all throughout this period the key holderStock net reduction amounting to $ 4.428 billion

Money more than the a-share market ring unspeakable rises machine 14, 15th century, the United Kingdom represented by the emerging European bourgeois and new nobles through violence to evict peasants from the land, seizure of farmers and the public domain. They enclose and occupy of land grabbing, and became a private Ranch, Ranch. This is the history of the famous "enclosure movement". Today, the a-share markets also appeared in a "campaign" to industrial capital continuedAn IPO offering, reduction of refinancing by listed companies, shareholders and other investors in the form of money, let them have more money. This is a share of "money." "Enclosure movement" development of the European economy, liberated productive forces, it made the "exploitation" is deeply rooted in the Western countries; "movement" enlarged industrial capital, gathered a new wealth, but also"Greed" abhor the language appropriate to the occasion a-share market. 1 · A share being kidnapped from the trend of recent months are clearly visible, the a-share market has been kidnapped. If no money, increase allows the market to rise up; once the circle has been money, reduction and IPO and let the market's inability to cope. A-shares has caught the most wanted in the road, a vicious circle. Ring money is kidnapping a share thisUnder a clear thread of money were mixed. On April 18, 2011, huzhi peaking 3,067 points, at which point a-shares lost more inflation comes from abroad and European debt crisis. Market to focus on IPO's eyes and no more money. However, in the late July 2011 rebound, markets concerns began to be placed on top of a circle of money. July 2011Today, founder securities (601,901, closed at $ 5.49) offering, ultimately raising money $ 5.85 billion. Subsequently, the great wall (601,633, closed at $ 11.14) return a-shares news disclosed by the media, China's hydropower (601,669, closed at $ 4.53) IPO has been implemented. In September, the great wall and hydropower in ChinaIn market circles respectively to $ 3.955 billion and $. Irony is that when markets are denounce China's hydropower ring when the company confidently said in a notice to investors: if considered to be "money", you don't want to share. Precisely because the stock index falling more IPO, especially large stocks IPO occurred, resulting inMarket panic kills fall. The daily economic news reporter noted, longstanding thinking is: IPO offering speed, tend to represent the attitudes of policymakers--IPO keeps says policy makers recognized the current point, IPO slowdown even suspended the executives agreed that down too much. Decrease in the money panic stage ring "Hemostatic" comes from 2011, October 10 meeting Jin Zeng workers, farmers swtor credits, and built four lines. Under the Huijin holdings, markets have seen management of "concern", be interpreted as positive – take for granted can be gained. Subsequently, ushered in a wave of rebound in the stock market. Rally in the course of, the head of the Securities Exchange, the market looked forward to the new securities and Futures Commission Guo Shuqing President can reverse "money"A question, certainly at that stage, had originally been through or to proceed to Shaanxi coal shares, new China life insurance lost her voice. However, only 1.5 months ' time from the end, more than $ 90 billion financing centralized outs (see securities weekly of the the daily economic news, November 19, 2011), the stock market is bound to return to the ring fell again. Phoenix mediaExplosive money questions now is weak, weak should have and weak in IPO issue price-earnings ratio that matches the city, which is the foundation of new stock issue reform. According to the original intention of the reform of new shares, played the role of new stock market pricing is market based on the current market valuations and plate, adjust the IPO pricing. Now, however, the situation is, fried high price of new shares is easy, but it is difficult to reduce。 On November 8, Dominion optical (002632, closed at $ 26.18) 67.65 times times earnings release (release), this release earnings record highs since April 25 this year. On April 25, the gem was recorded in the new shares to China (300,212, closing 37.01) issued in 68.76 times price-earnings ratio. If small and medium-sizedPlates issued for more stock also has its own small industry pricing, and other factors, Phoenix release will make for more media market for the uproar. On November 22, Phoenix media online purchase, purchase prices for 8.8 yuan per unit, corresponding to 2010 after the release of price-earnings ratio was 63.4 times times. Although, some time ago the media unit height was promoted to a national strategy for culture promotion have been wantonlyHype, the publishing industry corresponds to 60 times earnings make it difficult for market acceptance. The daily economic news reporter noted that cultural days boat (300,148, closed at $ 26.49) is the highest earnings in the publishing industry, now nearly 70 times times. However, the unit had previously within one month of 8 daily limit, up 120%, speculation that thick. And the unit isSmall stocks, shares how many high, market