SW: Force recommended the second half of 5000 Twenty Ushimata.

<P>: Http:// hearing, held yesterday in the SW in the second half of 2007 securities investment strategy seminar, SW Securities Research Institute, half of A-share index that will maintain the shock upstream of the operation pattern, the .permit the trading range for the KLCI to 5,000 points 3,500 points. .</ P> <P> SW Institute believes that, despite the current valuation of A shares has been high, but the Chinese economy continues to boom, the RMB appreciation is expected to accelerate the performance of listed companies than-expected growth, integration of further acceleration of state-owned assets and household savings continued to .driven by factors such as streaming, A-share index will remain the operating pattern of upward shocks. .The Shanghai Composite Index's trading range for the second half of 3500 points to 5000 points, and this corresponds to 2007, the company earnings volatility SW focus range is 25 to 33 times, corresponding to earnings in 2008 trading range of 18 to 25 times. .</ P> <P> compared with the first half but the second half of the operating characteristics of the Chinese stock market will change. .SW Institute, said the stock market's continued prosperity, speed up the diversion of household savings, is to promote China's financial market structure of real change. .On the one hand to develop a multi-level capital market, especially to accelerate the establishment of the Growth Enterprise Market and the corporate bond market development, will be split into the A-share market is money. .</ P> <P> SW Institute's strategy in the second half report that continued economic prosperity in China, the RMB appreciation is expected to accelerate the performance of listed companies than-expected growth, the further integration of state-owned assets, speed, diversion of household savings and other factors continue to .driven, A-share index remained shock upstream of the pattern. .</ P> <P> Institute for Chen SW l that only top-down reform can promote China in the next two to three years to complete share reform in a more difficult than the central and local state-owned capital stock of the Nirvana .. .With the increase in the power of reason, the market a new round of development will mainly depend on the real, the results can be expected to promote growth. .</ P> <P> strategy report said that the RMB appreciation will be the core investment themes. .RMB real exchange rate equals the nominal exchange rate appreciation coupled with the relative price increases, the future path of RMB appreciation is the best option: to maintain sustained and steady increase in the nominal exchange rate, based on the Government, through the increasing labor income, and improve resource commodity prices, the implementation of a moderate .inflation policy to promote the production costs and product prices increased steadily, enabling the acceleration of the real exchange rate of RMB to rise. .RMB appreciation path determines the specific investment themes in three areas: First, China's resource and asset prices will still be greatly improved. .Mining, real estate development, commercial real estate, insurance and securities and other assets worth well-off industry is still long term bullish. .Second, the rapid increase in labor income and moderate inflation policy will stimulate rapid growth of consumer services, are necessary to upgrade the home consumer and automotive areas such as growth will be particularly prominent. .Third, a slight increase in the nominal exchange rate stable under the conditions of international competitiveness, capacity expansion problems are not part of the export industries, including branded consumer goods manufacturing and machinery and equipment industry is still worth good. .</ P> <P>.