Economic Growth Will Continue To Decline By &Nbsp, And Gem Does Not Have The Opportunity Of Bottom Hunting.

The recent A share market continued to adjust, rebounded weak, hot scattered.

Bank sector rose to the current quarterly drop, and with the coal and colored deep callback, the valuation of cyclical stocks ended.

Reporters interviewed Guangzhou stark for future macroeconomic and market trends and whether the gem has the opportunity to make a copy of the market.

Economic growth will continue to decline

From the macro data point of view, leading indicators PMI, lagging indicators of industrial added value and import growth all declined in April 2011, indicating that economic growth will continue to decline.

At the enterprise level, we believe that due to the continued tightening of monetary policy, SMEs are generally facing financial difficulties.

In addition, the power generation mechanism of the electricity generation mechanism has been suspended for many years.

Investing in the growth enterprise market is not as good as gambling in Macao.

Since December 2010, the gem index has fallen by nearly 30%.

However, we think this is not much for high price, high price earnings ratio and high valuation listed companies.

We always believe that 95% of these GEM listed stocks do not have the elements of high technology, innovation and so on, which are defined by management. Many stocks are similar to small and medium-sized ones, but the IPO pricing and high price listing are unmatched.

The current growth enterprise market is full of hype. It looks like a casino. For us, to invest in the growth enterprise market is better than gambling in Macao.

Under the tightening policy, it is difficult to display resource stocks.

Due to the pressure of inflation, the expectation of tightening monetary policy has not yet appeared, and the performance of enterprises has declined. Therefore, we believe that the valuation of the blue chip valuation market is not sustainable.

We believe that after the callback of the financial sector valuation is relatively low, there is little room for decline, and has a stabilizing effect on the market.

Strong cyclical industries such as nonferrous metals and coal are mainly driven by inflation, which are related to the overall liquidity of the market, and their valuation is secondary.

At present, the continued tightening monetary policy is the "ceiling" that has always suppressed the performance of resource stocks.