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Data:2009-12-12 2:34
Source: Guangzhou Boxin
Rumors of bad news in the market did not materialize, the broader market early today, led by stocks in the index rebounded strongly once started, but the effect is very obvious gap in the market, index appears at 10:30 after a wave of fast-diving and all the cover the gap, followed by China Life Insurance, Shenzhen Development limit-appeared, driven by a strong rebound. Short-term profitable because of bad news side of the market's movements have a decisive influence, so sharp intraday volatility also appears inevitable; if no real bad news over the weekend the broader market will continue to shock its own run.
Message level, the Commission has announced a "Qualified Domestic Institutional Investors overseas securities investment management approach the pilot," July 5 start to implement. The "Rules" baked is the market a long-awaited, its quantitative requirements of institutional investors eligible to show regulators caution and asked institutional investors to invest overseas markets effectively prevent risks and protect the interests of investors. We believe that, QDII and the role of promotion serves two purposes: first, to help spread the risk of domestic institutional investors to participate in global asset management business in the international competition to strengthen their own management level; second, in the context of excess liquidity, QDII expanded as a means to ease the excess liquidity to play a role in a certain degree. However, QDII products launched for domestic stock funds diversion effect is limited, more of a long-term participation in international financial markets, the role of competition. In addition, the central bank survey, namely, a quarter of the wishes of residents to buy stock funds and savings unchanged after two quarters residents are willing to buy stocks and funds ratio to 40.2%, far exceed the savings ratio of 26.3%. The survey results to be expected in the future I am afraid that this situation will continue. There are two reasons: First, China has gradually into the era of moderate inflation, this year in April and May for two consecutive months of CPI rose more than 3%, predicted that the annual CPI will exceed 3%. In the current level of nominal interest rates, real interest rates negative. The Shanghai Composite Index has risen more than 70% this year, it is clear that, compared with the savings to buy stocks and funds should be much greater certainty of income. Second, with the gradual awakening of consciousness of the people's financial management, the residents of the allocation of financial assets, the ratio will gradually change from the experience of developed countries, China's stocks and funds held by residents were still at a very low percentage levels, from this point of view see, the savings will continue to be diverted.
Hot spots, with the completion of split share structure reform, A-share market into the "tradable" era, in the interests and policy, double, driven by strong profitability in the real economy, the assets will be more and more into the listed companies, asset injected into the epitaxial-type growth of listed companies, an important innovation in the capital mode of operation. Share reform is completed, many companies have taken additional orientation to the major shareholder, to inject quality assets of listed companies by way of a listed company bigger and stronger, and thereby increase the shareholder's ownership percentage. From the relevant company announced private placement program looking at additional ways, the major shareholders of listed companies are often taken to inject high quality assets or cash to subscribe for shares, reflecting the split share structure reform is completed, the parties began with the interests of shareholders within the limits of unification. We believe that the asset injection will continue to nurture a new batch of high-quality blue chips, then praised the new hot market, led the whole market, thus promoting the bull market to develop in depth.
Technically, although the index for two consecutive days there was a substantial intraday all diving, but the market still maintains a strong pattern, especially in covering the 4152 gapped point gap, the market's concerns about significantly reduced the broader market is rapidly to stabilize and expand upward attacks. As the current stock index had risen to pre-4335 near the head, but also continued to rise, so in this place need to return to a back, build, poised, and then washed off, it is not uncommon in the past history, is done for the new high preparation; the same time, the Shanghai index in 4000 after wide near the shocks, the index is not that great pulled up, the market has pushed the average cost of around 4,000 points, which is more effective in blocking the stock of deep rate callback space. Therefore, if the surface of the weekend no substantive bearish news, stocks will continue to maintain a strong pattern of its own run shocks.
