Politic
On the history, a every time takes a cattle of measure of as major as the market reform come on stage closely related, and this is not exceptional also. The market saw the bottom takes a cattle 2005 is the motive force that reform of equity component buy brings; New 2012 3 board hold water reach do poineering work board start result from the market that deepens reform in the round anticipates; And 2019 if the market wants to appear local ox city, also need the reform measure stimulation with true series.
Every other 7 years, a reform ox is about the bugle call that blow starts. Just meet started 2019 division achieve board and register make, the reform that predicts this will produce major change to the market.
Undeniable, division achieve board rolling out is to break A thoroughly the malpractice of existing mode, in the past the 18 markets that are dominant with financing for years, emphasize be being mixed with market prise dilate dimensions get victory, ignored market quality however accuse, make Shanghai deep although market prise dimensions is outspread decuple, but the partner return rate with average market (ROE) be in however drop continuously. Of become rigid of be enslaved to be enslaved to new distribute system, the preeminent company of newly emerging force of economy of China of a few delegates can go abroad appearing on the market only, be in rarely A appear on the market; The supply side reform that hypostatic economy promotes can fall into disuse backward produce can, but A medium rubbish company is retreated hard however city and be washed out. Card put together points to 10 years to go up on be the fact of 0 is to let investor injury appear a heart more. Must say, a the reform that earnestly needs essential sex.
Good now, division achieve board want to come, register make also want to come, shareholders hope innovation can change the past 20 years really this sincerely A malpractice -- abandon thoroughly associate with distributes system with what financing is a purpose, still give investor a stock market that has normal get one's own back. This kind has the market of healthy processing, can accommodate delegate of business of outstanding new economy to appear on the market continuously not only, also can true redound investor and ordinary people. Only one achieves the market that beats more, ability walks out of long-term bovine city prices.
Expect division achieve board and register make roll out, OK and progressively change has A of periodic industry dominant the current situation, progressively change approve makes the limitation that has materiality examine and verify to gain ability, the average company that prevents above city financing to be a purpose still can queue up to appear on the market financing, more important is, register those who make roll out, be helpful for changing A price mechanism too the situation of become rigid. Face all enterprises to be not divided stand or fall, uniform lead with exceeding 23 times city to be filled with will fix a price emission market, the price ability of investor rises hard, follow suit hype gang. Break administrative price mechanism only, the price ability with ability education independent market, investor ability realizes independent analysis and the ability that judge objectively.
Of course, stock market field leaves present A to be commercialized truly still have larger space, carry out registering the premise that make is to have a perfect legal environment and the chasten mechanism of illegal crime. Current A not only appraise cost structure does not have implementation and commercialized US stock or harbor dress, and market superintendency system and environment of market legal system have farther promotion space. It is false with negotiable securities exemple, in the US stock punish strength is broad at A. After great depression, the United States passes legislation, made strict jurisprudence false in the light of negotiable securities, trade inside, false statement, market operates wait for behavior catch the whole lot in an action. Con implementation criminal, administration mixes American verify certificate civil undertake all-around chase after duty, not only set is strict and penal have discipline sb as a warning, and still use a variety of compensation mechanisms to protect investor rights and interests.
Under photograph comparing, china's con to negotiable securities punishment, from administration, criminal or civil compensation angle character, corresponding existence punishs strength function of small, compensation lacks motive of light, awe functional characteristic.
As a result of A the development that still drive the market with increment reform, so, prospective opportunity still is in " increment " on development. The market was in exceeding capital accumulation at present certificate business or achieve cast, it is the idea of short-term spec hype or one's own wishful thinking only probably. On one hand, although Bencike achieves benefit from benefit from of certain ticket chamber of commerce board issue, but the pressure that major certificate business will still face industry excess supply to bring; On the other hand, a show some achieving to drop an idea be not division achieve board the biggest person be benefited that roll out. Those are in division achieve board appear on the market the original partner of the enterprise just is the true person that be benefited.
Accordingly, put a quantity to appear on the market to the great majority of field of A stock market the company, if do not innovate or transition, still want to continue to stay in a mu before 3 distribute land on rest on one's laurels, so, receive them finally be afraid is the be issued to lower levels with further share price.
Whether does the market see the bottom is afraid still cannot reply simply. According to the trend below economic transition setting, if put quantity company outstanding achievement to glide further, so, the enterprise of traditional industry is afraid see an end very hard, only the enterprise of those new business, new technology and new economy just has an opportunity to walk out of a heaven and earth. Change character, we want future center firepower in A the achievement that increment reforms is shared on, do not eliminate A put a quantity to appear on the market the market prise of the company still can contract.
No less than character of place of some old man, want to copy a copy, should take the advantage of the market rebounds to deliver fund at once now, and the lock decides 3 years. Otherwise when when next year market sees an end truly, capital most dare not copy a copy, to at that time fund is more difficult collect.
