The Honeymoon Period Of GEM Has Ended.
The most expensive stock group in the history of A shares -
Gem
After more than half a year's hustle and bustle, it finally fell back.
In the rising stage of the market, some phenomena or information in the market are mostly processed into good profits, and can form the investment theme of the market accordingly; in the fall of the market, the same phenomenon and information turn into the pressure of the market in reverse.
The excellent performance of "over raising" and initial listing is the catalyst for the early stage of the growth enterprise market. Now the over raised fund has been regarded as the operating pressure for the GEM companies to achieve the expected growth. The excellent performance at the time of listing has also evolved into a resistance to future growth potential and growth.
These market changes show that the honeymoon period of gem is over.
The current round of A share adjustment is a first step to reduce the valuation standard, and then adjust the expected performance of Davies double kill system adjustment.
As part of the A share market, gem and small and medium sized boards will not be the exception.
The role of "Davies double kill" in the market is to "kill valuations" and then "kill results".
Corresponding to the current market situation, the "double kill" market adjustment pressure is still in progress, and has not yet been fully adjusted.
It can be noted that the adjustment of A equity capital "Davies double kill" is carried out in two steps. At present, the valuation standard of cyclical industry shares has been lowered to a more reasonable level, for example, the valuation standard of bank stocks has been lowered by 10 times PE; cyclical mainstay industries such as insurance, securities, real estate, construction machinery, automobiles, household appliances, steel, cement, basic chemical industry have been reduced to 15 times PE.
However, these cyclical industry stocks still have the potential pressure of "adjusting performance" after the valuation is finished, that is, the pressure of downward pressure on performance should be further digested. This is also the main reason why the market value of cyclical industry stocks has been reduced to a reasonable level.
The valuation of cyclical industry stocks has been lowered to a reasonable level, but the valuation of consumer, small cap and concept stocks is still at a high position.
When management has increased the fight against insider trading to the level of the main contradiction of regulation, the new deal of ST company, the sharp contraction of market liquidity and the inability to support the high valuation of company growth, such companies are bound to move down the valuation standard because of the rising demand for safety margin.
Therefore, the first step in the adjustment of "Davies double kill" is from the cyclical industry. The second step is in the new economic stocks represented by the gem and the small and medium-sized board. At present, the market of gem and small and medium board is under the pressure of "valuating".
Future market performance is still not up to the expected "performance" pressure.
There are also factors contributing to the end of the honeymoon period of the gem. Starting from October, the gem will usher in a "no size" ban.
It can be expected that the scenery lasted for more than half a year.
Gem
It will usher in its "melancholy period" from October.
Of course, the barometer of the market will prompt the market to respond 3-6 months ahead of schedule.
At present, the consensus of the market for gem is expected to be "differentiation".
Indeed, some of the GEM companies have high growth potential, but in addition to selecting companies, stock market investment should also choose the right time.
At the present stage of the bubble of the gem, "the real gold and the mud and sand are falling", it is best to stand idly by in the most destructive phase of the "valuation and valuation" stage. Until the market enters the stage of "adjusting performance", it is not too late to "pick up shells on the beach" after the bubble is exhausted.
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