Where Is The Bull Market Of The Stock Market With High Innovation?

At the beginning of February, the Shanghai Composite Index saw the adjustment of the low point above 3000 points, and it rose all the way.

Especially from March 11th, the market appeared a rare history of Jiu Lian Yang, Shanghai composite index once rushed to 3700 points, refresh the new high in the past 7 years, and the daily turnover of the two cities also created a historical amount.

Various phenomena show that the current A shares are indeed arrogant.

What makes investors happier is that unlike last year's "structural bull market", large cap stocks and small cap stocks are basically flying together this year, which makes people feel that the gold content of the stock market is higher this year.

The recent stock market rise is the market's recognition of the "bottom up" of economic growth and the controllability of financial risks. It is also a comprehensive reflection of many factors, such as comprehensively deepening reform, ample market liquidity, downward interest rate on capital, and improving the profitability of Listed Companies in small and medium-sized enterprises, and has its inevitability and rationality.

According to the latest data from the company, the number of new A shares has increased since June 2007 to more than 1 million 100 thousand in the week from March 16th to March 20th, up 57.94% from the previous week.

In the first 3 weeks of March, there were more than 2 million 520 thousand new investors entering the market.

Confidence is more important than gold.

The general consensus is that the stock market reaction will generally precede the real economy.

At present, all measures for deepening the reform are speeding up, and the two sessions have outlined a blueprint for this year's economic development, which boosted the confidence of all parties in the market for the sound operation of China's economy.

In addition, leverage has also had an important impact on the rise of the stock market. A large amount of capital has contributed to the rise of the stock market.

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After the sharp rise, the market is also concerned about: how big is the index up space?

Judging from the valuation level, the CSRC data show that as of March 19th, the average static P / E ratio of all A shares in Shanghai and Shenzhen two times was 25 times, of which the motherboard price earnings ratio was 21 times, the SME board was 64 times, and the gem was 96 times.

The Shanghai Composite Index and Shanghai and Shenzhen 300 index average earnings per share are 12 times and 16 times, which is roughly the same as that of the mature market, but the growth enterprise market and the small and medium size board are already on the high side. 50.

The research team of CITIC Securities believes that the price earnings ratio of gem is high on the static side, but if we look at the valuation dynamically and refer to the company's performance forecast, many companies will grow well, and their overvalued performance will be supported.

At the same time, taking into account the state's efforts to promote the "Internet plus" action plan to encourage public entrepreneurship and innovation, more enterprises will benefit from the gem and small and medium sized boards. The overvalued value also reflects the market's expectations for the medium and long term policy orientation of the emerging industries.

From the perspective of capital, margin trading continued to record high, but the growth rate remained low compared with the end of last year. The market share and trading volume of financing capital were still at a reasonable level.

The policy is also warm in the stock market.

From the point of view of monetary policy, the two interest rate cuts and a drop in accuracy at the end of last year indicate a steady and flexible way.

It has a positive impact on improving expectations and boosting confidence.

In terms of fiscal policy, this year's "government work report" has increased the number of fiscal expenditure and fiscal deficit compared with last year, plus a large amount of stock capital to revitalize, which is very important for the underpinning of the economy.

In addition, the promotion of major initiatives such as "one belt and one road" and other major strategies and reform of state-owned enterprises will bring positive energy to the stock market.

The rise is a happy event, while the "go to the air" person sees the index rising every day, but his heart is another taste.

The stock market's hot money making effect has accelerated the entry of more and more investors.

Some people are not only buying all their assets, but also selling stocks and borrowing stocks.

A spokesman for the securities and Futures Commission suggested that investors should pay attention to market risks if there is still a great pressure on the current economic downside and higher valuations of some listed companies and more leveraged funds.

After a continuous rise, some stocks have gained short-term gains, especially in the high valuation sector, where risks are gradually accumulating.

Recently, the index high and wide shocks have reminded investors to blindly catch up with the risks they are facing.

For those retail investors who want to go directly to the market but have no investment experience, the risk of blindly entering the market is great.

In particular, people who have a big idea in the short term are very irrational.

If investors hold a long-term investment attitude, they can wait for the right time to enter the market cautiously.