Category: Money Tips Date: 2006-12-03
December stock market will once again plunged into financial bottlenecks and current market demand for funds generated mainly from the share reform needs. To create a stable market environment, maintaining the continuity of share reform, management may be to the system through continuous innovation and change in market expectations, system or will become the largest market variables. End of the year may be a rare strategic opportunity for the future use of the current market G Unit and the constituent stocks of undervalued opportunities to strategic intervention, after the New Year's Day Quotes may thus enter the up-cycle. A year-end funding pressure tight December stock market will once again plunged into financial bottlenecks, the customary year-end financial tightening will have great impact on the securities market. In addition to calendar year-end market, recouping the funds generated by the norm, the current market demand for funds generated mainly from the share reform needs.
State Department forum on split share structure reform to speed up the share reform process, 174 state-controlled listed companies are required to share in the Chinese New Year before the reform program, while the Shenzhen, Shanghai, Beijing and other places also have put in time to the process of share reform. It can be predicted, before share of private enterprises reform less and less in the future after a period of time, stock reform task will focus on the state-owned holding company.
Our strategy in the fourth quarter, the report had been changed on the second batch of pilot enterprises for shares of stock reform been tested before and after the demand for money, when the result was the stock reform before and after the share reform of pilot enterprises to increase circulation of about 12%. As of November 21, we have to complete share reform of the 136 G Unit demand for funds again tested, G Unit in November 21 to change the flow of market capitalization and stock market value of the flow before the suspension reduced the rate of increase compared to 4.93%; after taking out the G long electricity and G Baosteel two-float market capitalization of the stocks higher after the 132 G Unit to change the market value before and after the flow rate of increase of 3.62%; G Baosteel long electricity and G share reform increases market value before and after the flow rate to 9.43%.
Demand for funds from the above tests can be seen in the market weakened after the share capital requirements changed right along with G Unit posted a decline. According to the current share reform plan announced 10 grant stock restructuring business processes, there are more than 130 companies will be completed in stages in the December share reform, according to these shares before the suspension of the flow of the market value of 110 billion yuan and completed share reform the company's market value of the average value of flow rate of 4.93% estimates, the conservative needs 54 billion in incremental funding.
Based on the Shanghai Composite Index rose in December calendar year decline analysis, funds withdrawn from circulation because of the pressure in December is much greater than the probability of decline increased the probability of excluding the market before 1996 there is "T +0" trade factors, the end of the calendar year decline since 1997, the mean Statistics for the down 2.19%. If the market in late fall as funds are withdrawn from circulation due, then according to the current market value and market the end of the average circulation decline, we estimate that the end of this year, the funds withdrawn from circulation Quotes pressure should be at 200 billion yuan.
Stock reform and capital funding needs recouping incremental pressure on the markets in December this year, demand for funds is estimated at 250 billion yuan. If the market should be maintained at around 1,100 points, the equilibrium state, the increment of 25.0 billion market needs, or market focus will continue to be down.
Second, policies to increase funding source effect is still unknown Total 4 1 [2] [3] [4]
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