insight. After the release of Phoenix Media's total share capital of about 2.545 billion shares, calculated in accordance with price 8.8 yuan per unit, with a total market capitalisation of $ 22.4 billion yuan, will be the first media unit. At present, the largest by market capitalisation in a share of the media in the South media (601,098, closed at $ 10.71), Chinese media (600,373, Closed at $ 21.43) of less than 30 times times forward earnings. It is worth noting is that Phoenix media the latest issue of book funds of up to $ 2.7 billion, no shortage of operating and investment capital, which allows the company to issue a shares "money" is now questioned more. Also makes the market for industrial capital money crazy circle more abhorrent. Of course, the issue is money for more Phoenix media market iceOne corner of the mountain. On Monday, the SFC website at once disclosed the initial prospectus of 7 companies such as Michael Jordan Sports (declare release). This thorough market rumors about the IPO suspension breaking. Also makes early stage companies are not left on the IPO market "good impression" swept away. 2 · Huijin, holdings of major shareholders move arrived in ring is a hard fact, money has becomeDeclines in shares of stagnation the principal contradiction. A-shares follow ups and downs of high and low peak trend is apparent, the market has more and more deeply aware of, industrial capital, through various means as money service. Hui Jin Zeng Xinhua life insurance on October 10, Hui Jin Zeng holds four rows. From the perspective of value investing, Hui Jin Zeng held bank stocks is definitely a smart decision. However, when theHuijin third overweight not brought twice before the explosive rise, markets have come to realize one of the "Maoni". Just before meeting Jin Zeng, news of the new China life insurance will issue a shares in markets abroad. Data show that new China life insurance's major shareholder is the Central Huijin. Although there is no evidence that the current holdings of Huijin is to escort to the issuance of new China life insurance, butUndermines the effectiveness of Hui Jin Zeng. Admittedly, Hui Jin Zeng of subsidiary's IPO favor more or less, to increase its stake reduced to a circle of money "accomplices". According to the latest announcement, a number of holdings of major shareholders of listed companies have adopted their own stocks to increase investor confidence, but the market has crashed a few hundred. Why difficult enemy money holdings Jin Zeng before hand, notSmaller holdings of major shareholders of the company has begun, but overweight than dozens of homes in several enterprises, dozens of companies or holdings. Holdings of shares causes of difficult enemies from three aspects. First, species less. If you put money into the secondary market are collectively referred to as good, the good seems to be only one form, that is overweight. Conversely, if the outflow of funds from the secondary market CommissionKnown as the bad, the bad will have a variety of forms, such as IPO, refinancing, debt, and the reduction of cash, and so on. Second, few in number. IPO, according to the giant spirit statistics show that as of November 24, since the beginning of this year, the a-share listing a total of 259 companies, total proceeds of about $ 290 billion. In terms of financing, since the beginning of this year a total of 12 unitsVoting rights issues, fundraising totals about $ 36.5 billion; this year a total of about 166 stocks have implemented additional, raised funds totaling $ 300 billion. Bonds, convertible bonds issued by this year a total of 9, totaling nearly $ 43 billion. Corporate bonds issued by listed companies this year a total of 372, roughly on a scale of up to $ 565 billion. Underweight, according toSociete Generale securities statistics show that as of November 18, this year, the industrial capital increase amounting to $ 9.251 billion. Reduction of industrial capital amounting to $ 63.649 billion. Based on the above calculations, total of 1.2345 trillion yuan this year is the industrial capital ring walk and industrial capital have invested $ 9.251 billion yuan of funds only. Differential of more than 133Times. Third is motivation. Wuxi IPO, refinancing, debt is to get more money for development. However, these developments and how much to give back to the shareholders ' of? And the reduction of cash is naked for blood. In contrast, overweight purposes is more complex. In addition to meeting Jin Zeng's hood, and e-business a (000501, closing 16. $ 90) holdings of major shareholders are to outside equity fights, holdings of other shareholders, it is inevitable in the future do not face a reduction of profit. Ring it's principal contradiction shares ring money has become the principal contradictions impeding market development. This week, the a-shares continued to fall, although the index was down narrow, but only on the financial support to the results, shares fell. From the perspective of foreign markets swtor power leveling, externalEuropean debt crisis is not optimistic. However, the a-share markets influence has waned in Europe and it is an indisputable fact. November 21 Europe stock markets plunged, but overnight a-shares was stronger