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Small and medium investors in China always lament that they are leeks. They are always losing money and earning less. It is who caused such an unbearable situation. I think that eliminating systemic risk is more important because investors disregard the company's fundamental gambling.

In view of the speculation of stocks, small investors can not know when the main fund speculation will come to an end. The general investors dare not keep their positions. In the face of a super monster stock, the profit margin may not be very large. However, once a wrong stock is lost, the loss may be very large. It is often unable to make up for losses and losses. The best way to avoid losses is to try not to catch up with high operation and not to be jealous, so that the main funds can play their own monologues, forming their own investment style and gaining profits through the growth of the company, which is safer.

Sichuan twin horse is the Star stock of China's stock market recently. The reason why it became a star stock is not that the company's fundamental changes have changed dramatically. Instead, the stock market has changed. The original shareholder of Sichuan's double horse, Lafarge and its wholly-owned subsidiary, Sichuan Ruian, pferred 55.93% of the shares of Sichuan's double horse. Among them, the harmonious Hengyuan and its concerted action Tianjin's SEK ring share the 50.93% share of Sichuan's double horse, and Heng Heng Yuan became the new controlling shareholder of the company.

A small profit cement company, in 2016, realized a business income of 1 billion 1 million yuan, an increase of 4.17% yuan, an increase of 4.17% over the same period last year. The net profit attributable to shareholders of the listed company is 15 million 900 thousand yuan, and the profit of 19 million 500 thousand yuan is relative to the 760 million share total capital stock. Even if the share pfer is made, will the actual controller start the injection of assets? Can investors even know if the assets are injected? What kind of assets can investors invest in? Even if injecting more high-quality assets, how can they be assessed and injected at what price? Can investors know that? If they are injected into high-quality assets at reasonable prices, then it is a win-win situation. If, according to the income method, it is injected into the listed companies with a high premium, I am afraid that the meat has been eaten up by the industrial capital, and the listed companies will bear huge risks of goodwill. It is precisely because the equity pfer has become the fuse of the stock price rise. The stock price has doubled several times in a short time. It is really unthinkable that Sichuan's double horse is still the same.

The highest price of Sichuan double horse reached 42 yuan.

50 times the median calculation, to support the current price earnings ratio level will need earnings per share of 0.84 yuan, according to the total capital stock of 760 million yuan, the need for 638 million yuan net profit per year, and the current three quarter only 15 million 900 thousand yuan, only one fraction, the support of such a high share price is that the new major shareholders have an asset injection, but such a volume of liquidity, where large shareholders to inject assets also need a lot of weight to support the stock price, to inject a net profit of up to 600 million yuan of assets, considering the future growth, presumably total assets will not be less than 10 billion yuan.

Although Lin Dongliang, a real controller of the Hengheng company, has a wealth of industrial background, but there are so many high-quality assets of large shareholders. Even with so many high-quality assets, according to the pricing mechanism of China's stock market, the issue price is about 20-25 yuan, which needs to issue about 400 million shares, plus matching funds and replacement of cement assets. The total capital stock may exceed 400 million shares. If there is no asset replacement, there may be more shares to issue, and then the price earnings ratio will exceed 50 times the median. The bigger problem is that the securities and Futures Commission has strengthened the verification of cross-border mergers and acquisitions, and many companies' cross-border mergers and acquisitions have been halted. This also has great uncertainty for the assets integration and reorganization of Sichuan's future assets.

Therefore, I believe that after the pfer of equity between Sichuan and Ma, based on the new large shareholders with more high-quality resources, 3 or 5 trading boards may be able to, but several times that is irrational inflation, it can not be explained by common sense, and can not be interpreted with investment, can only be interpreted with wild gambling, so the market called him a monster stock.

Its essence is that there are large funds in which latent operations, some hot money push waves and waves, coupled with investors blindly follow suit, created a monster stock was born, at present, the stock price level has seriously deviated from the fundamentals, investment is not wind or rain, is not a rabbit without hawk, that is a great risk, mergers and acquisitions is the eternal theme of the capital market, but

As a mature market, it is much more rational. Generally speaking, the improvement of performance will lead to the intervention of big funds.

It is always naive to think that the market must have an investor who is more foolish than himself. It will pick up the chips in his own hands. The main funds are precisely to keep investors in mind, and constantly push up the stock price. When the time comes, they will not be able to take advantage of the anti shipment action, and they can use the knocking to deceive investors, and they will be able to complete the high position cash. Finally, they must be the small investors who think they are smart, but not the latent ones. Therefore, the small investors always sigh that they are leeks and cut off stubble. But then, who can complain? No one will admit defeat, no one will think of himself.

Although today is still more powerful, Sichuan double horse quarterly impact trading, near the end of the market opened up and down, but the final impact on trading again, from the flow of capital and paction changes, the main fund in November 2nd to change the use of daily limit, the list of changes began to sell a large number of chips, but investors did not generate vigilance, the 3 day, the main funds originally used to kill low shipment, but the stock index was too strong that day, just to give the main funds a high volume of shipping opportunities, but there are many problems.

It is also self righteous that it is the main funds in the Cang bin washing up, you can bargain with the main funds to dance, the small and medium investors in the market thought that the main funds will be another wave of trend, this is a good way to find a set.

That day, the stock price had a big fluctuation of 16%, and the high level of disk access has been held up moderately. Today, a direct and low open market will be lost. If investors do not stop in time, the losses will be further expanded. Of course, there will be a final process of attracting more capital than the main funds of the finished goods. Today, there is still a final process of attracting more and more. It is in vain to attract outbound funds to take in the last batch of chips. This is also true. Judging from the volume, there are still a lot of investors who venture to rush into speculation, but the main funds do not give any opportunities to the market. Instead, they distribute chips continuously, so that the stock price keeps falling, and the 3 day players are deeply locked up.

As a company with poor fundamentals and uncertain future asset injection, the share price has risen several times, and the share price has been seriously deviated from the fundamentals. Once the main funds have successfully left, the new main funds will not rush into the market and let you unwind, and the stock price will fall into a long time adjustment. As to the adjustment of the stock price and the way to adjust it is difficult to judge for a monster stock, the author thinks that 30-50% is normal. Investors should have a psychological preparation. However, based on the deep involvement of the main funds, the possibility of pulling the goods out of the market will not be excluded. However, the risk is very high and is not suitable for our ordinary investors to participate in, because there is something bad about the tiger's mouth.