When the Science and technology research Report No difference: 37 reports held the first loss of gem

With the formal implementation of the GEM listing Rules, the gem of the retreat of the market will be gradually opened. April 25, the first annual report loss of the gem company when the technology was discovered a-share market.　　Performance setbacks, product prices plummeted, the main customer business atrophy, in the Gem delisting rules promulgated when the mouth, the enterprise overnight was pushed on the wind wave mouth. Not afraid of business performance decline Kong unanimously sing when the first application on March 5, 2010 won the SFC through, its time, it is known as the "domestic number one, the world's third lithium battery cathode materials professional supplier", by the vast number of investors warmly praised. Prior to the listing, 16 securities brokers such as Xiang-cai, Wanguo, Capital Securities, Citic Investment and so on issued 19 new stock research papers, giving a high valuation price ranging from 20 to 60. Soon after the listing, the capital Securities Sho Shijun, Citic Investment Liang and the Great Wall Securities Chao also issued 4 research reports, and again push the technology. Among them, Sho Shijun's 2 papers to give its "recommended" rating, Chao is "strongly recommended."　　Analysts have come up with reasons for their bullish technology, including the expansion of stable big clients and investment projects, and the prospect of lithium manganese as a new profit growth point, with core research and development technologies. And starting in the third quarter of 2010, when technology began to decline. Even so, analysts are still praising technology in their respective research papers. Investment Securities analyst Xiaofeng in the October 27, 2010 paper, said the research report, optimistic about the application of lithium manganese oxide in power lithium. Capital Securities analyst Sho Shijun also pointed out in its October 28, 2010 research paper, lithium manganese oxide and multi-power lithium battery materials large-scale production and marketing, when the technology is expected to enter the Zisheng of the rapid growth track.　　On the same day, the sponsor of Ping an Securities analyst Chen Jianwen also in the research report, "the market competition intensified, the future focus on new products," pointed out that new materials such as manganese oxide is expected to start from next year volume. However, the fact is that the downstream power lithium market demand fade weak. As a result of the competition of small lithium batteries, the power battery market is not clear, when the promotion of technology to the investment project to restart the overall planning, consciously control capacity release. Annual output of 390 tons lithium anode material production base project was scheduled to be completed and put into operation in March this year, was postponed for 1 years.　　What is more fatal is that when the performance of the technology is declining, its 2011 annual report shows that the net profit of the shareholders of the listed company is 739,000 yuan, and the price of the technology has plunged from 62.58 yuan to today's 8. Fund, brokerage, listed companies a line of grasshoppers why business performance repeatedly decline, brokerage research report unanimously sing well?　　What kind of secrets are hidden behind the research report? Shenzhen TV financial commentator Tang Wensheng told reporters that we are now seeing the basic models of the study, there is no bad comment, the worst rating is also neutral. The reason behind this is that the current research report has a strong business-oriented nature,Will affect the ordinary investors in the sale of shares, but buy or sell, it will affect the interests of listed companies and positions funds.　　As a link in the interest chain, brokerage fellows can only sing multiple reports. Wang Yajun, a financial commentator at Shenzhen Television, points out that many analysts are now overqualified for industry analysis, mostly after only 35 years in an industry after acquiring a high degree. But in fact, some of the new industries listed companies, especially the gem companies, are very thin and very narrow industry, some analysts of the industry experience can be said to be very few. In addition, analysts are not only doing research, but also devote themselves to the study of the industry, the energy and ability is a great challenge.　　It is doubtful whether there is a certain interest in the timing of the fact that when the company has just disclosed the prospectus and the study published during the whole inquiry period and the research report which came out during the subsequent listing.　　Related news: Gem report loss first share: When the science and technology risk? 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