Category: Money Tips Date: 2007-05-17
In 2006, major corporate strategy report, the investment thesis has not only repeatedly stated by everyone, but agencies are struggling to dig out the variety of investment topics. In our statistics, more than 30 institutions in 2006 investment strategy, in addition to the gold with the Bank of companies, both explicit reference to subject investment, related to the theme of large and small, there were as many as 44 (see Table 2). Such a wealth of investment themes in China's stock market never seems to presage that 2006 will be a theme of investment years.
The most talked about three major themes In our statistics, 44 investment themes, merger and reorganization, new energy sources (equipment) and 3G and other 15 bodies were the three themes of good, to become the most favored of all themes of the three. Followed are: resource price reform, 12 agencies bullish; equipment manufacturing industry and digital TV themes, 10 bodies were recommended. M & A theme has always been susceptible to stock market speculation, but in 2006 was optimistic, there has been a new reason, such as post-market tradable share reform, the RMB appreciation expectations, the Group's privatization. Everbright Securities view more representative, they believe, after five years, the market continued to decline, some of the intrinsic value of listed companies has been higher than the short-term market price, subject to open to foreign investment, stock reform process and other factors, such companies will be subject to industry capital coveted.
According to the different characteristics of the reorganization, Everbright Securities will be divided into three categories: industry, integrated restructuring, resources and market access, recombinant, and the share reform-driven restructuring. And Ping An Securities raised significant revaluation of assets of companies such as retail and real estate part of the business, Shell shares of lower-cost small-cap underperformance is also expected to trigger merger and reorganization. Week 4, the Commerce Department and other five ministries issued a "strategic foreign investors in listed companies, investment management approach," clearly has a certain amount of foreign capital through the acquisition of long-term strategic investment in the company has completed the share reform, as well as shares of newly listed companies post-reform A-shares, which will be January 31, 2006 to implement the new requirements by the market believe that the merger will ignite the fire. The best performing market in 2005, new energy concept, in 2006, was that so many organizations continue to be optimistic that, contrary to a lot of people expected.
We would like to remind investors that despite the large number of agencies have been recommended, but the specific analysis is very calm, and this concept of the extension. Such as China Merchants Securities pointed out that the short-term "new energy" element of the concept of speculation are mostly related equipment manufacturers will have a long-term development opportunities. Although the 3G concept has been raised for a long time, but the reports of these heavyweights have been so focused optimistic about the first time. The main reason is: in 2006 was expected to issue 3G licenses in China. 3G industrial chain is longer, are more involved in the company, so before the market with outstanding performance in G-ZTE, health benefits science and technology, TeamSun and so on included.
Policy topics worth looking forward to More and more voices are, QFII will replace the A shares of the fund will become the leading voice of mainstream institutions. Guotai Junan's investment strategy mentioned in the third quarter from the rapid Masukura QFII2005 investment in stocks of view, is also closely around the new energy, railway construction, the subject of investment under the Eleventh Five Year Plan, while in the second quarter of QFII was once keen on right investment in upgrading the theme of urban consumption. As can be seen, QFII is also concerned about China's economic structural transformation of the subject of investment opportunities, and these topics should be in transition policies.
In the statistics, we also note that many policy-related subject deserves further attention. Resource price reform is a policy referred to a higher rate of one of the themes, CICC expects the country will be finished in 2006, oil prices, electricity, water, natural gas prices, coal prices and land prices in six major active and steadily push forward price reform, which may cause oil refining industry, turned back to increase profitability, water, electricity, gas, and urban public transport and other utilities, operating losses of the state will be a certain degree of ease. Involved in pioneering companies, including shares Yuanshuigufen, Changchun gas, Beijing buses. In addition to these major themes, a number of distinctive sub-themes also noteworthy. Shenyin's investment strategy, such as special mention of a topic --- "The new accounting standards, changes in investment opportunities."
They pointed out that in 2006, will formally announce the new accounting standards, was formally implemented in 2007, historic changes in accounting standards, resulting in profits of listed companies, drastic changes occurred in the short term, to bring about investment opportunities. These include three aspects: First, provision for decline in value of change, the new guidelines provide, starting in 2007, after provision for decline in value can not be reversed, which may lead to some decline in value of provision for more companies in 2006 reversed the decline in value; Second, the debt restructuring method of transformation, that is included in the original capital fund of debt restructuring proceeds will be credited directly to current income into the income statement, which may cause some of insolvent companies, once debt forgiveness, will greatly enhance the per share return; Third, equity-based incentives and inventory management of change, new guidelines will also have a significant impact. In which there are many companies involved, such as the ST multi-good, MACRO, Mailyard, ST silver hair, Xianyang deflection and so on.
Hot Articles Latest Articles 2006's top brokerage stock analyst Jiancang pool SCMP (strongly recommended daily combat report of the daily combat Denver Nuggets this week, warrants investment strategy report in 2006 on the Shanghai Stock Index Analysis: In late January of will result in the time of the year re-operation strategy quickly pulled
* Before and after the run-off Gonglue break points of the daily operation of a daily report of actual combat Denver Nuggets report on investing in China stocks: controlling the Bulldogs this week, the investment strategy warrants an electoral fund index rose a loud noise?
