一位高手总结的股票规律

一位高手总结的股票规律

第一：了解自己
个人的习惯爱好，生活经历将反映到他的交易心态与交易风格中去，了解自己非常重要，所以放在第一位，下面叙述的会回到这一条。和技术分析一样，个人的性格也可以通过他的历史来归纳总结，不同的性格和经历将会有适合他的不同的交易策略，只有适合自己的交易系统才能帮助自己成功。
第二：选择市场
许多人是没有这个概念的。但是今天我要告诉你选择市场是比选择时机还要重要的因素。活跃的市场能够帮助你尽快成功，在低迷的市场中运做，英雄也会气短。比如去年以来金属期货市场火暴，此时投入即使不是很懂得基本面或者技术面分析的人也有可能获得暴利，我听说某人去年获利千倍，不是虚言。市场的活跃是获利的基础，为什么股民让人觉得可怜？就因为股民踏进了一个圈钱的市场，很少有长胜将军，更不要说是大师了。是市场导致了你的成败。
对于许多人来说让他选择市场是天方夜谭，他们的资本和时间限制了他们投向其他市场领域，所以只能在股海里苦苦挣扎，却不知道虽然不能转向其他市场但可以上岸观火，这就注定了大多数人的失败。
若你没办法去选择市场，那么请接着往下看。
第三：选择时机，分辨牛熊
再好的市场也要选择合适的时机介入，看错的时间就是对金钱的犯罪。一买就套影响心态，直接关系今后的成败。首先是分辨牛市还是熊市。牛市有牛市的特征，熊市有熊市的特征，这些特征是原始和长久的，就和中国人所说的“道”一样，是一种原理，是不变的，变化的只是形式，把握住了精神就可以简单的分辨出来。新起点一直以来告戒大家牛市好没有来，要作好打持久战的准备，就是基于这些原理。
牛市与熊市乃是两个大纲。牛市操作，熊市休息，不要觉得只是口号，而是必须坚决执行的原则，你违逆它就有可能在某一天将你几年辛苦筑就的大厦夷为平地。继续细分为6种状态：牛市中的熊市，牛市中的牛市，熊市中的牛市，熊市中的熊市，平衡市中的牛市，平衡市中的熊市。投入的资金比例分别是30-50%，80-100%，20-30%，0-10%，20-30%，10-20%。
这么细分的结果是为了资金管理。大多数人是不屑于资金管理的，但这很重要，很多成功者成功是因为他踩对了时代的步伐，也就是跟对了趋势，更有人是有意识的去跟从趋势。
这些是成功者的总结。交易的主要利润都是在牛市中期获得的，更多的时间都是浪费在熊市与平衡市中，这里赚一点那里亏一点，总觉得技术不错了钱赚少了，其实就是忽视了时机。所以当明白了这点后将资金管理运用到枯燥的牛熊分区中。用纪律来约束自己，避免踏入陷阱。有很多水平高的朋友没有逃脱这场4年的熊市，他们没有倒在急风暴雨的2001年，也没有死在斜风细雨的2002年，却牺牲在口号连连的2003年和2004年，不胜感慨。市场很残酷，你的离去总会迎来新人，没有人还会记得你曾经的辉煌。失败者总是与轻蔑与同情联系在一起。所以大家要比的是谁活的长，谁活的质量高。

缩量震荡——小盘股 大盘稳健但能量不足时是小盘股的活跃期，因大盘能量不能满足规模性热点的施展，所以个股行情“星星点火”，其中又以小能量下小盘股行情更为靓丽。由于小能量难以满足行情的持续性，故小盘股行情往往涨势较迅捷，持续周期较短，适于短线操作。 　　

