Cap, lower carnage 8 per share up to 320 the following.

<P> Hearing, according to http://, Shanghai and Shenzhen stock markets again, "Black Thursday", the Shanghai Composite and Shenzhen Stock Index both reported to Zhang Yin, limit-down stocks as much as one third. .After a round of deep structural changes the share price increase after the re-cap, lower the current expansion of Shanghai and Shenzhen, 8 yuan cap, lower increased to 320, while the A shares in the two cities weighted average share price is still 18.5 yuan. .</ P> <P> cap, lower the injury the most important </ P> <P> statistics show that in the "5.30" on the eve of the Shanghai Composite index peaked at 4335.96 points, 8 yuan in Shanghai and Shenzhen the following day .A-shares only 33. .However, close to 25, the two cities below the cap, lower 8 yuan has increased to 320, accounting for about 22%. .In addition, statistics also show that 30 to 25 May, the Shanghai index's cumulative gains of 28%, but the two cities a total of 1,012 A shares down not up, or more than 30% of the species are 436, New Town .Hotels, Changhe shares, ST Lawton, China Construction pass, Extension of electronic, Xianyang deflection, etc. 25 A shares fell more than 50% of the total. .The above data show that the number of the cap, lower prices in this round become "marginalized" the object, falling more tragic. .Bird shares, Long built into the two cities share the lowest non-ST shares, the stock closed at 4.55 yuan, respectively, 25 and 4.61 yuan. .At present, the first high share price of 251.52 yuan Chinese ship, the two divide up to 50 times. .</ P> <P> high-priced stocks drive the market hub </ P> <P> With the cap, lower the sink, high-priced stocks in recent months, the rapid expansion of population also, and raise the market value of the hub. .Statistics show that as of 25, 30 yuan more than the two cities are still as many as 201 high-priced shares, of which more than 50 varieties of 73, "hundred shares" up to 11. .In addition, the May 30 to October 25, China Ocean, Shandong Gold, Meijin Energy, power shares, Baotou Aluminum, TBEA, Yunnan Copper, Western water shares, Tianhong Baoye, gold gold ., East China Science and Technology, Xishan Coal and Electricity, Guangzhou Shipyard International, China Shipbuilding shares of 37 varieties of rose over 100%. .</ P> <P> species because the increase in high-priced stocks, the market value of the center still remain high. .According to statistics, to 25, the two cities A shares of the weighted average share price was still 18.5 million, higher than "5.30" as the former increased by about 2; Shanghai A shares in which the weighted average price of 18.13 yuan, Shenzhen A shares for .The average price of 19.38 yuan. .</ P> <P> slightly lower valuation levels </ P> <P> continuing through the recent adjustment of the valuation of Shanghai and Shenzhen slightly lower. .According to data from the Shanghai and Shenzhen stock exchanges, according to the results for 2006, 25 Shanghai A shares, the average price-earnings ratio is 65.02 times the Shenzhen A share, the average price-earnings ratio is about 68 times. .In addition, statistical information, according to Wind, according to data in the 2007 mid-year report, the overall average of two cities A shares are still up to 7 times book value. .</ P> <P> analysts believe that the current high valuation of A shares is an indisputable fact. .We should learn from the experience of the U.S. development of the new economy, cautious about the stock market bubble, as soon as the outstanding companies, public resources into the capital market up, absorb more liquid, the foam and solid, the capital markets, stronger, bigger; .and not 80 as the late 20th century, when the Japanese currency appreciation, as the blind puncture the bubble. .</ P> <P>.