Is Bull Market Coming Back Again?

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< p > after a few months of slump, the growth enterprise board reappears its strong vitality.

In recent 9 trading days, gem has risen by nearly 100 points, or up to 7.52%.

If calculated from 1210.81 lows in May 16th, the growth rate of GEM has reached 17.27% in the last one and a half months.

As of yesterday's close, the gem has risen 8.85% since the beginning of this year, becoming the only index of A shares accumulative rise in the year.

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< p > with the rise of the index, the gem stock market has been accompanied by "brake". Since May 16th, 14 GEM stocks have risen by more than 50%.

The performance of the gem has once again made investors think about it. Is it going to make a comeback?

< p > < strong > gem refers to the only rising index in adults, < /strong > /p >

< p > in February 25th of this year, the growth enterprise board had hit the highest point of 1571, and then continued to decline during the interruption of the oscillation.

However, in mid May, when the growth enterprise market index fell to 1210 points, the gem index reappeared its strong vitality.

Recently, the volatility of stock index in two cities has become narrower and narrower.

The growth enterprise market once again gathered popularity in the weak market, and became the target of speculators with its small cap, low market value and new themes.

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< p > according to the Information Times reporter, in the 9 trading days since June 20th, the growth enterprise market index rose eight degrees, from 1320.66 points to 1419.94 points yesterday, 9 trading days rose nearly 100 points, the cumulative increase of 7.52%.

With the rise of index, 9 stocks in gem have increased by more than 40%, becoming a rare bright spot in the market recently.

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< p > if calculated from 1210.81 lows in May 16th, the gem will rebound from the lowest point this year, and the cumulative increase has reached 17.27% in just a month and a half.

During this period, the Shanghai Composite Index slowly touched 2059.42 points from 2026.50 points, but the cumulative increase was only 1.62%.

At the same time, the gem represents the only index of A share index rising in the year, and has risen 8.85% since the beginning of this year.

Although the Shanghai composite index still plays a bottom role in the global stock market, the growth rate of gem is not only better than that of the three largest stock indexes of the US stock market and the three largest European stock indexes in the same period, but also ranks fifth in the Asia Pacific market, which has left some face for A shares.

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< p > < strong > gem stock frequently breaks out < /strong > < /p >.

< p > despite the relatively mild performance of the gem index in recent days, the rebound rhythm of "small step jogging" has brought the index to a new high level, and has continued to activate its internal earning effect.

Yesterday, more than 300 stocks in the gem's normal trading, Tongyu heavy industries and other 10 stocks strong trading, as many as 48 stocks rose more than 3% on that day, while the decline in the stock fell more than 3%.

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< p > with the growth of the gem, the bull market of gem will be accompanied by "gate" again.

According to the Information Times reporter, since the low point in May 16th, 14 GEM stocks have risen by more than 50%, and more than 30% of the GEM stocks are up to 73.

In this case, the most eye-catching thing is that in the short span of a month and a half, the price of the shares and the total education were doubled.

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< p > what makes Hai Lanxin a big bull market? The military industry has never been short of "concept", and is no longer short of the emergence of Bull Stock. This year, the high level emphasis on the reform of military industry has injected new vitality into it. The three major opportunities of military equipment renewal, private capital injection and reorganization of the central enterprises of military industry have attracted a lot of fund attention.

In this context, Hai Lanxin only attracted nearly 90 specific research objects in May 20th, and became the most concerned company in May.

After investigating the institution, Mr Hai Lanxin immediately started from 9.47 yuan in May 21st and rose all the way. Even in mid June, the controlling shareholder and actual controller of the company failed to stop the pace of the price rise.

By the end of yesterday's close of 18.18 yuan, the sea cunning in a half of a month's increase of 105.54%, the share price doubled.

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< p > except for Mr. Hai Lan Xin, the whole education is another stock price doubled in the recent growth enterprise market.

As the first part of online education, the all through education has been very popular since its listing.

Since the end of 5 in the second half of the year, the unit has come out of a wave of vigorous filling.

Starting from the first daily limit in June 20th, the all through education in the next five trading days almost touched three trading boards, and the five trading days surged 37.06%.

On Tuesday, the all through education again closed down the daily limit on the basis of the collective boom of the new shares, closing at 67.98 yuan, and the stock price hit a record high.

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< p > < strong > the trend of the market is different from that of the organization. < /strong > < /p >

< p > this year, the collective callback of "a href=" //www.sjfzxm.com/news/index_cj.asp "gem" /a "stocks has caused many shareholders to suffer losses. Now the gem has re established its 1400 points and launched an upward impact, triggering the speculation of the market on its bull market again, and how far can it go?

< p > "from the point of view of hot spots, recently, the trajectory of funds avoiding reality and grasping small enlargement is quite clear.

This is due to the limited stock of funds, which is difficult to start the objective requirement of the overall market, but also related to small market capitalization, good stock price elasticity, and more opportunities for themes.

Xie Guoming, an investor in China Merchants Securities, told an information times reporter yesterday that the growth of the gem continued to occupy the dominant position in the current stage. As long as the market does not show major systemic risks, the current warm market atmosphere is conducive to the continued growth of the GEM market.

From this point of view, local hot spots represented by gem will continue. Investors can pay close attention to high-quality growth stocks.

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< p > however, the Information Times reporter combed the relevant organizations and found that the market is still very different for the future market of gem.

As seen by many Galaxy Securities, combined with the current economic situation, liquidity and industrial development trend, high-quality small and medium capitalization stock is still the first choice for investment.

Although the valuation of gem is difficult to achieve overall improvement, computers, media, electronics, medicine, new energy vehicles and other industries represent the direction of economic pformation in the future.

While Wei Fengchun, the general manager of the general strategy Department of Boshi fund, thinks that the GEM market, which is promoted by the "capital migration" from the traditional sector to the emerging sector like 2013, is hard to re interpret. The risk of recent growth stocks under the "inventory game" constraint must be highly vigilant.

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< p > < strong > institutional theory < /strong > < /p >

< p > < strong > Where does the gem go? < /strong > /p >

< p > China's economy is undergoing a pformation stage. The industrial structure is also undergoing a pition period from second industries to third industries and from investment to consumption. The future economic focus will shift more to consumption, technology, new energy, environmental protection and other fields.

In the second half of the year, the liquidity environment may be more relaxed. The central bank's monetary policy is more regulated by price instruments. Macroeconomic conditions and liquidity environment do not bring obvious negative pressure on the valuation of small and medium sized growth stocks.

Combined with the current economic situation, liquidity and industrial development trend, high-quality small and medium capitalization stock is still the first choice for investment.

Galaxy Securities < /p >

< p > the focus of recent speculation is concentrated on small market capitalization and high valuation stocks.

We do not change the judgment of the market's "overall dull and partial opportunities", and this partial chance is still around the small market value and high valuation stocks, such as oil and gas reform, intelligent robot, TMT and so on. Of course, it is necessary to point out that the risks of these stocks are undoubtedly increasing.

- China Merchants Securities < /p >

< p > under the policy boundary of "only supporting the bottom is not high", the motherboard will be "bottomed out" in the short term, while the direction of growth stocks will not change.

But as in 2013, the growth of the GEM market, which is driven by the "capital migration" from the traditional sector to the emerging sector, is hard to re interpret. The risk of recent growth stocks under the "inventory game" constraint should be highly vigilant. After the rally last week, < a href= "//www.sjfzxm.com/ news/index_s.asp" > trading < /a > shows that the gem has overheated.

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