Value Investment And Growth Investment Circle Will Lead The Future.

With the gradual maturity and development of the market, intrinsic value investment and growth investment have gradually become the two major value investment theoretical systems leading the market development.

From the perspective of the development history of the mature capital markets in Europe and the United States, the direction of investment often presents a typical cyclical cycle between the two theories, and in the long run, this cycle has always been effective in maintaining the balanced and reasonable development of the overall P / E ratio structure and making the market structure more solid.

After the wave of big blue chips swept away, it is necessary for us to pay attention to the relative advantages of small cap growth stock market development.

First, value investment and growth investment are the two main theories to promote the current market development.

With the gradual maturity of the market and the growth and development of the fund as the main institutional investor, the capital structure of the market has changed radically.

Traditional way of finding and digging

Taking into account the actual situation of China's market, the connotation of intrinsic value and growth investment has undergone new changes.

The intrinsic meaning of intrinsic value investment concept should be that through investing in the way of investment that is undervalued by the market, that is, its intrinsic value is higher than the market price, its investment objectives are generally stable and easy to judge its intrinsic value. The growth investment idea is to get high returns from the market by investing in the growth potential of listed companies.

General investment goals have better growth expectations, but there are many uncertain factors, and the intrinsic real value is difficult to accurately judge.

The difference between the two types of value investing is the emphasis on valuation or growth as the main criteria for choosing investment targets.

Two, the reincarnation of investment philosophy is an inevitable phenomenon.

Looking back at the history of the evolution of the investment concept in the US stock market in the past fifty years, we start with the following clues: electronics, semiconductor stocks, blue chips, bioengineering stocks, Asia's four small dragons, and Internet stocks, the traditional industry blue chips.

There is a clear track, namely growth (electronics, semiconductor stocks) to value investing (blue chip stocks), and then to growth (Bioengineering stocks, four Asian dragons, Internet stocks), and then to value investing (traditional industry blue chip stocks), and the market as a whole has been in the two circle of investment.

China's stock market has been following similar tracks since 1999.

The 5. 19 market which began in 1999 is dominated by the stock of science and technology. The unlimited development prospects of the Internet industry have made investors crazy. But with the network bubble from crazy to disillusioned, in the next few years, big blue chips, such as steel, banks, automobiles and so on, have obviously outperformed the big bear market.

The new round of stock market reform is obviously more in line with this feature. In the big market started in early 2006, the market has clearly completed a clear pformation of the stock market in the light of the stock market reform, the bank's real estate and other local currency appreciation market - the theme stock market - the big blue chip market.

Therefore, we can sum up this rule very clearly, that is, the cyclical cycle of investment philosophy is an inevitable phenomenon.

In fact, there are deeper reasons behind this inevitable phenomenon.

If the hype of intrinsic value investment reaches a stage, it often leads to overvaluation of blue chips. Undervalued growth chips tend to be more affordable and will gradually be adjusted to more forward-looking institutional investors, which will foster the foundation for the next growth market, and vice versa.

Therefore, the root of this recurrent pformation is the inherent law of the market itself, which restricts the behavior of rational institutional investors, guarantees the rotation of various sectors in the market, and promotes the structural adjustment of stock price to earnings ratio to a relatively reasonable level.

Thus, it plays a role in maintaining the long-term and stable development of the market in the valuation system, and is in line with the objective laws of the market.

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Three, from the inspiration of investment idea reincarnation to judge the current market structure development.

From the beginning of July this year, the main investment target in the market is the large blue chips which are dominated by heavyweights.

With the launch of the stock index futures and the rapid upgrading of the scale of the fund, forcing the big blue chip as the main target of setting up a warehouse and the issuing speed of the large stock market reaching its peak, the investors' pursuit of the blue chip market has reached a rare level of enthusiasm, and the valuation of the big blue chip has reached an unprecedented peak.

The result of this crazy pursuit of big blue chips is that small cap growth stocks have been left out of the market. Compared with the market share, the market earnings ratio is structurally high. In fact, most of the valuation of large cap stocks is now equivalent to that of small cap stocks.

In the recent market adjustment process, the heavyweights have a comprehensive finishing trend. The rapid slide of large share stocks will bring about the crowding out effect of capital outflow of large cap stocks in addition to bringing the weight market break and the sharp fall in index.

In the backdrop of small cap stocks returning to valuation depressions and beginning to have corresponding valuation advantages, institutional capital will inevitably start to refocus on small stocks with growth and reasonable prices, thereby promoting a new round of value to the growth of investment market reincarnation.

There are three types of small cap stocks worth the attention of the central line.

The first category is small and medium-sized stocks with partial technology.

From the point of view of news, mainland Internet giant Alibaba, giant network and long swim network have been listed overseas. The high positioning of their stock price will stimulate the technology stocks of A share market.

In addition, in order to implement the spirit of the 17th National Congress of the CPC and build a multi-level market system, the gem will be launched as soon as possible.

Because the positioning of gem should be mostly technological innovation enterprises, it is a driving force for the technology board of the motherboard.

According to the specific sub sectors, the growth of the electronic components industry is good, and the 1-8 month income has increased by 26.7% over the same period. Among them, integrated circuits, discrete devices and basic components are strongly driven by market demand, and the net profit growth rate is much larger than that of the main business.

More importantly, the valuation level of the corresponding stocks is not high, and the dynamic price earnings ratio of some 08 years is about 25 times.

In addition, some media stocks (such as Bo ray Communications) deserve attention.

The future countries will further relax the control of the media industry, and support the mass media industry to be bigger and stronger, which is undoubtedly a great benefit to the media industry.

It is estimated that there will be 13 restructured publishing units in the capital market in the coming year, of which 7 will be integrated into the editing and marketing business.

The second category is small cap stocks in chemical industry.

Judging from the current level of valuation of major industries, the chemical industry has an obvious valuation advantage.

From the sub sectors, potash, polyurethane (such as TDI, MDI), non-toxic pesticides and other growth are better; in addition, the prospect of coal chemical industry is also more optimistic.

Under the background of high oil prices, methanol and two methyl ether will be protected by policies to replace some gasoline and diesel demand.

The third category is small cap stocks with asset injection expectations.

The characteristics of such companies are