目前A股市场已经处于一个标准的金融危机模式中,如果处理不当,有可能蔓延成系统金融风险。笔者的工作是从事全球宏观交易,交易过全球多个国家的股票、债券、外汇和商品等金融资产,也亲身历经过多次金融市场的崩盘和危机。笔者从一个市场参与者的角度谈谈目前A股的风险和化解方法。从2015年3月开始,A股逐步成为一个群众大范围参与的投机活动。根据法国社会学者勒庞在《乌合之众》的描述,群众运动具有典型的非理性和易变性等 Currently A-share market is already in a standard financial crisis mode, if not properly handled, it is possible to spread into systemic financial risks. The author’s job is to conduct global macro-trading, trading in financial assets such as stocks, bonds, foreign exchange and commodities in many countries around the world, and also experienced numerous financial market collapses and crises in person. The author from the perspective of a market participants to talk about the current A-share risk and resolve. Starting from March 2015, A shares have gradually become a speculative activity involving a large number of people. According to Le Pen, a French sociologist, described in “The Crowd”, the mass movement has typical irrationality and volatility