Bubbles End One Way Or the Other

January 8, 2007 -01.08 １２页

Conclusion: I remain cautious on offshore Chinese equities and am turning cautious on onshore Chinese A-shares. If a bubble does not burst at the tip of negative macro events (like the 1997 Asian Financial Crisis), it deflates under the weight of valuations it can no longer sustain (such as the end of TMT bubble in 2000). Market fundamentals cannot explain today’s valuations. The market reacts differently to similar macro events at different valuation levels. Even without a crack in liquidity conditions in 2007 (Fed rate outlook is
the key), investors will become。。。。。