Category: Money tips Release Date: 2007-04-14
SYWG BNP Paribas Asset Management Company has released strategy report into 2006, investor confidence began to gather, the stock market is expected to have taken place in turn in the bull market would soon start a new one.
Shen 10000 Paris, believes that the focus of fiscal policy in 2006 point will focus on infrastructure construction and stimulate consumption. Therefore, this year's investment themes include infrastructure construction, resources and goods price adjustment, the low-end consumer and the RMB appreciation, focusing on banking, retail, infrastructure and related industries, real estate, tourism, communications and consumer electronics industries.
Confidence in turn has been triggered
Reported that the latest indications are that last year, the factors that inhibit the confidence of investors no longer: With the deepening of the split share structure reform, the market price of the share reform is expected to tend to the rational investor satisfaction with stock reform continued to increase; to stabilize the downstream industry profit margin for investors with a rebound in more investment in the subject; high M2 growth in 2005 also indicates that in 2006 is facing more pressure on inflation rather than deflation; as the advance of share reform, the market valuation is more reasonable.
Report that in 2006, A-share market investor confidence, in turn, QFII will play an important role in trigger. From South Korea, Japan and India's experience can be seen, QFII always played a similar role: the stock market start-up funding and sustained buying. China is relaxing restrictions on QFII access, QFII's role is not only embodied in new capital, more investor confidence is the trigger. The latest indications are that the confidence of domestic investors is changing, money effect will lead to enhance the process of self-confidence growing.
A bull market to start turning the confidence
Looking ahead to 2006, Shen 10000 Paris that China's bullish stock market will usher in the start of the year. Was based primarily on market fundamentals for the better elements in place.
First of all, the stock market capital supply plenty of potential, once the stock market to make money effect, substantial savings would be from the banking system into the stock market. Second, with the split share structure reforms, valuations have fallen to a reasonable range, from a global perspective of configuration under the A share equally the relative attractiveness of valuation. In addition, the second half of 2005 economic situation, especially the rebound of investment and GDP revaluation of the market in 2006 greatly alleviate the macroeconomic concerns, better than expected economic performance in the stock market will be strengthened to provide a good macro environment.
The market still faces pressure from all sides
Although the market to determine the overall optimism, Shen 10000 Paris, suggested that in 2006 the market is still facing pressure from several fronts, particularly in the stock supply increased pressure.
Shen 10000 Paris that the financing pressure rise and the bull market is almost associated phenomenon, but financial pressure on the stock market in 2006 will be significantly higher than the historical average. This is because the stock market to lose post-reform financing function has been going on for nearly 9 months, a large number of delayed financing needs in 2006 will focus on release; corporate cash flow also increased the cyclical deterioration in the external source of financing needs.
However, Shen 10000 Paris, stressed that the stock market in 2006 will face greater pressure on the financing, but the pressure is relatively controllable. Because the funding pressure on the stock market depends on the supply of financing needs and potential funding contrast, high-quality stock issuance will bring two-way market, expansion, management will also be properly controlled refinancing process, the introduction of foreign strategic investors will also ease the pressure on the secondary market financing.
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