RSS订阅 加入收藏  设为首页
当前位置:首页 > 最新电子游戏网址

最新电子游戏网址:Caofei Guan Jianfei: A stock valuation system is changing

时间:2018/1/26 19:04:03  作者:  来源:  浏览:0  评论:0
内容摘要: In the past year, the A-share market has changed dramatically from the past. The blue chips are easy to rise and fall, the theme stocks gra...

In the past year, the A-share market has changed dramatically from the past. The blue chips are easy to rise and fall, the theme stocks gradually become marginalized, the volatility of the stock market is drastically reduced and the investment style is completely transformed. In this regard, a lot of discussion in the industry, the market's outlook is incomprehensible.

In the eyes of Caochang Capital Cao Jianfei, this round of quotations reflects the changes in the financial trend. Under the environment of tougher regulatory environment and tightened financing policies, the valuation system, thinking system and investor structure of the A-share market are undergoing changes.

Mid-term Stagnation in Stock Market Style

The rebound of the GEM at the beginning of the year has caused the market to switch back to small and medium-sized businesses in the hot market style. In this regard, Cao Jianfei think the mid-term stock market style is difficult to change.

In his opinion, this round of A-share market style shift to blue-chip stocks, from more than a year ago, changes in financing policies, "discuss changes in market style, to understand the mechanism and motivation for its conversion."

At that time, there are three major policies have been released, One is to refinance the new rules, to extend the financing interval to 18 months, limiting the size of non-public shares issued shares, the strict control of the backdoor listing. The second is a new rule of equity reduction. The third is IPO normalization issue.

In particular, the tightening of refinancing policies has exerted a great influence on the outward-type development of the small-cap stocks like "Crows and Phoenix" in the past, putting more pressure on the valuation of small cap stocks.

"According to the statistics, it is rare for a company to have profit growth of more than 20% for three consecutive years, with a probability of only 5%, which means that most SMEs will hardly be able to make profits without reorganizing their M \u0026 A activities From the tens of millions to hundreds of millions of dollars this threshold. "" The three policies formed by the "policy combos", making the market's favorite "high growth story" as the yellow flower tomorrow, supported by the high growth "high vision" high Valuation is unsustainable, the attractiveness of underevaluated blue-chip stocks began to highlight.

Cao Jianfei believes that today's financial situation determines the market funds will continue from story telling stocks to the steady fundamentals of blue chips and blue chip stocks.

Risk prevention is the overall picture

Looking beyond this market from a higher perspective, the A-share market is only part of the big financial game in China. According to Cao Jianfei, reviewing the past few years in the financial industry and financial markets, the greatest experience is that the overall prevention of risks has become a central task within the entire period of China's financial system.

In particular, after the Central Economic Work Conference, the three banks and one bank will continue to introduce measures to strengthen supervision on various financial markets and institutions. The measures are clear and the steps are clear and methodical.

In this kind of environment, the original financial institutions are not robust, not enough compliance and risky businesses will enter the stage of liquidation and consolidation. Organizations that have over-matched risky operations, under-capitalized capital and weak core businesses face the dwindling of business. Ultimately, the industry may have a stage of mergers and acquisitions.

Cao Jianfei believes that judging from the strength of policies and influence of the industry, the risk-averse action of this round of financial systems may not be less influential in the comprehensive management of the two financial institutions in the mid-1990s and early 2000s.

Both the financial and non-financial sectors will have a market share trend toward the leading position. A-share market value, the characteristics of long-term, A-share institutional investors, the trend of internationalization, more is the interpretation of the transformation under the broad pattern of the mapping.

Cao Jianfei believes that the investment selection criteria for the A-share market in the coming years will be "value-oriented growth", that is, return to the fundamental research of deepness and tap endogenesis to determine growth.

"With respect to the selection of shares, it is not accurate enough from the perspective of the broader market and small cap, but the key depends on whether there is core competitiveness, whether it can withstand the test of the cycle and policies and stand out and continue to grow."

In the specific investment direction, Industry leader is the first concern. Cao Jianfei believes that the leading companies in the financial industry are often the most prominent advantages in terms of their competitiveness, high efficiency, steady operation, large amount of funds held in hand, and smooth financing channels.

Second, the core companies in the petrochemical industry chain also deserve attention. Cao Jianfei believes that the upward trend in the global economic recovery to determine the price of oil grid recovery is a large probability trend. This will make the previously neglected large-scale petrochemical enterprises and related industrial chains, is expected to get very good performance upward flexibility.

Third, the leading companies in the field of mass consumption. Cao Jianfei said that the consumer stock market in 2017 is a world of high-end consumption. In 2018, along with the recovery of oil prices, the price hike of consumer goods may become a common phenomenon. Mass consumer industries such as beer, dairy industry leader, there will be better opportunities for performance.





所有信息均来自:百度一下 (最新电子游戏网址)