Memoirs II bear market

From 2245 points to 998 points, bit by morsel to see a bear market.
Each round of the bull market, are similar to the laborer uprising and jump to bring a large number of new investors into the market at high tide, and then gradually into the long winter, many The revolutionaries under torment lost faith in the struggle, and then start another cycle, but not many people left with the last round of memory: Forgetting the past manner betrayal, no history is not adult, so the investment, such as in round like the old, always again and again.

What is investment, not to find waste in the climax species; but underestimated the opportunity to see the despair. Let us get 998 times the space shuttle, look at how the market was struggling to survive, amuse add a memory of friends.

2001 年

2001, the year 14 June 2245 saw the big top, but at the time people achieve immersed in the climax of the bull market, not many people think has been very precarious. Xiaonian author in September 2001 a research report that the current market alteration is inevitable and also healthy, even predict when the index fell 1,000 points just about might be again. He told the Chinese stock market from the Much earlier, in June 2000, Li Jiange (when he was agent director of the State Economic Restructuring Office) wrote: Some fallen by half on the price, but also what can not be considered incomprehensible things, but the stability of the whole society will be severely affected. visible, high price-earnings ratio investors not only stuck, but stuck with the whole community. >
from the situation at the time, Prime threats I sent two mains, the eyes may be about 20 times earnings, at last, is the price-earnings ratio was 20 times the prospectus, the early market is planned especially for the relief attempted by state-owned fund-raising feature, to a general break when almost the end of the big, so they are looking up and down 1,000 points.

However, this moment was then, when the bigwigs approved approximately 20 times earnings, to the full propagation in China today after the stock market, whether it continues to appropriate it?

big brother did not say, but the market will presently give the answer.

is roughly 20 times the current location, if the anti-body up here, the view that brass is still valid today. If the depth of the broader market continues to fall, it shows that big brothers need the times, the so-called reasonable price-earnings ratio downward revisions. Shanghai Composite Index closed the year

in 1645, slid 20% over the before annual; however, look by the Shanghai Stock Exchange in 2001 the altitude ten gains:

600006 600831ST Yellow Dongfeng Automobile Engineering Department, Xiamen 600815 Machine 600 146 600 679 shares of Phoenix stock Tai Yuen Lianhuaweijing 600748 Pudong Stainless 600 132 600 186 Chongqing Beer 600745ST Ningxia Hengli Kangsai 600,165 Distribution 15% to increase 46%, small cap Zhuanggu essentially occupied, that is bull Finally, the wind wave is act Lang Zhuanggu in Hing.

apart from a few of these stocks, such as 600831,600748 later re-turned as blue chip stocks, 600,815 to benefit from reverse engineering machinery and out of the wave of bull market, bear most of the Long March in the back off the road left backward so badly Because the cardinal chain of slit off of funds, had no answer down the drastic pedal to kill off the normal basic can play two folded. For sample, the Galaxy was the largest securities to renown because of adverse economy Zuozhuang 600006,600377 and out.

2002 年

2002, the close of 1358 points, when they slid 20%, but is worthwhile of a great writing that year on June 23, management announced a refrigerate on state-owned shares, San people flocked into the chamber that is substantive good, but the long-quilt of funds took the opportunity to broker a big seller, 1747 to become the bidding heights of the year. This is because many deem that state-owned shares at the market price decrement policy is the fundamental reason for a bear market, so stop the reduction is a fundamental migrate, very similar to the present size of the non bar.

2002 年 10 months, the stock index capable a temporary patronize in 1500, the concordance in the same situation after different dropped out afresh behind another mammoth positive 3 times resurgence, as Shiliu Da in the year was held on November 8, Therefore, the so-called slump After beginning in June 2008 K-line diagram, line diagram K is also consciousness the fact ring.

