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Data:2009-12-12 2:34
This year, rising steadily since the beginning of tape, various industries have a larger plate or. However, from October 24 SSE Composite Index exceeded 1,800 points in the beginning, a serious split stocks trend, although the index hit record highs, but many individual stocks or a small plate and even contrarian down, "28" phenomenon seriously. From the hot plate of view, there is a major theme of appreciation of the renminbi banking and real estate stocks the strongest trend, leading varieties, such as China Vanke A, China Merchants Bank rose considerable; while agriculture, commerce and other vulnerable sections appeared in a larger decline, showing a remarkable structural bull market characteristics.
Into the structural bull market,
The reason why the above situation, I believe that there are two main reasons: one, with the ICBC, BOC, Air and other super-large-cap stocks are all listed, heavyweight impact on the Shanghai Composite is growing larger, according to statistics, SSE 5 weight accounted for the largest companies in the market value of Shanghai stock market 43% of the total market value of the Shanghai Composite index shares subject to the impact of the big obvious. As long as a few large-cap stocks rose, we can push index higher, which may mask the reality of the majority of the stock down. 2, after a preliminary broad based, Quotes, the entire market value of the center up to a certain level, some industries began to relatively high valuation levels, and some corporate earnings is already reflected in the next few years is expected, if there is no fundamental substantive support, there is a callback price pressure.如商业板块在年初?0?4日期间累计上?3.41％，位居各行业之首，但业绩和成长性并没有明显优势，面临较大的获利回吐压力?
However, the development of China's securities market facing macroeconomic environment, institutional environment, financial environment, and so on have taken place against the backdrop of profound changes, China's stock market has entered a "new development period" can be considered short-term adjustment will not change the market trends, market outlook Quotes is still optimistic. However, early because the system innovation, the value of return and its stock price arising from change to the overall market opportunity has basically ended, investors need to appreciate the yuan, the economic structure changes, the consumer upgrades, corporate earnings growth, asset injection, areas such as stock index futures capture the structural investment opportunities.
And long-term layout of four main themes
First of all, the continued growth of China's trade surplus and rapid accumulation of foreign exchange reserves, will allow the renminbi in the next long period of time to face upward pressure, thus promoting financial services and real estate rising plate underlying factors have not eliminated, the market outlook of these two plates can focus on. At present, many investors in the appreciation of the yuan and its far-reaching impact on the securities market is still lack of knowledge, can actually benefit from the yuan appreciation industries are, as long as the local community has resources in China, enterprises may benefit from yuan revaluation . In the current valuation of the entire market more reasonable, we can further expand and deepen the appreciation of the RMB to benefit concepts, and tap more investment opportunities. Of course, the next step will no longer stay in the yuan to appreciate the concept of speculation, but will gradually shift to the industry and mining on the performance of listed companies.
Second, the active configuration agriculture and related sectors. Since October 24, agricultural section had the largest decrease, but its third-quarter rate of return on net assets increased by 75.82%, reflecting a higher growth. But also in the process of building a socialist new countryside, the Government attaches great importance to "three rural" issue, have introduced a number of supporting policies to promote agricultural and rural development, improving production and living conditions of farmers. These policy measures will have a major benefit to the formation of the agricultural section of the relevant listed companies have a profound impact.
Third, the appropriate holdings of electricity, coal stocks. Recent electricity, despite the recent performance of the coal industry, but this year the cumulative rise since still only 21.06%, far below the gains were, but the first three quarters of earnings per share reached 0.22 yuan, is the best-performing industries, has obvious the valuation of benefits. And electric power, coal plates in Shanghai and Shenzhen 300 Index account for a large proportion of the expected improvement with the development of the industry, three quarterly institutional investors are beginning to show some of them have entered into high-quality power coal shares. On the power unit can focus on two categories of enterprises: those sectors that benefit warming impact of the current valuation safe, able to continuously acquire generating asset classes continue to grow the industry leading companies; a category is a competitive advantage and performance with outstanding characteristics of high-growth advantage of sub-industry companies, there may be mergers and acquisitions, or privatization of subjects.
Fourth, the consumption in industry. China's current focus of economic work is to start domestic demand and stimulate consumption demand. And China is in 1000 U.S. dollars per capita GDP to 3,000 U.S. dollars from the transition period, the consumption structure will see significant changes. Investors should take people's income growth and consumption of escalation inherent in investment opportunities, such as finance, telecommunications, retail, real estate, food and beverage, personal services, catering and accommodation sectors, in particular, is one of the advantages of enterprise.
All in all, the future revaluation Quotes may be a large background, formed the main line real estate and financial underestimate the value of plate and growth plates, supplemented by alternating up the situation. Investors can tap a good part of the governance structure, with a sustainable competitive advantage, performance, steady growth, the company, doing the layout of long-term investment to control the pace of transactions and strive Riding out.