突发利好——次新股 无论大盘处于什么状态，若遇突发性重大利好公布，往往是价低次新股的活跃期。因为老股中往往有老资金进驻或者受困，新资金即不愿为老资金抬轿，更不愿为老资金解套。所以，重大利好公布后，上市不久的次新股群往往成为新资金“先入为主”的攻击对象。 　　
调整时期——庄股 大盘调整时是庄股的活跃周期。由于市场热点早已湮灭，庄股则或因主力受困自救，或是潜在题材趁疲弱市道超前建仓……疲弱市道中的庄股犹如夜幕中的一盏盏 “豆油灯”，虽不能照亮整个市场，也能使投资大众不至于绝望。同时，多少还能诱惑“投资小众”一起来“往豆油灯里添加燃油”，或者是引来“飞蛾扑火”。 　　
波段急跌——指标股 大盘波段性急跌后是大盘指标股的活跃期。急跌后能令大盘迅速复位的，必然是能牵动全局的指标股。因为“四两拨千斤”的功效大，也因为低价股护盘的成本低。 　　
调整尾声——超跌低价股 大波段调整进入尾声后是超跌低价股的活跃期。因为前期跌幅最大的超跌低价股风险释放最干净，技术性反弹要求最强烈。由于大势进入调整的尾声，尚未反转，新的热点难以形成，便给了超跌低价股的表现机会。 　　
牛市确立——高价股 牛市行情确立是高价股的活跃期。高价股是市场的“贵族阶层”，位居市场最顶层，在大盘进入牛市阶段后，需要它们打开上档空间，为市场创造牛市空间，给中低价股起到“传、帮、带”的作用。 　　
休整时期——题材股 大盘休整性整理是题材股的活跃期。因为休整期市场热点分散，个股行情开始涨跌无序，增量资金望而却步，只能运用题材或概念来聚拢市场的视线，聚集有限的资金，吸引市场开始分散的动量。 　　
报表时期——“双高”股 年(中)报公布期及前夕是高公积金、高净资产值股票的活跃周期。因为这样的上市公司有股本扩张的需求和条件，有通过高分红来降低每股净资产值的需要。在股市开始崇尚资本利得和低风险稳定收益后，高分红也已经成为市场保值性大资金的宠爱。 　
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世界上几种著名的股票指数

世界上几种著名的股票指数

道·琼斯股票指数 －－－道·琼斯股票指数是世界上历史最为悠久的股票指数，它的全称为股票价格平均数。它是在1884年由道·琼斯公司的创始人查理斯·道开始编制的。其最初的道·琼斯股票价格平均指数是根据11种具有代表性的铁路公司的股票，采用算术平均法进行计算编制而成，发表在查理斯·道自己编辑出版的《每日通讯》上。其计算公式为： 　　

股票价格平均数＝入选股票的价格之和入选股票的数量自1897年起，道·琼斯股票价格平均指数开始分成工业与运输业两大类，其中工业股票价格平均指数包括12种股票，运输业平均指数则包括20种股票，并且开始在道·琼斯公司出版的《华尔街日报》上公布。在1929年，道·琼斯股票价格平均指数又增加了公用事业类股票，使其所包含的股票达到65种，并一直延续至今。 　　现在的道·琼斯股票价格平均指数是以1928年10月1日为基期，因为这一天收盘时的道·琼斯股票价格平均数恰好约为100美元，所以就将其定为基准日。而以后股票价格同基期相比计算出的百分数，就成为各期的投票价格指数，所以现在的股票指数普遍用点来做单位，而股票指数每一点的涨跌就是相对于基准日的涨跌百分数。 　　
道·琼斯股票价格平均指数最初的计算方法是用简单算术平均法求得，当遇到股票的除权除息时，股票指数将发生不连续的现象。1928年后，道·琼斯股票价格平均数就改用新的计算方法，即在计点的股票除权或除息时采用连接技术，以保证股票指数的连续，从而使股票指数得到了完善，并逐渐推广到全世界......... 　　

目前，道·琼斯股票价格平均指数共分四组，第一组是工业股票价格平均指数。它由30种有代表性的大工商业公司的股票组成，且随经济发展而变大，大致可以反映美国整个工商业股票的价格水平，这也就是人们通常所引用的道·琼斯工业股票价格平均数。第二组是运输业股票价格平均指数。 　　
它包括着20种有代表性的运输业公司的股票，即8家铁路运输公司、8家航空公司和 4家公路货运公司。第三组是公用事业股票价格平均指数，是由代表着美国公用事业的1 5家煤气公司和电力公司的股票所组成。第四组是平均价格综合指数。 　　
它是综合前三组股票价格平均指数65种股票而得出的综合指数，这组综合指数虽然为优等股票提供了直接的股票市场状况，但现在通常引用的是第一组——工业股票价格平均指数。 　　
道·琼斯股票价格平均指数是目前世界上影响最大、最有权威性的一种股票价格指数，原因之一是道·琼斯股票价格平均指数所选用的股票都是有代表性，这些股票的发行公司都是本行业具有重要影响的著名公司，其股票行情为世界股票市场所瞩目，各国投资者都极为重视。为了保持这一特点，道·琼斯公司对其编制的股票价格平均指数所选用的股票经常予以调整，用具有活力的更有代表性的公司股票替代那些失去代表性的公司股票。自1928年以来，仅用于计算道·琼斯工业股票价格平均指数的30种工商业公司股票，已有30次更换，几乎每两年就要有一个新公司的股票代替老公司的股票。原因之二是，公布道·琼斯股票价格平均指数的新闻载体——《华尔街日报》是世界金融界最有影响力的报纸。 　　该报每天详尽报道其每个小时计算的采样股票平均指数、百分比变动率、每种采样股票的成交数额等，并注意对股票分股后的股票价格平均指数进行校正。在纽约证券交易营业时间里，每隔半小时公布一次道·琼斯股票价格平均指数。原因之三是，这一股票价格平均指数自编制以来从未间断，可以用来比较不同时期的股票行情和经济发展情况，成为反映美国股市行情变化最敏感的股票价格平均指数之一，是观察市场动态和从事股票投资的主要参考。当然，由于道·琼斯股票价格指数是一种成分股指数，它包括的公司仅占目前2500多家上市公司的极少部分，而且多是热门股票，且未将近年来发展迅速的服务性行业和金融业的公司包括在内，所以它的代表性也一直受到人们的质疑和批评。