02 decade stock index rose:

600057 Xiaxin

600664 Hayao

600714 mountains Chang 9 shares

600228 Biochemical

600836 Jielong

600377 Jiangsu Expressway

600710 Changlin

600235 Minfengtezhi

600217 Qinling Cement Huaxi Securities

then start 600057 and 600786 for independent and hammer the Galaxy, one chip, while the south is a two-Ha, 600,664 and 600,038, although there are 624 of good help at running, but the ecology of the brokerage funds They will be further and beyond away, as Han Zhidong said: first, find the money to the South,December 22, 2009 - the winter solstice from the h, and the second is to detect the money to the original rank to proceed to do so, coming to a bull market came to rescue. But then we do not realize that spring is still far away. The second bear market, or to Zhuanggu performance-based. Took too many, if it were not for the South Zuozhuang 600,664, and later falling out with the Harbin Pharmaceutical Group, Hayao directions will not be in consensus with the SASAC, a crowd of high-quality assets are injected into the other country to poll Zuozhuang of 600,829 ha to go.

dance mobile call, Huaxi Securities and cook them at least an befitting current market myth, the second approach likened to the first field to be advisable to do some of the fatuous. 624

plan due to harm also, this time the conception has gained a bear market, at the end of the day the positive management as a whole is not to play with blood-pin and appreciative, but in fact, spring is not distant ,Men and women do not go home with a different account, and the closing price in 2002 to buy, in 2003 was skillful to get out of trouble, to early 2004 which brought the red envelopes. The reason is that problems in the field of the securities has been intimidating to domestic financial security.

At this point, brokerage funding chain problems are build up exposed, thus limiting access to capital from outside brokerage firms, industry issues and lead to large outbreaks in 2003 and the Commission a full range of remediation.

However, in another front, in 2000, City is growing rapidly. Although at the time the Fund's total market share is not high, but has begun to have the affect, the more interesting is this: the last trading day for two continuous years late to do pull-high market value, which is the more boring Ruoshi coming up. Given the large amount of new money to add, then the performance of the Fund is less than the index down 5 ratio points, but closed the performance is very poor, bear a blood transfusion to the mission of open-end fund, the fund needs to be done because new high-performance open to increase their size. This also shows that the flow of capital itself, brokerage chain of funding problems, the securities out of funds entered the open-end funds.

2003 年

2003, the market is represented by the largest birth of a new profit model, as an statement of value providing, iron and steel, petrochemical, car , electricity, financial blue chips, represented by the stock market to become dominated throughout the year in 2003, accounting for most of the market and profit opportunities.

showed shares mainly in electricity, steel, automobile, petrochemical and other industries with high degree of industry boom.

QFII funds and this year is a year of rapid evolution of power, while the aggregate brokerage funds outbreak chain problems, but also the flow of funds to strengthen the stock market fund pond. Decimated the broker, when the bull stock almost fully prevailed by the Fund and the QFII, while the original Zhuanggu model was abandoned.

brother and I to assist 温故 multiplication -

03 year too met SARS in April 2003 the stock market had triumphantly, namely apt be in mid-April explosion of SARS disturbed from soaring in early April apt late April .... then the fund director plunge, brokers almost no studies researchers GDP, CPI ... every day, waited at the front of the television newspaper network, apt see the 2 file , called the number of cases of current cases, a digit of understood cases of current suspected cases, and inquiry of data journal ... the next day the broader mall necklace of elementary lofty and U.S. stocks open lower Hong Kong shares open all does no material, namely is, and the data above these two. ...

Oh, thank you upstairs Brothers added:

03 years, the market has a lot of events occurred, when the Commission in a downturn is not laze.

1 month, fired a large transaction. But no one with the Shanghai Stock Exchange until August was just pulling out the first single, or bonds. Shenzhen has get busy behind, Galaxy Securities led 000,735, use the first one higher than the market price, pushed up the wave, and ran off. . . .

2 months, the central authorities issued advice on the capital markets, the Securities and this one should set a higher status and finally, through rooms until a large girl, want to go to mattress to bed, got out of bed had to do hard fatigue . However, when many people did not value the paper, particularly since the first quarter of atypical pneumonia caused by market failures, then do not hear to management 忽悠 popular.

