Category: Money tips Release Date: 2007-01-19
Source: Guangzhou Bandung
Abstract: The part that the industrial structure adjustment and upgrade of yuan appreciation, after the share reform era of the concept will become the majority shareholder in 2007 to promote the market to run the main line of network structure, which is based on a rational basis for valuation of listed companies to tap the growth will be in 2007 can best adapt to the market environment, investment patterns.
We believe that through the 2006 reform inspired by the stock bull market started the first phase of the market, the share reform on the price of raw materials industries (especially non-ferrous metals) performance of substantial growth, yuan appreciation driven by a surge in financial and real estate sections and an open-end fund large-scale development-driven large blue-chip to subvert the efforts of the valuation, the market began a wave of Earned dripping big cattle market, the complete elimination of the overhead in the market for many years shrouded the shadow of the bear market.
With the completion of revaluation in 2006, and the prices times the sustained and institutions to further establish the game in 2007, the market structure will be more complex, the market's investment philosophy will continue to evolve in 2007. The industrial structure adjustment and upgrade of yuan appreciation, after the share reform era of the concept of the majority shareholder will be promoting its market share to run the main line of the pattern of network, set aside on the index and run an analysis plate and attach importance to a reasonable valuation based on the basis of growth in mining Type of listed companies in 2007 will be the most rational investment model.
First, the continuing evolution of investment philosophy
2007 in the market will be very complicated, with the establishment of institutions Game times will drive innovation and investment philosophy to continue to market operation mode changes.
1, institutions Game times set
This column has long been stressed in many articles this year, the market is really into the agency game the first year of age, in the open-end fund large-scale development and the broad market against the backdrop of blue-chip-intensive issue, the market funding agencies to complete the process from the qualitative to the quantitative This will greatly change the basis of the market game, which led directly to the market operation mode, the investment philosophy and other innovations.
From the capital structure point of view, open-end fund market has occupied nearly 1 / 4, while the QFII, insurance funds and private equity funds are difficult to count the growing strength and development. Because It is difficult to accurately estimate the size of our funds for the time being that the body has reached the market value of about 1 / 2, capital structure has been achieved by the quantitative qualitative change, while the proportion of institutional investors is also expected to be further enhanced.
In addition, with the ICBC, BOC and other aircraft carriers launching broader market, the real impact on the market of blue-chip blocks the formation of a great game for institutions providing a new platform, which is to enable organizations to one of the main game advent of the era.
2, the market changes in the functioning
This column that, in such circumstances, the market operation mode will undergo large changes.
First, the index and individual stocks run will be further divided. As the blue chips have become the main target of agency game, especially in the introduction of index futures and other derivative products, and developed after the index addition to being fundamental to promote the development, but also by the institutional game, index futures, and so the impacts of running.
Second, because information on the various institutional investors hold the degree of homogeneity in the information manipulation and chip distribution operation on the basis of Zhuanggu traces will be increasingly diluted, will be replaced by the depth of information is based on mining and understanding the value of distribution led by growth at the same time a good and reasonable valuation of listed companies will continue out of the long bull Quotes.
3, the evolution of investment philosophy
This year's Quotes, the Quotes of the main driving force comes from the share reform, raw material prices plate (such as non-ferrous metal industry), the RMB appreciation themes (real estate, finance), etc. The full-scale excavation, the index rose staggering.
However, precisely because the stock revaluation this year, so that in 2007 the market structure will be more complex and unpredictable. This section that the market in 2007 will still maintain the steady development in the index are less likely to rise sharply again.
The 2007 A remarkable feature of investment philosophy may be further mature and evolve, in the neglect and plate movement of the Index on an operational basis, and tap a reasonable valuation and good growth of listed companies is that we think it is more able to adapt to the market in 2007 investment model.
Second, the pattern of evolution of the market in 2007 to promote the three main line
This section also believes that promoting the market development in 2007 the three major cable connections will be the industrial structure adjustment and upgrading of the yuan revaluation and post-stock reform era will muster the concept of the great eastern section.
In fact, China's stock market is facing an unprecedented complex environments ever. In economic growth mode transformation, the currency appreciation, as well as systemic changes in the stock market spawned by the new power (large shareholders) cases, the index of Change and plate run is more complex and more closely it could really dig deep for the main line By 2007 investment opportunities.
In the next series of articles, we will be more than three main lines to do a more detailed discussion.
