Category: Money tips Release Date: 2006-10-10
Moderator Xu Ocean
Guests
China Merchants Securities XIAO
Everbright Securities Zhu Haibin
Moderator: Stock market's strong and continuous pulled up so that investors feel the bull market in recent years, a rare atmosphere. However, yesterday the market in the days volume of transactions closed out under the shadow line of 36 points or so that investors felt the touch of atmosphere to adjust, after all, the past five trading days have been gains were more than 10%. How to deal with possible adjustments? Investors need to focus attention What are the factors?
Strengthen the confidence of a positive action
China Merchants Securities XIAO: well-adjusted bear market, investors tend to hear the mere mention, because a bear market decline means that the index stuck low and deeper. In this state of mind to face the upcoming adjustments to market, its operation may be desperate to throw the stock, and then wait for the callback tape. At this point, investors do not do not know how to deal with adjustment of the bull market of the market, but they still do not consciously on the adjustment of panic. One of two reasons: first, investors stay too long in a bear market, bear market mentality and habits is not easy to reverse the operation; Secondly, lack of confidence in the stock market has entered a bull market. Therefore, the current investors to operate on the first thing to do is to change the bear market mentality, a firm confidence in the bullish stock market.
Bull market adjustment mean? From the grasp of the trend terms, is more an opportunity to buy low! Bull market trends in order to judge the current round of bull market is still in the start-up phase, investors do not need to short-term shocks or adjustments may be too excited about.
Of course, from the operational tempo, the bull market adjustment also means the opportunity to spread. Especially in the present gains were as high as 50%, a large number of stock price to double or even more cases, grasp the rhythm of broader market volatility, timely reduction means a considerable difference chance. At this point, investors can not do not care about this band operation opportunities. While a good idea, but its premise is well positioned to grasp the rhythm of the market, more important is the rhythm of individual stocks shocks. Otherwise, the blind chase that could allow investors to sell into frequent and unpredictable fluctuations in the trend in the loss of direction.
It is precisely because the bull market trend is upward, but no obvious bias in picking the case, the "median line to hold" investment strategy must have the opportunity to outweigh the risks. Therefore, should the investment strategy of the bull market has prudent and positive two categories: selling stock, adjust the tape in place and then wait again after intervention strategy is simple, but too conservative, there are also risks of Ta Kong. For active investors, even if the broad market adjustments can be sure there are two types of investment opportunities: First, grasp the broader market volatility, active bargain-hunting at high band operation opportunities; Second, in the case of Change there has to grasp the different stocks operation between the wheel moving opportunities. Regardless of what kind of opportunities, mistakes can be held, in doing so huge difference. We believe that in the bull market, investors should insist on such a positive investment strategy. Of course, in order to maintain the flexibility to operate the trend shocks to control the position at the appropriate level is also necessary.
Starting with a positive attitude, despite the recent broad market to adjust the requirements, we believe that investors can still be concerned about the three types of short-term opportunities for this: first, the recent reform process may start stock stocks, focusing on those at risk through asset restructuring or financial innovation in stock reform of the stocks; second, the middle part of the pre-poised potential of stocks, broader market adjustment may not affect its independence upside out of Quotes; Third, some individual stocks lagged far behind the early gains, stocks callback space is limited, they are also likely to emerge from short-term rally.
Texture is the most important elements of the company
Everbright Securities Zhu Haibin: near a stage of accelerated rise in the market characteristics, the two cities for 5 consecutive trading days has appeared in nearly daily limit is only the phenomenon of individual stocks, the market has been unusually active. At the same time, stocks differentiation and "the strong Hengqiang" feature is also very clear, which further underscores the importance of operating in the stock-picking ideas. Yesterday was the sudden adjustment of the market, more to remind investors of the market in the next phase should be concerned about the company as the first element of texture. Looking for continued growth and undervalued companies, is in the A-share market's long-term investment strategy. If you do not from the perspective of long-term problem, only emphasizes stocks of short-term gains, and finally end up "monkey Breaking corn"-like results.
Relative valuation advantages and sufficient funds are raised the driving force behind the rally. It is expected in the market consistent basis, the short period of five trading days, the stock upside continuous short squeeze more than 180 points. The rapid rise in the market, apart from a small number of loss-making shares and ST, the almost all the stocks are more or less had a performance, is now hard to find still in the bottom of the state of stocks, which indicates that the value of individual stocks have already gone through a more fully excavated. At the same time, the market mentality has emerged in speculation, frenzied looting chips and even instant success of the funds will warrant as a target. However, the development of Quotes has its own laws, especially with the split share structure reform to improve the effectiveness of after-market, the next phase of A shares "Qi Zhang a total or" phenomenon may be difficult to occur. In addition, as a system of discounts are being gradually eliminated, the market valuation is expected to steadily rise, combined with the current financing Quotes Quotes are already in the transitional phase, while the re-financing, issuing new shares will accelerate the trend of underperformance as the marginalization of shares. Those that were performing an excellent growth potential, apparent blue-chip stocks, will likely become the A share market's "scarce chips" have been more and more favorable for investors. Is reflected in the secondary market, the market's "strong Hengqiang" characteristic will be further strengthened. As the market towards maturity, this phenomenon will persist in the stock market.
In short, in the current market liquidity is abundant, and A shares of a critical stage of institutional change in the context of the overall market situation has not changed for the better. Rapid rise sharply after the short-term adjustment of funds for pre-Ta Kong the opportunity to bring a bargain-hunting approach, the market is also no lack of long-term structural adjustment advantage of the continuous performance of individual stocks. However, because the future funds will be further concentrated to high-quality leading enterprises, the performance of individual stocks polarization will be inevitable. Therefore, a more investors should pay attention to the company's internal texture. Stock picking can start from the following perspectives: first, the valuation level and H shares of the same, while the fundamentals have continued to grow capacity in the context of full circulation to improve the operating efficiency of the company; 2, can better share of China's economic take-off, unique, in order to As for overseas markets will not buy stocks.
