Pi Haizhou Thinks That "Ten Thousand Points Theory" Can Only Be Chinese Dream.

In December, it went to the "launch season" of the annual investment strategy report of securities companies.

Like the research workers of the securities companies, "how to make your investment strategy report more attractive" is the same thing that all brokerages are racking their brains.

Against this background, the "ten thousand points theory" has become the rhetoric of some securities companies.

The introduction of registration system will constitute a negative factor in the stock market.

Moreover, the scale of non refinancing and non refinancing of listed companies is increasing.

Therefore, it is no easy task for China's stock market to maintain a smooth operation in 2016, and it is almost impossible to take ten million points.

It is no wonder that when the broker mentioned the "ten thousand point theory", investors could only face "ha ha".

For example, at the 2016 investment strategy report held by Guosheng securities company, Mr. Qiu Qiang, chairman of Guosheng securities, made a keynote speech on insisting on value investment and reform direction, and the fifth bull market must be over 10000 points.

Optimistic about the future of China's stock market, this is an important reason for the majority of investors in the stock market to stick to it.

I also believe that sooner or later, China's stock market will stand at ten thousand points, just like the US stock market.

In that case, the Shanghai Composite Index has always stuck to the 5 digit index position.

I believe in this point.

But for the current stock market, "ten thousand points" is still a "Chinese dream".

At least in 2016, investors saw little chance of 10000 points.

Therefore, when it comes to the investment strategy of 2016, there is no need for brokers to take "ten thousand points" theory.

Not to mention that investors do not believe this, I am afraid the broker himself does not believe this.

Just like this year's mad cow, many people are also clamoring for "ten thousand points theory", but the fact shows that it is just a soap bubble.

I have no intention to deny Mr. Qiu Qiang, chairman of Guosheng securities, for advocating value investing.

But the more valuable investment is, the less necessary it is to sell the index.

Since Guosheng securities is optimistic about the investment value of bank shares and brokerage stocks, Guosheng securities can be heavily loaded or even held in full warehouses.

After all, from the perspective of investment, the lower the stock price, the more investment value it has.

From the point of view of investment, as long as these stocks are held, dividends can be paid by listed companies.

Mr. Qiu Qiang believes that if the valuation of bank shares and brokerage stocks can be appropriately promoted, then the market will become more and more inevitable.

Although there is some truth in this statement, the problem is that the current positioning of A shares in big blue chips is not necessarily unreasonable.

The obvious fact is that compared with H-shares in the Hongkong market, the share price of A shares is not low. As of December 7th, the Hang Seng AH share premium index is 139.82 points, which means that

Blue chip stocks generally have a premium of nearly 40% compared with H-shares.

As far as CITIC Securities is concerned, the valuation is only about half of that of Goldman Sachs, which is in fact a very high valuation.

Thanks to CITIC Securities's current level of business and international influence, half of Goldman Sachs would be thankful to thank people. There is no reason to scrambled the valuation of CITIC Securities to surpass Goldman Sachs.

Therefore, the market is normal if there is no share price of high banks and brokerage stocks.

I believe that the vast majority of investors do not want to see the tragedy of PetroChina again on the stock market to repeat it?

Speaking of the 2016 market, "

"Even more discredited.

Judging from the current situation of China's economy, it is still not out of the trough, so China's economy can not be much better in 2016.

Under this economic situation, it is unrealistic to hope that the stock market will be "ten thousand points".

After all, China's stock market has just passed the stock market crash caused by the "artificial bull market". To rebuild a bull market is more than the last bull market level, at least it is not easy at the moment.

From the stock market's own factors, registration system reform is the biggest event in 2016.

Although positive guidance can be made on public opinion, this does not change the pattern of IPO expansion caused by the registration system.

If it is not for the expansion of IPO, why do some people and some interest groups ignore the amendment of the securities law and advocate a strong registration system? It can be asserted that the registration system without escort under the strict law does not exclude the possibility that the issuer will get money.