Review Black Monday: 100 Shares Limit, Gem Was Sold

< p > < strong > withdrawal of gem > /strong > /p >

< p > December 2nd, more than 200 of the more than 300 GEM stocks were down, occupying more than half of the two cities.

There are public data statistics, in from December 2nd to 3rd, two cities, a total of 237 stocks fell more than 10%, of which more than 7 of the shares from the gem.

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< p > "gem's collapse is mainly due to IPO restart news, because IPO restart means increased supply to create pressure on GEM, especially some gem enterprises whose performance is poor depends on restructuring."

Ann Wei, senior vice president and chief strategist of CSC research and development department, said in an interview with reporters.

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< p > reporter learned that some private equity companies have reduced their GEM stocks because of the collapse of the gem in December 2nd.

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< p > "affected by the restart of IPO, we have already reduced some GEM stocks on that day."

A fund manager of a large fund company in the South revealed to reporters.

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< p > in fact, agencies have been running down for a while for the "a href=" http://www.91se91.com/news/index_z.asp "gem" /a ", but the news of IPO restart apparently accelerated the pace of institutional reduction.

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< p > "many funds are not optimistic about the GEM market after the third plenary session. They believe that the market will adjust after the end of the good run."

Yang Delong, chief strategist of the southern fund, said in an interview with reporters.

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< p > for private companies with strong mobility, lighten up is also the main theme.

Zhong Zhifeng, director of Guangzhou private equity and Chuang Xiang investment research, said in an interview with reporters, "because most of the gem stock market in December 3rd has a big decline, we made a slight reduction, which is mainly to prevent fluctuations in net value."

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< p > according to the reporter, in the first half of this year, most of Guangzhou's Chuang Cheung investment products were GEM stocks, but this year it was reduced earlier.

For example, with 93.51% of the proceeds, it took the first half of this year to win the first prize of the private champion, 1. Its performance contribution came mainly from the gem growth stocks at the end of last year.

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< p > Zhong Zhifeng told reporters earlier that palm interest technology had been reduced in May this year, and the early growth of GEM stocks had already lowered their positions in May, because they thought that the overall valuation of gem was high, so as to control risk.

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Lin Hai, general manager of Beijing private equity and WAN Si capital, told reporters that the slump of the growth enterprise market was an overreaction of the market, but it was not sudden at all. P

It has been predicted that IPO may re open after a href= "http://pop.sjfzxm.com/popimg/xm/index.aspx" > Third Plenary Session < /a >.

"We did not buy GEM stocks this year. We only buy stocks that we are familiar with and familiar with."

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< p >, however, most of the respondents said that if the GEM stocks were adjusted, they would be repurchased, and the a href= "http://pop.sjfzxm.com/popimg/fz/index.aspx" > stock > /a would not be excluded.

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< p > "although the restart of IPO may bring about a systematic decline in growth stocks, there is an area where the direction of pformation and performance can maintain high growth. If a larger decline can be made to increase the allocation of stocks, most of the pseudo growth stocks will be substantially adjusted."

Yang Delong said.

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< p > although the IPO restart has caused market volatility in the short term, most respondents believe that A shares are good for a long time.

"Now the gem is highly valued, and the new rules help to improve the premium of the gem, and look for stocks that are truly supported by performance and grow well.

At the same time, some new stocks will emerge after opening the gate, and investment opportunities will be welcomed.

Zhong Zhifeng said.

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< p > a brokerage analyst admitted that the current gem valuation is about 55 times, and the valuation is high.

Due to the restart of IPO, the quality of the first batch of new shares should be very good, so the valuation of new shares will increase, and the valuation of "old stocks" will drop.

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< p > > a href= "http://www.91se91.com/news/index_f.asp" > Shenzhen Stock Exchange < /a > data show that the average price earnings ratio of GEM stocks is 52.68 times, nearly 27.04 times that of Shenzhen stock market.

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< p >, therefore, Yang Delong believes that IPO restart is the trigger factor for the bubble burst of the growth enterprise market.

Because the current queuing companies are mainly small and medium sized boards and gem, the new regulation of IPO has a great impact on GEM.

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< p > < strong > advancing into blue chips < /strong > /p >

< p > under the stimulation of IPO restart, the blue chips have been limited.

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< p > according to the reporters, most of the third round of the organization carried out "sweep the goods" to blue chips, but still showed "calm" at this time.

Some organizations launched the "stock adjustment" of stocks under the news of IPO restart, and invested the clearing funds of clearing the gem on the blue chip stocks.

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< p > according to public data statistics, the Shanghai Composite Index has risen 0.10% in the first 2 trading days of this week, the Shenzhen composite index has dropped 0.59%, the SME board index has dropped 2.83%, and the growth enterprise market index has fallen 8.16%.

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< p > reporter noted that in the two months before the end of the year, the main funds gradually showed signs of inflow into undervalued blue chips.

According to Ju Ling financial statistics, only two cities in November 28th had a total of 4 billion 752 million capital running in, of which traditional blue chips became the object of fund sweep.

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< p > Yang Delong seems that the new regulations promulgated last weekend are good for the securities and banking sectors.

"Blue chip stocks have not risen this year, the bubble is not big, has the advantage of low valuation."

Yang Delong said.

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< p > for next year's layout, Yang Delong suggests that the market pattern will undergo great changes in 2014. Mining white horse stocks with undervalued value and stable growth will be an effective investment strategy.

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< p > reporter noted that not only fund people, mainstream brokers also optimistic about < a href= "http://www.91se91.com/news/index_cj.asp" > blue chip < /a >.

CITIC Securities believes that although the IPO restart has more negative impact on GEM, it is good for blue chips, especially the brokerage sector, from the plate.

Because the new issuance system has restored the investment banking and pricing functions of brokerages, which is a direct benefit.

And in terms of configuration, it is suggested that we should focus on small and medium-sized businesses and fully participate in the rising stock market.

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< p > IPO opens the gate, which means that the investment business of brokerages has been reborn, which is a great benefit to the brokerage sector.

It is understood that Guotai Junan issued the securities brokerage board after the news release. It is believed that after the restart of IPO, the investment income of the brokerage firms will rebound, and the brokerage sector is expected to be "bad." it is recommended that CITIC Securities, China Merchants Securities, GF Securities, and Guojin securities with high IPO revenues should be recommended.

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The P reporter learned among the respondents that although blue chips were favored by institutional investors, it was difficult to get the stock market out of the market as a whole.

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< p > "until the IPO restart in January next year, the liquidity of the capital market may be more relaxed, and the market will be better then the bad news and bad news will be completely digested."

An Wei told reporters.

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< p > Bayashi Minori said, "there will be no big market in December.

Because every year in December is the time of capital withdrawal, the funds are relatively tight, and the market will improve until next year's Spring Festival. "

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< p > Zhang Yunyi also shares this view from stock operation.

"Years ago, the operation was mainly defensive, maintaining the fruits of victory."

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< p >, but Zhang Yunyi thinks there will be some market next year. There will be a wave in the first quarter of the year.

In addition, China's economic pformation is accelerating now, and some new structural changes will also emerge.

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