From The Waist Down To The Sharp Rebound &Nbsp; Gem 43 Times PE Bottomed Out?

Is the bubble of the growth enterprise market finished?

The market is divided.

According to statistics and research, since December 20, 2010,

In June 23rd this year, for the gem, it has a special significance. That day, the gem index will hit bottom.

These are only intuitive representations, and some events reveal the rise of the gem again.

During the lifting of the initial shares of gem, many executives took the opportunity to reduce their holdings. Even in the first half of the year, there were more than 100 executives of GEM companies who had been reduced.

Therefore,

To this question, Zhou Jun, a senior analyst at 14.47,0.11,0.77% wealth management center, told reporters: "from the beginning of this year, the gem has been squeezing bubbles, and the high valuation is indeed easy to form a stock market crash.

From the early more than 1200 to more than 700 points, the first half of the gem is not low, and from the current rebound situation, the gem index rebound has exceeded the Shanghai Composite Index, basically we can confirm that the bubble of the gem has been squeezed out.

However, there are different voices in the market.

Kang Hongtao, chief investment officer of 11.34,0.11,0.98%, said in an interview with reporters: "whether it is the gem or the whole A share, the market is speculation in the real future of fantasy, and whether the dream of the future can come depends on many factors.

At the moment, if we use a number and data to measure whether the gem is valuable or not enough to buy it, I think it is too "metaphysical".

Whether or not the bubble is squeezed out, for the gem, the decline process over the past six months is worth pondering. A sharp fall can also serve as a return to its value, because this is the biggest decline since the advent of the gem, and the controversial high issue price, high price earnings ratio and high raise funds have also been alleviated.

According to the statistics of this newspaper, from the valuation level, the highest price earnings ratio of gem appeared at 128 times in 2009, and the average price earnings ratio of gem in 2010 was still 71 times higher than that of the gem. At the moment, the average price earnings ratio of the gem has been around 43 times.

It is easy to see that from the valuation level, the gem is in the process of collective regression.

In view of the current market distribution situation, many GEM companies have no longer praised the "three high" since June, and gradually become rational.

In June, Machen Technology (38.480, -0.31, -0.80%) (300237) listed on the gem at 18.12 times price earnings ratio and 25.73 yuan, setting the lowest issue price earnings ratio in the history of gem, which also proved the return of gem.

As for the status quo of the gem, Kang Hongtao said: "the price earnings ratio of the gem is moving towards the altar and gradually become a populace. This process may have entered the turning point of the middle and the rear end.

However, although some stocks and industries have significantly reduced the P / E ratio, their growth is very poor.

On the capital side, the first half of the year is obviously tightened, so that the share price will also fall and accelerate the decline, and the pressure and policy pressure of the second half of this year will be eased.

Now is the second part of the return of gem, and it will be clear at least until the fourth quarter of this year. "

It is precisely because the recent issuance of GEM has become rational, coinciding with the market rebound, and the gem has begun a collective counterattack.

However, Wang Zhihui, general manager of the research department of Huabao Xingye fund, said in an interview with reporters: "after the early fall, the valuation of GEM has been greatly reduced, but this year there is little opportunity to raise profits by valuations. The real growth of the gem still needs a longer process to verify that the differentiation of stocks will be relatively large, and we should focus on finding stocks with relatively definite performance or over expected performance."

Whether the bubble of the gem has been squeezed out and what extent it is clean is not a quantitative standard. However, the analysis of the investment value of the gem will obviously be weighed by investors.

This paper sorts out the 5 most important industries in the gem, namely, machinery and equipment, medicine and biology, chemical industry, information service and electronic components. By analyzing the valuation, the company's industry background and the growth of the company, it makes a detailed analysis of the gem and data statistics, providing more value criteria for investors.