Tech stocks are blooming, chasing high or undesirable

Whether it is a a-share market or a foreign disk, technology stocks have frequently been the main force to pull up the GAN.

Hong Kong Stocks Market branch of the strong rally, urged the Hang Seng index in the first trading day of the ram ushered in a start. Tencent's holdings rose 21% per cent during the year, after China Unicom's 23%. In terms of industry indices, the Hang Seng information Technology board rose by 17% per cent during the year. In the U.S. stock market, the Nasdaq index has been up for 10 consecutive days as of February 24, and has been brushing off the new stage, albeit slightly down to 4984.24 on 25th. Na refers to the previous rush to the same high, or in March 2000.

Hou Xiaotian, CEO and chief analyst at Hao's capital, said in an interview that the main credit is driven by economic fundamentals, including macroeconomic support and monetary policy for liquidity protection. and economic recovery took the lead in the Na, also with the development of the U.S. science and technology industry, capital to promote innovation and other national conditions are not unrelated, "to a certain extent, NA refers to the first high technology is also a reflection of the economic forces of the United States." ”

Back to a A-share, technology stocks in the two-tier market, but no less, the TMT plate strong lead.

Since the beginning of the year, the company's Industry index computer plate, the media sector has risen by more than 30%, after the communications, automotive, textile and apparel plates during the year less than 20%. The wind concept plate index showed that the Internet financial index was the biggest in 65%, followed by a third-party payment index 45%. The performance of the shares is even more prominent. After the elimination of new shares, as of February 26, the top ten in the year, in addition to the days of Mao Group and Ruyi Group are occupied by technology. The largest increase in wisdom 281%, the minimum increase also has 99% nearly doubled, by ishares information set.

"All is not groundless or irrational speculation, but the relevant companies through long-term accumulation and external conditions with the cooperation, into a new stage." "Similar to Hou Xiaotian's judgment about the rise in U.S. stocks ' tech stocks, Marcian, an analyst with the Changjiang Securities computer industry, stressed that the background of the rise of the computer sector is to take the new technology as the carrier of the computer industry into the real application phase, the economic pull began to gradually reflect, and the industry listed companies to upgrade the transformation, valuation and market value are also in low.

To implement the investment strategy, Marcian directly to the "at any time, full configuration, buy and buy" as the title of its research paper, the emphasis recommended the market value of flexible software Internet standards, including corporate Internet, internet finance, Internet medical and other concepts. It points out that internet finance will coexist with traditional banks, while medical it, financial it vendors are expected to rely on products, industry experience and user resource advantages, through the integration of various resources or with bat cooperation, "open up tens of billions of imaginary space."

"A A-share of the Internet plate Rally, appeared in the market waiting for a cut in the gap between the policy." As the admission of incremental funds slows, the market logic is easy to return to the previous small-market new concept stocks. "A Shanghai private equity fund general manager and investment director also said to this newspaper, the real economic fundamentals are poor, a large number of industrial capital is still the hot Internet investment hot, two-tier market-related shares of multiples."

"There is no need to worry about high P/E. The Internet model in the initial stage to cultivate the flow, burning money and revenue growth is very rapid, the city yield may be more worthy of attention. Once the firm stabilises, especially after mergers and acquisitions and shuffling out of competition, the price/earnings ratio will fall accordingly. "The general manager of the private equity fund also stressed that the more worrying issue is that the current money-driven concept or business model from the rise to the landing process is accelerating, but is validated as an effective or profitable process, not at the same time shortened," The two processes are not matched.

Based on this, it points out that this round of technology is not from the industry fundamentals, but in the short term has accumulated a higher increase, considering the current two-level market style conversion, macro-policy favorable landing and other factors, "advised investors at this time cautious admission."

At the same time, the market has a more sober investment logic, borrowing the logic of the rise of technology to find a more robust growth market.

Changchun, chairman of the Purple Xin Investment, said in an interview, in view of this wave of new industry, we can not ignore the trend of market-oriented and capital-driven deep reform, but not blindly follow, put the cart before the horse, "last year when the investment strategy to hear some internet will change the financial industry, this is very superficial understanding, The so-called internet will completely subvert the traditional industry, many people's understanding still stay on the surface phenomenon.

The Internet financial market as an example, Changchun said, the Internet is more to provide a delivery tool and fund-raising methods, the core of finance is to identify and manage risk, which has not been overturned and changed, the Internet to solve the problem of reducing information asymmetry and transparency. Compared with the Internet financial sector, it believes that the future of greater investment opportunities will return to the financial services sector itself, and along the line of rapid accumulation of private wealth to further the infiltration of high-end consumption.