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发现市场错误是投资的真谛。当价值投资成为中国资本市场唯一的投资方法时,就是大众的疯狂和错误的开始。尽管其间投资智者疾呼:五大核心资产上涨是行业景气所致,产能过度扩张将促成周期性高点的出现。市场漠视这种先知先觉的警示,直至中国高层重拳治理经济过热,市场终于梦醒:螺纹钢价格由2004年初4000元/吨下跌至3500元/吨。阵痛中,市场发现了新的主题—发现成长性公司。而伊利股份就是这样的缩影,目前公司市盈率、市净率分别仅为26.9、2.8倍,而2004至 2006 年业绩年平均增长率将保持在 35%左右。 本报记者从有关方面获悉,深圳中小企业板将于“五·一”长假之后正式推出,中小盘成长性上市公司将受到市场的广泛关注。具有爆炸性成长的中小企业的出现将成为中国经济的风景。
Found that the market error is the essence of investment. When value investing becomes the only method of investment in China’s capital markets, it is the beginning of public frenzy and mistakes. Despite the investment in the wise men cry: rise of the five core assets is caused by the industry boom, overcapacity will lead to the emergence of cyclical highs. The market ignored the warning from the prophets. Until China’s top heavy-weight economy overheated, the market finally woke up: the rebar price dropped from 4,000 yuan / ton in early 2004 to 3,500 yuan / ton. Pain, the market found a new theme - found that growth companies. The Yili shares is such a microcosm, the current company P / E, P / B were only 26.9,2.8 times, while the average annual growth rate of performance from 2004 to 2006 will remain at about 35%. This reporter learned from the parties concerned, Shenzhen SME board will be “May 1” after the official launch of the holiday, small cap growth listed companies will be widespread market attention. The emergence of explosive growth in small and medium-sized enterprises will become China’s economic landscape.