标准·普尔股票价格指数－－除了道·琼斯股票价格指数外，标准·普尔股票价格指数在美国也很有影响，它是美国最大的证券研究机构即标准·普尔公司编制的股票价格指数。该公司于1923年开始编制发表股票价格指数。最初采选了230种股票，编制两种股票价格指数。到1957年，这一股票价格指数的范围扩大到500种股票，分成95种组合。其中最重要的四种组合是工业股票组、铁路股票组、公用事业股票组和500种股票混合组。从1976年7月1日开始，改为 400种工业股票，20种运输业股票，40种公用事业股票和40种金融业股票。几十年来，虽然有股票更迭，但始终保持为500种。标准·普尔公司股票价格指数以1941年至1943年抽样股票的平均市价为基期，以上市股票数为权数，按基期进行加权计算，其基点数为10。以目前的股票市场价格乘以股票市场上发行的股票数量为分子，用基期的股票市场价格乘以基期股票数为分母，相除之数再乘以10就是股票价格指数。

纽约证券交易所股票价格指数－－纽约证券交易所股票价格指数。这是由纽约证券交易所编制的股票价格指数。它起自1966年6月，先是普通股股票价格指数，后来改为混合指数，包括着在纽约证券交易所上市的1500家公司的1570种股票。具体计算方法是将这些股票按价格高低分开排列，分别计算工业股票、金融业股票、公用事业股票、运输业股票的价格指数，最大和最广泛的是工业股票价格指数，由1093种股票组成；金融业股票价格指数包括投资公司、储蓄贷款协会、分期付款融资公司、商业银行、保险公司和不动产公司的223种股票；运输业股票价格指数包括铁路、航空、轮船、汽车等公司的65种股票；公用事业股票价格指数则有电话电报公司、煤气公司、电力公司和邮电公司的189种股票。
纽约股票价格指数是以1965年12月31日确定的50点为基数，采用的是综合指数形式。纽约证券交易所每半个小时公布一次指数的变动情况。虽然纽约证券交易所编制股票价格指数的时间不长，因它可以全面及时地反映其股票市场活动的综合状况，较为受投资者欢迎。

日经道·琼斯股价指数(日经平均股价)－－系由日本经济新闻社编制并公布的反映日本股票市场价格变动的股票价格平均数。该指数从1950年9月开始编制。 　　最初根据东京证券交易所第一市场上市的225家公司的股票算出修正平均股价，当时称为“东证修正平均股价”。1975年5月1日，日本经济新闻社向道·琼斯公司买进商标，采用美国道·琼斯公司的修正法计算，这种股票指数也就改称“日经道·琼斯平均股价”。 1985年5月1日在合同期满10年时，经两家商议，将名称改为“日经平均股价”。 　　
按计算对象的采样数目不同，该指数分为两种，一种是日经225种平均股价。其所选样本均为在东京证券交易所第一市场上市的股票，样本选定后原则上不再更改。1981年定位制造业150家，建筑业10家、水产业3家、矿业3家、商业12家、路运及海运14家、金融保险业15家、不动产业3家、仓库业、电力和煤气4家、服务业5家。由于日经225种平均股价从1950年一直延续下来，因而其连续性及可比性较好，成为考察和分析日本股票市场长期演变及动态的最常用和最可靠指标。该指数的另一种是日经500种平均股价。这是从1982年1月4日起开始编制的。由于其采样包括有500种股票，其代表性就相对更为广泛，但它的样本是不固定的，每年4月份要根据上市公司的经营状况、成交量和成交金额、市价总值等因素对样本进行更换。

