Stock Market Outlook: We Need To Hedge Against IPO By Reducing The Valuation.

Today, the main force of the market is very strong. I think the main force of the market has accepted a special arrangement. According to legend, the main force of the market yesterday received the news that it was not allowed to sell, so today you will find that today's early speculation stocks have been making collective efforts, and the Shanghai Composite Index has been pushed up a lot.

In contrast to the Shanghai Composite Index, the Shenzhen Composite Index and the gem index are more real and can indicate the internal trend of the market. What is the inherent trend? That is, to change, to adjust, and to use the valuation reduction to hedge IPO's super development.

We have repeatedly reminded IPO that we will not slow down or make too many adjustments. Of course, the SFC will make some adjustments to refinancing from a goodwill perspective. As we said before, the scale of refinancing is 10 times that of new shares. If management reduces the size of private placement of market refinancing, it will reduce the pressure of blood loss in the market, but this practice is very conservative. Some market participants say that this is not necessarily good. It may be good at the beginning, but in fact it is good.

Because the private placement funds can increase the increment of market capital, if incremental funds are limited, that will not be good news for the market.

One word: green hills cannot be covered, after all, they flow eastward.

The Shanghai and Shenzhen two cities did not accept yesterday's rise at the beginning of the market, but slightly opened up.

Judging from the classification index, the Shanghai stock market is stronger today than in Shenzhen because there are big blue chips in steel, cement and construction.

The gem index, which rose 2% yesterday, showed a contraction of the whole day, down 1.18% today.

The growth of the gem yesterday was mainly due to the rise in the volume of the leading stocks represented by music, especially the limit of LETV. Today, the leading stock represented by music network is shrinking and concussing. Although it is said that Ren Xing Xing's stock with good performance has come to a daily limit, such shares can not drive the popularity of the whole market, and market sentiment still needs to be driven by indicators such as music network.

Today's performance is also unsatisfactory. Yesterday, Guotai and Guojian group, which led the rise, also fell back today. Anhui natural gas, which was able to rise continuously after opening, directly pulled the trading limit after the opening of the stock market.

In this regard, we have several analysis, first of all, we think that a single rising line is not enough to represent the trend reversal of the whole plate, especially in the second half of 2016, most of the new shares listed in the second half of the year are down by about 40% or 50%. It should be said that the absolute drop in space can not be said, but it should be said that, but if we want to go well, it will take some time to cross the bottom. Unless there is a strong stock such as the common stock in the early stage, there will be little possibility for the new shares to rise.

　　第二，股指走到今天，上证指数特别是沪深300，由于国家队和大机构的护盘，他们的走势很平稳，而深市各类指数在急速下跌之后，昨天出现反弹，今天出现缩量阴线，这是底部反弹常见的状态，如果说在节前这几个交易日，出现像样的上涨，明后天很关键，且需要具备以下几个条件：一、如果是缩量震荡，要在现在这个位置能横住;二，像乐视网这样的龙头股票要敢于向上攻击，以乐视网现在的巨量成交来看，因为他的股价之前已经下了三个台阶，在停牌之前也横盘很久了，因此在目前这个价位，主力成本不足以轻松套现，乐视网要想让主力全身而退，那它就得在横盘之后有一个进攻的过程，这样一来，龙头股能保持强势，对创业板来说是有好处。

The current position is less than 4 points from the 2015 stock market crash. After more than a year of cross market digestion, the price of many GEM stocks has fallen below the prevailing price.

Many people still believe that, from the perspective of price earnings ratio, the gem has not fallen, but we must recognize that the market, especially the Chinese market, is more of a kind of paction value. If we want to say the true value of investment, the Shanghai composite index may be underneath 2500 points, and the gem has dropped from more than 4000 at the highest point to 1800, or 50%. Just like the property market in China, the Chinese property market may collapse, but the reality is not so.

After a period of crosses, more opportunities on the market are still in the new stock market and the gem. In addition, the concept of mixed change is also an opportunity in today's market. This kind of stock may form a seesaw effect with the new stock market and the second board, which should be the two different forces in operation. For those stocks with better moving average, the stock market may be the main force in the trading market, and finally it will be raised. But on the contrary, the gem and sub stock are at the bottom of the stock taking period, so the former will take a better look, and the latter may have more twists and turns.

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