Economic recovery all the way to the stock market industrial capital stocks busy

Background with the dream of economic recovery, the flow of money into the stock market. However, the performance of the real economy and the expectation of the fictitious economy have obvious divergence.　　The trend of capital inflows continues, will the next wave be driven by an economic recovery or a capital-fuelled asset bubble? The start rate rebounded in April, the listed company issued a quarterly bulletin, the performance of a sharp decline has already been expected within.　　For Wu Bing, who serves as fund manager and research director, he is not concerned with the quarterly data, but prefers to see the latest changes in business. In a factory specializing in the production of car jewelry, the interval of less than 5 minutes, you can see a tractor pulling full of goods, to the nearby railway station. On the other side of the production line, most of the machines are running, the operating rate has reached 80%.　　This is in mid-April, Wu Bing in a Shanghai Chemical industry survey of the scene. Affected by the financial crisis, the Wu Bing survey of the enterprise in 2008 suffered a big impact, the demand for the downstream decline sharply. By the end of 2008, the factory had accumulated up to 60,000 tonnes of inventory. Companies have had to drop the start rate from 90% at the peak to 50%~60%. In the first three months of 2009, companies digested 10,000 tonnes of inventory.　　But in April, the company digested 10,000 tonnes of inventory in just one months, and the factory decided to raise its operating rate. The increase in operating rate, the decline in inventory, theoretically indicates that the upstream and downstream demand of enterprises increased significantly.　　Wu Bing again ran to Xi ' an to see the chemical enterprise Xinghua shares (002109.SZ), the results also show that the enterprise demand recovery quickly.　　Signs of a pick-up in performance also appear in smaller, unlisted companies. Guangdong Chinese business law firm, the first-level partner He Xianbo is specifically responsible for enterprise listed investment and financing business. In late April, he noted that a company specializing in the electronics industry to produce ancillary products for the listed chemical enterprises, the first quarter unexpectedly has more than 30% of the high growth.　　In 2008, its performance fell sharply, by 60%. "This shows that the economy is beginning to recover and demand for related industries is rising; Another important factor was the collapse of some small and medium-sized enterprises in the chemical industry at the end of last year and the transfer of some market share from other small businesses to the company."　　"He Xianbo that the economic recovery is a comprehensive assessment of the momentum, but whether the market itself has such a high rise in demand, can not be concluded."　　In addition to the chemical industry, signs of recovery in other sectors are emerging.　　April, the key city property market continued the March hot market, Beijing, Tianjin, Shanghai, Shenzhen and other cities still maintain a three-digit year-on-year increase in most cities in the first 4 months of the cumulative sales have been more than 2008 of the annual level of half, to inventory quickly. As another big head of consumption, the auto industry has also submitted beautiful sales figures.　　China's auto industry association data show that in April the country sold a total of 1.1531 million vehicles, after March again refreshed a single month car sales record, compared with the same period last year, the growth reached an astonishing 24.97%. The recovery in other industries is also showing, as sales in the construction machinery industry have increased and electricityEquipment, communications services, such as the high prosperity of the industry continued to maintain high growth, petrochemical and aviation industries such as the performance of the promotion.　　With some sectors recovering and optimistic, the Chinese economy will recover in three quarters, making it a unanimous judgment of the institutions. Industrial capital stocks in bullish economic optimism, various funds from different channels rapidly flocking to the stock market often "Wudang 7, 8, 9 period put in the issue of investment securities, one day, the largest trust has more than 90 million yuan, the smallest also has 40 million yuan, Wudang 10 is Guotai issue." As the head of the sales business of the Asset Management Department of the securities firm, Yeming was surprised by the recent fiery release of private sunshine. "The original Star fund manager Lu Jun the Trust program in China Merchants Bank issue, less than a week to raise more than 300 million yuan of funds, its single fund threshold of up to 3 million yuan." "An innovative brokerage in the South has added more than 10 customers to its personal-oriented wealth management business in April," he said. "The minimum threshold for directional business is 5 million yuan, just 1 months, and more than 200 million of the clients ' money poured into the stock market."　　"There are also private capital in the industry," he said.　　Zhang Hong, who is in charge of the private-equity market, has spent half of his time working with private entrepreneurs in Jiangsu and Zhejiang. "51", these private capital began to invest heavily in stocks.　　Zhang Hong A rough calculation, "51" after contact with about 20 business owners, half of the recent additional funds to invest in the stock market. Shenzhen side is also the case, the reporter knew some of the small business owners engaged in project contracting projects, contracted some projects last year, but the project money is difficult to account.　　This year after the Spring Festival, these small business owners simply do not do projects, the funds are put into the stock market, as a "full-time" shareholders. Betting on inflation "the recent real estate market turnover is really big, but this is 2008 years of accumulated for a year of rigid demand, not normal turnover, need to observe."　　"A large Shenzhen brokerage deputy president, Investment Management Department general manager reminded that the A-share valuation has been too expensive, although the real economy has recovered, but the recovery level is not as good as the stock market reflects, is still a capital-boosting bubble."　　Business orders are rising, demand is picking up, but industrial investment will remain low, meaning that loose credit policies have not yet been fully transmitted to the real economy. "I only focus on two indicators, one is the investment of private-owned projects, and the other is the demand of deposits." "The loose credit policy leads to excess liquidity and funds need to seek investment channels to add value," said a deputy vice-president of a large brokerage. The sharp rise in the stock and property markets was its initial performance. And next, if the real economy recovers and private-sector projects are active, the capital will be diverted from the stock market to the real economy, but inflation will be unavoidable if demand for entities continues to shrink and money continues to push up asset prices to create bubbles.