Stock Market Interpretation: Continue To Wait For The Right Signal After Market Bottom.

With the short-term stabilization of exchange rate, new regulation of major shareholder reduction and expected guidance of registration system reform, short kinetic energy has been consumed, A shares have gradually adjusted and foam has gone to the end, the market is gradually entering normal state, and the future may gradually stabilize. Although no clear and positive catalyst has been observed, excessive pessimism is unnecessary.

Mining oversold growth stocks and

Grasp the structural market.

As far as the plate is concerned, the new energy vehicle has a great taste of traversing ox bear. For those stocks that have refused to fall, they will outperform the big market in the future. The short-term fluctuation is inevitable, but the medium and long term stock market is still the inevitable choice under the background of asset shortage.

The Shanghai and Shenzhen two cities opened early in the market, and the strong performance of the previous day was directly downloaded on the limit board. Fortunately, the strength of the military industry and the second child plate was strong, and once led the market to turn red, but the only thing in the short term was that the popular leading stocks of the rebounding board on the previous day did not firmly seal the board, and the effect of the board of the military industry shares was weak. The funds of the rebounding relay were hesitant and daring to enter boldly. The disk performance was flagging, the index center of gravity moved down, and the profit taking and cutting plates of the bottom of the day were gradually leaving the market. At about 11 o'clock, the steel plate leading stock in the supply side concept was driven down.

The concept collectively slumped and the index accelerated.

At noon, it was reported that some banks stopped accepting the pledge of small and medium sized stocks, which made it worse for the depressed performance of the day. The major indexes continued to fall, about two o'clock. Although the broker came out to protect the market, it was a flash in the pan and the index fell to the close.

At the close, the Shanghai Composite Index fell 3.55%, closing at 2900.97 points, Shenzhen index fell 3.35%, closed at 9997.92 points, and the gem index fell 2.86% to 2112.90.

The Shanghai stock exchange volume is 206 billion 600 million, and the daily turnover of the market is back to 200 billion from 300 billion equivalent.

On the news side, Xu Shaoshi, director of the national development and Reform Commission, said that in 2016, the whole committee will fully implement the central decision-making and deployment, keep the economic operation in a reasonable range, accelerate structural reform, actively foster new economic development momentum, deepen reform and open wider to the outside world, and ensure a good start in 13th Five-Year.

Li Jinzao, director of the National Tourism Administration, said that in 2015, China's tourism completed an investment of 10072 billion yuan, an increase of 42% over the same period last year, an increase of 10 percentage points over last year.

Tourism has become an important driving force to promote economic growth and expand consumption and supply.

From these two messages, the main market opportunities are still in the information economy, intelligent hardware, emerging consumer industries.

We believe that

It can still represent the general direction of China's emerging industries, and the overall growth of the sector is still good. The leading companies of media entertainment, Internet finance, advanced manufacturing and environmental protection are all in the growth enterprise market.

Data show that the average growth rate of all GEM listed companies in 2013 was 22.88%, the net profit growth rate was 11.28% in 2013, and the average revenue growth in 2014 was 27.16%. The net profit growth rate was 22.54%.

As a result, the growth of gem is still high and the operation is still inevitable. It is impossible to return to the 1500 point before liberation. Even if we use the net profit growth rate (assuming that the overall growth rate of gem in 2015 is still 22.54%), the 1500 digit cardinal number of 2014, 1500*1.2254*1.2254=2252 point! That is to say, the 2252 point should be a reasonable valuation point. Considering the premium and risk-free interest rate, the gem is reasonable on this point.