129784668172553750_268Oriental securities: rebound or continue to seek after the end of
MicrosoftInternetExplorer402DocumentNotSpecified7.8Normal0 significance of positive recent system reform, the a-share market's biggest bright spot is a series of institutional reforms, from a previous appeal to the pensions market, the primary market pricing reform of new shares
tera gold, to raiseQFII investment quota limits, are designed to enhance a share value of long-term investment, through thorough reform to produce a more mature form of a-share market. Long term, the sound system is the important foundation of cattle in the capital market, positive meaning is self-evident. Reform of shares system, for example, focused on promoting the stock offering, expand networks placing and canceling offline under moratorium。 This increased supply of stock on the first day of new listings to discourage speculation speculation, reduce new stock valuations. The short term, if the market valuation of rapid fall, their valuations downward traction on the secondary market should not be overlooked. Especially in a downward trend in the lockup period-3 months on its first day of selling pressure jump and the market does not rule out into level down secondary market valuation, and then throughSecondary market down the negative cycle of IPO pricing. In addition, the IPO market-oriented reform more likely to reform, does that mean the supply increase? At the same time in front of the reform has been whether the company will provide the issue? These potential expansion factors are restricting short-term market performance. Pensions market and improving the lines of QFII, pensions life insurance money in nature, QFII fitterLong bottom on the left, even if its released quotas, nor equal to immediately enter the market, is not equivalent to chasing rising stocks. From the perspective of value investing and long-term funding, at the frontier of economic transformation and growth expected more prominent small stocks are still rendered structural overvalued, in the short term does not have the configuration value. Positive signals in the bud hard landing as micro-enterprises profit expectationsGradually materialize, currently positive signs are sprouting, although these positive signals limited short-term stimulus, but future or become fuse medium-term Reversal. First of all, Premier preconditioning fine-tuning measures put forward as soon as possible, this is the release policy trend of growth signaling. Coincidentally, all aspects of warm air blowing, rare stopped for 13 consecutive weeks from Central, the central banks again bootModerate credit growth, and then to the Boao hair dryer relaxation of capital controls, these micro-signal may not be strong, indicate that the policy of balance are quietly turning in favour of a-shares. Secondly, with regard to breaking the banking monopoly, ease the financing difficulty of small micro-enterprises, effectively breaking them up and broaden access and other measures, although short had difficulties in their implementation, but for deep economy – micro-enterprisesIs a good, once the economy further down, is not excluded from the expected stimulus policy. In addition, the United States and Britain, France and Japan discuss release of strategic oil storage ease oil prices again, the corresponding is the fall of oil prices, with the return of a strong dollar, medium-term potential inflationary pressure will ease, to policy transfer to other use out of the room. Objectively speaking, the abovePositive signs still need time to ferment, current limited positive effect, even further deterioration of fundamentals to strengthen such a signal. But with second-quarter earnings of listed companies from the further down
tera gold, these may very well be the fuse for reversing the trend of positive signals. Rebound or continue to seek after the end of the first trading day after the market rebounded stemmed largely from the endogenous factors driving。 On one hand, as published in the annual report and the publication of the notice in the first quarter, for fundamental pessimism in the market by continuously falling since mid-March has been released. The other hand, huzhi has reversed early gains of two-thirds, will shrink to the level of one-second in the early, a general decrease in the unit close to the 30%. In these circumstances
tera power leveling, even in the absence of external stimulation, marketAlso a rebound in demand, and recent external positive image more meaningful, real stimulation was limited. Instead, the strength in the dollar and Euro bond risk rose again in the second quarter will make cross-border capital return to United States, and this capital impact has not been back on the a-share market fully expected. Coupled with second-quarter corporate earnings are still in the main falls, small stocks value is still not in place. In view of the presentMany SMEs business environment even less than in 2008, and valuations at the end of 2008, there is still a large premium. Based on wind data, March closed at the end of small and 27.73 times times earnings compared with 1664 points three times a 70% premium. Even if the value cannot be returned to the level at the time, so much of the premium must also undergo a return valueProcess. In other words, before the start of any round of reverse, there is a "go".
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