Gem Retail buying ratio of more than 97% or the small and medium-sized plate market

After the first day of the listing of the full red situation, a data show the entrepreneurial destroyer face a severe test-on the first day of the gem trading, institutional investors buy 11.4295 million shares, accounting for 2.63% of the market, including securities investment funds, social security funds, insurance, etc. did not participate in the purchase, and retail buying ratio of more than 97%. Lack of institutional investors to participate in the gem, how to go after the retail, looks not optimistic. "The average rise in the first day of the market reached 106%, even if the growth is very good, to a large extent, has been overdrawn."　　"A brokerage researcher said.　　As much as 88.88% of the overall daily turnover rate, showing that the number of new listings has been a sharp retreat, on average more than a multiples of the gem shares, the hidden risk of a sharp increase. For the next trend, some institutions even predicted: "will be the June 2004 SME market again." June 25, 2004, the SME board opened, 8 new shares on the first day on average rose 130%.　　But 3 months later, 8 stocks fell by almost 40% from their first-day closing, to 24%, and 1 to a break.　　History again?　　Although regulators have been warning of risk, the debut of the Gem is still beyond the imagination of most people: on the first day of the market, the average rose to 106%, in accordance with the first day of the market close, 28 gem stock industry, the pros and cons almost all enter a hundredfold price-earnings ratio club, the red Sun pharmaceutical industry and the Shenzhou Thai Yue is a leap into hundred yuan shares.　　On the first day of the market, gem shares almost all out of the "several" zigzag trend, as well as institutional investors stand by, showing the first day of the fry or unsustainable.　　Golden Lark Investment analyst Qin Hong, because of the rapid appearance of valuation bubbles, this week, the first batch of the gem will repeat the first batch of 8 companies in the market after the trend, that is, in the short run low to further squeeze the bubble, and the resulting drop in the board, may be more than one. "From the valuation point of view, the current performance is difficult to support the stock price, some companies in the third quarterly performance growth rate of rapid decline in the situation, short-term decline is likely."　　"a broker said. Xu Hui, chief analyst of China Certificate Investment, said that compared to the first day of the SME board, the current gem average valuation to be higher than the 3 times-fold, the individual companies are more than 5 times times higher. At that time, the valuation of the SME was already at a fairly high level.　　This indicates that gem stock future will face a more obvious value return. The repetition of history also means that the top of the first day of the tens of billions of dollars, it is difficult to have a chance to turn over in the short term.　　June 2004, the first batch of 8 companies listed, the average day rose 130%, the results averaged 569 days before the solution, the longest time to spend more than 700 days.　　Brokerage: High growth is the key but market insiders believe that the SME and regulatory sector is looking forward to the gem, nor is there no chance. The view from the brokerage research people is that the current gem's overall P/E ratio is higher than the motherboard and the SME boardMuch higher, but not without investment value. Take 28 gem stock of the most expensive red sun medicine as an example. Although its three-quarter net profit growth rate of only 8.95%, a significant decline year-on-year, but given the high growth, a number of securities analysts still said bullish. In 2006-2008 years, the annual compound growth rate of revenues and net profits of the company was as high as 82.37% and 195.72% respectively.　　Northeast Securities and pharmaceutical industry analyst Song that, because of strong product advantages and a certain degree of monopoly and other reasons, the company's stock still has a good investment value. And high growth is the first gem of the common characteristics of the company.　　Three quarterly reports show that 28 gem companies net profit year-on-year average increase of 75.58%, the average earnings per share growth of 64.36%. But the overall high growth does not obscure the growth of some companies, which is also a wake-up call for their share price performance. "High growth is the characteristics that the gem must have, and the performance of its next share price depends largely on the performance of the business performance." "said a brokerage analyst.