2 month of preheating of the QFII, first agreed administrator bank to 9. Chen Feng remember brother is so described: the resources have to be playing stocks, crude fuel, nonferrous metals and the favor, must be the configuration of their scarcity. Results July 9 below the first unattached by the UBS: 600018,600019,600270,000063 the next day all the red plates.

there was boom of blue-chip support, so after a failed rally in the first 15 min, up more, fall less, and the Fund should continue to flow to the capital after Kuomu, QFII is that after entering way as yet outperformed the market throughout the year value as investment began to scatter.

4 month when the first tender offer 600,282; June 11, Baosteel Group placards 600,643; July, shares in the Hangzhou Iron and Steel, Lutianhua the semi-annual report of the top ten shareholders in the country respectively, combination of Social Security Fund 103, 104 portfolio, which is the first appearance of social security funds semi-annual report. September, TCL mingled first convertible, access to market a warm bubbling.

fact, a downturn in the index, outside the capital flowing into the market gradually, but Like father is inevitable. Meanwhile, a large number of stars in the era ahead the shutter call Zhuanggu, April 000048 Luliang case decree; and Deron Department has officially fallen in the year. Breath and closed the year in Dalian, Xinhua and other harmful broker, with in-depth media scope, the original PLAY mode and financing platform have also fallen.

03-year bull stock list:

600205 Shandong Aluminum

600886 China Jing

600104 Shanghai Automotive

600002 Qilu Petrochemical

600740 Shanxi Coking

600786 Dongfang Boiler

600688 Shanghai Petrochemical

600362 Jiangxi Copper

600026 China Shipping Development

600585 Conch Cement

gains delivery of 80% to 130%, you can see the main clue is the industry's bubbling economy and prices, some 600,886 of stock and restructuring-related classification. Downturn in the industry to begin mass combinations like the stock 600585,600320,000039 entered the mainstream's attention, and later in the aluminum, petrochemical and the like are starting to slump in the industry in completing the internal integration. This is a typical concentration of the Fund and the QFII holdings account, 600,786 is the last of a legacy. That is: the third phase in a bear market, the magnitude of stock selection has been higher than the co-optation, and some high-quality stocks began to remove access to all ages.

However, 03 years in September, began to raise deposit keep percentage, 04-year macro-control has an atmosphere.

2004 年

time into 2004, the beginning of China Southern Securities was taken over the whole year off and being taken over by brokerage firms reached a new high, and thus the formation of a large number of two open positions. At the same time the Commission determined to turn on the water quality broker, open a brokerage things management maneuvers set for approval, while CITIC, Hai Tong, Great Wall approved the first issuance of 42 million. The rebound in the first quarter, stock index rose from 1300 to 1873, when the bull market that come back, but is accompanied by the central bank to raise interest rates and raising the reserve ratio, the intensity of macroeconomic norm and control is increasing, this is the first time experienced value investors control pain.

However, they have also been expanding the camp, assurance, straight investment is approved, Social Security, said two investment ought increase, the management of undertaking annuity market is open, while the Fund was first established LOF; brokerage also granted to issue short-term financing bills, while reducing the annual fee and the commute seat use fees, as chapter of the broker if you do not enter the liquidity to face the peril of large-scale bankruptcy. The April 04 rally failed, is a down side, almost no trading opportunities. Until the September 04, the Commission suspended some time IPO, the purpose of inquiry into the distribution system is, but at that time the number of shares break has been very much. But because of the September in 2004 there is a rapid rebound immediately, from 1200 until the 1500, followed by a continuous 阴跌, dwindling the liquidity of the market until nearly exhausted.

Basically, the bear market at this stage is that all are as good sporting become, not being to be the most investors who see the market entered a complicated situation either parties contained. Comparison is bizarre: the year in January and November, Shanghai Stock Exchange have either been an interruption of regular trading, but after the emergence of the phenomenon of short-term trading activity.

2004 year also loosened a stock-secured loan scheme, but also to the quality of a broker open outlet flow; 4 ministries jointly issued a way to protect the interests of small investors, that is, believe management broker part of the debt gained by the state 10 million alternatively less do not deduct, a discount of 10 million yuan. Some people joke: a trust management to do better, even after two years of a bear market to make a Jiuzhe obtain it behind, but also less than the bear out of the wastage of many, truly be protected.

the same time, the voting mechanism of classification in December came out,Supra Vaider Shoes, the benefit of hindsight, this is really split share structure reform to activity lead and the other does play some character in the conservation of the interests of investors. However, the emulating bear market the production of Viagra, has not many people worry about these things, because the benefits have already reduced die.

from a naturalistic sense, the history of the candles to the future, the treatment of natural integration to the market, get down to make the system construction, the road is the Yangtze River.

