Recently, although there are fund Heavy warehouse stocks are showing from time to time, such as bank shares in the promotion of China Merchants Bank collective rise sharply. But it is undeniable that the most outstanding performance of the market is still dominated by thematic investment products. In the forefront of the September ranking, the stocks are all high companies with high P / E ratio. In the near future, Guihang shares once again introduced the theme investment and the concept investment. After the stock reform was resumed, the share price doubled again in less than a month and became a super strong market. And Tuesday's resumption of S Yanbian road's shrinking trading volume also added a fire to the speculation of the theme stocks.
It should be said that Investment Different preferences and risk tolerance, each investor has different preferences for the choice of investment varieties and the timing of investment. There is no valuation model that can simply be applied to all companies. Theoretically, the stock price reflects the value of the company, while the company value is the discount value of the company's future cash flow, while the DCF (cash flow discount model) is the most reasonable model to measure the value of the company. However, due to the difficulty of measuring the future cash flow and capital cost, the price earnings ratio is usually used to evaluate the value of the company when measuring the value of the company. In the recent market, the performance of outstanding stocks is relatively mediocre. The stage of market performance has given way to thematic investments in various sectors. In the market turmoil and the fluctuation of stock prices, the valuation level of the whole market and various sectors has also been quite different. Data statistics show that the market price of ferrous metal smelting and calendering processing industry is the lowest, and the price earnings ratio is relatively high.
The simple rule of value law is that price is around value. wave And not too far away from the value. The speculation of some stocks is far from the foundation of the company's fundamentals. The split share structure reform has provided great development space for the acquisition and merger of listed companies and asset reorganization, and also made some loss and poor listed companies reduce the obstacles to major asset restructuring. The new high-quality listed companies are injected into the "shell resources" of the promising listed companies, which helps to raise the investment level of the whole market, and will also provide new investment opportunities for the market. GF Securities backdoor S Yanbian road should be a successful example of restructuring, and the market is expecting similar events. However, the author believes that for the hype of restructuring themes, investors, especially small and medium-sized investors, still need to be cautious enough. Under asymmetric information investment environment, small and medium investors with information disadvantages often need to bear a larger investment cost, while relying solely on "telling stories" to maintain stock prices will inevitably lead to penalties for value laws. When investors share the feast of assets reorganization, they also need to take into account the risks brought about by the failure of restructuring or information distortion.
The difference of investment behavior also brings the level of investment value. re-calculate The difference of P / E ratio can also become an important reference index for investors to invest in the future. Data show that at present, Shanghai 50, Shanghai 180 and electricity, steam, hot water production and supply industries and other low price earnings ratio, with relatively high margin of safety. The valuation level of ferrous metal smelting and calendering processing industry is also lower than that of other markets, and it has the value of strategic participation. With the introduction of stock index futures, the strategic position of large blue chips will be improved, which is expected to become an opportunity for the rise of blue chips. The future market will continue to exhibit the characteristics of a structured bull market. Investors may wish to dynamically examine the investment value of listed companies. It is expected that varieties with far lower market value will eventually have the opportunity to shine.
