Category: Money tips Release Date: 2006-07-29
After several years, as well as corporate profits continued to fall rapidly, the current valuation of A shares of the historical formation of a bubble has been a significant release of share reform in the right price investors paid directly reduce costs, eliminate long-term development of market uncertainty, but also lowers the level of market risk premium. The average valuation of A shares are now level from PB, PE are at a historic low point of measurement, the stock of assets is closer to the value of industrial investment. Of course, there are some unfavorable factors, macro-economic short-term growth rate slowed down, A-share listed company profits are too inclined structure in the cyclical industry, the distribution may lead to the next two years, the overall profit growth of listed companies weak; Also, A-share listed company to improve the governance structure will take time.
For the stock market this year, the opportunity to, first of all it should be noted that the share reform in the right price factors have significantly reduced the stock valuation, and in the process of share reform has changed in the past to some extent the mechanism of asymmetric information, including the warrants, including a special program to change the share reform program a period of time, risk-return characteristics of equity investments, while share reform of listed companies after the stock easy to underestimate. Thus, in the process of share reform, the market will continue to provide more investment opportunities.
Second, macro-economic slowdown in the environment, driven by domestic demand, particularly in consumer-driven industry, development environment is relatively stable. Such as financial services, hotels, high-speed, port, logistics, storage and transportation, tourism, retail and cultural media, represented by the modern service industry, as well as food and beverages, in part from the impact of pharmaceutical medicine reform of listed companies, regional real estate company to lease -based real estate companies, to 3 G technology class, represented by listed companies, the downstream part of the cost control needs of a stable resource-type enterprises, special equipment manufacturing industry. The relationship between supply and demand in these industries influenced by domestic demand, relatively stable, or the company has a dominant position in the industry, its brand, technology, resources, network threshold to ensure that enterprises in the economic slowdown to be a stable environment to grow and will become the current environment the investment of choice.
Finally, the small-cap company's share price after prior period adjustments, the valuation has been at or close to a reasonable level, while its rapid growth, so the overall profit growth of listed companies there is no pressure situation, vulnerable to investor concerns. And when the main cycle of classes listed company's share price close to net assets or net assets fall below a time when, despite the decline in corporate profits situation is not yet clear, but their investment value and concern. Part of the dividend rate, the cycle of prominent industry leader in Listed company as the industry gross margins stabilized value of investments become increasingly prominent, of course, does not appear significant in the profit recovery should focus on the main-band operation.
More occasions at the same time paying attention, we should be concerned about the policy changes brought about investment opportunities. We judge the next few years, the government will focus on the adoption of fiscal policy, tax policy, transfer payments and exchange rate policies to achieve the "Eleventh Five-Year Plan" development goals, which will bring development opportunities for related industries, such as policies to stimulate consumption, tax policy, relax price controls of public goods, as well as through the city to feed the construction of rural infrastructure in rural areas to speed up the transfer payment policy and encourage a higher level of industrial technology policies to encourage industrial upgrading.
Hot Articles Latest article focuses recommendation in 2006 with high growth potential of the 19 stocks (Schedule next week's strategy of investment operations Nuggets weekly report on actual investment strategy of Guangdong Development Fund that resources should be focused on mining stocks daily combat Nuggets G-share companies the opportunity to report on resumption Perspective: the first day of sale is the right decision to choose the
�How the three-year peace of mind to have a good strategy for helping the daily report of actual Nuggets G-share companies the opportunity to resume trading perspective: the first day of sale is the right decision to choose the long-term investment opportunities facing the A, H's analysis of market price ratio rose policy change do? (A) "active flexibility"
* Next week's strategy of investment operations