《金融时报》股票价格指数－－《金融时报》股票价格指数的全称是“伦敦《金融时报》工商业普通股股票价格指数”，是由英国《金融时报》公布发表的。该股票价格指数包括着在英国工商业中挑选出来的具有代表性的30家公开挂牌的普通股股票。它以1935年7月1日作为基期，其基点为100点。该股票价格指数以能够及时显示伦敦股票市场情况而闻名于世。

香港恒生指数－－香港恒生指数是香港股票市场上历史最久、影响最大的股票价格指数，由香港恒生银行于1969年11月24日开始发表。 　　
恒生股票价格指数包括从香港500多家上市公司中挑选出来的33家有代表性且经济实力雄厚的大公司股票作为成份股，分为四大类——4种金融业股票、6种公用事业股票、 9种地产业股票和14种其他工商业(包括航空和酒店)股票。 　　
这些股票占香港股票市值的63．8％，因该股票指数涉及到香港的各个行业，具有较强的代表性。 　　
恒生股票价格指数的编制是以1964年7月31日为基期，因为这一天香港股市运行正常，成交值均匀，可反映整个香港股市的基本情况，基点确定为100点。其计算方法是将33种股票按每天的收盘价乘以各自的发行股数为计算日的市值，再与基期的市值相比较，乘以100就得出当天的股票价格指数。 　　
由于恒生股票价格指数所选择的基期适当，因此，不论股票市场狂升或猛跌，还是处于正常交易水平，恒生股票价格指数基本上能反映整个股市的活动情况。 　　
自1969年恒生股票价格指数发表以来，已经过多次调整。由于1980年8月香港当局通过立法，将香港证券交易所、远东交易所、金银证券交易所和九龙证券所合并为香港联合证券交易所，在目前的香港股票市场上，只有恒生股票价格指数与新产生的香港指数并存，香港的其他股票价格指数均不复存在。
　

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所谓的“深证综合指数”,"上证30指数"、"深证成份股指数"

深证综合指数

深证综合指数，是深圳证券交易所编制的，以深圳证券交易所挂牌上市的全部股票为计算范围，以发行量为权数的加权综合股价指数。

该指数以1991年4月3日为基日，基日指数定为100点。深证综合指数综合反映深交所全部 A股和 B股上市股票的股价走势。此外还编制了分别反映全部 A股和全部 B股股价走势的深证 A股指数和深证 B股指数。深证 A股指数以1991年4月3日为基日，1992年10月4日开始发布，基日指数定为100点。深证 B股指数以1992年2月28日为基日，1992年10月6日开始发布，基日指数定为100点。

上证30指数，是上海证券交易所编制的一种成份股指数，是从上市的所有 A股股票中抽取具有市场代表性的30种样本股票为计算对象，并以流通股数为权数计算得出的加权股价指数，综合反映上海证券交易所全部上市 A股的股价走势。该指数取1996年1月至3月的平均流通市值为指数的基期，基期指数定为1000点。
上证30指数选取样本股时综合考虑以下几种因素：①行业代表性；②流通市值的规模；③交易活跃的程度；④财务状况和经营业绩；⑤地区代表性。在同等条件下，优先考虑下述股票：①股本规模较大的股票；②成长性较好的股票；③已发行 H股或 B股的股票。出现下述情况的股票不予考虑：①不以中国为主要业务基地，即不考虑第二上市的股票；②出现违纪违规行为，情节严重；③发生经营性亏损；④近期发生被兼并、被收购等重大事件。定出符合资格的股票后，再根据以下原则作最终评选：①行业分布；②地区分布；③流通市值排名；④成交金额排名。上证30指数的样本股将根据市场情况，由专家委员会按照样本稳定与动态跟踪相结合的原则适时调整，但调整时一般不超过样本总数的10％。

