Great Wall Securities restricted shares, stock market volatility will impact the external A-share market, taking into account the dissipation of fears of a quarter, their ability to support the valuation levels, we believe that the current point and already has a strong investment security marginal, March A-share market is expected to usher in the repeated shocks bottoming in the rising stage opportunities.
lack of confidence in the market, the existence-than-expected risk events, recommended the adoption of income may be subject investment allocation in January was weaker than sector allocation, blue-chip allocation strategy. topic optimistic about future investment in stocks, resources, goods prices subject matter. configuration level in the industry, in addition to continue to adhere to the pharmaceutical, food and beverage, tourism and other consumer industries as a core configuration , it is necessary to gradually increase the financial, aviation, steel, coke, chemicals, new materials, configuration of network equipment and other industries share.
since 18 January 2008, the Great Wall built from the stock pool .3 30 months, the Great Wall 30 Wuhan Steel shares of stock transferred to the pool (600005), Zhejiang Medicine (600,216), transferred out of Thailand shares (600,308), Offshore Oil Engineering (600583). At the same time suggest the pool of financial stocks, aviation, steel, pharmaceutical stocks investment value.
Shanghai Securities
3 月份 market will mainly depend on three factors: First, to improve the supply and demand and liquidity difficulties decryption policy, which will re-establish investor confidence in the market psychological level; Second, inflation the expected valuation of environment, especially the blue-chip heavyweight fully adjusted valuation will give the expected index of resilience; third macro environment for economic growth under sustained the valuation of listed companies can be given momentum.
We believe that , March the overall market trend is expected to show signs of recovery but is still in consolidation pattern, the Shanghai Composite index will mainly work in 4100, Dian -5000 point area.
3 month investment strategy can be appropriate to replace the defense against active investment, proposes a focus on the subject is expected by the investment policy support, and valuation adjustments consecutive rebounding opportunities. Among them, the pharmaceutical industry, machinery and equipment, steel, electrical equipment and telecommunications equipment, services, investment in industry, there is a margin of safety.
3 月份 investment combinations are: China Unicom (600050), Bayi Iron & Steel (600581), China Coal Energy, China Shipping Development (600026), Xinsaigufen (600 540), TBEA (600089), Industrial Bank (601166), Gree ( 000,651), Hong Mei Pharmaceutical (600518), GD (600795).
Industrial Securities
one Outlook: 2008 is adjusted, the March had the opportunity stage.
two strategies: battered .3 investment rebound and themes to have more hot spots can take months because the performance is still possible to maintain a high growth rate and the policy of the catalyst.
proposed mining: experiencing a rebound opportunity mm continuous and stable earnings + dividends + valuation of depression; Investment Theme mm br> Ultra-mm medicine with biology, agriculture, forestry, animal husbandry, fisheries, food tourism, chemicals, machinery and equipment, delivery equipment, commercial trade, information services, information equipment;
mm Standard Bank, ferrous metals, real estate, food and beverage,UGG bailey button, building materials, electronic components, household appliances, transportation, mining;
mm lower with textile and garment, non-bank financial, utilities, light manufacturing, non-ferrous metals, comprehensive.
Recommend stocks mm Xiamen Airport ( 600,897), built of shares (600,153), Xinhua Medical (600,587), CYTS (600 138), the first food (600616).
Everbright Securities
judgments about the future, we believe that conflict is still present three Quotes will be about: (1) policy from the game tight and flexible efforts: efforts to further tightening may be the same, specific policies need to wait until some time after two or more uncertain; (2) the macro level, abundant liquidity and lack of market liquidity contradiction: With improving the policy side, efforts to strengthen the issue of the new fund will be a way to resolve this contradiction; (3) entity level and the virtual economy is inconsistent valuation investors: With the market correction, dynamic valuations a certain appeal.
allocation strategy: in March the market will wait for the expected uncertainty in the shock,UGG boots, the market is still in an adjustment phase balance.
