5000 points? .Bull market is still halfway up the mountain.

<P>: Http:// News </ P> <P> Focus One: </ P> <P> bull market since the launch of more than 4,000 points since the increase has been in the Shanghai index stood in 5000, the market .differ greatly, those that look empty, even if the blue-chip shares also advances the performance of the next few years, the market risk is growing. .How to determine the next phase of A-share market trends? .</ P> <P> Yuanyou Ming: I firmly believe that Shanghai index more than 5,000 A-share market still has enormous investment value, but it is not so obvious, need to dissection, analysis to identify; need to recognize .clear the market under the premise of the marginal conditions in order to obtain the answer. .Some economists from less than 2000 points on the Shanghai Composite Index market bubble began to spread chanting called on the government to administrative measures to suppress the market, very paradoxically, precisely because they did not understand the most basic of the marginal A-share market conditions, .to Hong Hong to give emergency financial products pricing. .</ P> <P> I thought, A-share market the most marginal conditions can not be ignored is the stock in short supply, which determines the share price will rise further. .Stock and housing prices, as determined by supply and demand in the final analysis. .Only grasp the core of the marginal conditions of supply and demand imbalance, we can discuss the price-earnings ratio of listed companies, growth and structure such as reorganization of the expected stock price comparisons for the factors, but not in reverse order. .</ P> <P> Focus Two: </ P> <P> now, management is actively promoting the return of red chips, issuing new shares and listed companies is also a great amount of public offering refinancing, A-share market will continue to demand state? .</ P> <P> Yuanyou Ming: A-share market investment management policies must be highly concerned about the dynamic, if the management to change the short supply situation will undoubtedly do so. .But now, the relevant policy is: First, since the share reform before the re-suspension of new issues since the launch of the SSE, a Taiwanese motherboard market in addition to holding the Gem Industries, the issuance and listing of all the central business holding company and the provincial and municipal state-owned assets .holding company; Second, private enterprises, usually state-owned and mixed ownership enterprises want to enter the list of listed companies can only rely on backdoor listing, the company through the restructuring of the existing way of underperformance. .Such a policy change in the short term do not see the signs. .</ P> <P> can assume that as long as the various types of joint-stock companies not to apply the equal distribution of "liberalization" policy, the stock market at least until the supply situation will not change next year. .As the supply situation will not change, almost all of the stock prices will rise further, the bull market was still halfway up the mountain. .</ P> <P> Focus III: </ P> <P> stock price would nonetheless be determined by the value, price-earnings ratio is now A shares on a global scale are also among the highest row, by more money, but also pushed the stock price .how far it? .Yuanyou Ming: I said the stock market demand, demand is more money in the hands of investors and a strong desire to enter the market. .Needs both a material basis, but also a mental activity. .I think that the "listed company's share price to its value is always determined" is the phrase "the right empty." .Stock from the "value" decision, then, "value" and how to calculate out? .I am not opposed to the price-earnings ratio, profit growth, return on net assets and other financial indicators to measure a company's "value", but opposed to its stiffness of. .Half a can of water, some domestic economists too conservative in the "determination of value" theory, we should beware of the poison in them. .Financial indicators in the stock market should choose a relatively good variety, because they are also the psychological impact on other investors, would constitute a logic of collective action. .I want to express the core meaning is that if investors believe in the value of determinism, then fear of heights at this stage, it will lose the current round of the second half of the overall bull market opportunity. .Pupil views on the vast majority of the stock market with interest demands, short positions are artificially high stock price will naturally call, eagerly hope that it will fall down. .The recent wave of blue chip market, the interests of some operations subject to re-stock performance was frantic, and created a new term of blue-chip bubble. .The most important investment in financial products is clearly a big trend in public opinion not to be misled by words..