The "High Delivery" Is Equivalent To The Enhanced Version Of The Gem.

According to statistics, high capital reserves, high absolute stock price, small total share capital and late listing are the four main characteristics of high stock spanfer.

If the stock market is held at the beginning of the three quarter of November, it will receive a higher excess return than the end of May. In addition to several obvious shifts in style, such as 10, 11 and the end of 14, the high delivery group can win the market in most of the time. Moreover, the high delivery and spanfer portfolio is relative to the growth of the gem. Excess return Persistence is an interesting phenomenon.

Will the market switch styles?

We think there is a possibility of style switching in the market. First of all, with the gradual decline of PPI's low cardinal effect and the emergence of negative effects of real estate regulation, the market's consistent expectations for the decline of corporate earnings growth in the late stage are gradually increasing. Next year, the expected growth of corporate earnings will reduce the performance of cyclical industries to a certain extent, and will be subject to macro liquidity and incremental capital constraints. The probability of large-scale switching to value blue chips is also small. Secondly, in terms of valuation of growth stocks, after a year of valuation digestion, the high valuation of growth stocks is expected to gradually drop to a reasonable level in earnings growth. The 2016 annual report is still worth looking forward to.

　　 High delivery Market depends on market style change.

Whether or not the high delivery market depends on the market style changes, such as the end of 2010 and the end of 2011, when the market style was in the stock market, while the high spanfer rate was mainly concentrated in the small and medium sized new shares. In addition, the high spanfer ratio of the listed companies is highly related to the previous market environment, and the ratio of high delivery to conversion is relatively high during the period of rising market.

2016 annual report sent to potential target.

We will use the latest data of the above indicators to make high annual spanfers to the 2016 annual report. shares We made forecasts and screening (excluding the 15 annual reports and the 16 mid day stock exchange), and considered the performance growth of listed companies comprehensively. We also screened 20 potential stocks with high potential in the 2016 annual report for reference. Among them, the top 10 are glacier network, Chen an technology, Netac intelligence, Sheng Schindler, Xinyi Sheng, Su o sensing, Hai Shun new material, chuhuan technology, Suzhou design, Liuzhou medicine.