in the afternoon, only slightly down. From the perspective of the domestic market, October CPI data is fixed at 5.5%, this is the CPI dropped for three consecutive months. Inflation has been completely lost pressure; pricesFall resulting in the short term is unlikely to reverse, shuangguai point in China's economy has emerged. It is clear that economic level has been away from the influence of a-shares, affects the current a-shares the real bad has shifted, it's no suspense, undisputed points to money! According to estimates, in the remaining 1.5 months, a-shares will face pressures of financing of $ 90 billion. This week, the pressure as the PhoenixPhoenix Media release, nearly 20 issuance of corporate bonds, have been gradually released. Just 1 months left in time, the market not only to face the pressure of more than 80 billion worth of financing, but also to the institutional money account at the end, turns up for blood pressure. Founder securities analyst Zhao Wei pointed out that, from directors high and its associated personnel, the reduction is still the market's toneAlthough Board in Shenzhen and Shanghai, the modest increase in the number of overweight. But, taking into account the reporting period (18th November 14 ~11 month, the same below) its stake in the company before this has been either overweight or its stake in private is not actually occurred during the reporting period, therefore, increased training in home management significance of increase in the number is not obvious. From the amount of increase or decrease, all throughout this period the key holderStock net reduction amounting to $ 4.428 billion, about 4 times a week earlier, from the perspective of history, often coming in net reduction increases to mean that the market rose to an end, investors should be maintained at a later time caution. 3 · no money market shares have a proverb: "the bulls did not die, falling more than". Today, this statement should be: "more than money, declines are notCheck ". There is an argument that, if the current ring of bad practices are not reversed, the market will continue to fall, tested early 2,307 points at the bottom. Fried will fatigue and body escape a shares had always been an "when a wall is about to collapse" of the rivers and lakes. In "money" becomes a share again at the main contradiction of, led the market strength of the pre-"fire" theme has also disappeared. First of all, culture unitThis week, though did not show much of fell, but a horizontal adjustment and, secondly, do a good job of the pre-environmental protection and new energy stocks appeared to dive and, finally, hotspot market it is difficult to name this week, not to mention the Conference to find a market hotspots. On Monday, school stocks rose appears, but then a few days, including the zhongtong bus (000957,Disc price $ 7.46) was quickly back to the bus unit, prototype. These phenomena are reflected "fried" theme has come to an end, temporarily at least difficult to restructure industry. As the market faced "fried" theme disappeared, as well as the industrial capital money happy, which will lead to institutional money ran away at the current point is on in even cut of meat. The economic daily newsJournalists based on the exchange of publicly available information shows that recently ran away only holdings suffered bodies seat duolu. Shougang shares (000959, closed at $ 3.22), resumed after the disclosed restructuring plan, big kill in share price falls. One spy too many data show that institutions always taking up most of the seats sold list. Due to the suspension of shares in excess of before this tableThat corporate funds were cut of meat. And, for example beiyinmei (002570, closed at $ 30.53), the unit suddenly daily limit on November 22. After-hours data showed that sales department seat buying heavily in the day, but there are three agencies sell seats occupied the top three. From the perspective of institutional shareholdings, institutions was a clear cut meat Bay due to the United States. The daily economic news reporter attentionThat the current level and huzhi started after October 11 meeting Jin Zeng holds the level was very close to, this suggests that cannot help but wonder on November 11, stocks open high experienced organization after hitting the scene. A combination view, bodies meeting Jin Zeng, and money market, is not confident. Governance now, money is not shouting slogans, pre-huzhi distance of 2,307 points only at the bottom in less than 100 o'clock, under test, yet again the point of possibilities is enormous. Recently, the harbour in the East of Shenzhen investment management limited liability company, danbin Twitter, said that "when eating at night, talked about investment. Benefited most of these years was like well-cranes, PE Fund. Was said to have 500 SMEs wait listed, according to net profit of 50 million PE 30 times times per enterprise thawCapital of 1.5 billion, 750 billion. It is said that now there are at least 10,000 PE institutions, raise trillions, offering many investment projects. If the game continues, the most tragic is the secondary market investors. So, an estimated 2000 points couldn't keep! "In addition to concerns about money, but 斌 gem is the most