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短期市场陷入估值的迷局,我们认为只有打破估值的教条主义,才能建立新的估值标准。伊利股份、四川长虹、中兴通讯事件都有助于机构投资者突破原有的估值体系,寻找具有自内而外的内生性增长模式的企业。通过对新股询价的风险与收益进行重新测算,我们认为参与新股询价的年收益将达到5%-10%,但风险也将上升,高于申购转债,低于申购增发。我们建议投资者关注大盘新股上市冲击与市场所处位置的递减效应,1月份第1个新股发行和上市是一个重要的时点。
Short-term markets fall into the puzzle of valuations, and we believe that only by breaking dogma of valuations can new valuation standards be established. Yili shares, Sichuan Changhong, ZTE events have helped institutional investors to break through the original valuation system, looking for enterprises with a pattern of endogenous growth from the inside out. By re-measuring the risks and rewards of IPO inquiry, we think that the annual revenue involved in inquiry of new shares will reach 5% -10%, but the risk will also rise, higher than the subscription bond, which is lower than the issuance of subscription. We recommend that investors focus on the IPO market impact of the broader market and the declining effect of the location of the market. The IPO and IPO of IPO No. 1 in January is an important time point.