Bubble has inhibited investment opportunities in a bull market is far from over just.

<P>: Http:// News, from May 30 to increase the stamp duty, stamp duty to the unilateral imposition of a definitive yesterday, has not been proven, the Shanghai index was down 11.61%, raised funds to show the charm of its experts in financial management, substantial run .win the market. .How to judge the market outlook, fund managers? .Reporter interviewed a number of the company's fund managers, the bull market is far from over, investment opportunities still, this is most people's judgments. .</ P> <P> structural foam has been suppressed </ P> <P> interview, most fund managers believe that this market decline increased the incentive for stamp duty, but the real reason is the market valuation is too high .. .Fund managers have made such a calculation, if China's listed companies than twice as high economic growth, annual growth of 20%, need to go through 6 years of sales growth, A shares fell 50 times before the average price-earnings ratio to fall to Hong Kong, etc. .16 times the level in mature markets. .Overdraft the next 6 years of continuous growth, so I'm afraid the valuation of the fund managers need some imagination joked. .After this adjustment, many of the stock has fallen 40%, bubbles have been greatly compressed, the structural imbalance eased valuations, fund managers generally believe that current valuation levels back to a reasonable range. .</ P> <P> pricing power back from the retail sector in the hands </ P> <P> rushed into the market of individual investors is the main driver of rising early, this decline was injured the most. .Fund managers expect the confidence in the temporary capital after the setback, the investment enthusiasm of individual investors will drop substantially, they are the driving force of the stock price was significantly reduced. .With the opening of the new fund issue, the continued marketing the old fund, funds in the hands of institutional investors has increased substantially. .During the interview, fund managers are still optimistic about the future of the market, they generally think that although the short term may continue to oscillations, but investment and foreign trade remained strong, the state strongly supported the expansion of domestic demand, the interests of shareholders unanimously after the operation and management improvement, quality asset injection, the central enterprises integrated listed .among other factors, will enable A-share listed companies to continue to achieve high speed of endogenous growth or extension of growth. .They said, or will invest the funds raised to the enterprises of quality. .The next stage of the buyer's strength comes from institutions, agencies optimistic about the stock market will regain the favor. .There are still good investment opportunities in this adjustment, the shares held by the Fund's growth, blue chip stocks adjustments are within 10%, the fund manager will sell them to chase the rebound of a greater number of shares? .This is many people's questions. .Fund managers generally, although it will buy some of this decline was victimizes stock, but the proportion will not be great, after all, was victimizes the few, the market is still valid. .Investment opportunities in more of the following aspects: First, a more reasonable valuation of the bank, although the reserve ratio increase, the surface difference between deposit and lending a slight narrowing, but the rapid growth of intermediary business, current savings to expand the proportion of these negative factors .limited impact on the growth of banks, the banks can still expect rapid growth. .Second, housing prices continued to rise in real estate enterprises, over the costs, net of value-added tax and land tax, house prices will rise much into profits. .The consensus in strong demand, the significant real estate growth in corporate profits is also no suspense. .Some real estate company's share price may have been too high, fund managers emphasized that they are more concerned with rich land resources of the company. .Third, evergreen consumer goods companies, fund managers believe that higher income, the income gap has increased in the case, the brand or brands of consumer goods are forming long-term holders of the company is worth. .Control of both high-quality channel, channel the vast room for growth companies also worth the investment. .Fourth, major shareholders make a public commitment to quality resources into the listed company, in the interests of shareholders under the same management structure, for the substantial assets to improve the quality of listed companies to achieve epitaxial growth, or worth the wait. .Fifth, some other industry-specific opportunities, such as the implementation of major equipment manufacturing, military, non-confidential business integration enterprise market, forest tenure reform and so on. .Fund believes that after this round of adjustment, retail pricing will be returned to the hands of institutions. .</ P>.