Gem Means Breaking Up 1300 Internal Differentiation Seriously

< p > > the world's < a target= "_blank" href= "http://www.91se91.com/" > clothing < /a > a target= "_blank" href= "_blank" > shoes "< hat > net" Xiaobian to introduce the gem is to break the 1300 style conversion continued dystocia.

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< p > under the heavy pressure of IPO restart, the gem index, which rebounded through 4 consecutive trading days, lowered its head on Wednesday, plunged more than 2%, broke 1300 points, and dragged down the Shanghai and Shenzhen two main board index both down, and the Shanghai Composite Index approached 2000 points again.

Yesterday, the concept of network lottery, charging pile, hand travel and other plates fell to the worst hit areas.

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< p > Dongxing securities Strategy Analyst Luo Baiyan believes that as of now, there are nearly 300 pre disclosure enterprises in IPO. According to the 638 new shares currently queued up by IPO, it is estimated that the fund will be raised to 356 billion 200 million yuan.

At the present stage, the impact of IPO restart on the market is only psychological. However, subsequent high-density issuance will bring a real financial impact to the market, and even lead to market valuation reconstruction.

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< p > data show that although the growth of gem is speeding up, it does not match the current valuation. In 2013, the a href= "http://www.91se91.com/news/index_c.asp" > gem < /a > net profit growth rate was 9.94%, lower than 20% of the market forecast, which was not suitable for nearly 60 times valuation, and the internal differentiation of gem was serious.

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< p > Wang Hanfeng, a strategist at CICC, believes that the current market trend is more tangled: on the one hand, China's macro environment is still in the doldrums, and worries about the real estate industry are "hanging like a sword"; on the other hand, policy "micro stimulation" and reform measures are also being launched.

Under the extremely low valuation of large cap stocks, the market has been caught in a narrow impasse.

Unless there are obvious policy changes, the current downturn in real estate may be difficult to substantially improve; and in the current "micro stimulation", the economic improvement may only happen gradually, it is difficult to form a "strong stimulus" to the market.

Against this background, the industry configuration proposal sticks to the white horse growth stocks with reasonable valuation and growth certainty on the one hand; on the other hand, it chooses local short-term themes with policy and reform measures and industry progress.

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< p > as for the judgement of market size and style, a private equity fund official said that at present, the overall valuation of the gem is still high, and at the same time, there is IPO pressure, which makes it difficult for the gem to rebound substantially in the near future.

The big blue chips are subject to the macro fundamentals and liquidity problems. Even though the valuation is low, it is difficult to have systematic opportunities. In addition, the huge volume of financing is mostly concentrated on blue chips, which has increased the sell-off of its subsequent market and increased the difficulty of recovery, leading to the difficulty of completing the style conversion of small and medium-sized shares.

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< p > Wang Hanfeng also said that small and medium value market growth stocks are just rebounding.

In addition to the high valuation, some growth stocks are facing the fundamentals. < a href= "http://www.91se91.com/news/index_s.asp" > risk < /a > will also hinder the performance of small and medium capitalization growth stocks this year.

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