High risk valuation release adjust gradually into the closing _ favorable position

Index on Tuesday continued turnover, stocks continue to kill the falling tide, stronger varieties of railway infrastructure, a plate full of new energy in the near future callbacks.����We believe that small and medium-sized high pressure release become a market valuations in the market value fell the main driving force, however, continued progressive failure forces killed after falling short, the market has a certain amount of tolerance, necking consolidation will run several trading day before the Passover is the main tone. Small and medium-sized species differentiation in the market value of disc surface observations, after the round after the killing, stock performance and differentiation. Accompanying become damp breaking open of the new shares, to junior and the gem of growth stocks, market adjustments hit. Nearly 2 trading days approximately 60 units per cent limit, the vast majority of small and medium-sized market capitalisation.����However, along with the share price fell, and small-cap stocks higher valuation risk is a significant release. First of all, small and medium-sized market capitalisation difference earnings reduced the Board. According to statistics from TX, November 11 2009 highs of szse SME index location that day junior 44.74 times times earnings (earnings in Shenzhen 33.57 times with the same period), followed by junior 46.54 times times the earnings stage highs on December 17, 2010 (33.45 times times over in Shenzhen stock exchange price-earnings ratio).����And ending Monday close, junior dynamic price-earnings ratio had dropped to 36.76 times times (over earnings in Shenzhen 28.89 times times), variety and difference Board price-earnings ratio is small and medium-sized market value fell from 1.33 1.27. Secondly, small and medium-sized market continued to fall there are signs of convergence. Observation on the movement of the szse SME index since last Monday, the index fell more than 3% per cent of the trading day with three, and three trading days of the date of the stock index amplitude, 3.92% and 3.42% respectively, showing gradual reduction. This reduction in yesterday's performance more obvious, szse SME index decreased by 1.09% on Tuesday, and amplitude for the 1.64%.����Index volatility scaled back, that fell ease. In addition, high yesterday sent go theme GEM stocks in the Swiss think of opening is cent daily, and that with some earnings growth potential of small and medium-sized market is expected to initially stopped falling.����After all, small and medium-sized market capitalisation greater distribution beneficiary "35" planning an emerging industry, rapid plunge killing perhaps pessimistic after wrong will result in a capital good opportunities for intervention. Valuation imbalance saved reconciliation requirements despite facing small and medium-sized market capitalisation in the round after the killing and differentiation, chances of some units will usher in a stabilisation in the rally, but the current requirements of harmonic imbalance in the valuation in the market.����Growth stocks are mostly small and medium-sized market is still in relatively high share price, and weight unit formed by low valuation of the obvious advantages of contradict. At present, with low price-earnings ratio of large blue chips in the two cities abound, from observation data as of yesterday, in the real estate sector, poly real estate vanke a dynamic earnings, but five times and 21.4 times times; four lines in the industries, agriculture, construction, highest can just 9.03 times earnings. Stock levels of price/earnings ratio mentioned above, is close to the end of June last year index of 2,319 low position of the point. However, property stocks from the Bank of the adjustment factor, and more from the tightening of control risks.����Constraints on the fundamentals of making it difficult for market style conversion form, but also makes markets in a big strength of small and medium-sized market capitalisation of a shares were difficult to embarrassing situation. In addition, come from small and medium-sized market valuations imbalance correction needed, also increased because of the recent emergence of a new game. As of January 25, 2011 new listing since 26 new listings have 22 game yesterday 5 new listings which only 4 per cent more than 10%.����Breaking become damp track to push new share IPO offer price is reasonable, perhaps to help repair of large, small and medium-sized market capitalisation differences between varieties. In General, we believes in differentiation of growth stocks, China stocks net weight unit underestimating values, new shares after the break conditions appear one by one, stabilisation of the market and expand the horizontal arrangement of conditions. However, the building is often at the bottom of the market cycle for the desired experience is more complicated, therefore recommends that section on the action to control risks. >>�������ڽӽ�ײ���1/26) ���� ��