Category: Money tips Release Date: 2006-08-06
Main points â—?consecutive nine-week stock market rally to promote the basic factor is the good economic data, stocks accelerated reform, corporate mergers and acquisitions, the RMB appreciation expectations, a huge market liquidity and the resulting risk-free rate of return declining trend.
â—?the main price index continued to drop and credit constraints that downward trend in profitability of the business has not changed, the recent sharp rise in bulk commodity prices and raw material cost pressures brought about are also likely to appear in the coming months. After nine weeks, after a rebound, we expect profits of listed companies in 2006 to demonstrate its market valuation is not supported to further improve.
â—?H-share market has become the A-share market valuation of the most important benchmark and reference. H shares through the study of the historical valuation levels, we believe that: H-share market bubble already exists a serious tendency. With the Fed's interest rates to rise further, H-share market bubble may be burst, and spread to the A-share market.
â—?1300-1350 is expected to point along the mid-pressure zone will be the Shanghai Composite Index, while upgraded to support the region around 1100-1150 points.
â—?In the past nine weeks of the rally in cyclical stock performance significantly beyond the non-cyclical stocks. With the index into the risk zone, we propose to increase the food and beverage, airports, highways, ports and other non-cyclical industries configuration; in a cyclical industry, we grow beyond the emphasis on performance expectations and performance of the bottom of the pick-up concept; privatization and mergers and acquisitions subject matter is a long-term configuration objects.
â—?According to industry analyst with Everbright Securities predicted in 2006 benefited from non-ferrous metals and agricultural prices, performance are most likely to exceed expectations. Household appliances, equipment manufacturing and transport sector's performance picked up from the bottom of the most significant.
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privatization and merger and acquisition activities, our most optimistic about the integration of the central business behavior and some of the economic strength of regions such as Beijing, Shanghai and Shenzhen government reorganization of behavior. We propose to focus on business is: Shanghai Petrochemical, Sinopec, AJ shares, Chengde Lolo, Lanzhou. Market Structure and Trend Analysis: Valuation continue to enhance the performance of suppression 500) this.width = 500 'align =' center 'hspace = 10 vspace = 10> A total of 4 1 [2] [3] [4]
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