Expert Stock Exchange Gem Narrowed

< p > by the US technology slump, today's growth enterprise market opened sharply in early trading, but the market rebounded.

As of noon, the < a href= "http://www.91se91.com" > gem < /a > index fell 0.19%, at 1344.21 points.

In terms of stocks, Yang Jie technology, Hua Lu Bo Na and Hua Changda three stock exchanges; China aviation electrical survey continued to lead.

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< p > since February 25th, the gem index has dropped 250 points, or more than 16%, and the entire gem market has evaporated 255 billion 700 million yuan, equivalent to evaporating 3 Vanke A.

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< p > and stocks also suffered a general fall.

More than 30 pre startups have fallen by more than 30%, including more than 20% of the GEM stocks, and more than 100 of the GEM stocks, and more than 300 of the 379 GEM stocks fell more than 10%.

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< p > Haitong Securities pointed out that along with the acceleration of the index decline, the "waist cut" speech has also been spreading, but as the previous most pessimistic view of the gem, we do not think the situation will be so serious. The theoretical value of the valuation model obtained during the year is extremely low at 1050 points, which is very far from the "waist cut". The adjustment in the last 1 months is expected to stabilize near 1200 points, so the short-term adjustment has not yet ended.

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< p > synthesizing the viewpoints of various research institutions, summarizing the five leading players behind the continuous decline of the gem.

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< p > < strong > the reason for the fall is: the P / E ratio is high. < /strong > < /p >

< p > research institutions have turned to the empty side. Compared with Hongkong gem, the 60 times price earnings ratio of mainland gem has become the "Curse" of the market.

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< p > according to Wind data, nearly half of the 379 stocks in gem are over 60 times the price earnings ratio. Although the valuation has declined compared with the peak, it is still higher than the average level of the whole market.

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< p > XinDa securities analyst Wang Songbai said: at present, the market has a high profit forecast for the gem in the next two years, and the profit forecast adjustment may have a greater impact on the two tier market. The dynamic valuation of the gem is higher after adjustment, while the profit reduction of the TMT manufacturing industry and other industries may be greater, and the pressure on the stock index is higher.

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< p > < strong > the reason for the fall is two: the myth of high growth is shattered < /strong > < /p >

< p > according to the annual reports and express reports issued by 379 GEM companies, the growth rate of net profit in 2013 was 206 compared with that in 2012, accounting for 54.35%, and the performance pressure was bigger.

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< p > XinDa < a href= "http://www.91se91.com/news/index_s.asp > > Securities < /a > points out that the nominal growth rate of GDP is difficult to significantly improve, which will lead to a sharp rise in growth rate of gem growth.

As time goes on, the market will adjust the profit of the gem, which will have a greater impact on the two tier market.

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< p > 16 other companies in the gem appear to be losing money. Among them, the Wanfu branch lost 187 million yuan and the Xinghe biological loss was 163 million yuan. The way of valuing small stocks with poor performance may be a sharp fall in share prices.

Obviously, valuation is a bitter pill to solve the growing pains of the growth enterprise market, and the stocks in the GEM may accelerate differentiation.

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< p > < strong > the reasons for the fall are three: 28 quietly changing style < /strong > < /p >

< p > recently, the real estate and banking sector has been in a strong trend. Although the increase is not large, it has played a strong role in protecting the Shanghai Composite Index.

And the real estate industry is also good, the real estate refinancing quietly released, plus the integration of Beijing, Tianjin and other regional policies, making the real estate sector become a hot market in the near future.

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< p > bank shares were obviously favored by hedge funds during the announcement period of the annual report, while the dividend rates of the four largest banks were basically maintained at around 7%, which has strong attraction for large funds.

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< p > at the same time, from the perspective of policy guidance, the pilot of the preferred stock and the blue chip T+0 are also expected to be a special good for blue chips, so the recent strengthening of the blue chips is still a result of many factors.

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< p > is the intensive disclosure period of the annual report recently. Due to the uncertainty of the small cap stocks, funds began to flow out of the high growth stocks, and some of them turned to blue chips.

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< p > < strong > the reason for the fall: Four: the market value of the lifting of the gem has a record value < /strong > < /p >

< p > the market value of GEM listed companies will rise to a new peak in April.

According to Wan de statistics, with the closing price in April 1st, the market value of the gem will be more than 40 billion yuan for the first time, which is 4.22% of the current market value of the gem.

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< p > Ji Yongfeng, an analyst with securities in Nanjing, said that after the lifting of the ban, the stocks with large circulation ratio would be more likely to be cashed by the original shareholders.

If the major shareholders of listed companies or other shareholding executives are optimistic about the prospects of the company, although the lifting of the ban can be circulated, the desire to cash in is not high.

But those big shareholders or important executives who are not optimistic about the company's future or badly in need of capital are more likely to take advantage of high cash.

And after more than a year of growth, the gem has reached a historical high level, so the probability of reduction is relatively large.

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< p > < strong > fall five: scarcity is no longer < /strong > < /p >

< p > March 21st, the SFC indicated that six reform measures should be adopted for the gem, which is generally believed to lead to expansion of the growth enterprise market.

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< p > according to the news, the IPO may be restarted in April, and the number of listed companies has increased significantly, with the largest number of Listed Companies in gem and SME board.

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< p > market participants pointed out that if the issue of new shares is opened, with the increase of the supply of small cap stocks, the scarcity of growth stocks in the growth enterprise market will be reduced.

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< p > Huarong Securities Research Report believes that the gem reform has lowered the threshold of financial indicators of listed companies, and changed the supply and demand relationship of gem a href= http://www.91se91.com/news/index_cj.asp > stock < /a >, which is expected to slow down the market's pursuit of GEM stocks to a certain extent and speed up the "cooling down" of the gem.

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