Dongbin: New stock break has early effect

Today's concern: analysis of new shares on the day break phenomenon Moderator: Zoanrong guest: Dongbin Guotai registered analyst Zoanrong: Today there are five new listings, how is the situation? Dongbin: New stock break has advance effect Dongbin: Today there are five new shares, open all break, basically the biggest decline is n style, is to do power equipment, the most is down to 14% now, the second is the Asia-Pacific branch, and then fell 12.5%, the smallest decline is n Hung Road, fell 6.12%,　　Basically, the opening break.　　Zoanrong: What do you think of this break? Dongbin: In fact, it can be seen from history, for example, 2006 and 2008, there have been many new shares break, the capital market is nothing but two major functions, one is the investment function, one is the financing function, from now on, the whole financing function with the new shares break, I think it has been basically can be seen as a loss, Many institutions, including many investors, will not be able to play new shares if they see a break in the new shares, which, in general, have been accompanied by a whole set of policies in 2006 and 2008, including reforms to some new equity systems, including the possibility of stimulating some of the stock market,　　Often what may be, herald the end of the entire market, because the market is behind the end of the policy, so I think the new shares break does have a certain advance effect. Zoanrong: Today I picked a letter from the audience, he said that the responsibility of high P/E issue is not only in the management mechanism, will the brokerage, investment bank, media also have the responsibility? He drew a message out of 11 new offerings this week, focusing on sinovel. What is the newspaper, what what net, such a tendency, should not attract attention? Why does this newspaper, this website, specially ask everybody to pay attention to this stock? Hua Rui Wind Power Sponsor, the main underwriter of the investment value of the securities of the analysis report shows that sinovel reasonable valuation interval between 95-106 blocks, corresponding to the 2010-year P/E ratio 25-28 times, Forecast 2010-2012 earnings per share in 2.82 yuan-4.92 yuan, so the sponsor analysis, according to the current wind power industry, listed companies about 28 times times the price-earnings ratio, Sinovel's most conservative issue price should be more than 105 yuan, this you said he was wrong? You are difficult to tell him, but the market will not buy you this account, I will not give you this price, the buyer and seller game, how much money now? 73 Bucks, he said 105 dollars, didn't he?　　Dongbin, you are analysis, the sponsor of this attitude and opinion, and the market does not buy you how to look at this problem? Dongbin: First of all, the big direction, whether it is new shares, old stocks, is the new stock to submit to the market, rather than the market to submit to new shares, so generally speaking, in a very weak situation, the new stock day break, or below its value range this is very normal phenomenon, and we also see, A lot of investors have already made the whole issue of new shares by voting with their feet, andIt's the same day break, this is a very obvious signal, because before we see, there are some new shares it may be pulled up a wave, then the collective fall, but at present, the day break, this is the explanation is completely not optimistic, so I think, may include with its high price distribution,　　This may be only a superficial phenomenon, mainly in its own system, I think still need to improve.　　Zoanrong: What happened to the break? Dongbin: There is such a similar stock, because the whole market relatively depressed, take the opportunity to kill, after the good, because the relative hold-up disk is not particularly much, so including turnover, once a breakthrough it will continue to the high innovation, including at that time Goldwind is such a trend.