China securities investment analysis of economic institute

Since this year, grail continuous run win in pannikin, style conversion requirement highlights, gradually in pannikin high valuations reignite investors worried. This enhanced face-to-face invites people's university of China securities investment analysis of economic institute GaoYong and director senior training first "folk masters champion stock to the current high valuations way ray of in pannikin investment strategy is further discussed.

The bulk lots stock valuations repair can walk far

Host: since this year in the situation of rising grail, small and medium plate and gem often inverse city fell. Two teachers how look upon this strange phenomenon?

Lk ray: 2010 get good rankings, mostly the icbc fund with midfielder hold pannikin primarily. Small and medium-sized capitalization stocks were serious fry high, that comes without outside capital, certainly will someone beginning active reduce held in pannikin, and concern the grail blue chip low valuations, thus presents a swap.

Host: someone said, since this year grail continuous run win in pannikin based primarily on valuations repair. Lk teacher looked at how this problem, whether have the deeper reason?

Lk ray: valuations repair itself is definitively if, pannikin fry high, repair the bulk lots stock valuations would happen. But there's no way, valuations repair, just short of long-term phenomenon.

Host: now low valuations plate fry very hot, what do you see?

Lk ray: I personally feel now policy face, financing area and the fundamentals don't support low-cost chip varieties. Stock performance, shares of upward growth can continue to rise, but when performance growth is reduced, the stock rose might not.

GaoYong: now A shares the flow of funds into field outside the phenomenon not appeared. On the field, the DaoTeng funds in pannikin valuations have too much and now in a relative market equities, so grail has certain low valuations of repair requirements.

Host: did you will prefer grail short-term movements?

GaoYong: you can say that, I think the bank shares and steel stocks may be in technical stage the bottom. Of course, policy and fundamental might not support they go far, but the current I think opportunities in blue chip.

Host: road teacher, you think that the current economic and policy situation will you support grail go higher?

Lk ray: July 2007 to October of 2008 industry output growth down to 8.2%, from 18% to 8.7% from 5.6% CPI index, then fell back to 4% during the fall, the stock market as 61 percent. From last may to now, value added of industry growth slipped from 16.5 percent at 14.8% by now. Value added of industry now is actually declining, CPI is since last may to 5% of 3.1% uplink. From the historical experience judgment, if value added of industry continue to grow faster down, stock market may not ideal.

Host: high teacher looked at how indication of market operation?

GaoYong: a-share index may interval concussion, now grail is relatively safe, in pannikin valuations. Whatever the market up or down, I think the bulk lots stock performance will be better than in pannikin. Of course, among the small dish stock fell to a reasonable position, also can have investment and speculative opportunities.

In pannikin "very" investment strategy

Host: somebody thinks, either from the horizontal or vertical comparative perspective, in pannikin,mbt online store current valuations were small and medium plate and high investment value whether there is gem stocks?

Lk ray: somebody has made a statistics, since 1925 to 2003, according to the long cycle $1, if buy index increased index can be big capitalization, small market value index 2,200 times 10,000 times for growth. Therefore, judging from the long cycle, small stocks than big stocks. Transverse comparison of words, small and medium-sized board TTM valuation is 42 times for 56 times, gem, Shanghai 50 for 12 times for 16 times the Shanghai and shenzhen 300. Therefore, in the small capitalization stocks overall valuations higher position, in choosing the subject matter of, still have to specific shares concrete analysis.

Host: netizens to mention annals of differentiation, performance would prompt in pannikin share price differentiation?

Lk ray: performance differentiation make shares differentiation is definitely. In choosing mark,MBT Salama, should long-term tracking. Really make investments, like its operating this enterprise the same. Now the general atmosphere is bad, even performance gem stocks may very well, hold influenced buy an opportunity is particularly important.

Host: road teacher said looking for long-term returns of stock, high teacher any Suggestions?

GaoYong: gem and small and medium-sized board stock performance differentiation is inevitable.MBT Fumba. Some enterprise is a flash in the pan, some enterprise will grow to be great trees. This requires that we seek to grow for the enterprise, towering trees and patience to wait for opportunities