Category: Money Tips Date: 2006-11-18
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3 Yue Fen Quotes access to a limited degree of inter-year adjustment period February market in general to maintain an upward trend, but the value is underestimated and the right price with the right of the trend in the context of short squeeze pressure in the 1300-point, multi-year Quotes after the Spring Festival in the continuation of the other half before going on stage to adjust. Stock reform "to make money effect" fade the market to adjust the precursor, after the share reform more than half of the "new old", the expansion is expected to pressure from the external market is generally down in 2005 Annual Report and in 2006 a quarter of quarterly risk, in order to share a small change to pay right price or equity incentive plan to be implemented artificially low 05Q4/06Q1 quarter of listed companies, the performance of moral hazard, is the main reason leading to the market decline. However, the policy will remain warmer surface to create a stable market environment, with the share reform to accelerate the market underestimated the persistence of localized, future broad market declines will be relatively limited, we are relatively optimistic about the market's long-term trend.
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formally promulgated the new accounting standards constitute a long-term positive Promulgation of new accounting standards is the process of internationalization of capital market into the "system integration" an important step. Although very few changes in cash flow, but the financial, investment property and other assets under the new guidelines for revaluation or accounting profit improvement could increase investor confidence. A + H shares of the company's net income and net assets, estimates show that, under international accounting standards, statements of listed companies in the Mainland has potential to improve performance. The new accounting standards have reduced the performance of listed companies, regulation and control of space, means that market efficiency and risk premium reduction; accounting system with international standards can also improve China's assets attractive for foreign investors on the capital market is a long-term positive.
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3 Yue Fen investment theme: Policy opportunities March in the performance of listed companies does not constitute a case of market power increases, concerns policy variable is the main strategy to obtain investment returns. Whether the current at the "two sessions", or focus on the "post-stock reform period" to meet the expansion of institutional innovation are expected to become the market hot stage. We propose to focus on policy factors include: the "two sessions" theme, system innovation, the RMB appreciation is expected to increase, cross-border mergers and acquisitions and industry consolidation theme.
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investment strategy focuses on defense In March we propose to take "interim defense" strategy, that is, an increased pre-band or not, relatively low levels of the market valuation of a defensive asset class weights, reduce up-front or too much emphasis on offensive Variety Rights to implement the asset allocation to the sector level, is mainly concerned about the iron and steel, electric power, highways, ports, airports and other industries. In March we are more balanced configuration in the industry-based, super-equipped to give the industries of finance, real estate, nonferrous metals, mining (coal), machinery, services, etc., but the proper configuration to reduce weight; given the low with the textile and garment industry , construction, household appliances, etc.; will be low with the last issue of steel, transportation and upgrading of flat allocation, give flat with other industries. March combination of changes in strategy are as follows: increase the profile of G China and Thailand, China Southern Airlines, G TISCO, Chang'an Automobile, G Jiang gas, Zhongyuan high-speed, G Comprehensive Chao, Gree Electric Appliance, Inner Mongolia Huadian and other species; to second-line varieties Tiantonggufen replaced with just a first-line varieties resumption G Health benefits, reducing some of the results, sending shares to change programs or turn to the lower than expected price and commitment to the strategic second-line products, including Weifu Hi-tech, G Shenhuo, Xiamen International Trade, Kaidi Electric Power, the East Group, TBEA, FAW Car and so on.
March overall assessment: market access to a limited period of adjustment From mid-December last year started the current round of market, in fact he was undervalued and the right price with the right under the short squeeze is expected to promote the market, is specifically expressed in one hand, growth is expected to improve based on future performance and valuation of benefits with financial, real estate, nonferrous metal plate up a strong influence on the other hand, performance bearish and the high valuation of a class of company's share price weakness. But with the market's unilateral sharp rise, the original short squeeze point out the trend in 1300 facing a "shift." A total of 7 1 [2] [3] [4] [5] [6] [7]