Configuration
Basically valued 2019 " 4 new " the head firm of enterprise, burgeoning growing industry, alone horny animal appears on the market reach CDR to issue brought structural sex opportunity.
1, basically value alone the investment opportunity of enterprise of horny animal, innovation and burgeoning industry.
Eliminate capital at present east outside, of 5 potential CDR bid appraise is worth all under do poineering work board. Among them value of the appraise in Tecent and A and do poineering work board adjacent, and Baidu and Netease are roughly do poineering work board half, the appraise value east is Beijing roughly do poineering work board 5 times.
Of 5 potential bid financial and main area is far good at domestic Shanghai deep advocate board with do poineering work board average level, have company profit capacity strong, asset is indebted lead low, cash to shed abundant characteristic, especially Tecent, Alibaba and Baidu.
2, perspective of industry of content couplet network is wide
Come nearly one year, the State Council is released in succession " about promoting " Internet + medical treatment is healthy " the opinion of development " , " content couplet net " 935 " development plans " etc, policy bonus is ceaseless; Market respect, year after year of dimensions of market of whole of industry of content couplet network is climbed litre, predict to 2018 the market dimensions of industry of network of Chinese content couplet will achieve 2.05 trillion yuan, add fast achieve 174 ％ compared to the same period, to 2022 market dimensions will achieve 7.24 trillion yuan.
3, cloud computation: Permeability promotion vacuum is giant, market of domestic cloud computation already arrived critical point
Dimensions of sale of market of 1 quarter server is successive 2018 3 quarters maintain growth, chinese market is added fast amount to 67.4 ％ , american market amounts to 40.6 ％ . Expand the backside that server high speed grows is dimensions of market of global cloud computation ceaselessly, permeability promotion vacuum is giant, from the point of permeability, at present cloud computation centers our country at the super city such as Beijing, Shanghai highly, cloud calculative permeability still remains to promote. Defray of our country IT occupies GDP scale and global photograph to compare on the low side, china was in 2017 2.8 ％ , opposite at the whole world of 4.58 ％ occupy quite larger than still having promotion space.
4, prospect of burgeoning spending market is capacious
From the point of the growing history of American economy, china is equivalent to be in the United States to took the place of 1980 at present, consumption is occupied in GDP contribution than will progressively promotion, exceed 80 ％ finally: Produce in rise abruptly increase consumptive capacity: Marginal propensity to consume is taller 80 it is consumptive brunt with 90 epigenesis, emerge in large numbers of new job condition satisfies diversity to consume demand.
5, course of foreign sports industry develops for years, already breed gives the great company of on large quantities of one market prise one billion two hundred and fifteen million seven hundred and fifty-two thousand one hundred and ninety-two. Chinese sports industry just starts, perspective is very wide, invest the industry, optimal opportunity that digs preeminent company just about at present.
6, perspective of development of new energy industry is wide, industry bibcock enjoys appraise to be worth excessive price
2017 since second half of the year, fundamental policy includes car of new energy resources: Allowance fall off, double integral policy comes on stage, cancel foreign capital of car of new energy resources than limitation, the action of market competition mechanism is shown stage by stage. Value the development perspective of catenary of industry of automobile of new energy resources, in short-term in light of, or put in trend of 3 significant progress: (1) technical course switch; (2) middle reaches spends promotion centrally, industry bibcock rises abruptly; (3) dynamoelectric change / intelligence changes drive to fall, growing space of car electron industry is very large.
7, participator of core of layout capital market.
As direct financing proportional promote considerably, and go lever and the need that raise capital of rights and interests, the development potential of capital market is very great. Accompany the relevant investment scope that capital market expands to include, the certificate business, investment opportunity that reachs financial holding company.
The appraise value with certificate current business is in historical low around, prospective share price drops further is long term the value of layout invests area.
The finance that be not silver, be sure especially in Xiong Fu the environment falls, wave motion of investment outstanding achievement is increased, but to outstanding head firm character, also be long term layout opportunity. At present permeability of birthday danger guarantee slip and guest unit price all have remarkable promotion space, taxation gives the tomorrow that extends a place difficult of access of provide for the aged to develop a space bigger still.
Kinds of big asset configures strategy
Interest rate goes up cycle and overlay of credit cycle systole, the company of high indebted rate that causes cash to shed insecurity repays ability is oppugned, the probability of risk of occurrence credence break a contact soars, but also put in the mood to ferment brought fault reduces a chance among them. Risk preference is taller radical model investor can consider to configure high income bond.
1, the consistency pessimism of orgnaization investor anticipates, create the possibility that high income debt is reduced by the fault;
2, at present the subject of debt of negative news high income of 20 ％ above increases more, enough example energy is carried fine anthology;
3, civilian battalion enterprise is imperfect can reduce group of high income debt;
4, mood of credit debt break a contact ferments the credit debt presence that causes certain fault to kill invests an opportunity. But need is reached to asset quality repay ability make major differentiate capability.