04 年 9 months, Overseas Chinese Town Group, the donation of the giant fields as securities, while the giant fields account a large number of 0069 on the outstanding shares, so acquaint the world, two hundred million greenbacks to buy back 0069, busy in Ruoshi Quotes from shaking. After 0069 when the price has not been broken. December 2004, Zheng Junhuai Yang Guiqin woman collaborator were caught and their long-term, the market was shocked. However, the 600,887 released in the fall after the huge row has been elected up a Boshi Fund and Century Securities, said Pan Gang, the new pate of institutional commitment to these results the future growth of the price of the day have become the historical low, even in the 998 of more than 30% when the floating extra. The third period of the bear market is already lively to re-see the shadow of the new Zhuanggu

This is a typical stock analysts at the treatise, but it can be discerned:

since March 2004 to March 2005's top gainer, rose in the two cities out of the top 20 stocks elected for analysis the following 20 stocks, because most of these stocks continue to hit a new high, very forcing. 20 stock are: the set of Group, Suning Appliance, Maotai, Offshore Oil, Chiwan, Yantai Wanhua, Commodity City, Salt Lake Potash, large business shares, Tong Ren Tang, Sinochem International, ZTE, Yunnanbaiyao, Changyu A, Shanghai Airport, East donkey-hide gelatin, Xishan Coal and Electricity, Anhui Expressway, Shanghai Zhenhua Port Machinery, Huaneng Power. In this year fell, and these stocks rose 20% to 98%.

Summary gainer year groups, both resource stocks, there are also commercial sector, board, industry characteristics are not very obvious. Ushimata assorted industries are presumable to emerge, of course, the cattle industry boom and high higher probability of stock. Similarly, the panel size is not the determining factor, CIMC, ZTE, Shanghai Airport up and down the market value of 100 billion, while Suning, Yunnanbaiyao market value of nigh 1.5 billion, etc., can go very cattle.

If so, what factors have endowed to the bullish stock it? summarize the prevalent traits of these stocks, that is, monopoly and a leader, and the resulting steady growth.

look monopolization, there is a diversity, a variety of monopoly of resources, such as Salt Lake Potash typical and peerless to send a steady flow of profits of potash, coal also belong to non-renewable resource monopoly. Maotai, Yunnanbaiyao is another monopoly - - brand monopoly, brandy is not surprising, but was only found in that location Maotai, only where the water to brew Liquor, thus forming a distinctive mark can not be copied. Shanghai Airport is the regional monopoly, regardless of money or airline lose money, as long as the aircraft parked at the landing had to pay, which is a Warren Buffett called know the value of these companies. a lot of company's gross margin to be much higher than the average company.

look at the actuator, and some companies do not monopolize the resources, but rely on superior management ability, gradually changed in the manufacture leader. Typical is not innate, such as CIMC has a monopoly of resources companies, but after 10 years of hard work, has become the world's largest container manufacturer, natural acquisition extra profits. commerce is extremely competitive, low margin industry However, shares of Suning Appliance and big business to collar the opportunity to distend and mushroom market share, the growth extravaganza of the corporation, has convert the industry actuator, the stock will work all the way cow. Yantai Wanhua, Huaneng Power upgrade also belong to this Nature. GF to do the reorganization of the military counter-cyclical shares increase. During this period, some asset for counter-cyclical stocks is also very amused in the level, such as Harvest to purchase a lot of narcotics, 000538,600276; way, the wheel of low class they are configured, such as a listing on the destroy of 601,111. The on form, most of the classes is counter-cyclical stocks, as the 2004 macro-control is the most accessible accustom to unravel the causes for the ebb.

the other end of the market, some personal equity begun to put forward: the purchase of a basket of China's most emphatic companies, which is more than 20 yuan at the time high-priced stocks Rights; others are put forward: the buy of a basket of the worst The company, which is underneath the cap, lower 2 yuan. Later proved that two people have made fortunes, the combination of the worst in the bull market actually the best combination of rate of return is even higher than some, although some went to the three boards were mingled. Of course, the former appears to have more people savor, then this accumulation has to take the new Trust.

