找出市场是青睐大盘股还是小盘股。
Find out if the market currently favors big-cap or small-cap stocks.
笔者认为，小盘股其实比大盘股更具风险的。
Now I realize, for example, that small-cap stocks are more risky than large-cap stocks.
而当金价跌幅超过20%，大盘股的中位回报则是99%。
And when gold fell by more than 20%, the median large-cap return was 99%.
大盘股转而受到青睐，很有可能是美国经济滑坡的结果。
A shift in favour of larger shares would be the most likely result of an American economic slowdown.
但是银行表示，大盘股中仍然有不错的机会供胃口不大的投资商选择。
But the bank says, for investors with a weaker stomach, there are still selected opportunities among the large-cap names.
在近期的市场上扬行情中，中、小盘股一直表现好于大盘股。
In the recent market rally, small- and midcapitalization stocks have performed better than large-caps.
当金价在5年内增长超过20%，美国大盘股的同期中位回报只有2.1%。
When gold was up by more than 20% over a five-year period, the median return from large-cap American stocks in the same era was just 2.1%.
但是我们不承担股票风险，我们在抛售小盘股的同时购进同样数量的大盘股。
But we're not taking equity risk-we're buying the same amount of large cap as we are shorting small cap.
大盘股同小盘股的回报差(基金经理比较喜欢前者)、息差水平等都是研究对象。
These might include the difference in returns between small-cap and large-cap stocks (fund managers tend to favour the former) or the level of credit spreads and so on.
如果你转而观察,难以有效定价的市场,比如大盘股,第一和第三个四分位数相差2个百分点
Then as you move out to the equity markets where it's harder to price things as efficiently--large-cap stocks -there are two-fold percentage points,first to third quartile.
1999年？南方证券在“5·19”行情时启动了“虹桥机场”，推动了国企大盘股的上涨。
In 1999? Securities in the South, "5.19" when the market started the "Hongqiao Airport," the state-owned enterprises to promote the stock market rose.
美国金融服务业的坏消息是，积极型资金管理者在大盘股走势良好时还得争取使股票运作优于股指。
The bad news for America's financial-services industry is that active fund managers[5] struggle to outperform the index when large-cap shares are doing well.
二线是指比一线小的意思，就是比大盘股小的股票又不是小盘股，还要有业绩支持的，为二线蓝筹股。
Second line is to point to smaller than a gleam of meaning, compare grail namely small stock is not pannikin, even outstanding achievement supports, for second line blue prepare.
根据美国银行，只有15的大盘股基金有战胜他们的基准，至少2003年以来他们糟糕的一年的课程。
According to Bank of America Corp., only 15 of large-cap funds have beat their benchmarks, on course for their worst year since at least 2003.
进一步，进行横截面分析，分别按照规模、换手率、股票价格、市净率进行分析，发现大盘股、低换手率股票和高价格股票具有较大的动量净利润。
Further more, in the cross-section; I get the conclusion that the stocks with big size, stocks with low turnover and stocks with high price can earn large abnormal momentum profit.
进一步，进行横截面分析，分别按照规模、换手率、股票价格、市净率进行分析，发现大盘股、低换手率股票和高价格股票具有较大的动量净利润。
Further more, in the cross-section; I get the conclusion that the stocks with big size, stocks with low turnover and stocks with high price can earn large abnormal momentum profit.
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