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■股权分置的最大魅力在于补偿机制,但在投资者对补偿机制的分歧没有达成共识之前,市场的弱势调整格局将难以改变。■启动解决股权分置试点后市场将面临以全流通作为评介标准的估值体系调整,对于大多数估值水平仍然偏高的股票来说,试点带来的冲击将大于机会。■扩容压力从试点一开始就以老股和新股两种形式释放出来,释放的全流通压力将主要集中2010年前后。■存量老股中具有试点特征的公司将参照试点公司形成独立的估值标准,市场短期内的资金主要流向这类公司;不具备试点特征的绩差公司估值重心继续下移。
■ The most attractive feature of the split share structure lies in the compensation mechanism. However, until investors reach an agreement on the disagreement on the compensation mechanism, the market’s weak adjustment pattern will be hard to change. ■ Starting to solve the split share structure after the pilot market will face the evaluation of the whole circulation as a standard valuation system adjustments for most of the valuation is still high stocks, the impact of the pilot will outweigh the opportunities. ■ Expansion pressure from the beginning of the pilot to old shares and new shares released in two forms, the release of the full flow of pressure will be mainly concentrated around 2010. ■ The stocks with the pilot characteristics in the old stock market will form independent valuation standards with reference to the pilot companies. The short-term funds mainly flow to such companies; the valuation centers of the poor-performing companies that do not have the pilot characteristics will continue to move downward.