Throughout 2004-2005, pigs can buy a stamp to make money, buy what in fact is no longer important. However,Used 51 radio backdrop melody ~ namely definitely, for people who at that time, the night seemed very long, and did not think the cellar floor, as there are, can really accomplish the agreed 05 thousand points of big brother.

2004 list Ushimata year, or distribution of 70 to 96%:

000617 Jinan Diesel

600561 Jiangxizhangyun

600519 Guizhou Maotai

000608 Shine

000039 CIMC

600415 Commodity City

600169 Taiyuan Heavy Industry

600596 shares
Xin
000063 ZTE

600521 Huahai

list at this time period can also see the footprints of some brokers, such as the Great Wall Securities 000,617, 600,561 of the Jiangnan Securities, 600,169 of Orient Securities, 000,608 of the Jin and Yuan Securities; Since then, the power broker system and then slowly decline in the market continues, new phase of expanding their share of the Fund.

sense of the vicissitudes of the times people are always filled with emotion. Remember the 600,199 and 600,399 that year in September after a big bull stock, which is the subject of restructuring wave. After years of bear market, the market absences to be a subject to do more imaginative, re very good very lusty. 399 was sold for housing to the Shanxi Coal, GF Securities and Guangdong Development Fund, the Lord do not sell back into (the last to sell the 000,961, the steel and iron assets to 399); 600,169 prepared to sell to Taiwan's Hon Hai, Department of shell Huaxia Fund and the Orient Securities to Be, did not sell into, but 600,169 have become mechanical in blue chip stocks, no longer have rearranged. Of course, these two species of fry is a failure. It is impossible to have a couple of see through the eye of time.

2005 年

2005 along, the management of a thought, Ruoshi to enhance value investing!

After another round of bear market, everybody understood the whole situation up when the massive, or when the massive truth, Pakistan's foreign old male began to feel better after practicing. However, the strengthening of the former meantime the proportion of 30% bonus, as no an thought to be efficacious in the cake, notwithstanding it has also dipped in the blood of everyone. . . .

In January, the Shanghai Stock Exchange issued the first dividall overdex. Dividbring an end to ...dex constituents based on the following selection criteria: consecutive money dividend over the past two years, and anniversary cash dividend rate (after tax) are greater than naught; the elapse year, market value, average daily circulation of Shanghai A shares in the top 50%; past During the year, average daily turnover in Shanghai A shares ranked the top 50%.

1 23, the Ministry of Finance announced that stamp responsibility by half. But the index class in 1200 out of a single day immense sun, followed by a rapid decline. Needless to say, for those still in the pit traders, but also a solemn harm.

2 months, security message instantly into the market to start. Until February 17, Huatai Insurance to complete the first single security funds into the stock, but the insurance capital of the hunters, ample to support the February repugnant, has heaved to 1328 from the 1188 round of rally. February 24, China 50ETF listed on the card, as with the first ETF, unusually active trading, changing hands on the first day of up to 23%, ETF Jing Shengou in the initial state is also stabilized the broader market.

3 months, the chief bank raised the interest rate personal loans, while the excess reserve rate cut. However, in Ruoshi clearly negative is magnified, and a new round of decline began.

4 30, the management issued a Declaration of share reform, announced the beginning of the split share structure reform, this time only the 1159 stock index, the daily amount of the transaction retained at 50 to 70 million between, call auction can not open a lot of stock.

remember that people are not aware of numbness in the next two years of the bull market this is one important foundation for good, first impression is: the smaller the share reform on the amount is to fulfil the size of the market amount of non-tradable. One tin assume the wild sell into the final round began.

