Anxin Securities: Buy Large Or Small?

For the stock market, the core influencing investors' investment decisions can be reduced to two factors, one is expected revenue and the other is risk.

In a rational investment analysis framework, investors make investment decisions according to a relatively cost-effective risk return ratio.

However, there is ample evidence that capital markets are irrational in many cases.

When the market is hot to the bubble, investors often see high returns in their eyes. The degree of concern will drop and even be forgotten under extreme circumstances. In turn, investors will realise the importance of risk when the market is in a prowl or even down, and investment decisions will return to rationality.

In the early stage of life cycle, enterprises are too risky to meet the requirements of investors in the current market environment.

Therefore, rational investors are likely to focus their attention on

The scale is not too small.

The first quantitative criterion for screening such targets is that the market value is neither large nor small.

According to the current market conditions of A shares, we believe that the first criterion of target selection is reasonable market value of around 10 billion yuan.

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After the collapse of the market since the middle and late June, investor confidence is relatively insufficient at this stage.

At this time, the investment decisions of market participants are relatively rational.

Against this background,

What we pursue is the investment target with the ratio of risk and income.

The growth enterprise is in line with the direction of pformation and development. However, from a risk perspective, enterprises are at different stages of life cycle, and their operating performance risks are different.

Therefore, we concentrate on the strength of the research on credit. In a company of about 10 billion market capitalization, each team selects 1-2 most valuable investment targets, together forming a "10 billion market capitalization" portfolio, resonating with investors.

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In 2015, the SFC photographed several flies, all kinds of farce.

Among the officials who had been investigated by the SFC, there were even some officials who had found a fake divorce certificate on the roadside in order to fool their mistresses.

If it were a naked officer, it would not be so troublesome.

Are there any naked officials in the SFC? If there are naked officials, as regulators, they will let their wives and children go to swear to the queen and the president. Do the nude officials still remember their initial oath of joining the party?

Zhang Shuguang, chief engineer of the Ministry of railways, emigrated his wife and children overseas and played corruption in their own country.

Naked officials can easily lead to corrupt officials.

For the financial system, especially the officials of the securities regulatory system, once the naked officials and their wives and children are abroad, the naked officials will not need to engage in insider trading at all. They can directly cooperate with the overseas forces and play tricks in the stock market. That's a piece of cake.

Now, a lot of financial regulators have shouted slogans on the stage, but they are full of men and women.

Reality is very cruel. Money leaves people, waste paper, people leave money, waste one.

Naked officials have to support the queen and the wife and children under the presidency. They need to earn money for their wives and children at the high power level in the country.

Who believes their hands are clean?

Put their wives and children overseas, and serve as servants in the country.

What's the difference between naked officials and fortune tellers? Don't let naked officials run away, let naked officials see their doors in the country, and see what their wives are overseas. What do they see? How can they see how Xue is born? Do you want to risk the risk of imprisonment to make money for your wife? Let your wife use your money to recreate a Xue man?