Peripheral market recovery for blue-chip strong refueling

Securities Times reporter Wan Peng yesterday was the first trading day of June, the Dragon Boat Festival during the period of the periphery of the stock market and commodity markets, the impact of the rise of the Shenzhen-Shanghai stock market both rose. It is also the seventh consecutive month since last December. Blue chips in the overall rally led by the Shanghai Composite Index a breakthrough 2,700 points, and to create a rebound since the new highs.　　It can be expected that, in the next period of time, the market will become a large blue chip in the future for a period of time, and determine the direction of the operation of the stock index. In fact, since the middle of May, the market has started to emerged, China Petroleum, Sinopec, Pudong Hair Bank, Minsheng Bank and other shares of the rise of the market has repeatedly led to pull through.　　Statistics also show that from January 2009 onwards has been a small plate stocks to win large stocks, but from the beginning of May, this trend completely reversed, large stocks began to run to win small stocks. The market's stylistic shift was even more pronounced yesterday, with the Shanghai 50 Index up 4.3% per cent, significantly ahead of the 3.36% rise in the Shanghai Composite Index and a Shen Chengzhi of 2.9%.　　In addition, the two cities rose lower than the Shanghai Composite Index (3.36%) of the shares up to 1340, accounting for more than 85%, while the increase of more than 2% shares also up to 1069, for the total number of stocks in the two cities nearly 70%. For the strong performance of the broad-blue chip, Guotai Securities summed it up to three factors: first, valuation. At present, in addition to the bank petrochemical all a-share (including most of the small and medium-sized stock) of static PE (not deducted losses) as high as 44 times times, from Roe and gross profit margin of two, except the bank petrochemical all a-shares profit growth is not too optimistic, difficult to support the current overvaluation. With the increase in the market risk, some of the funds from small stocks to large stocks. Second, the large market share performance exceeded expectations, more and more certainty. The rise in petrochemicals, the strength of coal prices and the bottom of banks ' net spreads provide fundamental support for these big-market stocks.　　Third, the external stock market and the rise in commodity prices.　　Guotai Securities also believe that, although the market will continue to win in the next few years, but investors should note that the rise of large stocks is very dependent on the trend of the external market, and its rise needs to consume more liquidity, so the extent of its absolute gain can not be overly optimistic. It is gratifying that, for the time being, the bullish atmosphere in the peripheral stock market and commodity markets remains good and there are signs of further warming.　　Last week, the dollar index fell sharply, and a breakdown of 80 of the integer pass, which led to gold, oil-led commodities quickly climbed, and the U.S. Dow has ended nearly one months of consolidation trend, to break the upward signs. With a share market closer to the Hong Kong stock market is out of the momentum such as rainbow of the continuous attack market, in the last four trading days successively breakdown 17,000 points, 18,000 points of the mark, the current distance of 19,000 points is only one step away. The performance of some H-shares is remarkable: Bank of China Rose 19% in four trading days, shrinking rapidlySmall and a A-share price difference, China's oil three trading days rose 14%; China ocean, Jiangxi Copper, China Merchants Bank, Ping An, China life, such as a large number of Chinese-owned blue chips have become the focus of the market. And from the a/h shares constantly narrowing the price difference, a-share valuation level still has the space to continue to improve, which will become a a-share market stability in the strong support of the rise.