Petrochina'S Share Price Is Lower Than &Nbsp; Shenyin World Is Directly Referring To A Shares "Still Short Of Money".

PetroChina hit a new low in September 6th, falling to 9.55 yuan in the market, which may be the signal for A shares to continue to bottom out.

"Lack of money, or lack of money!"

When the title of the Research Report of the broker is so straightforward, what does "two yuan" mean for the A share market?

In the first half of September, reporters interviewed all the major brokerages, funds and other institutional investors, and found that they had an interest in the A share market.

Today, the Shenzhen composite index has set a new low in the past 13 months, and the Shanghai Composite Index also dropped to 2461 points, which is only 24 points from the low point of 2437 in August and the "hold" in Shanghai Stock Index 2437.

In this regard, many securities companies such as state Yuan Securities and Datong securities have given the judgement of "recent or new year low".

Yan Li, an analyst with Guoxin Securities, clearly stated that there was no suspense at the 2437 point.

In her view, the 2000 point -2300 point area has strong support, that is, the adjustment of 2300 points can be seen.

Reporters noted that fund managers at the moment

Lack of money creates entanglements

In September 6th, the Shanghai Composite Index fell through 2500 points, closing at 2478 points, and creating new territory in 50 billion 100 million years. The volume has been depressed since August, and the average daily turnover has narrowed to 19% compared with July.

Obviously, capital constraints are still the most important factors to curb the current stock market.

Reporters found that a number of broker's report pointed out that the current main factor is "lack of money".

Shenyin Wanguo Securities, a research report's name is more straightforward.

In the view of CICC, the actual impact of the benchmark adjustment in September has not been fully reflected. Therefore, the market funds or short-term improvements have been improved. However, due to the double margin deposit in October, the bank's assessment at the end of the quarter, the "eleven" holiday residents, the large number of cash withdrawals and the rapid decline in the market volume of the open market and other factors will have a significant impact on the market funds in late September.

The report of Shenyin Wanguo entitled "lack of money" revealed that they had in-depth communication with analysts in various fields in recent years. Although they had different angles, they concluded that they were still short of money, local governments were short of money, banks were short of money, agents were short of money, and dealers were short of money.

What is more troubling is that the source and direction of macro-control is not very short of money.

In the view of Shenyin and Wanguo, the reaction of the stock market will be more tangled for "lack of money".

"At present, China's economy and stock market are like a tight spring, there is a risk of fracture, but their internal driving force is very strong, once the policy is slightly loose, it will rebound greatly."

CICC pointed out that the key to maintain the current position of stock market funds is the size of the direct financing of the stock market in the next 4 months.

"If the proportion of total financing in the past 4 years is 40% this year, the possibility that the market will continue downward will not be ruled out."

Reporters noted that the two market downturn in sharp contrast, the recent primary market

Space Securities researcher Wei day believes that from the initial price earnings ratio and the amount of fund-raising, A shares are still in a bull market, with perfect financing functions and high price financing.

Behind this phenomenon, we can see that although the monetary policy is tight, there is still more stock in the market.

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Valuation at the bottom

Wind information estimated open stock fund positions show that the fund has been gradually increasing since the end of June. In the adjustment of 7 and 8 months, the overall position did not change much. This indicates that the fund generally has a larger identity towards the bottom of the 2600 point market stage, and the overall cost of its opening is near 2650.

Many fund managers interviewed by reporters believe that the market is at the bottom of the market and there is little room for further development.

Liang Yongqiang, deputy general manager of the investment management department of the Chinese business fund, pointed out to reporters that the current market pessimism is concentrated, and that the current stage (September) is the worst.

But he also said that with the emergence of panic selling in the early stage, even if there were changes in the European debt problem, it would be difficult to reproduce the collapse of about 20% in the first half of July to August.

From the domestic point of view, "in the next period of time, in the relatively tight monetary policy, in the process of accelerating pformation in the future, industrial policy and fiscal policy will be more active, which may become a factor of stimulating the market."

Societe Generale Securities Strategy Research Group believes that before mid October is the few investment hours before the end of the year.

"After that village, there is no shop", especially those who are based on relative returns. If they still want to get the top of the list, they still want to invest in the second half year. We should cherish this time and grasp the structural opportunity with a positive attitude.

"If the central bank's monetary tightening policy has been agreed in the second half, it is the turning point of the market."

Soochow new industry fund manager, Soochow industry rotation fund manager Ren Zhuang also told reporters.

Ren believes that the valuation is at the bottom, the market is also at the bottom, and monetary tightening policy will not relax, but at least it will not tighten up. These two factors can help the market get out of the structural market.

He stressed that it is impossible to stare mechanically at CPI and GDP for rigid investment. Now the market generally believes that policy faces are not worried about the economic downturn, which is a good sign.

In his view, this is back to the logical starting point when judging the market at the beginning of the year. The world is still in the stage of economic recovery, and there will be a trend of upward trend in the future.

"Now the market is worried about the bear market. I don't think so.

What is bear market?

Bear market is that all stocks will fall, fall early and fall late, but now some stocks are still at a record high. So I think it is not a bear market now. There will be a trend of rising prices in the future. Now it is the historical low point of the next 1-2 years, at the bottom of the market. "

For any layout of the market, Liang Yongqiang said that in the next 3 to 5 years, 80% of the stock will appear in the emerging industry, and the focus of his configuration will also be in this field.