Perspective to the power of the most profitable weapon 2011

 Perspective to the power of 2011's most profitable but people mood to laugh, and Greece and Spain this year become first-class came in second to last, not as storms in the U.S. stock market, whatever the outcome, U.S. stocks hit consecutive two-year high. plunged see real gold! three main hunters Safety Unit!
the decline in the stock market, or policy should be tightened, A shares have always been important policy, A shares and the relevance of the policy cycle should be higher than the economic cycle, and often counter-cyclical policy approach, therefore, often deterioration of the real economy and the stock market take a good anomaly.
A shares of the dynamic pattern is large-cap stocks have fallen about 15 times earnings, almost historic lows, while the price-earnings ratio of GEM 70-80 times in between Small plates at 38 times earnings. the trend of small and medium capitalization stocks face a lack of profitability of the support, the Chinese economic slowdown is inevitable, growth is expected profitability of listed companies from 30% in 2010 to 20% of .2011 in the capital Puzzles market at least three aspects: first, the economic slowdown led to decline in earnings growth, a growth of poor market prospects? Second, large cap stocks cycle despite the very attractive valuation levels, but the policy tightening will not cause a negative growth of future earnings, they will lose the valuation advantage? Third, if only choose a policy support, emerging stronger defense industry, the future face of valuation has been overdrawn, and future growth are not too small to determine the market value of stock, you do not worry about the bubble burst?
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expectations index rose sharply in 2011 seems not realistic. because the Chinese have entered the era of rapid economic growth, the late economic growth will gradually slow down, China has entered the era of excess capital, the proportion of GDP, corporate profits will decline, will decrease.
increase undervalued large cap stocks the traditional configuration of the industry. there are many financial, real estate, steel and coal industries of the stock is significantly undervalued, with H shares of many large-cap stocks the level of A 20-30% lower than the H shares. If you think these stocks because of the national macro-control, or is within the traditional industry or a sunset industry but can only give a lower valuation, the basis is clearly inadequate. China's urban rate is only about Japan level of the late 60s, a large number of infrastructure construction, real estate, would require steel, cement, machinery and equipment to support the traditional industries, require banks to provide financing services. whether it is new energy, new materials, the rise of new industries or other , do not mean that the appearance of inflection point decline of traditional industries. As early as 15 years ago, the central bank has proposed to increase the proportion of direct financing, but still not significantly improved, and its background is the vast majority of the process of urbanization can not be through direct financing financing achieve.
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strong small-cap stocks has been going on for two years, but not the rise of the so-called emerging industry dictates, More speculative is the emerging preference for market participants is determined. for the growing industries, we must distinguish what grew short-lived, and which growth sectors in the financing of the scale of growth is not profitable growth, which enterprises may grow, but Price growth has been far from expectations of its overdraft. At present, small cap stocks have been as much as Internet stocks bubble era, but it soon occurred in 2011 style convert? it may not, during the first half of 2011, or tightening of macroeconomic policy will continue Only when the second half of the policy easing, a cyclical industry bottomed out, is the style of conversion opportunity.
2010 financial year has not overheated, overheating only on price .2011 process must be able to progress in this long year .2011 follow the growth of the valuation should not be forgotten, and stick to the valuation is not to be confused by the static level of valuation.