vulnerable to money (including IPO, restricted shares) of the plateHave questioned: surface 6000多 fell to 2,400 points is a bear market, but you see the 3 quarter of 2011, the gem of the release were 66.9 times times forward earnings, 44.18 times times and three times. Such a high price/earnings ratio bull market only for investors keen on gem should be in the Fiery bull market. In fact, in the face of money cityRoad, management is not without its "consciousness". On November 18, the Commission launched six combination of regulatory measures, saying it would promote the reunification of the bond system of rules and regulatory review, step by step change high price-earnings ratio shares, perfecting delisting system containing "resources" publicity stunt, launch the growth enterprise market closed bond work, at the State Department continues crackdown on insider trading, under deployment and straightenAll kinds of exchanges, initiatives such as, targeted at "money market". However, this initiative has a direct influence is the hit ST unit, also hit the broader market as a whole. Market did not read too much into the positive significance of this week's stock market is still not to force. However, there is a view, nature resolve a share of money through dividends, it is putting the cart before: because the money to the extreme,Caused by the dividend less and less. Too few dividends just one of many appearances, rather than the causes and nature of money. Annual meeting of the medium-term money short term before the brokerage has held one after another in 2012 investment strategy analysis. Although historically, brokerage analysis for next year "failure than success," but this "rule" going year after year. The daily economicNews reporter noted, many brokers will also be "money" as an important indicator of the evaluation in the coming year. Such as CICC in the stock market under the economic restructuring and fine-tuning of policies article points out that the structural opportunities gripping shares "fundamental problems" is one of the "stock market expansion difficult to stop." Hou Zhenhai CICC analysts pointed out that since the beginning of 2008, the a-shareDirection is far weaker than New York. But from another perspective, since 2008, the a-share growth in circulation market value far beyond New York. Show different movements of the two a-share market equity flows faster than the supply was suppressed in the past 3 years the core factors of a-shares rose. Therefore, for an extended period of time in the future, the a-share supply growth still was one of the main risks facing the a-share.Market yields, CICC believes that new shares and the profit and loss reduction of amount of the secondary market. Free circulation market value of the current a-shares, in terms of the amount is the ratio, are in balance to normal levels, and there is no underestimated the level of 2005 and 2008. From August 2010, free circulation market value increases base entirely due to new shareAnd reduction of impact factors lifted shares, stock prices were mixed factors contributing to negative. CICC's formula is: = free flow of current market value of shares were mixed factors *M2 growth-factor-release free flow to decrease factors of new shares. According to the above equation, can be calculated that if the annual IPOs (including IPO issuance of rights issue) and release flow to decrease of over $ 1.3 trillion, the secondMarkets will face losses as a whole. This shows that, although from the perspective of years online, stock market is a high probability of Yang resumption next year, but this future Yang line height of trapped money constraints. It is worth noting is that from previous experience, annual meeting of the securities market will rally in the near future. Index of quotes not referring to the annual meeting here, but brokers promising varieties, is expected to short term break out. Cathay PacificJunan 2012 strategy report notes that in 2012, China will usher in a new round of growth mode transition, traditional capacity expansion are difficult to exceeding expectations, but under the current economic downturn, policies of necessity driven by the lack of a comprehensive, growth will be converted to internal structure. 2012 opportunities will be more emphasis on substantive, topics covered medium-sized companies toAnd services belonging to the large industrial production systems. Including real estate, brokerage, chemicals, media, medicine, and new industries, and so on. Ping an securities identified "OK blue-chip defensive, emerging industry attacks" policy. Avoiding cycles in the Middle unit, focusing on financial services, food and beverages, electrical equipment, such as deterministic blue chip; grasping energy saving and environmental protection equipment, nuclear construction revived and chemical new materialsMaterial, TMT software business (software, soft, soft services consumption) four new industry investment topics. Guotai Junan securities, is optimistic about the modern service sector structured investment opportunities, modern services that benefit may include: cultural media, software, environmental protection, logistics and transportation, medical services, commercial circulation.