Category: Money Tips Date: 2006-02-12
Source: Guotai Junan
Today, tape re-let investors take a second elevator, following the broader market fell sharply yesterday after the broader market early today to continue a low inertia to open, the lowest rate of 2.7% down points, while the market was devastated again when the broader market began a steady pulled the trend. Jin Liangri the trend of broader market slump seems to be difficult for investors to believe that the broader market late can actually pull red, then the tape from top to bottom so frustrating in the end intended effect?
The stock market is really such a big bubble do?
Broader market the past two trading days caused by a sharp adjustment of the main reasons is that, with the index rise, the market bubble theory has begun to continually upgrade. Well-known international investment before Master Rogers, and later into a domestic economist, CR-V, they have given China's current A-share market a bubble. It is precisely in this bearish atmosphere, adjustment, raising interest rates, management began to suppress such news on the Internet, circulating among investors, and it is expected that bearish short-term makes the broader market fell sharply there. However, the cool-headed analysis, we still have to have doubts, and now China's stock market has so many bubbles do? First, we look at from the international market, VIS bull market does not seem to occur in China, but throughout the global markets entered a state of the bull market, Hong Kong, the United States and other stock markets to record highs earlier, but as a benefit from the yuan China's stock market rose after the appreciation of why the market will think he has so many bubbles? Secondly, this year's bull market is awash with liquidity primarily for funding under the promotion, but from this year's performance point of view, the same factors that have driven performance. Notice this year, the performance of 675 listed companies in Shanghai and Shenzhen, there are 461 full-year results expected growth or profitability, accounting for just over 68%. Take the pre-growth year, for example, expects full-year growth of more than 100 percent year on year the number of companies up to 209, more than 200% is also 81. From this, this year's performance of listed companies in general, to better Chihong Zinc and Germanium or even earnings per share will exceed 6 yuan is expected to correspond to its current price of its price-earnings ratio is only 10 times, then so that we can say that he has a bubble do? Why do investors receive 6 yuan per share earnings Chihong Zinc and Germanium at the same time can not accept the broader market on the 3000 points? Thus, together, we can not believe that there are too many present, China's stock market bubble, after all, not to the junk bond market, skyrocketing to the point, the market they are still in the relatively rational state, how could this state there is a the end of the bull market it. Speaking of adjustments in two days, I believe that this is just a positive callback, the recent broad market phase of the accumulated history of changing hands has reached the upper limit range, it will inevitably lead to adjustments, such adjustments in the technical needs, rather than fundamental changes. Therefore, investors must not be confused by the twists and turns his eyes, a bull market situation remains unchanged.
Ownership is still the best policy
Concrete implementation of the operation, we believe that since the tape is still a bull market is still an atmosphere, and therefore, investors can still hold the hands of the appropriate positions. QFII funds and positions from the point of view, its all in a heavily loaded condition. The latest issue of QFII China A Share Fund monthly report, as at the end of 12 into the active-type statistics QFII China A Share Fund, the average position of 96.7%, already in full Mancang state. It can be seen, institutional investors or identify with the Chinese stock market. Therefore, we think that the future still have strong momentum broader market, of course, the market volatility in the current circumstances, the next band selection of individual stocks way to operate + the operation will be the best policy. Could focus on individual stocks, industry leader, and a large section of space development of the industry stocks, focusing on varieties: Founder Technology (600,601) Company of China's leading personal computer manufacturing companies, China's outstanding brand value of well-known trademarks in 2006, achieved a market share since breakthrough, reaching 13%, ranking first two domestic market. Recently, Microsoft's new operating Windows VISTA, will give PC manufacturers more room to grow. 600.1 thousand shares of the leading science and technology with the side of the suspension, giving the tech sector is expected to a certain degree of imagination. The secondary market, the stock of funds involved in apparent bargain is worth attention.
