Category: Money tips Release Date: 2006-02-17
Source: Guangzhou Bandung
--- Asset injection is still the strongest engine theme
Abstract: Recent topics stocks continued to fall, leading to the market depth increases the main reason for the callback, which so many investors began to feel hesitant of assets into the subject. We believe that a solid basis for the macro-side determination of asset-driven bull market into the subject matter is still the most powerful engine of development ......
Recent topics stocks continued to fall, leading to the market depth increases the main reason for the callback, which so many investors began to feel hesitant of assets into the subject. We believe that a solid basis for the macro-side determination of asset-driven bull market into the subject matter is still the most powerful engine of development, theme stocks short-term pain hidden behind the enormous long-term space.
1, asset injection is still a bull market is to promote the development of the fundamental driving force for
From the fundamentals of the market situation, to rely on a listed company's own performance of existing assets to promote growth, it is difficult to continue to support its valuation to further improve. In other words, do not rely on the injection of new quality assets, the market itself, there is no imagination at all.
This column article also repeatedly mentioned, is much room for the central enterprise restructuring, the relative has also accounted for a large proportion of listed assets of state-owned assets to be injected in the form of integration through. In other words, although the slowdown in the short term management of assets may be injected into policy support, but Xianyihouyang later implied longer-term goals.
1, asset injection is the highest level only way to achieve policy objectives
Fundamentally speaking, the management of change through the recovery of the bull market in stocks that the fundamental objective is to restore market financing and resource allocation function, their ultimate focus is to attract a lot of money into the market, through the active support of the capital market securitization of state assets.
Both for the SASAC, or for the local government, through the window would be fan-listed companies which assets securitization, is a fundamental policy goals can not be abandoned.
It also decided that the central enterprises of their assets into the integration is an imperative way, as to when the implementation is only a matter of time.
2, short-term pain to long-term goal is
Why, then, the SASAC in 2007 in the first half of the assets into the main theme of the market does not satisfied with the tone, this paradox is indeed puzzling. We believe that this is because the high stock price and the market into the behavior of asset bubbles caused great distress (see article in this section, "shareholder equity shares weakened too much into the Power"), rapid development of the bull market has also to other financial sector manufacturing a lot of trouble (such as bank funds begin to get tense).
Therefore, the highest level had to be some control over the rhythm of the bull market appeared to restrict the short-term speculation themes crazy stock situation. However, this policy stance does not mean to deny long-term viability of the asset injection, on the contrary, it is injected into the subject matter is to make a follow-up of assets is more sustained and robust vitality.
Second, aggressive Xi Pan is the "truth" is also false
Themes emerged as to the current shares fell sharply as the main manifestations of aggressive Xi Pan, which is also the science of physics is the truth.
The truth is that the main money out of retail games and their own greater benefit point of view, the cooling trend through policies on such stocks carry out a thorough Xi Pan, its fundamental purpose was not a large number of escape.
False impression is that these stocks are falling behind the current alarming fact is indeed implies a long-term substantial pulled up to a good space, the current at the top was only a long way up a small hill only.
From the technical to understand, that is, the more fully adjusted, the greater upside.
Third, phased release and the risk of long-term opportunities exist side by side
The current round of adjustment of the market share on the subject released the interim most of the risk, based on the theme of this unit will face an even greater long-term opportunities.
1, for shares in terms of subject matter, this is the nature of the adjustment stage
Most of their assets into shares of the location of subject matter is a long-term bullish medium-term adjustment process, rather than before the arrival of the head of a bear market, which we must be clear. That the risk is that in the short term, is limited; and opportunities for long-term, very large room for imagination.
The risk of the current policy may not be able to release the time being completed, while the market because of its own power down the laws exist, market sentiment may be irrational venting outbreaks at some point in the future. However, the profits of the relatively long-term point of view, will now have to bear the risk of secondary importance.
Of course, some listed companies here do not rule out the name of false guise of restructuring or reorganization of space is simply not sufficient, the adjustment process in the market continued to fall. And thus bring about huge losses for investors, This is one investors should be circumvented.
2, the layout of long-term investors the right time
We believe that this adjustment on the one hand to achieve the fundamental purpose of the management of cooling the stock market, the release of the policy and market risk; on the one hand while adjusting the capital structure of the market, in fact shares of assets into the subject matter to create a foundation for long period.
Therefore, this adjustment will become a long-term investors just observing and studying the layout of the market structure and re-theme stock opportunity. Is the so-called "thousands of junks sunk boat, sail past the front of diseased trees and trees spring."
