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Data:2009-12-12 2:34
Actively involved in large capitalization stocks purchase
Statistical analysis showed that the broad-market index shares issued during the 7th inter-bank repo rate (R007) a small amplitude, indicating that new share subscription right before the inter-bank interest rates directly affect the currency is very slight. From historical experience, purchase large-value stocks is to obtain a major source of excess return, which is significantly higher than those from the Bank of China, the other four new shares in the success rate can be seen, we recommend investors to take an active interest in the future release of other varieties of tape.
Subscription of new shares little impact on the inter-bank interest rates
Subscription of new shares generally T +4 day cycles, continued to issue new shares during the multi-sum purchase funds may be frozen the same day, and the freezing of funds accumulated to form the balance of that day. Will be the beginning of 1996 until May 2002 all the IPO-line between the freezing of funds by T +4 day period may be cumulative, may obtain subscription of new shares each trading day cumulative balance of the freezing of funds. According to analysis and comparison, we can see that the secondary market value and a market "shake the new" synchronized growth funds show the linkage trend of the past, the freezing of funds purchase shares maintain the level of the balance of the conventional level of 4000 billion yuan, the highest level breakthrough in the amount of days 800 billion yuan.
Purchase hundreds of billions of new shares of funds raised on the market prepared to pay a higher demand for capital in the market position of the elastic changes in currency rates will have an impact. From the inter-bank repo market responses so far, issuing shares in the index during the performance of the benchmark interest rate R007 was generally calm. Issued shares from the index during the daily average of R007 terms, T is only R007 more than T days before the date five days on average, about 5 basis points higher than the T on the average, within 5 days after the lower, less than 3 basis points. Index shares issued during the inter-bank R007 amplitude is very small, that new share subscription right before the inter-bank interest rates directly affect the currency is very slight.
Actively involved in super-large capitalization stocks
As the central bank to tighten monetary policy contraction in liquidity, the total funds the core of the current subscription of new shares in the range of between 200 billion to 400 billion yuan. But when the Bank of China issued when the super-large-cap stocks, on-line purchase nearly 600 billion yuan the freezing of funds, but the success rate of close to 2%, significantly higher than in the work of international, with four continents and electronics shares.
Historical experience shows that purchase large-value stocks is to obtain a major source of excess returns, we recommend investors to purchase an active interest in the Bank of China was issued by the other tape types.
After the resumption of initial public offerings in 2006, we expect that investors can purchase shares during the year from 22 to 24 times; a single subscription of new shares is expected to average yield of 0.2% to 0.3%, the rate of the level of comprehensive income during the year may be 4.4% to 7.2%, on revenue rate fluctuations mainly in the range of 0.6% to 1.%. The income level will be much higher than the bond market and money markets.
In 2006, Hu Zhi Sengo, Qian Liu near, on-line subscription of new shares are still available to low-risk returns, and once the stock runs to 1800 and even 1900 to a high, investors need to calm the market to determine, since that time Far from the secondary market may be risky, and even one on the market also showed a larger bubble.
