Prev 2,600 point blue chip rise dew New ideas

Shanghai Composite Index Day chart-our correspondent Zhangxiaofeng since 28th last month, a-share market still keep "small step run" strong characteristics.　　Among them, the Shanghai market appeared a rare "seven even Red", the Shanghai Composite Index successfully regained the 2,500 points and 2,600 points of the two passes, and repeatedly refreshed new highs; Deep card exponentially continue to lead, new highs, and easy to stand on the 10,000 point mark, announced that the rebound market into a fresh phase. It is worth mentioning that, in this rebound process, has been the fund and other institutional investors heavily guarded banks, real estate, steel, electricity, coal and oil, such as blue-chip weight of the market has become the main driving force, these early stagnation of blue-chip weight stocks again rise, for the current because of the relatively high level and become increasingly sensitive a-share market,　　Inject deeper new ideas.　　The global economy is coming out of the shadows the big stock markets are now showing signs that the global financial crisis, with the help of Governments such as the US and Europe, is gradually coming out of the shadows. April 29, the Federal Reserve issued a statement that, although the U.S. economy continues to decline, but the pace of decline has slowed, the rise in unemployment, family wealth and credit crunch impact, household consumption is still tense, but there are signs of stability. 　　This is the most optimistic statement about the economy following the Fed's recent series of decisions.　　According to a recent FT report, the latest survey shows that the eurozone economy is showing the clearest signal that the worst of its recession has passed, and that the pace of the euro-zone slowdown in April has unexpectedly slowed dramatically. The survey found that the "integrated" purchasing managers ' index jumped from 38.3 in March to 40.5 in April, the biggest increase since the survey began in 1998 years, and also became the one month of the lowest output decline in 6 months (the index below 50 indicates economic activity is shrinking).　　The index, which also covers services and manufacturing, can provide a reference for future trends in economic activity.　　The unexpectedly strong rise in the PMI index suggests that the nascent economic recovery in the rest of the world is emerging in the 16-nation eurozone, making it possible for economic activity to stabilise or even revive growth by the end of the year. As the US and European economies have improved, major stock markets have rebounded about 30% per cent, led by the most visible financial stocks in the recovery. But the results of the US bank stress tests just released show that 10 of the 19 stress-tested banks need to raise capital at a scale of 74.6 billion dollars.　　Among them, Bank of America, Wells Fargo, Florescence group become the main object that need to increase capital, this will bring some short-term influence to the stock market of the slightly warmer, but the concrete impact strength is relatively limited.　　From the revitalization of the industry to regional economic Hot Wheels continue to upgrade after the top ten industrial revitalization planning, along with the management focus to the regional revitalization planning, a new huge market hot spot and the top ten revitalization of the industry very similar to become the market new favorite, regional theme investment has become a a-share market has been a continuing hot spot.Shanghai's regional theme still has surplus heat, the economic zone of the West coast of the strait again blows horn. The executive meeting of the State Council has discussed and adopted principles on the support of Fujian province to expedite the construction of the Straits West Bank economic Zone.　　The concept of the economic zone on the west side of the strait has clearly risen to the national strategy, and the central-level document, "supporting the economic development of the western Bank of the Straits and other Taiwanese investment in relatively concentrated areas", is now the first to explicitly use the reference to the "West Coast economic Zone"; Affected by this message, in Thursday, the market fell under pressure, Fujian Plate is still located in the top of the list, Zhangzhou development, three Wood Group, China Wuyi and so on are strong trading.　　Analysts believe that the economic revitalization of the western coast of the strait not only on the news on a A-share short-term stimulus, more can be given to the relevant industries in the long-term positive. Much attention was given to media reports yesterday that the comprehensive package of integrated reforms in Shenzhen was being finalized by the central government. 　　The news also led to the full launch of the Shenzhen real estate sector, especially as a veteran real estate stocks leading Vanke, deep room with a rally, but also effectively stimulated the popularity of the market. In fact, in Shanghai and the Hercynian plate active at the same time, Tianjin Binhai New area of several major leading stocks such as Teda shares, Tianjin waterfront development, housing development and so also appear strong. Therefore, as the current state has approved the establishment of an economic area of 12, including the old industrial base in the northeast, the central economic Zone, the northern Beibu Gulf Economic Zone, Shanghai Pudong District, Tianjin Binhai New area, Chengdu-Chongqing New Zone, Yangtze River delta Economic Zone, Pearl River delta Economic Zone, Beijing-Tianjin-Hebei Economic Area, Guanzhong Tianshui Economic Zone, Hainan Special Economic Zone　　Included in the number of listed companies, the amount of funds to absorb the larger, so the next step if the market funds to other not speculation of the plate, will be led by the point of the belt of the active stock.　　