Stock Market Growth Enterprise Market Analysis

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< p > on Monday, the gem means a significant adjustment in [1.21%] numbers, breaking through the 1400 point integer pass and losing half line in the market.

The introduction of reform related to the delisting and the structural loss of blood caused by the IPO explosion caused the loss of the growth enterprise market, and the profit recovery caused by the continuous rebound also made it short for the need to recuperate.

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< p > in fact, last week, the gem index went all the way along with the continuous outflow of funds, indicating that the main funds have begun to change positions.

Analysts pointed out that although the gem index pullback has a certain impact on the market, policy warming and economic stabilization will lead to a broader market. Under the seesaw effect, the short-term market style will be biased towards blue chips.

Further, the shock market has always been a fertile ground for speculation. The market preference will not be completely pferred from the small cap growth stocks. After the adjustment of the gem, it is expected that the market will continue to be active, and the split of the internal stocks will intensify further in the context of the curtain opening of the China Daily.

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< p > < strong > delisting system touches a href= "http://www.91se91.com/news/index_c.asp" > gem < /a > adjustment valve < /strong > /p >

After P, the gem index was slightly adjusted last Friday.

On Monday, the gem index's downtrend accelerated, and the 1400 point integer pass was broken down.

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< p > as of yesterday's close, the gem index was 1393.89 points, down 17.75 points, or 1.26%, and the lowest in the intraday market to 1381.94.

Stocks rose and fell less, and the effect of money making and speculation were significantly reduced.

Of the 341 GEM stocks that were normally traded, only 148 received red.

Among them, in addition to the snow wave environment, Fubon shares and Feitian integrity three times new shares, only open energy environmental [9.98% funds research report, Zuoli pharmaceutical [-1.44% Fund Research Report] and anso its [8.19% Fund Research Report] limit, the number of home Trading decreased significantly compared with last week; at the same time, 40 over 3% decline.

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< p > the big adjustment of the gem index is due to multiple reasons.

First of all, the early increase has made the valuation again alert.

During the rebound from May 19th to July 3rd, the gem index rose 16%, and stood on 1400 points again, and there was a demand for rest in the short term.

At the same time, according to the TTM overall law and excluding the negative value, the gem price earnings ratio has increased from 48.93 times in May 19th to 57.88 times in July 3rd.

The bubble did not squeeze enough gem, and began to face the risk of overvaluation again.

From the middle of February to the middle of May, the growth and development board continued to fall for three months in a row, which made the fund chase up and enthusiasm cooled last week. The gem index seems to be rising, but it is stagnant in fact.

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< p > secondly, the frenzy of fry leads to structural bleeding symptoms.

The enthusiasm of new speculation triggered by IPO really activated the popularity of the market and heated up the recent theme speculation.

However, it should be noted that frying is also a "double-edged sword". The new stock market has failed to defeat the myth, which has caused stock funds to over pursue new shares, sub shares and shadow stocks. The herd effect of A shares has made this trend more and more intense, and the symptoms of "structural bleeding" appear in the market.

In particular, in the context of the continued rebound of the gem index and the subsequent narrowing of the space, the new main line of earnings certainty has accelerated the withdrawal of funds from the gem.

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< p > finally, the delisting system has stirred up the sensitive nerve of the gem and has become the "valve" that touches the big adjustment of the gem on Monday.

Last Friday, the SFC announced some opinions on the reform and improvement of the delisting system of listed companies (Draft), and put forward a sound system of active delisting of listed companies, which stipulates the mandatory delisting of 20 listed companies.

This is bad for bad performance, junk stocks, ST (*ST) and so on, and the market speculation atmosphere is also suppressed.

Since last year, when the delisting system is introduced, there will always be obvious adjustments in the gem.

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< p > < strong > short term blue chips top class gem speculation is still unfinished < /strong > < /p >

< p > from yesterday's market performance, although the gem adjustment in the intraday impact on the motherboard, but the Shanghai composite index was supported at 2050 points, in the afternoon it was stabilized and picked up, the Japanese K-line received Yang cross star.

The military industry and the real estate sector are strong, and the machinery, construction and building materials sector is relatively strong, which has played a stabilizing role.

Under the seesaw effect, the attractiveness of blue chips is again highlighted by the fall of the gem.

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< p > in fact, recent capital flows have hinted at the return of market style.

Despite the continued growth of the gem index on the first four trading days of last week, capital flows continued to accelerate.

According to Wind information statistics, from June 30th to July 3rd, the net cash flow of gem was 278 million yuan, 879 million yuan, 1 billion 45 million yuan and 1 billion 150 million yuan respectively.

It can be seen that behind the growth of the growth enterprise market, the main funds have already been secretly changing positions.

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< p > at present, the policy is constantly stimulated by micro stimulation, and the stable stage of economic data has made a big difference to the market.

Last Friday, the Hang Seng AH share premium index was further low, making the value of low priced blue chips more prominent.

Although blue chips are constrained by economic structural pformation and lack of incremental capital, it is difficult to keep up; but the callback of short-term gem, or the movement of stock capital into blue chips, will continue to change or catch up.

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< p > of course, further, the rebound of the growth enterprise market is not the end.

Judging from the historical trend, the impact of the delisting system will not change the original track of the gem.

Under the current turbulence market, the theme hype is still the mainstream. The intensive release of industrial policies and the stimulation of good events provide an excellent environment for stock financing.

In contrast, the blue chip stocks are big and pressure is high.

As a result, the gem index has limited space to fall. After the technical return is in place, the a href= "http://www.91se91.com/news/index_cj.asp" > fund < /a > preference may return to the growth stocks.

It is worth mentioning that the big curtain of the China Daily opened this week, plus the announcement of the delisting system, and the split or aggravation of the stocks within the gem, and the Chinese newspaper's expected and high pfer stocks are expected to go through the adjustment of the gem to maintain a strong trend.

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