Category: Money tips Release Date: 2006-10-26
For most investors, investing in the A share market to get a better return has never been only one way: a good cool shade under a tree, that is to follow the body (a few years ago the popular argument is the so-called dealer)-type investment approach. It should be said from the beginning in 2003 is the real beginning of institutional investors, the original Zuozhuang-style manipulation of the stock model has been weakening. The five golden flowers, from 2003, 2004 large-cap blue-chip concept, to the 2005 class of non-ferrous metal resources, stocks, funds Zhongcang stocks rise the year standings of the seats more and more.
On the one hand, because the fund, QFII, social security, self-employed broker the magnitude of funds is increasing, and continuously enhance the right to speak, investors have found that individual stocks is more easily recognized by the institution; however the other hand, increases with the size of the establishments large, the choice of individual stocks also began to rise, in 2003 the institutional position of more than 20% of the stocks Liu Tongpan less than 50, but by 2005, institutional positions of more than 20% of the stocks Liu Tongpan more than 100. Agencies Shigekura These stocks gain in 2006 averaged 94%, beat the market almost doubled. This is what we have to follow the agency, but not blindly with the old, but has chosen to follow. So how do you choose? This is the degree of institutional recognition problem to be solved.
Organization is the consensus that a certain one for stocks, the main investment institutions will positions. For individual stocks, the greater the number of shares held by institutions, institutions that the more overweight the greater range, then the higher degree of institutional recognition.
Analysis of individual stocks to a degree of institutional recognition, can be two-pronged approach:
1, ten shareholders of tradable shares held by a few percentage of the total Liutong Pan
For the use of the financial statements of listed companies, many people may be more concerned about the per capita holdings. The more per-capita holdings of individual stocks, shareholders asked him to this degree of concentration is in the affirmative. But since Liu Tongpan inconsistent, it can not be horizontal comparison in per capita holdings, while the number of top ten shareholding distribution of the proportion of the total Liutong Pan can well solve the problem. Top ten shareholders of circulation accounted for Liu Tongpan ratio not only reflects the company's per-capita ownership concentration, but also the fact that these bodies have a certain degree of plate in recognition of individual stocks. Colored plate this year, for example, Xiamen Tungsten, Baoji Titanium Industry in the 2005 annual circulation of the top ten institutions accounted for the proportion of shareholding in excess of 35%, in the top three. Results These two stocks rose across the colored blocks at the forefront, the biggest gains were 300% or more.
Second, the number of shareholding changes in the relative degree of the previous quarter
Bodies have a plate or individual stocks become less concerned about job search in a timely manner changed, and when a stocks share price begins to exceed the agency recognized the value of the unit when the agency will begin to reduction of the unit. Reflected in the financial statements on the relative number of shareholders holding less last quarter. However, at the beginning of reduction, we will find that the unit accounted for the top ten shareholders of circulation is still very high, and even new institutions to intervene, but the unit began its peak. China International Marine Containers Group 2005 annual report disclosed, the top ten in circulation reached 35% of the proportion of shareholders, if we just take into account in this regard, the Unit is still a high degree of institutional recognition of individual stocks. But the 2005 third quarter report shows the top ten in circulation in the third quarter accounted for 40% of shareholders, thus agencies are already starting to see less to eat, starting from April 2005, CIMC shares all the way down, the biggest drop of more than 50%. Conversely if a quarter of the number of shareholders holding a relatively substantial increase in the previous quarter, the stock would start in the current period will increase the probability that a lot of Baoji Titanium Industry in the first quarter of 2006 the number of the relative shareholding in the fourth quarter 2005 an increase of 25.4%, creating a wave of 300% of the stock market.
In addition to the above two horizontal and vertical aspects of quantitative analysis and comparison, but also should consider the individual stocks positions institution the size of funds and agencies of the Unit in recent comments.
Because the scale of the flows of different institutions, so the various agencies in the allocation of funds for the individual stocks there will be large differences, which also resulted in individual stocks for the same just not the same agency participation. Large-scale financial institutions greater participation, then the stock's upside potential would be greater, but the smaller the risk of a sharp correction. If the number of individual stocks a lot of body positions, but the amount involved is small, this time the unit is probably the best time to intervene.
If an agency for an industry or individual stocks have a high degree of identity, then before it starts, or starts the beginning, many research institutions have a relatively high frequency of a research report, or an immediate comment.
