Three Factors Restricting The Later Stage Of The Growth Enterprise Market

As a leader in many varieties, Gem The future trend will largely determine the cold and warm of the stock market in March. Last week, the gem index received two heavy losses, which made investors unanimously expect the short-term small cap Market to end. But then after the stabilization of the low index of the main board index, the gem index rebounded again, and whether the mid term head of the board was established again became the focus of the market discussion.

Gem's "meeting the top" is now divided.

In January, the gem index was strong upside. In the 21 trading days, there were 15 positive lines and 6 Yin lines. During the period, there was no significant adjustment, showing that the fund was hot for GEM stocks. But in February, the growth of the gem index was not smooth. At the beginning of the month, the fund had already shown signs of loosening in the hands of the gem, and the frequency of the gem index adjustment was obviously accelerated. After a record high of 1571.40, the market reversed. The index closed two rounds in a week, basically announces the end of the speculation of growth stocks. Since February, the gem index has fallen by 4.08%, and the growth enterprise market has been showing signs of decline in the short run.

proper Investor Supposition that the decline of the gem index will bring a new stage to the top. The gem rebounded significantly in the first trading day in March, rising 2.11%. The competition was 14 stocks, such as intelligence, Blue Shield, three dimensional silk, etc., and 136 stocks rose more than 3%. At the same time, gem's "peaked" theory was also temporarily suppressed, and some investors thought that the feast of the growth enterprise board was not yet over.

Analysts pointed out that with the opening of the two sessions, investors expect the policy to rise again. It is expected that the reform and transformation may still be an important theme of the two sessions. The themes of environmental protection, network security, security monitoring and other theme stocks in the gem are more consistent with the themes of the two sessions, which has once again attracted the attention of market funds, which provides impetus for the rebound of the gem index. In addition, the gem index fell sharply last week, and there is a demand for overshoot and rebound in the short term.

　 There are still three factors in the latter stage.

Unlike previous adjustments, the decline in the current growth enterprise market has not been apparent.

First of all, the star share of the gem was once the most profitable group. But last week, many star stocks fell sharply in the gem, such as Huayi Brothers, network technology, Shanghai Steel Union and a number of strong stocks. When the gem index rebounded yesterday, the rebounding rate of these varieties was obviously weaker. Huayi Brothers rose 1.27%, net home technology rose 2.07%, and Shanghai Steel Union fell 4.72%. For a plate, the star shares have strong demonstration effect. When the stars share a collective failure, they will not only release the signal of the short run out of the main funds, but also bring a significant impact on the overall trading sentiment and popularity.

Second, the impact of new shares may be gradually reflected. When IPO was restarted this year, the gem index not only was not dragged down, but also showed a trend of "new and old" stocks rising. Market participants pointed out that the increase in initial supply of new shares was not obvious. Because of the price effect of new shares and old stocks, it promoted the growth of gem. But in late 3, new shares will be opened again. With the increase in supply of small cap stocks, the scarcity of growth stocks in the growth enterprise market will also be reduced, and the impact of the supply side on GEM will not be ruled out.

Finally, the attractiveness of the gem itself is decreasing. On the one hand, emerging industries are not exclusive varieties of gem, and there are no lack of new industries in the main board and small and medium sized boards. These companies are often the leading companies in the industry. They also benefit most in the process of economic transformation and upgrading of science and technology. Investors will not stay in the growth enterprise market because they favor new industries. On the other hand, after the previous unilateral rise, the valuation of the gem has been uplifted, and the market value of the whole sector has increased substantially. This also means that the plate will continue to rise and the capital needed will be greater. At present, the turnover of the gem has reached 40 billion -500 billion yuan. capital The pressure of continuing to raise the gem has begun to highlight, and the attractiveness of the gem itself is decreasing.