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Data:2009-12-12 2:34
Source: Huatai Securities Author: Chien-Hua Zhuang
After several days of adjustment, multi-accumulated a certain amount of rebound energy, today's banking, real estate, business, beverage, military, and other plate full rebound, the index rose sharply, encroaching upon the previous high of 1793 points.
We believe that a strong rebound in the broader market today, mainly from the early post-Fan Chou decreased continuously, its continuity and intensity remains to be seen. From the current economic environment and valuation perspective, broad market strength is still a lack of the intrinsic value of a continuous level of support, but many blue chip companies stable form, but also determines the broader market relatively limited room for adjustment. It can be expected in the short term tape-band operation will remain the state of long-short the two sides is quite fierce, but the hot part of the investment will keep cropping up.
The adjustment of the recent tape is the issue of Industrial and Commercial Bank of China A-share market will make money face certain pressures, after all, 130 million shares, raising 33.8 billion yuan -405.6 billion the size of some funds will inevitably produce a certain Awkwardness "crowding out effect", that is, the fund may sell some of Awkwardness in order to configure the Industrial and Commercial Bank of China.
However, there are some fund transfer positions seemed a bit hasty and impatient, aerospace defense industry stocks, banking stocks, wine, and some commercial chain of food stocks in the recent slump on the stock to illustrate this point, so that the broader market adjustment was unexpected.
But this does not mean that the short-term A-share market has entered a dark age, first, because the strong stock market running around the A-share market opened up its own run-space. Strength of the stock market around that A-share market strength can provide a very good atmosphere, heighten the atmosphere of the bull market the world's stock markets, but also for A-share market to provide direct power to do more. For example, recently in the China Merchants Bank Hong Kong stocks still remain strong, H, A share prices continue to upside down, so that the China Merchants Bank shares fell A space is limited. Bank of China also have similar characteristics, and so will not hesitate to drive broad market stabilized rebound.
Second, ICBC issued slump caused by Awkwardness of Fund will be in the negative factor for the digestion to become the new market rebound momentum. The Awkwardness of collapse because of the individual funds do not come from changes in the fundamentals of listed companies, therefore, short-term capital flows brought about by changes in the adjustment will lead to a corresponding low stock valuation, which would lead to the involvement of new funds. Bank shares such features are very good.
In addition, the market rebound momentum are former "Golden Flower" at the bottom of support, such as the power plate in the near term expectations of recovery have been the one hand, the expected decline in coal prices, the other is the implementation of coal-July 2 second linkage, therefore, the power unit in the near future that funds are involved, while Hong Kong shares higher power unit repeated A-share market but also enhance the power stocks rebound emboldened, so the active power unit can be optimistic about the expected. In addition, steel stocks, auto stocks, also have similar characteristics, so adjust the broader market rebounded sharply at any time will have the opportunity, investors can take an active interest in adjusting the blue-chip stocks, has repeatedly earned the band of local hot spots spread income.
Today's close, Hu Zhi close at 1787.18 points, up 23.28 points, Shen Chengzhi to close at 4438.23 points, up 94.56 points,
