Category: Money tips Release Date: 2006-02-19
Main points
â—?different stages of development, indexes have different operational characteristics, market opportunities and investment strategies also vary;
â—?In accordance with the functioning of markets, ideas evolve into, we believe that the securities market can be divided into the pilot phase, financing stage, the transition stage, the investment stage;
â—?Since its inception in 1990, the Shanghai Stock Exchange, China's securities market has already experienced the pilot phase, financing stage, currently in the transition stage, the future development direction in the investment stage;
â—?a comprehensive stock of the implementation of the reform and the "Eleventh Five-Year Plan" the formulation of that crucial stage of China's securities market has already started the final battle, and this year is the turning point of the most critical year;
â—?turning point index will appear operational characteristics of a new, smooth operation will be the index of the most prominent feature, the operation opportunities are mainly reflected in the individual stocks, the stock stable, hot stocks will be the main melody;
â—?Investors want to grasp the transition period, tremendous opportunity, must promptly adjust their investment philosophy and operating strategies.
In different stages of development of different market characteristics
Since 2001, China's securities market has entered a historic turning point, and as this year's split share structure reform, the essay and a comprehensive stock of the implementation of the reform, particularly in the Plenum in the "Eleventh Five-Year Plan" in the right capital market development objectives, functions and orientation of the latest statement has fully demonstrated the crucial stage of China's securities market has started the last tough fight. And, through the transition phase of critical, our stock market will open a new chapter, whether the market environment to run pattern of stock, or profit model, investment philosophy, etc., will be a significant change, the recent stock run, as well as stocks The hot situation is beginning to achieve a new pattern of clues. Therefore, how to market turning point for the timely adjustment of the characteristics of the investment strategy and investment philosophy to grasp the comprehensive shareholding reform the current environment, investment opportunities, has become a vast number of investors have to face a top priority.
China's securities market development in the course of 14 years, due to different periods of market system construction, laws, and functional orientation, etc. with a very different, making the operation of different periods of index stocks, investment concepts, profit model, the operation opportunities vary . According to these characteristics, the overall stage of development of China's securities market is basically divided into four stages, namely the pilot phase, financing stage, the transition phase and the investment phase, has spent the pilot phase, financing stage, is experiencing the most difficult and most a critical turning point, the future direction of development towards the investment stage.
In the pilot phase, the volatility index is a typical feature of the policy, the message decided to type, because of the lack of proper investment experience and investment knowledge, coupled with small scale, participation in funding is mainly individual investors, not to mention what the investment concepts, market volatile , high-frequency fluctuations, most notably in 1994's "three main policy to save the market" caused stock soared. During the period rose more than 30% of the rally up to 10 times, more than 100% of the stock market had five times, but shorter Quotes maintenance, the lack of continuity. Market lacks mature investment philosophy and profit model, stocks broad based Pudie situation, whether it is technical analysis, fundamental analysis, or are in the bud, the market there is no selection criteria and investment philosophy, and almost entirely by the policies and messages decisions, like the fried new investors at that time, even if the stock options has become a buying lottery form the focus of the prevalence of new shares soared. Restructuring, themes are very popular, speculation is very obvious, and only in 1996, the value of investments began to appear, triggering blue-chip stocks generally rose.
In the financing stage, positioned as an important objective to have the funding, in order to create a favorable financing environment, policies, support for the securities market has obviously strengthened, and the same time, brokers, funds and other institutions access to development, making stock volatility showed typical "policy driven "and" money-driven, "greatly reduced the number of stock volatility, but to maintain the timing and magnitude more than in the past, the most famous is the" People's Daily "special commentator's article was published in 1999, after the outbreak of the next century" 5.19 "big bull market two years within a Huzhi up 1200 points. In the profit model and investment philosophy has also received considerable progress, the market value of investment attracted wide attention, but more often the subject matter is, concepts, speculation reached a peak, the network's most popular science and technology subject matter into the hot market, technical analysis dominates, Zhuang Unit rampage, excessive speculation is very serious, there is a serious price action phenomenon, is still seeking funding spreads, rather than the performance and growth.
As for the characteristics of phase transition, not only reflected in the many aspects of the above, but also reflected in the volatility of the stock market at this stage trends, profit model, investment philosophy and so on. Marked by its remarkable volatility index to cross-bottom, bottom to lead was mainly through such movements on various issues over the last amendment, but also to the future, the better the long-term index appears to lay a solid foundation. And, because the management control of the market index of Change is a way to shift from the focus on the basic system construction, reliance on the policy index fluctuations, reflecting the more rational. In the profit model, investment opportunities, investment philosophy, the Zhuanggu rapid exit the stage of history, excessive speculation has been checked and the opportunity to significantly reduce the individual stocks, the market value of investment has become a major investment philosophy and business model, institutional-based investment is the main theme of the market by the This lead to decline in the index repeated the process, some repeatedly out of the blue-chip funds Shigekura independence rally. At the same time, technical analysis is being challenged Fundamental analysis has increasingly become a major genre. However, with the full implementation of tradable shares and the "Eleventh Five-Year Plan" of the formulation, turns into the final stages of battle, and greatly stimulated the market sentiment and investor confidence, stock prices face a major turning point, stocks have significantly increased opportunities, stock change is expected, "Eleventh Five-year" policy section at this stage will be the biggest opportunity, "6.8" big since the right prices are expected to plate, plate and other new energy sources is a continuing active support.
Highlights the crucial stage of a new investment opportunities and a total of 4 1 [2] [3] [4]
