Short Term Bubble To Ease Market Sentiment

According to the reporter interviewed a number of public offering and private placement people understand that some fund managers believe that registration system may only be postponed without stopping, short-term or ease the market sentiment, it is hard to say that it is positive or bad, and the future trend of the gem is going to be obvious.

In the view of many fund managers, the government work report did not mention the registration system or meant that the registration system was postponed, and the market sentiment was eased in the short term or from the psychological level, which could not change the market trend for a long time.

A general manager of a medium-sized private equity fund in Shanghai believes that if the registration system is to be launched, it is also necessary to digest the IPO stock and make preparations. Gem The pressure of valuation is greater, and the registration system is not a relief to market sentiment. It can be interpreted as a positive gem.

A medium-sized general manager of Beijing holds similar views. In his view, registration system will not be launched too quickly because of many preparations. Market panic and over interpretation of policies led to the collapse of the growth enterprise market at the beginning of this month. If the registration system is launched in a few months, it will cause greater pressure on the valuation of the gem, which will reduce the short-term pressure on the gem. But the registration system will be launched sooner or later, and the process of gem valuation to bubble will also be carried out.

A medium-sized general manager of Shenzhen thinks that the market is relatively weak at this stage. Registration system progress or delay is normal from the perspective of regulators and market maintenance. He said that the issuing rhythm of the A share market can be grasped by regulation. When the market is good, the issuing speed is fast, and when the market is bad, the issuing rhythm will slow down, including Registration system Implementation will also be postponed. However, registration system has not fundamentally changed the market. The report does not mention registration system, which will have some impact on the market from the emotional and psychological level.

A fund manager of a large public fund company in Shanghai indicated that the market is at this point and it is not appropriate to mention the registration system again. The government work report does not mention the registration system, or can improve the risk preference of investors to gem, but it is only short-term effect, and has limited long-term effect.

In fact, many public fund managers in Shanghai indicated that the registration system in the government work report does not affect the general trend of the market.

The stable pattern of the main board and the fluctuation of the growth enterprise market have led some investors to guess whether the market style has changed. In the view of some fund managers, the valuation of gem will be a long-term trend.

Shanghai general manager of a medium-sized private, bluntly said that the overall valuation of gem is currently high, no new capital admission, the future will further decline. At this stage, the market is still digesting the valuation, and the capital side stays in the stock game, which has a certain impact on small stocks. Instead, the cyclical stocks and traditional industries are increasing significantly.

"Gem represents the market." Money making effect When the gem fell, 90% of the shares fell, and the market was very popular. After a while, the small board of the GEM may recover. The general manager said.

A medium-sized general manager of Shenzhen believes that the gem is still in the process of risk clearing, and the major risk has basically been released. But it is still in the bottom stage, and the overall valuation is still room for adjustment, but it will not fall much like before.

The high valuation of the gem has become the consensus of the industry. The manager of a medium-sized public fund fund in Shanghai also said that the stock of growth style is still in the adjustment stage as a whole. In the first three years, the trend is too strong and there may be a rebound in the future, but the decline in valuation may be a long-term trend.

Despite the approval of the gem valuation downgrade, some fund managers are still more optimistic about stocks. Beijing general manager of a medium-sized private also said that most of the gem stock valuation is unable to sustain, to the bubble is an inevitable process. The whole gem index is short of high hopes for short-term innovation, but a few stocks have fallen out of investment value, and there is a possibility of a new high in the future.

Private individuals are also cautious about this, or waiting for opportunities in empty space or away from the gem. But there are also private sources who say that the configuration needs to be balanced and willing to tolerate the high valuation of growth stocks. In the view of this person, the whole gem and small stocks are falling, and good quality growth stocks also have pressure, but they can not cut off all small stocks, because the rebound of cyclical stocks may only be short-lived, and ultimately the growth stocks are good and overvalued.

In the early warning of gem, fund managers are also cautious in their operations, and the following are the following: GEM stocks are selected as the main strategy.

A public fund manager in Shanghai said that most of the positions had been put on blue chips before the Spring Festival. At this stage, the operation will continue. On the one hand, this is to consider the high overall valuation of the gem, on the other hand, because the government has focused on steady growth this year, plus the supply side reform, which is more advantageous to the market cycle.

While many public fund managers are cautious about changing positions, they say that in the absence of systematic opportunities in the A share market, the main strategy is to find long-term promising industries and select stocks.