3,200 points high health difference part of private placement "tone"

Every reporter Mao Jinnan however, in the face of the new high market, has been continuing to see many private-equity guests, the point of view has been some small changes, some private equity managers also this week to lighten the operation.　　Looking forward to next week, they are also starting to shift from a positive look to a cautious bullish outlook.　　Topic 1 The positioning of new shares and the impact on the market Reporter: The market has come to 3,200 this week, but the speed of new issue is also speeding up, especially the issuance of large-cap stocks has started, this will change the trend of the market? Jin Wei: Although the Chinese construction as a representative of the large stock has started, but the current market liquidity is abundant.　　As long as there is no continuous market share issue, the trend of the market will not change. Zhang Kexing: Whether it is a large-cap stock issue or the start-up of small stocks, will not change the overall market trend of operation. China's stock market in the history of 6 restart IPOs, did not change the original trend of the market, more than 80% of the rise.　　It can be said that the resumption of IPOs means the establishment of a new bull market.　　Shen Yuewen: Management through the scale of IPO financing to regulate the pace of the market, the IPO after the first day after the release of the super large stocks, which means that the future will not only be listed in the more than 30 companies, the pressure will be continuous expansion.　　Zhangjing: The listing of Chinese buildings and the subsequent development of the Commission to expedite the arrangement of large-cap China travel, etc., you can see that the government has noted the problem of excess liquidity, monetary policy is fine-tuning, when the control measures to accumulate to a certain extent, will change the trend of the market.　　Reporter: After the IPO by the market after the hot pursuit, Guilin three gold, Zhejiang million horse, home run more than the price of a substantial increase, its valuation is far more than the industry's average valuation level and the average market valuation level, overvalued new shares can enhance the overall valuation level of the market? Jin Wei: In the current macroeconomic gradually to a good background, the market ample liquidity can not be reversed in the short term.　　Therefore, the current overvalued positioning of new shares can indeed improve the market valuation level, but the new shares may also appear value return.　　Shen Yuewen: According to the current performance of some listed companies to revise the situation, the market average P/E ratio significantly increased to 35 times times, already far higher than other market levels, also higher than a-share historical average level, market has entered the stage of continuous manufacturing bubbles. Zhang Kexing: I don't think it will increase the overall valuation level of the market, the overvalued new shares tend to be close to the average valuation of the industry, they can not go higher.　　The current issue of new shares pricing is relatively high, there is no investment value. Zhangjing: No.　　We can look at the original set up when the 8 stock listing and subsequent trend, as well as the trend after the international listing, we think that Guilin three gold listing high, the next will fall. Topic 2 Hot and Market trends Reporter: This week, steel, non-ferrous metals, coal and so on to create new highs, the energy sector has been adjusted for a long while after the emergence.　　Does the constant rotation of hot spots indicate that the market is still healthy? Jin Wei: The current market of the wholeBody performance for the more moderate hot-wheel move up, we believe that the operation of the market is still healthy. Shen Yuewen: No matter how big the space of future rise, from a rational point of view, the market has gradually entered the risk area.　　Therefore, in the madness of the market to maintain a cautious, temporarily away from the sidelines, even if you want to speculate, you should choose a better opportunity. Zhang Kexing: There is never a market that goes up and down.　　The current market has hit 3,200 points, from 2,400 since the continuous rise, so that most of the stock is not cheap, many companies have deviated from the price of their own value, the risk has approached us.　　Zhangjing: The stock market rally does not mean that the stock market is healthy, we think that the current market has a structural bubble, excessive liquidity makes many stocks overvalued.　　Reporter: 3,200 is the June 2008 formation of the Jump openings position, in the 3,200-point line seems to have a lot of pressure, here will become a stage high? Jin Wei: Last year's jump gap will not become a stage high, you can see the trend of Shen Chengzhi, Shen Chengzhi has been last year's jump openings completely closed.　　Therefore, the future of the Shanghai market index continues to uplink, the gap is more likely to be closed. Shen Yuewen: From April 2008 to June, between the 3,200 point ~3700 point, a considerable amount of money deposited in the bottom of the deposit, forming a huge hold-up disk. This will put greater pressure on future market increases.　　The recent market turnover has gradually enlarged the trend, indicating that some of the main funds in the withdrawal of the market. Zhang Kexing: Whether 3,200 points to become a phased high is not OK.　　I can't predict whether the adjustment will be in the next week or a specific point, and I think it's much more important to hold on to the big stock market than the forecast index.　　Zhangjing: Now it's hard to say, we think the higher the risk of the stock market, this point for the investors in the post, it is hard to say what value.　　Topic 3 Future opportunities and operations Reporter: The recent market has been rising, so many investors feel panic, you think next week will the market further?　　Jin Wei: The market may be pulled under the traction of the gap, further spike, and bank stocks and "two barrels of oil" is also expected to lead the market breakthrough 3,200 points of the main force. Shen Yuewen: The market has been significantly overvalued, and adjustment is only a matter of time.　　In the short term, there is a huge risk that the market will rise in inertia because of technological needs. Zhang Kexing: Many investors simply do not know what is high and what is low.　　When the Shanghai Composite Index fell 2000 points last year, people think it is very high, because they saw 1500 or 1200 points, at present, a lot of junk stocks, concept stocks, poor performance shares have long been "high" outrageous.　　Zhangjing: We are more concerned about the value and trend of the market, investors should use the value of listed companies to compare prices.　　Reporter: What are you going to do next week?　　Jin Wei: We still have a stake to rise. Shen Yuewen: The accumulation of funds to promote the rise in the wind once releasedRisk, the adjustment will be very large.　　If this year's rally is to fill the gap last June, I would opt to take a profit out of the 3200 area. Zhang Kexing: If the stocks we hold continue to go crazy and rise far away from a reasonable price, then we'll consider a sale or a clearance.　　If there's a big adjustment, we'll pick up the bargains. Zhangjing: This week it was a bit of a lighten up and a small number of positions adjusted. Our principle is that the market goes up and the operation is gradually increased. Military, new energy, mergers and acquisitions are our main positions.