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Data:2009-12-12 2:34
The strength of the trend is very strong, once the trend in the formation of "very difficult" to change. A few years ago, when the long-term downtrend in place, and Trends "Protest" The result is a very heavy loss of the vast majority of investors. When the 998-point upward trend has been established, the "band" operation in the broader market lagged behind the majority of the proceeds. Foreign institutional investors do not invest, "band" because several hundred years of experience tells them that is difficult to account for low-band operation.
The main idea of the change necessary to transform the
A-share market investors in recent years, great changes have taken place have been completed mainly by small investors to the sector-based changes. Since 2005, QFII, foreign investment capital to the A-share market investment philosophy a great impact, A-share market to domestic institutions also dominated by the transition to domestic and foreign institutions co-exist, to the impact of foreign institutional change slightly the upper hand. A new generation is replacing the old one, will inevitably lead to A-share market "games are played," change. Investors are accustomed to the majority of individual stocks rising market, a small number of stocks rose a total feeling of "not realistic" and even that "outrageous." However, in mature stock markets abroad, a few individual stocks increases will push the wave Quotes. With the impact of foreign investors in A shares strengthened in the future will emerge Quotes pushed by a handful of individual stocks index of the phenomenon at this stage may only be just getting a start.
Whether it is battle-hardened "old" investors, or experience is not rich in the "new" investors, including domestic institutional investors, and anyone who did not experience the following three background: appreciation of the currency; the local stock market from the National markets into the global market; its sustained and rapid economic development gave birth to the bull market. Relative to the previous two rounds of bull, this time Quotes generated from different backgrounds, particularly for foreign intervention is becoming more A shares, decided to increase this time of the stock market previously have great differences. Including institutional investors, including various types of, if not in time to keep up with market changes, or experience to use the old "understanding" A-share market is likely then Taiwanese investors, as, like most of the time with the "depressed" to accompany him.
Large cap value stocks pulled up = ship has been ingrained in the minds of most investors. But in the face a whole new market, especially the amount of money a single body growing, small-cap stock liquidity, the handling capacity of funds is no longer suitable for large institutions are involved. Can also say that determines the amount of money can only be biased towards large organizations in large cap value stocks. This is like you have 30 million over can open a small restaurant, but if you have 30 million of funds, it is impossible to open 100 small restaurant at the same time. Moreover, the greatest impact on the first four Hu Zhi stocks, Industrial and Commercial Bank, Bank of China, Sinopec, China Merchants Bank are A + H shares, H shares rose on the A shares have great tension, once the introduction of stock index futures, big market Stock also will be the agency Bosha priority. As to whether the majority of individual stocks rise, which depends on whether the confidence.
A-share market has changed, if investors still cling to the old experience, you naturally wish to lag behind the broader market. I believe that before entering the private funds excited, do not come up with the old "odd" soldiers, individual stock selection may wish to stock-based White Horse.
Although the A-share market is accelerating upward pressure on prices, but most investors are more cautious, A-share market did not appear "crazy", and therefore have more than one might expect A shares. It is noteworthy that, with the A, H shares continued good returns, for overseas pension funds, insurance companies can not resist the temptation of the Chinese market, once they put money into Chinese assets, the stock market or the Chinese, the Chinese stock market will have a significant upward impetus. Subject to restrictions on QFII quota, H shares is currently the inevitable choice, the recent rise in H shares, and such funds may be on the approach.
Financial and real estate is still the preferred intervention
Experience has shown that Asian emerging stock markets, with currency appreciation, sustained economic growth, financial sector (insurance, banking, securities) and real estate stocks is a QFII, foreign institutions involved in the preferred object, will be sought after by the local funds, and was much larger than stock gains.
Domestic banks is high taxes, income tax is 33%, the actual taxes even higher. The merger of domestic and foreign income tax has entered a countdown, once a unified income tax of 25%, to enhance the performance of domestic banks will play a positive role. It is noteworthy that issue H shares in Hong Kong, Bank of Communications, China Construction Bank, Bank of China, Industrial and Commercial Bank of China, have introduced foreign strategic investors, these strategic investors are the capital market speculators. With the lock-up period is approaching, they left their own holdings of finding a good opportunity.
Year in Japan, South Korea and Taiwan, the real estate industry, along with sustained economic growth, currency appreciation, during the period despite the management's continuous control, but the prices were up again in shock, "bubble" until the economic slowdown, currency devaluation was punctured, the current domestic prices are still far away from this. State a series of macro-control will enable the domestic real estate industry to re-shuffle, increased survival of the fittest, in order to accelerate the development of leading enterprises to provide opportunities and Vanke A control room is in the last round in the development and growth. Possession of a large number of low-cost land bank, holding commercial real estate or industrial real estate companies, land, housing prices, the value is also facing a re-valuation. Although the management may also introduce new room control measures, but as long as the anticipated appreciation of the yuan are not reduced, would have been in real estate stocks, foreign hot money chasing the object.