深证成份股指数:是深圳证券交易所编制的一种成份股指数，是从上市的所有股票中抽取具有市场代表性的40家上市公司的股票作为计算对象，并以流通股为权数计算得出的加权股价指数，综合反映深交所上市 A、B股的股价走势。该指数取1994年7月20日为基日，基日指数定为1000点。成份股指数于1995年1月23日开始试发布，1995年5月5日正式启用。40家上市公司的A股用于计算成份 A股指数及行业分类指数，40家上市公司中有B股的公司，其 B股用于计算成份 B股指数。深证成份股指数，还就 A股编制分类指数，包括工业分类指数、商业分类指数、金融分类指数、地产分类指数、公用事业分类指数、综合企业分类指数。深证成份股指数选取样本时考虑的因素有：①上市交易日期的长短；②上市规模，按每家公司一段时期内的平均总市值和平均可流通股市值计；③交易活跃程度，按每家公司一段时期总成交金额计。确定初步名单后，再结合以下各因素评选出40家上市公司作为成份股：①公司股票在一段时期内的平均市盈率；②公司的行业代表性及所属行业的发展前景；③公司近年的财务状况、盈利记录、发展前景及管理素质等；④公司的地区、板块代表性等。为保证指数的代表性，必须视上市公司的变动更换成份股，深圳证券交易所定于每年 l、5、9月对成份股的代表性进行考察，讨论是否需要更换。1997年12月26日，深圳证券交易所对成份股样本进行调整.

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所谓的“上证综合指数”

什么是上证综台指数？

“上证指数”全称“上海证券交易所综合股价指数”，是国内外普遍采用的反映上海股市总体走势的统计指标。

上证综合指数，是上海证券交易所编制的，以上海证券交易所挂牌上市的全部股票为计算范围，以发行量为权数的加权综合股价指数。

该指数自l991年7月15日起开始实时发布，基准日定为1990年12月19日，基日指数定为100点，1992年2月21日第一只 B股上市后，又增设了上证 A股指数和 B股指数，分别反映全部 A股和全部 B股的股价走势，上证综合指数综合反映上交所全部 A股、B股上市股票的股份走势。

上证 A股指数仍以1990年12月19日为基准日，基日指数定为100点。上证 B股指数以1992年2月21日为基准日，基日指数定为100点。1993年6月1日起，上海证券交易所又正式发布上证分类指数，包括工业类指数、商业类指数、房地产类指数、公用事业类指数和综合业类指数。

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Stocks gear up for growth

Stocks gear up for growth

After yesterday's quick shifts in corrections, Chinese stocks formed a clear upward trend this morning. The Shanghai Composite Index closed at 3,832.09 by noon, up 55.77 points or 1.48 percent.
Opening higher from 3,787.70, the index climbed up in waves with a few setbacks, none of which was deep enough to reverse the trend. The index hit the lowest point at 3,779.50 in a dive right after the opening, and the highest at 3,839.25 soon before 11:30, both higher than yesterday's closing level.
The Shenzhen Component Index, tracking the smaller Shenzhen Stock Exchange, closed at 12,612.86, up 274.68 points or 2.23 percent. It went through the morning session within a range from 12,357.56 to 12,638.80. Of the A-shares, as many as 1,178 went up, while 134 fell and 121 closed unchanged. Cosun ranked on top of the Shanghai exchange with a 10.05 percent surge to 8.87. Nafine Chemical Industry Group rose 10.07 percent as the biggest gainer in the Shenzhen bourse.
China Unicom rose 0.01 yuan with the largest trading volume and Sinopec fell 0.05 yuan with the largest transaction value in the Shanghai bourse. TCL and China Vanke ranked on top in the Shenzhen bourse.
Stocks in the construction, pharmaceutical and mining industries led the surge. CRBC International was sealed at the maximum increase cap of 10 percent to pioneer the construction sector. Machinery makers also performed well today.
B shares were up. Of the 109 B shares listed on the two exchanges, 55 rose and nine ended flat. Closed-end funds listed on the exchanges were also strong.
Analysts believe price correction is inevitable, even if there were no such a stamp tax hike. Bubbles in deed existed in the stock market. The latest data showed that in May there had been 29 stocks with price to earnings (P/E) ratios higher than 1,000 in the Shenzhen bourse, compared with only three stocks in January.
Chongqing Yukaifa and Yantai Dongfang Electronics Information Industry had P/E ratios at 8,000, followed by ST Anhui Feicai Vehicle with P/E ratio of 3,850. Five stocks had P/E ratios between 2,000 and - 3,000 and the rest 21 between 1,000 and 2,000.
The recent market corrections have scared many investors away. New A-share accounts opened on June 5 were 162,200, the fewest for two months. Total account opening was 189,100 at the two stock exchanges, including 2,396 B-share and 24,500 fund accounts for that day, according to China Depository and Clearing Co Ltd.
By Tuesday, there had been 102,692,900 investment accounts in the two bourses, including 88,818,500 A-share, 2,185,800 B-share and 11,688,600 fund accounts.
Many investors fear China may impose a capital gains tax to cool an "overheated" stock market. But legal experts think it is impossible that such a tax will be issued overnight like the stamp tax hike, according to the Shanghai Securities News.
"Based on the State Council's 1988 Provisional Rules for Stamp Tax, adjustment in the stamp tax rate may be decided by relevant government bodies," said a source. "But the capital gains tax is a completely new tax. There are no legal grounds for it now. It needs to go through a full procedure of legislation before it is for approval by the taxation authority."
Central bank vice governor Wu Xiaoling said on the sidelines of a financial forum held in Tianjin yesterday that the recent turmoil in the stock market is not detrimental enough to affect the Chinese economy.
Wu stressed the importance of a stable and healthy capital market to the country's economic growth. All the central government did were for the long-term development of the market, she said. Investors should build up or recollect their confidence in the economy and the stock market. They should also understand the goodwill by the regulators and improve abilities of risk assessment and control, she added. 　
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China stocks plunge 8% in panic selling

