太原哪里有开发票

太原太原哪里有开发票【电/微135-3050-9849杨生QQ:324-5774-237】公司服务项目如下【建筑】【商业】【销售】【运输】【材料】【钢材】【机械】【咨询】【广告】【服务】【租赁】【设计】【培训】【劳务】等票据

太原太原哪里有开发票【电/微135-3050-9849杨生QQ:324-5774-237】公司服务项目如下【建筑】【商业】【销售】【运输】【材料】【钢材】【机械】【咨询】【广告】【服务】【租赁】【设计】【培训】【劳务】等票据随着全球股市的动荡,A股也迎来了剧变,小市值股票不再有生存空间,市场定价权也不再握在企业手里。长远地看,这其实是不错的迹象,因为它说明了A正在于国际接轨,变得越来越成熟。而我们要做的,就是去适应它的改变。

本文转自公众号“点拾投资(ID:)”,作者:朱昂。

投资中最重要的一点是抓住市场的主要矛盾,远远比预测第二天市场是涨是跌更重要。有些主要矛盾是我们无法预测和把握的,比如国运。但有些是我们能够观察,研究,对比其他国家股市历史,能够判断和把握的。我们已经看到A股从2017年以来,大小盘市值表现出现了和过去相比巨大的变化。有人说这是A股美股化,我们认为这应该是A股成熟化。中国资本市场正在从一个典型的新兴市场股市向成熟市场转型,未来所有的投资方法和策略也将向成熟化市场考虑。

小市值股票的一跌再跌

历史上,买小股票在A股的收益率是很高的。一方面基于新兴市场的高速增长,许多小公司都在发展壮大,从几十亿市值的公司逐渐变成几百亿,甚至上千亿市值的公司。A股历史上许多大牛股,包括茅台、格力电器、伊利股份、海康威视等都是从小市值公司长大的。另一个则是著名的“壳价值”。由于发行制度的非市场化因素,以及没有退市机制,A股市场上再差的公司,基本上都会有一个“市值底”。而且这个市值底伴随着时间一直在增长。2008年A股市值最小的公司在2亿人民币,到了2016年底变成了20多亿。

然而到了2017年,小市值股票表现越来越差。整个2017年我们发现一个很有趣的现象,市值在2000亿以上的公司是表现最好的,涨幅超过40%;相反市值在50亿以下的公司是表现最差的,跌幅超过25%。许多人把这个看做一种短暂的风格,认为小盘股风格很快会回来的。然而事实却并非如此。

我们看到进入2018年之后,小市值股票继续一跌再跌。和三年前相比,虽然市场同样回到了3000点以下,但市值结构出现了天壤之别。根据此前券商中国的一个数据统计,2015年8月25日,市值低于30亿的个股只有295只,占当时市场总数的10%。到了2018年6月22日,市值低于30亿的公司已经有971只,占比为市场总数的27%。这里面大部分公司是从原来50到100亿市值区间跌下来的。

小市值股票持续大跌背后最大的原因来自发行制度的加速,以及A股逐步开始有退市的公司了。目前的发行节奏会让市场到2020年上市公司数量扩容几乎一倍,已经出现了类注册制的模式。这也导致过去“资产证券化”模式终于宣告终结。

市场定价权发生改变

2005到2007年的时候,A股市场定价权在机构投资者手里。这时候由于牌照优势,以及叠加了一个大牛市,公募基金规模迅速壮大,这些机构投资者的体量占比非常高,也掌握着市场的定价权。从2008年之后,机构投资者占比越来越小,失去了原先的定价权。

自从2012年开始,A股市场的定价权落到了产业资本手里。市场并购重组的数量越来越多,到之后大量上市公司变成了一个并购平台,通过并购各种公司把自己做大做强。在最极致的年代,我们会看到盈利不到1亿的上市公司,去并购掉盈利超过5亿的非上市公司,后者还不需要做大股东。大量的并购重组变成了一二级市场估值差的套利。从本质上,并没有真正为投资者和公司本身创造价值。

在产业资本定价权最强的2015年大牛市中,那时候许多人已经不再跟踪上市公司的业绩了,反过来跟踪上市公司董事长的行程,他要去哪里,他可能并购什么公司。从中,也看到了产业资本定价权的一种极致体现。

但是这种定价权已经发生了转换,最显著的特征就是股权质押预警的比例大幅增加。目前A股处于股权质押平仓线以下的市值规模超过了一万亿,许多产业资本和上市公司控制人都被强行平仓,市场定价权已经不在产业资本手上。

A股正在变得成熟化

有人说这几年的A股正在去散户化,我们并不完全同意。如果看今天美国的市场,完全去散户化主要依靠80年代的养老金退税政策带来的全面机构化。而且这是在一个长期牛市的背景下实现的。如果没有特别的催化作用,A股要实现全面的去散户化几乎不可能,而且没有人希望用一个长期熊市导致散户投资者离开市场。所以这几年A股的特征更像是成熟化。

成熟化就意味着一些不成熟的做法变得无效,市场越来越向发达国家的成熟经济体和股市靠拢。我们拿实体经济举一个例子,在许多年前经济并不成熟的背景下,创业的门槛很低而且成功率比较高。最典型的就是没有什么学历摆地摊就能赚到比普通人工作多得多的收入。中国在经济发展不成熟的时代,第一代创业家许多只有中学文凭。而在海外,创业者往往是社会中精英中的精英,大都有非常好的教育和工作背景。到了今天,经济逐步进入成熟阶段以后,我们也看到创业者的背景越来越优秀,模式和发达国家类似。

过去A股非常不成熟,比如我们知道打涨停板手法能长期有效的带来正收益。甚至A股市场年化回报率最高的一批人,都是靠打涨停板模式的。还有10送10高送配模式,本质上没有改变任何基本面,股价却能够因此涨很多,有些人长期跟踪这种高送配模式。还有就是买一大批ST的公司,等待借壳重组。这些成长于特殊时代的模式,在今天已经逐渐变得无效,这也是A股进入成熟化市场的标志。

错误的路径依赖将带来灭顶之灾

可以说过去几年A股的内核发生了翻天覆地的变化,整个资本市场变得越来越成熟,向发达市场靠拢。这也将导致过去依赖于不成熟股市的特定交易模式变得越来越无效。如果还是依赖过去的方法论和路径,可能会带来灭顶之灾。比如我们上面提到的买小股票模式,比如打涨停板模式,比如买壳价值模式等等,这些过去行之有效的投资策略,在今后一定会变得无效。而且由于定价权已经不在产业资本手里,过去所谓的“勾兑”模式也一定会变得无效。

著名的华裔MIT教授罗闻全写过一本书《The Adaptive Market》,大意是市场如同我们的生物系统,有形形色色的物种存在,会保持一定程度的进化。A股过去几年也是在制度变革的背景下,加速着自己的进化。这时候我们的投资策略也需要进化,或者逐渐向发达市场看齐。人类社会进化最大的标志是对于工具的使用。新进化时代的A股,也会对于投资者对于各种各样的工具使用要求更高,通过各种工具,特别是发达国家行之有效的工具,来帮助我们在新时代的A股做投资。

最后,与其说A股港股化,美股化,我们认为A股其实正在成熟化。如同中国经济体开始从新兴市场模式向一个成熟发达市场模式靠拢一样,我们的A股也正在摆脱原来一些非成熟化的逻辑,逐渐走向一个成熟资本市场应该有的样子。

未来的投资世界,科学会超越艺术。http://gbsgjd.wikidot.com/,
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