Category: Money tips Release Date: 2006-07-13
Source: Heilongjiang Daily
A-share market in the second quarter of increased uncertainty about: the building of multi-level capital market, IPO major expansion, re-financing will grow faster; 4,5 month of the year will usher in the "stock change" lock-up shares of the ban is the first climax; for mobile Excessive regulation and control measures, or even interest rates are expected to adopt; stock index futures will be launched in the second quarter. Quotes of these factors will no doubt increase the volatility of investors as its future, the following is the main broker in charge of some of the points in April Quotes.
Guoxin Securities:
February 27 "Black Tuesday", the index close to lower limit and were accompanied by more than 2000 billion yuan, "the amount of days" but in fact proved that the market is already in the medium-term adjustment process. The market adjustment method is the sector rotation process with time-for-space approach to complete. 2006 6 August the "flared" trend has some significance as reference, the index up to a record high of 2,500 points down in the area. Overall, the next period of "shock city" of the pattern is difficult to change, "rallies to honor his" grasp the sector rotation is to obtain excess returns, the best strategy to control risk. From the stock-picking point of view, a number of substantive themes of the company contains a greater profit opportunities; in the recent release of new funds continued hot market conditions and performance trends of a good blue-chip will be the focus of new funds Jiancang. Plate choice in the industry, the brokerage stocks, resource stocks, bio-medicine, and energy-saving environmental protection and technological innovation can focus on such companies.
Guotai Junan:
We are optimistic about the long-term market view will not change, however, as the next stage of investment strategy, we are more concerned about "cost of capital" and "economic growth momentum," indicators. More should be concerned about the future funding for some time started an internal structural Game: The first "industrial capital" and "financial capital" of the game; Second, low interest rates of foreign and domestic capital, low interest rates capital game. Need to recognize that temporarily seek a "cardinal" as the representative of the industrial capital of the value judgments of financial investors in complicity price is lethal. April will mark the lifting of the ban in 2007 for the first time peak of temporarily lifting the ban constitutes shares outstanding is gradually approaching the pressure. Structural characteristics of the market a two-way departure from, that is, the market during the adjustment phase, the lack of opportunities for large-cap stocks, but other types of stocks continued to outperform. The next period of time, this situation will continue. The proposed investment focus is to highlight the small and medium market capitalization, high-ALPHA value, continued inflow of funds, as well as epitaxial growth stocks.
United Securities:
In 3100 the Shanghai index is at the sensitive points near the bit and time, we still recommend that investors take a cautious attitude. Strategically speaking, we are optimistic about the overall substance and assets into the listed topics, such as the Nanjing water, the color of shares, your research platinum industry, Yangtze Power, the gold and gold; other hand, for medium to long term, we are optimistic about the performance growing species, such as Han's Laser, Jidong cement. From the plates say, we are still optimistic about RMB appreciation and the financial system in the context of financial and real estate section. But it does not agree with the recent rally is a new rise in Quotes of the start and I hope investors in these stocks fell after a certain space to choose the Jiancang, such as real estate section of Vanke, Golden Group, OCT; financial sector of China Merchants Bank, China Minsheng Bank and Shenzhen Development.
CITIC Securities:
Affect market trends in 2007 are many factors, such as the two tax merger integration of the SASAC central enterprises, the introduction of stock index futures, multi-level capital market building, the establishment of foreign exchange investment company, etc., the first three relatively large impact on the market. Although the two tax merger does not make the performance of listed companies, the growth rate continued to improve, but it will help reduce the overall market valuation of a one-time level, if the income tax reduction factors to consider, the level of the 2008 price-earnings ratio will decline to 17.5 times.
The fundamentals are still confident about the future performance of listed companies continued to improve. Although the current situation, endogenous growth in the share price performance has been in most of the performance of analysts on the Shanghai and Shenzhen 300 Index constituent stocks of the expected net profit growth rate of 29.7%, had been at a relatively high position. Enterprise integration is also central SASAC has opened the company's performance-type epitaxial growth of a prelude to such assets into the company's growth will become a new engine. In the specific investment opportunities, we follow the growth performance of the two main lines, China's iron and steel, equipment manufacturing, shipbuilding, petrochemicals, heavy-duty trucks, commercial vehicles, and other sub-sectors will benefit from the rise of ODI, from the SASAC's strategic deployment point of view, the central enterprises in these sectors are also gathering assets into the largest industry that may occur and therefore recommends that investors focus on.
