回顾：《轻舟已过万重山》、《春暖花开，偶尔局部“倒春寒”》                                                                                                                                                                                                                                                                                                                                                                                                                    
        （1）20150322《轻舟已过万重山》：“钱多人傻速来”的牛市强化，牛市不言顶，积极利用震荡。http://www.hibor.com.cn【慧博投研资讯】全面开花，寻找机会。http://www.hibor.com.cn（慧博投研资讯）                                                                                                                                                                                                                                                                                                                                                                                            （2）20150329《春暖花开，偶尔局部“倒春寒”》：行情仍积极可为。短期增量资金入场的惯性强大，改革和稳增长有助于提升价值股的配置吸引力；短期创业板上行趋势不会轻易结束，在逢低入市资金带动下继续创新高。                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        展望：行情可能惯性加速冲高，密切关注增量资金动能的边际变化，且涨且珍惜                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      ——大盘有望加速冲高。短期增量资金加速流入，A股赚钱效应明显；近期政策组合拳利好不断，信贷资产证券化注册制落地属“火上浇油”。
        （1）赚钱效应的正反馈下，存量财富加速向股市再配置，3月27日当周两市新开A股帐户数为167万户，创了历史新高；融资余额突破1.5万亿，一季度偏股型基金发行近800亿元。（2）信贷资产证券化注册制落地，显示政府盘活存量的决心，显著利多银行股。信贷资产证券化，通过信贷资产和风险出表，银行获得信贷额度，同时在全社会范围内分散资产风险，减轻银行体系不良贷款压力，有利于促进银行经营模式从资产持有向资产交易转变。（3）4月政策利多组合拳还有“降准”可能发生。至少在国务院要求各地加快盘活沉淀财政资金、积极资产证券化的背景下，短期出现行政性的股市调控政策概率极低。
        ——创业板长期看好，但加速上涨之后的短期波动加大，提防四月中旬前后创业板构筑上半年顶部的风险，继续建议降低相关的融资杠杆。新股发行强度、注册制推出时点低于预期，创业板近期加速上涨，但大幅上涨后，短期波动风险加大，值得警惕（1）4月16日中证500股指期货上市带来的做空博弈。（2）创业板的高融资杠杆问题，截至4月2日中小板、创业板融资余额占标的自由流通市值比例分别为11.1%和11.0%，高于主板的10.3%。（3）创业板的高估值高价权重股，短期股价放量滞涨。                                                                                                                                                                                                                                                                                                                                                                                                                                            投资策略：“市胆率”的时代，寻找适合自己风险承受度的那一款机会                                                                                                                                                                                                                                                                                                                                                          
        ——对于追求安全边际的绝对收益投资者，建议寻找风险收益比更好且有催化剂的“三低”标的。（1）低估值，关注政策利多频频或者行业基本面改善的金融股、地产股等；关注低估值且公司基本面有重大变化的个股。（2）低价，关注有故事的，特别是《中国制造2025》、国企改革、一带一路相关的电力、钢铁、铁路等。（3）低（小）市值：尤其次新股是“新”“炫”成长股和高送转的摇篮。参见兴业策略次新股周报，关注劲拓股份、凯发电气、飞凯材料、国祯环保、仙坛股份、维力医疗等。                                                                                                                                    ——对于追求相对排名的成长风格的投资者，仓位随波逐流即可，重点在于积极利用行情的震荡低吸成长股，（1）积极看好“能源互联网”和新能源汽车主题。（2）长线看好，商业模式清晰、具备流量优势或者牌照稀缺性的互联网公司。（3）中期积极看好泛环保相关的投资机会。