Category: Money Tips Date: 2006-07-31
China Insurance Regulatory Commission yesterday officially released the "Interim Measures on Management of overseas investment of insurance funds", since the release date, allowing insurance institutions to invest overseas. And in accordance with regulations, insurance institutions total amount of overseas investment shall not exceed the previous year 15% of total assets to total assets of insurance companies last year, 1.97 trillion yuan terms, that is about 295.5 billion yuan of insurance funds can be out to sea.
Read this news, I finally understand the ZTE transaction because such stocks --- the recent broad market rose continuously, the unit has heavy volume down. ZTE yesterday's closing price of A shares was 53.08 yuan, while its H shares closing price of 37.65 Hong Kong dollars, apparently to sell A shares to buy H shares is a cost-effective, the insurance capital of these institutions so smart, how can people not know what secret?
It should be said this time against the insurance fund's policy is to vigorously promote the management of a part of QDII, I personally think that QDII and QFII policy, even though in the short term the impact on the A-share market will not be obvious, but it has far-reaching impact, will so that agencies assess the value of the stock is more rational, market-proven reduction in the level of the overall price-earnings ratio will also be a trend.
If the stock market as a reservoir, A Unit of this reservoir in the past with other surrounding reservoir is not directly linked, in a closed state, while the funds into the A-share market more and more the reservoir water level will naturally rise constantly, it is the market The rising price-earnings ratio, although the surrounding water levels in reservoirs are much lower than the A shares, but has almost no connectivity between them, so the uneven state of a long time.
The QDII policy, vigorously promoted the equivalent of A-shares between the reservoir and around the reservoir was built a gate, when the gates open when the flow of water from the reservoir A shares of other reservoirs, and once this Road gate opening was large enough, the water level of natural will drop, the market's overall valuation levels decrease.
Current management actions are clearly in the floodwall, only that Tao was still not big enough to open the gate, open time is not long, the market has not directly felt the pressure fills but QDII accelerated hard, long run I believe the A-share market valuation of the high price bubble will burst, the future value investor must have an international perspective in order to become a winner.
Although the index hit a new high, but the essence of yesterday's market, no new changes, still in the yellow light area into the market turbulence has increased the trend of voices when the hand, should remain calm.
1 million fund operations: with an average price of 14.54 yuan yesterday clearance Minsheng Bank (600016, closing price of 14.45 yuan), to an average price of 7.46 yuan clearance East China Science and Technology (000,727, closing price of 7.43 yuan); with an average price of 7.85 yuan to buy 15 million shares of Founder Technology (600,601, closing price of 8.2 yuan).
Stock Pool Operation: plans to 31.35 yuan today, down 2% lighten up 5 million shares of Wuliangye (000858, closing price of 31.35 yuan).
