Pour the dirty water.

⊙ Wanguo Securities Institute market Research director Gui Haoming ⊙ Wanguo Securities Institute market research director Gui Haoming coincides with the "5.19" market 10 years, the media appeared a lot of memories and reflect on this wave of the market article. Interestingly, for the current market leader-network shares, the current market evaluation is obviously not high, it has been mentioned that although the emergence of network stocks, the rise of the stock market at that time played a very large role, but because of the excessive speculation on the plate, especially the "City dream rate" to replace the price-earnings ratio, The result has become a major reason for the stock market to fall from the high, and even some of the shares that were scrambled because of the Internet theme are still far below the 10 level.　　Also some analysis on this basis also made a exaggerated, mentioned that the current market operation pattern also exists many with the year "5.19" market similar to the irrational factors, and some directly to the present new energy stock compared to the then network shares. 5.19 "market experience and lessons, of course, what every investor must do now, such as how to adhere to the concept of value investment, to maintain the vigilance of the subject stock, and so on, are in the process of people have not a small price to deepen the understanding.　　However, if it is simply to the network stock market to a negative, and then to the new energy stocks to network stocks, because 10 years ago the network Heat finally bankrupt, also now to deny the new energy heat, then I am afraid that is too extreme, may not be appropriate. Review the network stock market, you can see its launch is not unreasonable, and the rapid development of the network economy and "digital survival" into people's daily life has a close relationship. The problem is that on the one hand, the profit model of the network economy has been exaggerated imagination, and later proved by practice is far from the actual situation, resulting in many network companies can not get profit targets. On the other hand is the market hype atmosphere is too strong, and all involved in the network company's shares have been greatly pulled up, and some enterprises only in this aspect of the investment of 1 million yuan, is regarded as a network shares and stock prices rose. Clearly, this speculative market is unsustainable. The last one is the bursting of the US dotcom bubble, which has led to a cooling of the entire domestic network. However, people still can not deny that, 10 years ago, the network stock market, in the promotion of China's network economy at the beginning of the network and the popularization of knowledge, or played a great role.　　Therefore, for the "5.19" market in the network stock heat, is not a one-size-fits-all completely negative. As for the current new energy stocks, the surface seems to have some similarities with the network of 10 years ago. They are led by the overseas market, many enterprises are only local involvement, the overall level of profitability is not high. However, compared with the virtual nature of the network economy, the new energy is much more practical, and its docking with traditional energy is more realistic, so it determines its profit model is relatively clear。 The problem is that due to the sustainable development of the economy and the living environment of human beings, new energy has become an important development strategy in many countries, and the government-led investment and the government's policy have been tilted a lot, which was not in the development of the network economy, and in a sense, It is indeed a fundamental requirement for a new technology to begin with. Therefore, the development prospects of new energy is difficult to compare with the network economy. As for the new energy stocks, although it can not be ruled out that there are individual varieties are really overdone, but on the whole, its "heat" or relatively limited, far from the "5.19" market when the level of network stocks. And for most of the listed companies involved in new energy, it does have a real investment in this area, the growth prospects of this part of the business is also quite optimistic, which is similar to the network during the heat when some of the net-related enterprises just have a concept and very different. At this level, although the current heat of the new energy and the network of the year, objectively there is a certain similarity, but strictly speaking its differences will be greater, can be said to have a fundamental difference. Therefore, simply put the current new energy stock heat compared to the network in the past, obviously not rigorous.　　In fact, if from the development point of view, now the new energy stocks, I am afraid the temperature is not how high. 10 years ago, the network shares, especially the blind speculation of the wind, so many investors left a memory of the memories, this lesson can not be forgotten. But, just like pouring dirty water can not be the same as the children fell together, investors can not ignore the network in the year the rationality of the heat, but not because of bitten, a decade shy, in the absence of basic analysis of the new energy or other current subject-matter stocks hot all the rejection attitude. After all, investing in the stock market, focusing on hot spots and tracking the potential for development is the key to achieving excess returns. Of course, the premise is to avoid from the fundamentals of operation, control the good risk.