The SFC Suddenly Attacked The "Barbarians" Fiercely.

Stocks, indeed, because of the problem of investment habits, the valuation of long-term stocks has a certain underestimation, but the future growth of large cap stocks does not have a rich imagination. The stock price should be based on a steady rise, but not a short-term surge. In a short time, Bao can intervene in GREE electric appliances in large quantities, and Qianhai life has bought a large number of shares in the 28 months from November 17, 2016 to November. The shareholding ratio has risen from 4.13% at the end of the three quarter of 2016 to 4.13%, and the share price of GREE electric appliances has also risen significantly. It has risen to the highest level of 31.32 yuan from December 1st 21 to the highest level of 31.32 yuan in December 1st, or nearly 50%. In the November 21st, the sunshine insurance company has adopted 894 thousand and 550 shares of the tradable shares under the centralized trading system of the Shenzhen stock exchange, accounting for 0.10% of the total share capital, and the average price of the increase is 27.75 yuan. With the skyrocketing effect of Vanke and the skyrocketing effect of Langfang's development, venture capital has been eyeing the value depressions of China's stock market, and began to play a big role in listing Chinese stock market companies, especially the undervalued market.

After this increase, the sunshine insurance company held 44 million 721 thousand and 976 shares of the company, accounting for 5% of the total share capital and reached the playing card line.

Face

Suddenly fierce attacks on the barbarian behavior, I believe that the large cap stocks represented by the concept of placards are facing enormous adjustment pressure on Monday. They can leave high on the pitch and leave the market only to find opportunities. They must be very cautious when searching the bottom, because China's stock market is going up and down, and its rise is often higher than expected, and its fall often exceeds expectations.

It is the wisdom and valuable experience of the ancient philosophy that left us with wisdom and valuable experience. In the past 15 years, the trend has verified this point, that is, leveraged and lossing leverage, and leveraging the leveraged funds into China's stock market has made brilliant achievements in China's stock market in the first half of the 14 to 15 years, and the achievement of world miracles in the first half of the year. The leverage also lies in the 15 years since the second half of the year, the spiral of leverage has led to a spiral collapse, and the 1000 stock limit has become a wonder of the world. Since the two quarter of the 16 year, China's stock market has experienced a rare investment effect in the insurance fund, but it will fail to repeat the historical mistakes and lose the insurance fund.

Under the influence, Vanke's stock price rose sharply, which made many investors re-examine the value investment. The author once wrote that Bao Rong holdings is a pioneer of value investing, but with the increasing involvement of Bao's system and the more aggressive involvement of the market, the Vanke's stock price has been constantly refreshing, and the valuation level has been continuously improving. Bao's financial leverage is becoming clearer. The author is more and more cautious about the trend of Vanke, and believes that it contains some risks. However, with the intervention of China Evergrande, Bao can turn the corner, and Vanke shares once again let the market take a look. China Evergrande is the third largest shareholder, and Vanke's valuation is almost twice the valuation of the industry. The first sign for insurance funds to enter the stock market is the treasure of the Vanke Group.

The reason why the stock price of Vanke is stable at the top is not because of its investment value, but because of the continuous increase in venture capital, the continuous speculation of hot money and the constant follow ups of small and medium investors.

Maybe it is precisely because the insurance company has played the role of Vanke.

Hengda is also a few times to launch, the placards of the Kai Kai City and Langfang development, especially the development of Langfang in the two major shareholders at the same time holdings and market hot money to join in speculation, small investors follow the trend of speculation, the stock price is constant, become a big bull stock, from 13.27 yuan, rose to the highest 38.84 yuan or nearly 3 times, but the current valuation level is surprising, because Langfang development three quarterly loss 0.0403 yuan.

Although the market is disputed about assets, the radical development strategy of private insurance companies is too radical. That is to make full use of the opportunity of market return to develop universal insurance. The insurance companies accumulate a large amount of funds in a short time. This part of the funds yield is relatively high, roughly between 5-8%, and the yield of treasury bonds is only 2.9% up and down. Even leverage can not cover such a high level of income, which will cause huge interest margin losses. While high yield bonds yield higher returns, the risk of default is quite high.

