New stock Pricing Report According to investor sentiment research paper fig leaf was torn apart

New wealth Best analyst Sunrise Report 12, into the High-yield first cow South all reporter Liu Yang a A-share market ushered in a rapid expansion of the IPO, the listing of the break of the stock brokerage report constantly make mistakes of the fig leaf. The report of the broker's exultant, very flattering reports was always mercilessly slapped by the market. And a new wealth of the best analyst Sunrise report 12 is to let the market for "quality" and "quantity" between a lot of questions. "A lot of pricing reports are based on investor sentiment, or based on the level of two market acceptance, its color will change with the mood, naturally inaccurate."　　"A brokerage institute director of the analysis that. New Share break the research report has been a disgrace ever since the end of December last year, the market has ushered in the history of the most dense, the most turbulent new shares broken mmmm. 10 only new shares, including the main board of new shares have broken.　　In particular this week, 25 new shares in the first day of the IPO break, a shares once again write a dangerous new record.　　The depressed of new shares is no doubt a reflection of the market's dissatisfaction with the pricing of the investment banking sector and the inquiry agencies, while the IPO pricing report of the brokerages also reveals a serious injection of price estimates. To the recent top of the "high growth", "emerging Industries", "clean energy" and other multiple Halo listed "motherboard most expensive A-share" Sinovel wind power as an example, the first day of the listing break makes 49 organizations floating loss 1.7 billion. In the reports of the securities brokers, the first venture securities expected to share a stock price of 135 yuan appears to be particularly bright eye. And before the stock market, this price is certainly quite attractive.　　Now, these are flowers fall off. Similar to this phenomenon, there are still a lot of new shares on the many. The pricing range is often as high as 20% or more.　　In response, two private equity managers told reporters that the price of new shares is very few accurate, because the current pricing issue mechanism is problematic, and the new stock market is too fast, the researchers can not cope. Reporter once on a new stock to a number of securities researcher consultation, including two small and medium-sized brokerage analyst frankly: write too much, oneself also do not remember the specific situation, also dare not casually say. And another major brokerage analyst directly said that the unit did not pay attention.　　In fact, its signature appears in the report of the Unit, but with the name of the assistant analyst, is likely to be completed by the assistant, the nominal release itself is not remember. "A lot of pricing reports are based on investor sentiment, or based on the level of two market acceptance, its color will change with the mood, naturally inaccurate."　　"A brokerage institute director of the analysis that.　　The research report directly quotes the roadshow materials in the pricing of new shares, many brokerages have fallen, which also ripped the outside world of their research reports on the decline in the degree of trust. Not only that, not long ago, because the prospectus is suspected of a number of data disclosure is not true, on the eve of the listing was an emergency call to the scenic mountains and rivers. Reporters have read dozens of reports, found that "China Xiang Faction Huadiao rice wine Model", "the new yellow rice wine industry leader", "industry leader sleeping, New Hope to" rushEnglish Premier League "," "inland leading rice wine production enterprises and new rice wine leading enterprises" and other provocative words have become the title of many brokerage reports and summary language, in addition, "leading" "Dark Horse" and other praise is frequent. According to an analyst who also wrote the scenic mountains and Rivers report, the new shares had not been investigated and the information originated from the company's material and the owner's description during the roadshow. In addition, investment banking, accounting firms and other institutions have been audited information, so according to the material. "A nice, inflammatory headline is more to attract attention. "Yesterday, reporters in the same flower shun financial data terminal to read the report, found a broker analyst report production is staggering." Its sunrise report of about 3 a month this year, when some listed companies issued three quarterly reports last October, one day it released as many as 12. The high yield does not seem to be a momentary, the next day, it released 9 reports, and then two days after another 9.　　Day 6, 7 is the normal. The large number of reports, with a stock rating and new research in the majority, but there are many lengthy industry research in-depth report, such a high yield report, everyone will doubt the quality level.　　But the analyst was impressively rated as the best analyst for a new wealth industry in 2010. "12 a day, copy also can not copy so much." There should be a lot of analysts for less than two years, without consulting qualifications, so hang in his name. "Analysis of a securities brokerage analyst in Shenzhen, said. However, in more than 20 of its reports randomly opened by reporters, the writer is a separate signature and no one else. "It can be said that the actual writing report of the people to help write, this is also a loophole, but not illegal." "The overall level of securities companies reported a decline in a lot of these events, no doubt the outside of the brokerage report on the guiding value of a lot of doubts."　　For most small and medium-sized investors, many through the brokerage report to understand the company's information, make the corresponding investment action, so misleading is obvious. Guangzhou Securities Sales Department in charge of the reporter said to the company's research department of the report, sales analysts will finish after finishing, and then to the customer guidance. "If you report a poor degree of feasibility, it does lead to problems with guidance." We also want the report analysis to be more accurate and authoritative, so that our business is better. The person in charge admits, now the level that the broker reports overall drops a lot.　　The analysis on the one hand is that researchers have a large flow of talent, it is difficult to maintain a consistent style, followed by more information, market style changes quickly, resulting in more and more difficult to grasp. In accordance with the above standards, brokerage reports not only difficult to give investors the right guidance, it is difficult to win the fund to split the warehouse. A brokerage institute director of this, quite a feeling: "Most brokerages can not be divided into many warehouses, are the first few to get away, brokerage reports can sell little money." "and another analyst said that the guidance of the report is poor because some important information is generally afraid to write in the report, will be timely by other means to inform important customers, and secondly, sometimes wait until the report, the market isHas passed. "Sell ratings are basically not written, it's easy to offend." Even if it is not good, it will be expressed in a very tactful way. "The brokerage reports that a lot of them are just aiming at the logic."　　Said the general manager of a private equity fund. For this evaluation of the market, the director of the above Institute felt very helpless. It complains that there are not too many people who are positive about the researchers, how much benefit they can get from writing reports, and that they are being bullied and not positively evaluated. and market recognition takes a long time to repay. "I have struggled in the industry for 20 years to get some recognition, and many people struggle for 10 years does not necessarily have this patience." "This version of the view, for reference only, this operation, the risk of conceit."