Gem ETF Approved &Nbsp; Gem Index Jeedies Counterattack.

Yesterday, the growth enterprise market was first restrained and later raised.

China

Analysis of industry experts, it is precisely because the gem index market capitalization is not large, ETF approved the news only to gem stock has a positive positive stimulus.

If the ETF and its linked funds are raised to tens of trillion yuan in the market capitalization index, the positive effect of the fund will be very small. But if the same fund is put in the index of only 100 billion yuan circulation market value, it will give the corresponding index obvious stimulation effect.

As early as the first half of 2006, when the small and medium-sized board ETF was raised, the market value of the small and medium-sized board index was $23 billion, while the SME board ETF raised nearly 4 billion yuan at that time. The issuance and establishment of ETF for small and medium-sized boards stimulated the rise of the SME board index.

The management of gem ETF and its connection fund is the largest fund company in China. In 2009, the newly issued Shanghai and Shenzhen 300 Index Fund and Shenzhen 100 connection fund raised more than 15 billion yuan. In 2010, the newly issued ETF and its connection fund raised nearly 5 billion yuan. The company's new index fund raising capability is in the leading position among fund companies. Therefore, the approval of gem ETF is more worthy of market attention.

Market doubts rebound hard to sustain

Yesterday, the gem index bottomed out after refreshing its historical low, and the Japanese K-line formed a combination of Yang and Yin.

However, we believe that a strong reversal of a single day is hardly convincing as a basis for judging short-term bottoming.

First, there is still a significant difference in the structural valuation of the market.

From the foreign situation, gem has high risk and its P / E ratio is generally lower than that of the main board, while the domestic A shares are just the opposite.

In terms of a year's rolling price / earnings ratio, Shanghai and Shenzhen 300, small and medium sized boards and gem are about 14.3 times, 35.9 times and 45.7 times.

Combined with the performance of the GEM stocks, from the Wind data as of yesterday, the TTM P / E ratios of Wan Bang Da, Da Yu water saving and Herman Technology (the latest 12 months' data P / E ratio) ranked the top three, which were 182.99 times, 107.23 times and 105.21 times, respectively, while the three individual stocks rose by -22.39%, 6.68% and -15.34% respectively.

Second, the bubble broke out at the high price issue of gem, and there was a requirement for escaping after short-term capital participation.

Statistics from the sky show that the net inflow of gem funds was 618 million 637 thousand and 500 yuan yesterday, while the small and medium board funds were 325 million 944 thousand and 300 yuan in the same period, and small and medium value market varieties showed signs of diversion in the bottom rebound process.

On the other hand, from the perspective of the single week capital inflow of the gem, the net inflow of the gem index has been -93418.70 million yuan and -210276.53 million yuan since the two complete trading weeks since May 9th. (the only two trading days this week, the capital inflow of gem is still showing -38114.07 million yuan). With the continuous decline of the gem index, the continuous negative growth of net inflow of funds indicates that it is not a clear stage to build up the bottom.