27.35 yuan rose to nearly 38.26 yuan, up nearly 30%, and the announcement of the announcement in November 17th, said the company received the notice of the Ampang Asset Management Co., Ltd. (hereinafter referred to as "Ampang assets") in November 17th. As of November 17th, Ampang assets held 1 billion 500 million shares of the common stock of the company through the "Ampang asset 3 win collective asset management product", which accounted for 5% of the total share capital of the company's common stock, and for the first time reached 5% of the total share capital of the company's common stock. However, since then, the company has been adhering to the buy and sell strategy, the stock price has been fully activated, and some of the aggressive business department seats have been strongly involved, and small and medium-sized investors have begun to follow suit. After the resumption of Jilin's Ao Dong, the stock price began to soared, and the 5 trading day came from

The market stimulating factor is the risk capital raising card, which is the risk capital undervalued stock market, and hopes to get a stable dividend and the company's share price rising double income through long-term shareholding. However, China's insurance capital sub card has different characteristics from that of Buffett. He is buying the undervalued stocks to enjoy long-term profits, while China's insurance capital is a high price and high price, which allows the stock price to rise for a short time, thereby stimulating the stock market represented by the whole stock market rising indiscriminately. The result is that the undervaluation of the stock market is no longer a value depression but rather a small bubble. That is, the stock price with a price earnings ratio of up to 200 times has a big change. In fact, the current round of large cap stocks

Risk capital raising may be and value

Long term shareholding deviates, but hopes to resolve the end of the two generation risk comprehensive rating (IRR) pressure, through the rapid lifting of the scale of assets, raise the fair value of the financial assets to be sold, thereby improving solvency, so the radical placards are radical civil insurance enterprises.

Therefore, the insurance sign is not entirely optimistic about the long-term investment value of large cap stocks, but rather has its own small investment. The big stock market represented by the large market speculation is just a matter of gimmick by the value of investment in insurance funds. Now this gimmick has been ruthlessly dragged down by the chairman of the SFC. Chairman Liu Shiyu emphasized that improper money for leveraged buyouts, turned strangers from the doorway to barbarians, and finally became industrial robbers.

Completely rewritten, venture capital can no longer be so capricious, Hong Kong and Hong Kong good market share has also made a good run, the idle capital has also lost speculation hype, no longer interested in speculation, in fact, can not be hyped up nor dare to hype, plus many large cap stocks have been running clean, leaving behind the high and small investors, plus high price, low valuation, the industry itself is a strong cyclical industry, the industry imagination is very narrow, the most typical is Vanke A, because the international investment banks reduce their investment rating and think that the valuation is high, the organization has basically sold out Vanke chips, the future market trend how optimistic. This is the bottom line of challenging national financial laws and regulations, and also the bottom line of challenging professional ethics. This is the retrogression and decay of human nature and business ethics. It is not financial innovation at all. The logic of market speculation has been completely reversed.

　　筆者緣何總是強調游資的炒作，就在于本次中字頭為代表的大盤股上行，總是出現很多營業部席位的身影，而營業部席位就是游資的席位，游資席位講究追逐熱門題材，而險資舉牌的價值投資就是一個迎合深港通的熱門題材，這一熱門題材已經被打上野蠻人烙印而失掉色彩，何況游資則是講究快進快出撈一把就走，撈不走也會自認倒霉止損離場，所以換手率往往非常之高，大盤股之所以表面看起來換手率不高但實際換手率非常之高，就在于真實流通市值占比很小，按照我國股票發行規則，4億股總股本以上公司發行股份僅占10%，以萬科為例，雖然股權分散，但真實流通市值可能僅占總股本25%左右，一旦換手率達到3%，就意味著真實換手率達到12%也就意味著9個交易日全部換手一遍，而萬科很長時間都維持這一換手水平，有的大盤股真實換手率可能已經超過20%，所

The signs of short stir are obvious.

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