brokerages

Securities times this week when a reporter visited the securities business departments, the old shareholders, Mr Wang said thoughtfully: "people invest a share yesterday so hard! "It can be said that most investors feel. More than 20 years, China's stock market has been cast off "seven second level a full" quagmire. New deal for shareholders about the current stock market placed great hopes. But once the sudden adjustment, almostGive ordinary investors is thereby lost faith.　　Public and private funds, brokerages, and other institutional investors, but not to give up. 　　Stock market new deal a long way to go main capital stocks (eleven-twenty fifths) unit fled to cut meat must regret having sudden boom is not likely in a move investors Gospel: hold stocks saved! New President Guo Shuqing of China Securities Regulatory Commission OfficeThe first agent treatment prescriptions prescribed for the dividend policies of listed companies in.　　Because regular cash dividend is a listed company must take responsibility; second, in order to attract long-term investors into the stock market, investors less stock, shareholdings. But from the perspective of cash dividends in the past, the situation is very complex. For example, refinancing of banks and cash dividends linked to side with massive cash dividend, one side is theAccumulation of refinancing. Again, due to disadvantages of IPO systems over the years, large shareholders shares relatively very low cost secondary market investors, coupled with multiple bonus songgu, now costs might have is zero. Such as moutai 2010 cash bonus scheme for each 10 shares of $ 23, company took out $ 2.265 billion in cash, but the DD 61.76%Having gone to the pockets of big shareholders, calculated according to the denomination, a substantial shareholder of yields as high as 230%, and the secondary market investors returns of only 1.24%. New deal in the shares of the second delisting system set fire to the gem. On November 18, the Commission official said, perfecting delisting system, fried poor record companies hold back the evil of speculation on the growth enterprise market analysisCable pilot delisting institutional reform. It is reported that after two years of repeated research and investigation, delisting system of Shenzhen Stock Exchange made a perfect gem of the initial programme. This means that the delisting system ready, will to a certain extent curb the hype ' resources, on their own to form a constraint. Results after listing rapidly changing faces, executives cashed out and other issues have taken on effective inhibitory effects,While the stock recovery, rational. The system also to address the long-standing junk stocks the main Board "die than delisting" provides use of the methods and experience.　　On the stock market is a long-term positive, but short on some stocks and sectors is bad star wars the old republic power leveling, caution over stocks risk under the new deal. Rational view of internal and external troubles factor markets remain the two major concerns: first, worry about the domestic economySituation of accelerated decline. HSBC's latest November China manufacturing purchasing managers ' index (PMI) initial value is 48, again dipped below 50 of this judgment economic trends "dry line". People in the industry believe that the current real estate regulation on the real economy, the backbone of industry is very large. If real estate prices suddenly crashed 30%, automobile and other optional consumptionSell off all of a sudden even wound down, so this is a hard landing. Second is worried that foreign aggression a new mess. Programme of the European Union made implementation of euro-bonds in recent days, but the proposal immediately was Germany's strong opposition. Germany Chancellor Angela Merkel said that Germany refuse to common eurozone bonds as a means of overcoming the debt crisis in Europe, at the same time criticizing the euro-launch of euro notesVision. European debt crisis spreading to core members of the eurozone, Germany 10-year note auction experiences worst case since the founding of the eurozone, adding to the market on European debt crisis threat to Germany's concerns.　　If the European debt or the United States continues to expose debt problem, appears larger turmoil, is bound to affect the domestic investor sentiment. Domestically, key to theMercy fall, inflation down the policy shift time node appears. It now appears that many economic indicators have in fact begin to come down, and some are accelerating down, before the effect of macro-control has started to become apparent. But the policy is still at the stage of fine-tuning, policy towards the timing should be the central work Conference to be held. Industry forecast cut its deposit reserve ratio by the end the possibilityLarge, has cut interest rates possible in the first quarter of next year.　　Main keynote of the policy is to continue gradually reducing, progressively solving the risk of an economic hard landing. As far as the perimeter, and increased risk of the euro the European debt crisis, has led to the dollar. While the dollar appreciation on commodity markets was a hit, leaving many commodity is accelerating down, this is China's imported inflation have formed a goodThe easing function, help to prevent a hard landing in China as a top priority.　　Issued by the Central Bank last week in the third quarter of 2011 China's monetary policy report, the Central Bank will work to make the economy to a soft landing, at the same time to prevent inflation, this growth has some gaps and market hot-pan, but had made no mention of inflation control regulation in first place. Institutions holding buildingStructural market from the perspective of investors ' sentiment, large expansion has again dampened sentiment. A large number of new shares, caused by the financial sector deleveraging refinancing, under full circulation, such as reduction of a large number of large shareholders, executives cashed out the old republic power leveling, to market a lot of pressure. Markets generally believe that domestic economic slowdown, falling corporate earnings accelerated significantly and peripheral to Europe's sovereign-debt crisis deepensEffects of driving, the stock market short-term domestic story there is a trend opportunities. From the viewpoint of characteristics of stock market performance, despite the Weak Market signs clearly, markets wait-and-see atmosphere, but the a shares structural market but continues. End of year performance vs may cause the Fund's top holdings more market attention. In the last months of the year performance ranking war fund companies unique betting on the variety most likely to becomeFor the purpose of determining performance chips. Statistics show that as at the end of the third quarter of this year, the Fund totals 876 stocks of heavy bunker, 354 stocks get funds increase cartridge. This indicates that the two new trends of the Fund: a fund holding group, is weak and looks forward to policy to force second Fund increased warehouse "old love", units are of a self-help nature, should not expect too much, preferably bandOperation. Recently, substantial outflow of funds in the Fund's top holdings mainly financial, petrochemicals, real estate, weight plates, since the market fell sharply Wednesday on Shanghai stock index has dropped 6%. Software, electronic payments, media sector outflow signs it is not clear. Data shows that since October 24 rally, many funds hold a rallyLove, culture media, electronic payments, the environmental protection sector are all key sectors of intervention, with gainers shares are held.　　As the "Twelve-Five" industrial planning entered a period of intensive release at the end, including energy conservation and environmental protection, new materials, biological medicine, networking, a series of industrial plans and policies would continue to introduce, focus tracking such opportunities. Not only funds,Brokerages "unique unit" also deserves attention, the difference or will be the expansion of gains for the configuration of weights. Statistics show that as at the end of the third quarter, only has a market value of securities held, positions involving more than $ 30 million and there is no fund a shares totals reached 22. Top holdings more than three quarter-22 brokers ' unique unit has a total number of positions of 215.4623 million shares, totalWarehouse market capitalisation of $ 2.105 billion.　　Since October the top holdings on the overall performance of unique unit, the average rose 5.58%, contribute together to the brokerage floating ying has now reached $ 144 million. To sum up, we give ordinary investors are three suggestions: the new deal cannot be done overnight, investors to wait for the cumulative effect of the new deal have patience and confidence occur; rationallyState of flux, split analysis; attention to institutional investors, moderate participation in agencies help themselves at the end.