股市的涨跌由什么决定？

中文版

股市的涨跌是由多种因素决定的。其中，宏观经济因素是最基本、最重要的影响因素之一。当经济繁荣时，企业盈利增加，股票价格上涨；当经济衰退时，企业盈利下滑，股票价格下跌。此外，政策因素也对股市涨跌产生重要影响。政府的宏观经济政策、产业政策、财政政策等都会对股市走势产生直接或间接的影响。

除了宏观经济和政策因素，市场供求关系也是决定股市涨跌的重要因素。当市场需求大于供应时，股票价格上涨；当市场供应大于需求时，股票价格下跌。此外，投资者的心理预期、市场情绪、资金流动等因素也会对股市涨跌产生影响。

总的来说，股市的涨跌是由多种因素综合作用的结果。投资者应该全面了解市场情况，掌握各种影响因素，制定合理的投资策略，以应对市场的波动和风险。

英文版

What Determines the Rise and Fall of the Stock Market?

The rise and fall of the stock market are determined by various factors. Among them, macroeconomic factors are one of the most fundamental and important. When the economy is booming, corporate earnings increase, and stock prices rise; when the economy is in recession, corporate earnings decline, and stock prices fall. In addition, policy factors also have a significant impact on the stock market's performance. The government's macroeconomic policies, industrial policies, fiscal policies, etc., can directly or indirectly affect the stock market's trend.

Apart from macroeconomic and policy factors, the supply-demand relationship in the market is also a crucial determinant of stock market fluctuations. When market demand exceeds supply, stock prices rise; when supply exceeds demand, stock prices fall. Furthermore, investors' psychological expectations, market sentiment, capital flows, and other factors can also influence the stock market's performance.

Overall, the rise and fall of the stock market are the result of the combined effects of various factors. Investors should comprehensively understand market conditions, grasp various influencing factors, and formulate reasonable investment strategies to cope with market volatility and risks.