Category: Money Tips Date: 2006-08-22
After the second half of 2001, the stock market fell into a vicious circle, no matter how heated the macroeconomic, and regardless of the number of positive policies introduced by the Government, the stock market decline to respond to begin with. 1500 points restrain, and 1,300 points, also below, and in the end the market will be down to where? People generally do not mind the end.
Some market participants said, "We want to line with international standards", implying that only international market access of the track, the stock market will not fall any further. The international market can be so many fat, thin, tall, short, different, converge in the end and who does? A lot of people to look into the nearest, the lowest price-earnings ratio of the Hong Kong market, believes that only A shares and H shares of integration of the domestic stock market have investment value.
Now do not converge? A look at the price of shares and H shares compared the situation. Within the last month, Qingdao Beer, Maanshan Iron and Steel shares, Angang, Jiangxi Copper, ZTE, Huaneng Power International, Conch Cement, China Shipping Development, Yanzhou Coal Mining companies such as H-share prices in most of the time for more than A shares. There are a number of H shares prices are close to A shares. The latest data show the same time, with A shares and H shares of the company, its A shares over H shares of the arithmetic average premium rate has been reduced to 24% or so. The domestic stock market-tradable share reform, with an average A share price will drop about 20% central to this factor into account, we can say, A shares and H shares has been largely achieved integration. However, the real convergence, and people do not dares to buy the stock, and has even try to get the opportunity to sell the stock.
At this point, you have to admire the vision of the QFII and other international investors, the. 2003 QFII entering the A-share market, the right containing the H shares A shares of discarding it like a pair of old shoes, reason is very simple, H shares cheaper than A shares, QFII to invest in anything, you can freely buy the Hong Kong market, there is no need for cheap homes seek expensive. But now it is different. In the first quarter of this year, quarterly, Yanzhou Coal, Conch Cement and Guangzhou Pharmaceutical three companies in the top ten shareholders of tradable shares, there are more than just QFII. More recently, investors are eager to share in the domestic reform "treasure hunt" game, QFII has started a "treasure" activities, demonstrating their long-term vision.
Most people who invest are "short-sightedness" of the. Above the original index in 2000, their confidence in the stock market, and even shouted "five years rose to 10000 points," a slogan; when people say the stock market dropped 1,000 points to, they regarded him as a madman, Qunqiergong The. Later proved them wrong. Now, the stock market are also facing the same situation. This is more than four years, stock prices down, the performance of listed companies up, and "dangerous elements" have largely been cleared, and their daring has become smaller.
The last two years, China's rapid economic development, many listed companies benefit, performance increased substantially, the investment more valuable. For example, Sinopec, which almost doubled from two years of performance, so popular in the Hong Kong market, of course, Hong Kong investors have the full enjoyment of the performance of China's petrochemical growth of the fun, but domestic investors have not do so well. Is even more regrettable is that until now, domestic investors are still bullish on the ensuing policy of indifference, for some blue chip companies and investment opportunities for turning a blind eye, but also immersed in the bear market and the fear of looking back.
Is advisable and see if it can not lay down their grief, can never be happy. Domestic investors should learn QFII and other overseas investors, to point a long-term perspective, do not put great opportunity to run.