sector allocation: two related topics concerned with investment, super-equipped chemical, cement , electrical equipment, pharmaceuticals and banking.
style conversion: the new fund issue intensified in the case, may be converted to large-cap style. In these circumstances we are optimistic about the sales of some of the blue chips and some cyclical industries , the stock is in space with a certain amount of security.
securities of state's views on the recent market more than we are inclined to the short length of more than hollow. After 4 months, adjusting for market risk has been tapped, short-term space has not dropped, but management also frequently blowing warm air, step by step through the new grant funds to increase market supply of funds.
longer period of time from the point of view, A shares compared to the current valuation and overseas markets can be that is reasonable, but by no means be underestimated. ban the sale of shares in 2008 the market value of life more than 2 trillion, in theory representing an increase of the supply of shares more than 30% of household savings deposits in early .2006 A-share market is much higher than market capitalization, up to 10 times, but only 2 times, which we are worried whether the market would have sufficient funds to undertake the additional new supply of shares and financing needs (including the IPO and the additional financing). in the long run, we China's economic confidence in the Chinese capital market confidence.
March we are optimistic about the industry, banking, steel, nonferrous metals, chemicals, liquor, air and rail transport, power equipment and railway equipment manufacturing industry.
Guosheng Securities
2 月份 broader market fell on the end line, but K line to close out the month with a long lower shadow of the shade cross star, and the Shanghai Composite Index closing level from the line of only 3% of the distance, therefore, can not this confirm the break in line is valid.
Index Powei down faster appreciation, commodity bull market the market is crazy.
overall valuation based on market, policy guidance, technical and game laws, we still insist on the possibility of a great line near a bottom, we determine the range of market volatility in March 4300 -5200 points.
from a strategic point of view, 25 times the blue chip is worth close attention, but the market to determine the stage in March, we still tend to seize the opportunity to subject shares. This Annual Report on behalf of a market in which, three concepts, the military sector, environmental protection, venture capital concept, the concept of stock index futures, RMB appreciation, consumer, medical reform, integration of central enterprises, large railway construction, power grid investment.
Ping An Securities < br> 3 月份 A-share market although there are still some uncertain factors, but overall bullish factors in a more positive impact on the market. First, the February release since the policy side of the positive and clear signal. Meanwhile, although Static valuation of the market is still high, but considering the level of short-term risk and performance growth is expected to release the market further down the rational space has been limited. In addition, the impact of A-share market, such as 1,2-month U.S. sub-prime crisis, snow and some A-share companies demand for refinancing is the gradual elimination of negative factors, which is expected to gradually restore market confidence.
overall judgments, we believe that March A-share market will gradually be active, higher probability of larger shocks, the core of the CSI 300 Index trading range in 4500 points to 5400 points.
variety selection, with the valuation advantage of steel and clear policy support by the pharmaceutical industry is still super-distribution of the species we adhere to. also have attractive valuations of financial services and performance support stocks may also become a key consideration in our next phase of the configuration of the species. In addition, non-ferrous metals sector short-term trading opportunities.
State Securities
we are very conservative calculation of capital requirements and capital supply are more optimistic about the calculation of the case supply and demand gap is still large, which affect the balance between supply and demand is a key factor in the impact of lifting the ban, followed by the IPO and the impact of refinancing. In normal market conditions, price adjustment can be made through the self-supply and demand balance. However, in 2008 The crux of the market supply and demand of funds: The main demand for funds from small non-reduction. Because of its capital needs and low cost led to the reduction of the historical behavior and valuation sensitivity is not high, which means large the magnitude of reduction of price fluctuations will be affected.
We believe that mid to late 3 to 6 month turn relatively modest market environment will help produce stage rebound opportunities. this opportunity depends on: first, the macro adjustment fear lessened; Second, pressure is not phased lifting of the ban; third, the management of positive measures to maintain market stability. and worry about the degree of austerity will help reduce the blue-chip implementation style conversion, which is relatively optimistic about our banking, insurance, Power, department stores, Chinese medicine.
