Game three who have the last laugh Money Tips

Category: Money tips Release Date: 2007-04-27

Securities Times reporter Wang

In early 2006, many people are bullish on the stock market will re-enter the sidelines, but a year later, the market's bullish Querang a lot of people stare dumbfounded. Rising stock market wealth effect on the one hand to demonstrate and bring more new funds, on the other hand the stock market that the ecological chain was re-built.

Retail: Our team to move forward

In mid-March of this year, Mr. Wang early in the morning they arrived at a securities company sales offices in Shenzhen Bank ranked only 12th of the month number, the staff has told him to wait until at least noon. Surprisingly, in 11:45, when Mr. Wang saw that the victory is in sight and was told that applications for approval of accounts opened by investors due to the applications of electronic systems and difficult to timely processing of information overload, there have been blocking bills, account opening services to be suspended. This is a securities company sales department in Shenzhen had occurred in the real scene.

According to China Securities Depository and Clearing Co., Ltd. website data, from March 12 to March 23 of the 10 working days, the Shanghai and Shenzhen A-share accounts on new row more than 100,000, creating a new record . As a whole in March, the two cities new A-share accounts at 2.5353 million, the new B-share accounts at 16000, the new fund accounts at 1.4972 million, in February this year, the number of A-share accounts at 87 million, in March last year, A-share accounts at 11 million, which means that in March the number of ring A-share accounts at nearly three times more than the increase year on year increase of nearly 23 times.

Market accounts, substantial growth has brought endless incremental funding. Shenyin statistics show that only in March, the stock of capital in the market as much as 805 billion yuan, greatly increased over the previous month nearly 1,300 billion yuan, significantly more than in the first two months of growth. While the Investment Securities analyst Chen Daqing strategy is even more shocking statistics: March 2 market fund net inflow of 254.54 billion yuan, much higher than in February of 151.597 billion yuan.

Not only that, outside the capital in the market actively and perhaps only just begun. Bank of the latest release of the first quarter of 2007, a questionnaire survey of urban depositors in the current price and interest rate level, that the most cost-effective withdrawal buy shares or fund the proportion of residents reached 30.3% the previous quarter increased by 11.7 percentage points, new record high.

Survey shows that the stock market wealth effect to stimulate the residents to invest. Owned by residents of the major financial assets, "the Fund" the proportion of 10% from the previous quarter jumped to 16.7%, setting a historical record, the previous quarter and same period last year respectively, 6.7 and 12.7 percentage points; "stock" of the to increase the proportion accounted for 2 percentage points. It can be expected that, as long as the stock market wealth effect been put on, investors will continue to significantly expand the ranks.

Organization: It is still the backbone of the market

Although the retail team is growing geometrically, but is still difficult to catch up with institutional investors, super-normal pace of development.

The latest data show that at present the Fund has been listed and issued a total of 56 fund companies, the amounts of its more than 300 pieces the size of assets under management nearly 3 trillion yuan, accounting for the total market value of Shanghai and Shenzhen into two or more. In addition, insurance companies, brokerages, QFII is also to be reckoned with, the size of its assets under management are also expected to as much as several hundred billion dollars. In the current bull run, these mainstream institutions not only weaken the right to speak, but can be further enhanced. Only the issue of open-end funds, for example, between 2001 and 2006, six years, the average starting size of the Fund issued 3.9 billion, 32 billion yuan, 1.7 billion, 39 billion yuan, 1.6 billion, four billion yuan This year the first 3 months of starting the average size of the fund had exceeded 80 billion yuan, and is in the regulators issued a limited edition 10 billion under the relevant policy constraints. This week, the new fund issue once again broke days the amount of the investment and domestic demand, Morgan Power Fund in the first day of issue raised almost 900 billion yuan, early end of the distribution, as the first day of subscription to raise the largest amount of funds products.

Investors sought after wave of new funds can be described as one trouble following another. December 7 last year, Harvest Strategic Growth hit 41.9 billion copies of the first day of subscription of new high; March 6 this year, the Meeting Tianfu limit of 10 billion Growth Focus Fund, copies of sales, thanks to the subscription mechanism is the "touch-limited basis," Placing the ratio instead of the current epidemic have occurred in some people are still queuing to subscribe to get up early failure, anger and alarm situation.

Thus, whether the absolute size of assets under management or the relative size, or the incremental inflow of capital from the situation, in order to fund the mainstream institutions on behalf of the position in the market is still deeply entrenched. From international experience, the market scale of development, speed and stability also depends largely on the strength of institutional investors.

Outside the mainstream institutional investors, but also free with another private equity heavyweight agencies ---. Some studies estimate that its assets under management have nearly ten thousand billion. A variety of funds has its own rate of return requirements, have their own sources of information, have their own methods of operation, which constitutes a relatively complete market ecosystem. In this regard, the private equity market investment philosophy pluralism has played an important role.

Companies in the market: the largest "market maker"?

Since the completion of split share structure reform of listed companies are major shareholders in the market to some extent turned into a direct participant in accordance with the original non-tradable shares in the market share of 2 / 3 ratio on the point of view, major shareholders of listed companies can be be regarded as the largest of China's stock market, "banker."

Stock reform before the two shares of listed companies do not represent the actual market price of the price level, it is difficult to become a barometer of the economy, market pricing, loss of function, can not be rational allocation of resources, the entire capital market is gradually marginalized. After the share reform, the above constraints the development of China's stock market the biggest drawbacks of the smooth lifting of the interests of all shareholders of listed companies in line. However, the attendant new problems have emerged, namely, how to define and monitor major shareholders of listed companies to use its advantages of insider trading. This has caused great concern in the relevant regulatory authorities. Yesterday, the three S & P Pharmaceutical Co., issued a public notice said the company in April 12, 2007 received from China Securities Regulatory Commission's "investigation notice" due to stock price fluctuations, the alleged existence of illegal acts, the company decided to initiate an investigation.