Category: Money Tips Date: 2005-12-19
First of all, we must attach importance to the value of blue-chip investment. RMB appreciation will enhance the international value of A shares, and will promote a number of blue chips higher, in particular, with H shares of blue chips is particularly noteworthy. While a large number of hot money will be valued and long-term investment value of the domestic stock market, hoping to share the results of China's rapid economic growth, which is bound to increase the supply of capital in the market, the promotion of Quotes for the better have some help, but because our country is still in place strict controls on capital projects, a large number of hot money was hard to smooth entry into the Shanghai and Shenzhen stock markets, so the Hong Kong stock market will be a lot of hot money into the market, while Hong Kong stock market higher, it is bound to stimulate domestic Bijiaxiaoying a result of H-containing blue-chip shares.
Secondly, attention should be paid because the appreciation of the RMB to benefit listed companies, that is, appreciation of the concept stock. RMB appreciation on some results and financial data of listed companies have a direct impact.
As the yuan appreciation for the impact of each industry is different, so the impact on listed companies will vary. Therefore, the RMB appreciation will drive the stock prices show a greater differentiation. Export-oriented enterprise product scaled down due to price increases, performance in the short term the impact will be greater; while imported raw materials, mainly because the businesses would benefit from lower raw material costs.
Benefit from the appreciation of the renminbi, as the concept of a greater degree of plate mainly in the following categories:
Bank shares. From past experience shows that international capital market investment, when the currency appreciation, the mean value of claims held by banks increased by a large number compared with other National Bank of comparison, China's banking assets and liabilities, net higher, in the performance or other elements of the same circumstances , this factor alone, RMB appreciation, they can enhance the domestic banks (including the listed banks) in asset prices. So speaking, the investment attractiveness of bank shares would be increased significantly.
Aviation Unit. RMB appreciation makes the aviation unit's aviation fuel costs will be greatly reduced. In addition, the airline through the purchase of aircraft, mostly the U.S. dollar has a huge external debt, RMB appreciation will bring a huge aviation stock exchange gain. Therefore, the airline stocks can be regarded as the concept of yuan appreciation, one of the biggest beneficiaries.
Real estate stocks. Non-reproducibility of land resources, the people rise in purchasing power, as well as RMB appreciation expectations, constitute the real estate sections and long-term positive for the better. Although the regulation will affect performance, but as the A share market listed real estate companies are basically the industry leader, in addition to itself has a strong anti-risk capability, the actual policy, regulation and control can also be used for further industry consolidation and mergers and acquisitions in order to further consolidate their strength. The real estate liquidity is better, and thus become the focus of hot money choices directions.
Iron and steel stocks. China's steel industry, imports of iron ore compared with about 40%, iron ore prices increased by iron and steel industry production costs. RMB appreciation makes the enterprise cost reduction, combined with iron and steel has been no substantial growth dynamics throughout the industry average price-earnings ratio is low, its value significantly underestimated.
Paper stock. High-quality paper pulp in a large number of dependence on imports, while the pulp paper industry accounted for 70% of the cost, RMB appreciation has led some large dependence on imports of paper and paper packaging industry to benefit.
The third is to note the appreciation of the adverse effects and investment risks. Appreciation of the renminbi is not always positive, and appreciation will also give a negative impact on some industries. Export-dependent industries such as textiles because of the appreciation of the yuan increased labor costs, even if the industry leader also feel tremendous pressure. There are also auto stocks, RMB appreciation will make the prices of imported cars, thus affecting domestic car sales, which is already a lack of technological competitiveness of the automotive industry is not a small negative impact on the stocks in these sectors should be Note that risk-averse.
In short, in the context of the yuan appreciation, investors should pay attention to when the stock selection differential treatment response to market trends. Focus on blue chips with H shares and benefit from the appreciation of the concept of stocks, for the appreciation of high-impact sectors subject to the stock should be avoided as soon as possible.
Finally, pay attention to investment strategy, although the appreciation of yuan would benefit from the listed companies in many industries, but investors must understand that the beneficiary does not mean an immediate rise in market conditions are often volatile type development, the hot spot is constantly rotating. Appreciation of the concept stocks have a higher potential, but the specific sections or to which the stock which is very different, and some of the first plate up, and some post-up plate; some benefit from the unit or large, some small benefit from the shares rise These are not the same. Therefore, investing in stocks must closely follow the market, the appreciation of the concept of capital flows, grasp the hot spots to make a profit. The best practice is for these plates are concerned, but not fixed investment shares of a plate, usually in each section selected 23 leading stocks back, until which time the industry has become a hot and has the active involvement of incremental funding, the and buy stocks that plate, so as to be targeted. (German investment Wang Yi-Wen Ding)