From Shanghai "Double Center" to "Hercynian", from "Shenzhen-Hong Kong Center" to "12 economic zones", the regional theme of speculation intensified, and show the positive effect of gradual diffusion, in order to create a rich profit effect, maintain the popularity of the plate to promote the steady rise of the stock index played an important role. The relatively low history of a-share valuation is still growing in comparison with the International New Year report shows that to the year 1600 companies to achieve a total net profit (consolidated statement) of 873.703 billion yuan, compared with the whole year of 2007 1,022,232,000,000 yuan decline 14.53%. A-share price-earnings ratio of 26.1 times times, at the latest market capitalisation, fell 45.48% from the 47.87 times-fold static P/E ratio on April 30, 2008.　　The value of the market investment has not fallen sharply due to the decline in performance, but it has increased with the excess expectations of share prices. According to quarterly statistics, the first quarter of this year 1600 companies to achieve a total net profit of 213.805 billion yuan, a dynamic P/e ratio of 26.19 times times, slightly higher than static P/E.　　Shanghai A A-shares 23.85 times times the static P/E, 23.55 times times the dynamic P/E, at a relatively low valuation level. Compared with the international market, the current standard Poole500 stocks have a price-to-earnings ratio of about 17 times times, but in the first quarter of the U.S. GDP fell by 6%, and China's GDP rose by 6.1% per cent, if we think that China's macro-economic base, and in the gradual recovery can reach a consensus, then according to the dynamic point of view, the current valuation of a A-share is still not high compared with the international level　　Continuous investment Fund Index The rise of the eight-yang blue-chip rising dew new ideas just as we are in the Shanghai and Shenzhen stock index overlapping innovation high applause, the fund index is also on the upswing, and the momentum is more fierce with the market, and created a continuous Hongpan of 8 trading days of the strong miracle! At the same time, as the largest in the first quarter of the fund to increase the size of the plate-banking sector, the plate has become increasingly visible signs of activity.　　The rebound in the financial index of nearly 17%, the overall lag in the market trend, the performance of financial stocks has attracted wide attention of the investment parties. Whether it is a closed city fund index, or the fund's heavy blue-chip strong performance, it is not difficult to truly feel an invisible impetus. In recent years, the annual report of the company released shows that, as at the end of last year, all types of institutional investors held a listed shares of the current market capitalisation accounted for 54.62%, this is the first time since the number of institutional investors held more than 50%.　　The disclosure of this information really reflects the enthusiasm of institutional investors in this round of market, rather than on the surface people are talking about, just some hot money, or short-term speculative funds, to create a chicken flying dog jump-style stock market. Further, from the average position of the biased fund, the Fund has now increased its stock position for six consecutive weeks, and the fund position has hit a new high recently. According to the Bohai Securities fund position Monitoring model, the average position of 254 partial-stock open-end funds included in the statistic range was 79.9% last week, up 2.29% from the previous week. Among them, the stock fund average position is 85.4%, the mixed fund average position is 73.14%, rises 2.4% and 2.17% respectively compared to the previous week.　　This shows that the Fund is still continuing to keep up, short-term rapid escape probability is small, although the position can be limited, but the follow-up still has a certain impetus. It is noteworthy that since April, the Shanghai and Shenzhen cities continue to maintain a daily average turnover of more than 200 billion. 　　Through the fund, brokerage, insurance, social security funds and other major institutional investors to the phenomenon, combined with the recent rise of blue chips, all show that the continuation of the market, may exceed the expectations. May market is not over race said for fashion early from the above points can be seen, the May market is not over, race said it is premature. It is noteworthy that this week's central bank's first-quarter monetary policy implementation report of 2009 said it will unswervingly implement moderately loose monetary policy, continue to maintain the liquidity of the banking system and guide financial institutions to increase credit delivery reasonably. If the international financial crisis continues to deepen, credit will still need a certain degree of growth.　　This has laid a solid foundation for the future of the stock market to continue to rise. While the subsequent credit scale may be substantialReduced, but the liquidity of the market as a whole will not be fundamentally reversed, and the proper control of credit scale will ensure the quality of bank credit. Even if the international financial crisis continues to intensify, credit still needs a certain amount of growth, which laid a solid foundation for the stock market to continue to rise in the future. As a result, liquidity, one of the important factors supporting the development of this market, will remain loose.　　At the same time, the two-quarter macroeconomic rebound may be more than expected to lay a solid foundation for future deepening. In short, loose liquidity and low interest rates, the government's economic stimulus policies, investor expectations for the future economic recovery and investor sentiment will provide a strong support for a-share market, next week will focus on the April macro data, macro data will dominate the next step in the market.