Hong Yuan Securities
2 months of good public management focused even as many as 8, will be released every two days is basically a good, and each is in good After the market fell to new lows when the time may be released. can be said that in 4000 the management expect the market to stabilize near the intention is very clear, in March the rally will be policy continuity. of course, A shares of liquidity tensions in the March is still difficult to effectively change.
we believe March will present opportunities for transactional interpretation of the local bull market, our ), Xinjiang Tianye (600 075), Xinsaigufen, Xinnongkaifa (600 359), Guannonggufen (600,251), Great Northern Wilderness (600598);
energy saving sector: Capital Environmental Protection (600874), Zhejiang Sunshine (600 261 ), the United photoelectric (600363), three love the rich (600,636), Juhua (600160);
new energy sector: Tianwei change (600550), Sichuan Investment and energy (600 674), Granville shares (600,438 ), Leshan Electric Power (600644), Aerospace Electrical (600151);
aerospace industry segments: Air your shares (600,523), XAC International (000 768), Hafei shares (600,038), rocket shares (600,879), China Satellite (600,118), Aerosun (600501);
venture capital sector: power co-shares (000,bailey UGG boots,532), public utilities (600635).
Qilu Securities
3 月份 market will continue to shock bottoms, but there are progressively stronger will. static analysis, the stock market already has investment value of the center line; dynamic analysis, market valuation of the full decline in the rebound after. At present the main stock markets fell segment has been completed, with the generation of band rebound technical conditions, the license index is expected to build in the mid-4100 near the bottom.
3 月份 market hot plate to a certain degree of conversion. SME board has been in a high state valuation, weight plates, such as banks and real estate industry, with its sustained good performance growth is expected to lead the broader market stabilized after the rally started, a relatively high rate of small-cap stocks will be adjusted because of the valuation factors. ferrous metals, financial services and real estate industry, currently has the advantage of relative valuation.
investment before and after two sessions held can focus on the main line of domestic-oriented industries is expected to grow more specific quality stocks, such as agriculture fertilizer, pesticides, new energy and energy conservation, medicine and health care focus on the media industry .3 months, non-ferrous metals industry and power industry, strategy blue chip layout.
Dongguan Securities
Although the market is not clear in February completed a bottom, but the continuous management of funds and financial products issued approval, and to speak to stabilize the market, indicating that the policy aspect of a clear change has occurred. but the policy the bottom end of the market often does not necessarily coincide,UGG shoes, of course, is limited deviation .3 Although the market is likely to continue in January bottom, but the time and space are extremely limited. We think the market psychology has been extremely pessimistic, which often means that the market trend turning point will occur, the policy will have positive effects may manifest itself slowly in March, so March is likely to shift in the market, resulting in intermediate rally.
investors should now stable state of mind, pay close attention to early March Ping (601,318 ) lifting of the ban and the time window of shareholders changes in the market, the market stable through this gateway if the expected start to rebound. while the broader market if it continues to bottom surface may lead to policy adjustments and other means used to intervene in stamp duty, so you can bargain intervention in March the market shares of hot topics and the possible switch between the blue chips. recommend investors hold the rhythm, patience should not blindly follow the trend of operation.
Sealand Securities
3 market in addition to the Restricted Shares face heavy lifting of the ban, and refinancing such pressure, but also face inflation, macro-control and the U.S. subprime fallout and other uncertain factors. But the broader market slump on the Shanghai index price-earnings ratio fell sharply from 45 times to 34 times the current, blue-chip bubble has been more fully squeeze pressure, the market is relatively limited downside. and clear policy guidance since February, 4800 points Xianyanghouyi more likely: that the broader market early by 3 months, and two technical oversold, br> 3 月份 structural market opportunities exist: Some dropped out of the investment value of blue chip rally round opportunities exist, investors can focus on coal, banking, etc.; and the investors may be concerned about investment topics, including venture capital sector, energy conservation, healthcare and other benefits as well as the concept of links.
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