Small plates the day the crash of China's economy will lose the brightest of the bright spots.

<P> Small board index return historical high, showing that China's future economic hopes private companies in the small plates; value of the investment and short-term speculators to squeeze into the small board, that in terms of speculation or from the future growth prospects, investors, small plates are .hope. .</ P> <P> 8 18, the Shenzhen SME Board index points to 5964.66 from a high of April this year, only one step away. .From October 28, 2008 since the small board and went straight up out of a market. .Since the introduction of small board index rose after the out of the market, in the January 15, 2008 reached a high of 6315.09 points in less than three years, or up to 532.36%. .Since then turned down by the financial crisis, but began to rebound in October 2008. .In sharp contrast, over the same period the Shanghai SSE 50 Index and wandering in shock. .</ P> <P> any one market, blue chips are Dinghaishenzhen, but The Magic no longer Dinghai China's stock market, but a syringe to absorb the natural resources. .And has been criticized for not rational irrational small board all the way down, in the high spread upward to dismount. .</ P> <P> large capitalization stocks fail to bring China's securities market discount is ordinary income of the important reasons for investors, the stock market a decade to bring very little return for the investors. .</ P> <P> China's large state-owned enterprises listed on the Shanghai market base, the Shanghai Composite Index and the small plates become large state-owned enterprises and private enterprises belonging to the regional market index for small plates to give high expectations, but in the history of .low levels of banks and other large-cap stocks have not yet popular. .</ P> <P> margin of safety theory, no one would think that buying cheap now have a greater risk of the bank, but the problem is, such companies will not bring excess returns. .With endless re-financing package to push, and the waiting-listed city commercial and rural credit cooperatives, non-performing assets after restructuring management company, it is difficult to believe that the scale of victory in the bank to surprise investors. .</ P> <P> market shares there are several heavy discount. .Market shares to bear the cost of reform, a steady stream of large-cap stocks large cap stocks to the market reduces the level of economic restructuring is undertaken prior to the cost of reform, and in the current economic transition will have to bear the social costs of increased pressure. .Banking sector restructuring state-owned enterprises prior to listing the cost borne by the performance on the table, overwhelmed by bad loans, some banks are substantial bankruptcy. .After the restructuring and listing in the bank, as the infrastructure for local, state-owned enterprises bear the costs hidden in the bottom surface, bank statements flowers, but investors are always worried about profit and non-performing loan ratio at the local government debt, high risk housing in .vulnerable in front of the property market. .</ P> <P> more importantly, the internal corporate governance structure of state-owned enterprises is not a breakthrough, although the performance appraisal and other people to see a glimmer of hope, but the key of the professional manager system, separating so hard .satisfactory. .Investors certainly not the words of the SASAC, seriously, that really increase the value of state-owned enterprises during the market has been achieved..