6 月 6 日 11 时 08 points on the Shanghai index 998.23 points, which is since February 21, 1997 has set foot on thousands of points, the Shanghai index fell below the thousand mark for the first time, go back to three digits. However, there is actually reported at the time investors applauded. On the same day, management issued a listed company to buy back approach, but no one believes the President is still a large 忽悠.

In fact, the countryside hub as a paid chairman in February after the closure of a number of issues in appending to brokerage firms other than important work to do is to share reform, as well its relationship Liang Wengen, understanding of the natural idea. June 10, 600,031 shares of reform has become the first company to do go down in history, and soon after announced the repurchase of 600,031 outstanding shares quickly, for the share reform escort. After the promulgation of the method to look at buy-back for the weak market is actually a large number of entities into the capital.

6 13, announced that taxes on half. Also calculate of the SFC and the IRS recently began to talk about this, do not face difficulties every time, all these cheats pinch?

earlier also announced to the candidate million, Hua grant credit lines to support their mobility. Cross-line listing in Hong Kong in June that year in December is also listed on the Construction Bank, is the largest single worldwide IPO, after years of servant investors forever felt foreign copied CCB IPO of fertilizer, merely in truth, while the bank shares valuation levels are similar, there is positiveness in thousands of point A duplicate shares, victories will be better.

turn around a bit these days, basically the big brother of economic sector, economic prospects for next year is pessimistic, the year after also playing lacking, anyhow, what the first inflation, stagflation, the central point is that What is needed to thump off millet financial policies, but also can not stop the recession. There is, indeed, enough to taste: state-owned enterprises is a thawing popsicle almost as soon as feasible restructuring of gathering to sell well. Particularly the economy and the economy is not such machinery is a large state-owned enterprises to deal with, but also sell discounted, so the province is attempting to sell 600,169, but could not admit with the conditions of the Department of Hon Hai, actually not sold. Bear market finally has a theme, we quickly doubled fried, but the self and the China Orient Securities Fund are meat out the last. Who knew it was not re-blue chip stocks have become the main industry, is prefer the economy, if it sold, possibly not how, this year's Hong Kong's Foxconn has lost a lot of value. Similarly, when there are large number of such enterprises, 600150,600685 shares of this type of shipbuilding, aluminum stock valuations are low, the Aluminum Group in the acquisition of a large number of low refining capacity.

winter and spring is naturally a heaven and earth, nought more than equitable expected it.

2005 年 6 11, Tongfang share reform has become the first pilot of the first important shareholders to make their voices loud, small investors are voting with their feet apart, and now beginning to be able to vote by hand.

6 29, Baosteel announced the share reform agenda, which intended shareholders of tradable shares will be giving 1 for every 10 shares warrants, Baosteel to become the first to warrant the introduction of share reform companies.

8 months, the SASAC, the Ministry of Finance, the People's Bank of China, Ministry of Commerce jointly issued by five ministries, actively and steadily push forward the transfer foundation and conditions. Meanwhile, the release

8 22, the stock market ushered in the first 9 years after an lack of warrants - warrants listing of Baosteel, opening Jibei large capital letters in the trading board, pull off the outrageous speculation warrants.

history certified countless times: stock market investment for the new things are always a lot of enthusiasm, who afterward became the 998 warrants trading since the bull market of the most happy group of people, it is said like ASKING to this luck.

2005 年 12 月 6 日 warrants turnover exceeded billion mark, the first amount over A shares Han Ping

WASHINGTON correspondents reported: Yesterday after the close of attention to people who were shocked to stock market found that only six species even justification a log turnover of 10.18 billion yuan, setting a globe justification market turnover in the maximum single-day record. This is also the country since the creation of warrant transactions, the sum of daily trading surpassed the ten billion jot because the 1st time, the first time surpassed the amount of warrants market trading the stock market. Correspond with the warrants market is hot, nearly 1,400 stocks traded only amount to 8.531 billion yuan a day.

warrant was occasioned by management's wonder hot, released in November to broker the creation of usages, thus the creation of qualified broker also assigned an accidental big bun.

the end of 2005, stock index back to 1200 levels, but then the market is still quite feeble, and no one realized that this was the starting point of a new bull market, although there are many livestock were later demand to be early I could see the.