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Data:2009-12-12 2:34
Source: Wang Tian Guo Hai Securities
To further promote the healthy development of securities markets, the approval by the State Council, Ministry of Finance decided to May 30, 2007, the adjustment of securities (stock) trading stamp duty from the current 1 �adjusted to 3 � Namely, sale, inheritance, gift of the books of the A shares, B shares, according to equity instrument of transfer by the legislature, according to the respective parties to pay the tax rate by 3 �securities (stock) trading stamp tax.
In our view, from the central bank continued to raise the deposit reserve ratio, the asymmetric adjustment of deposit and lending rates, to May 18, "three rate Qi move" a combination of boxing attack, monetary policy concerns "asset price" the intent is clear, but the the stock market bubble of the process is still continuing, causing a management concern. From the time point of view, this time to raise the stamp duty introduced in the early morning after the news was obviously something of a sudden, the stamp duty adjustment, the broker should be on the trading systems for technical processing, however, management did not choose the weekend out of the message in the past used to allow the market to digest and evaluation process, but choose the early hours seemed surprise, is intended to achieve the multiplier effect. From the intensity point of view, raise the stamp duty from the current 1 �to 3 � by more than the investing public's imagination. This shows that raising the stamp duty has shown that the regulators to control the overheated stock market firm attitude. In the structural characteristics of a clear overestimation of the market, such measures would be too high a valuation bubble in the formation of a direct attack.
Affected by this morning benchmark Shanghai Composite Index to 4087 Tiaokongdikai sharply lower open rate to reach 247 points, or 5.7 percent, broader market opened lower after 2006 there has been more bad Tiaokongdikai up and received the inertia of thinking, habits of Yang , after the broader market opened there have been a wave of a strong rebound, to cover the opening when it gapped sharply lower gap, combined with heavy tape bad effort, from this perspective, the broader market still appears strong.
We have to consider is that after the increase in stamp duty, according to investors, online trading commissions 1.5 � according to the original 1 �stamp duty calculation, each one complete the transaction costs of 0.5% (ignoring transfer fee), equivalent to 10 yuan shares, 0.05 yuan to preserve their capital, while the current implementation of the 3 �stamp duty for each one complete the transaction costs of 0.9%, equivalent to 10 yuan shares, 0.09 in order to preserve the capital, transaction costs and greatly increase by 80%, its potential impact on investors than the Great.
However, from experience, the history of the bull market peaked a direct result of fewer bad, in spite of rate increases are heavy duty bad, but the broader market had remained strong the whole shape of the case, the average system still on the move fueled the state, Wednesday Standing on the 20th to close above the line, usually the broader market also often right near the previous high pressure else is even trying, that is, there are still opportunities for broad market short-term shocks its own run.
Shape from the big perspective, facing the closed on-line Thursday, in the case of a week less in May, to this week, three-line continued to show rising values on the amount of energy states that the current state of on-line was fueled. In Wednesday focused on the release of bad circumstances, the bottom is expected to rebound Thursday. Therefore recommended that bargain-hunting investors to participate. Laiwu Steel (600,102): Company H-beam more than 300 million tons of production capacity, become the largest and most complete variety of the production base. Unit 2006 earnings per share reached 0.81 yuan, in 2007 a quarter of earnings per share reached 0.24 yuan, compared with the same period in 2006 increased 549%! Current price-earnings ratio and book value of approximately 19-fold and 3.1-fold, relative investment value significantly. Public information shows that the number of its shareholders annual reports from 06 of the 61334 people 37400 drastically from one quarter of people, per capita holdings rose sharply from 3306 shares 5964 shares, in particular its top ten shareholders of all flows involved in the first quarter of Fund. Technically, the stock after the share reform shocks climbed, and to break through sideways daily limit heavy volume Monday, Wednesday back pressure to the platform to launch point, until after due attention to the broader market stability.