China stocks plunge 8% in panic selling

Chinese stocks plunged more than eight percent on Monday as jittery investors dumped shares in worries about further potential governmental moves to dampen the market following a stamp tax hike.

The benchmark Shanghai Composite Index lost 8.26 percent to close at 3,670.41 points, adding to sharp falls last week. That marked the biggest drop since February 27 when the index plummeted 8.84 percent, triggering a global sell-off.

Only 25 out of more than 1,400 stocks in the Shanghai and Shenzhen stock exchanges rose, while about 800 stocks fell to their daily limit of 10 percent.

Blue chip stocks failed to stay firm and joined the small-capital shares in the plunge, which analysts said further affected investors' confidence.

Sinopec dropped its 10 percent limit to 13.65 yuan, reversing three days of straight rises.
The Industrial and Commercial Bank of China lost 8.10 percent to 4.99 yuan, while Bank of China fell 9.25 percent to 5.10 yuan.

Hundreds of small-capital stocks have declined by their daily limit for four consecutive sessions.
The decline came as investors remained jittery about speculation on the collection of capital gains tax and on the abolition of tax on interest accrued from deposits. Taxation officials have rejected the rumor, but that did not seem to reassure the investors.

The Ministry of Finance denied an increase in stamp tax on trading on May 22, but then announced seven days later the tripling of the rate to 0.3 percent from 0.1 percent, triggering a 6.5 percent drop in the Shanghai Composite Index.

China will eventually start to levy capital gains tax on stock trading, said Hu Bing, an official with the China Securities Regulatory Commission Thursday in New York, according to earlier reports.

The lack of the duty lead to a widening of the gap between the rich and the poor, Hu noted. "However, phasing in capital gains tax is a long-term process as it is a major issue that depends on the development of the market."

Investors seemed to have slowed down the pace of opening new share trading accounts. On Thursday, 270,000 A-share accounts were opened, down from an average of more than 310,000 in the previous week albeit still at a high level.

However, Thursday saw the number of newly added fund accounts ballooned to 449,000 from about 50,000 on average in the previous week.
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Hangxiao Steel, Chairman fined for disclosure breach

Hangxiao Steel, Chairman fined for disclosure breach

Zhejiang Hangxiao Steel Structure Co. was fined by China's securities regulator for failing to disclose contracts worth more than 10 times the company's market value that sent the stock price soaring to a record.

The China Securities Regulatory Commission fined Hangxiao 400,000 yuan ($52,000), Chairman Shan Yinmu and President Zhou Jinfa 200,000 yuan each, and three further officials 100,000 each, the company said in a Shanghai Stock Exchange statement.
The penalties underscore the government's attempts to crack down on abuses in a stock market that almost tripled in value in the past year, prompting warnings of a possible bubble by officials including central bank head Zhou Xiaochuan. Small and even money-losing companies have outperformed the benchmark index this year on speculative buying.
Hangxiao Steel said on March 13 that it won 34.4 billion yuan of orders from Angola, five times China's entire exports to the African nation last year. The company's shares surged by the 10 percent daily limit today after the regulator stopped short of questioning whether the contracts are genuine.
The statement "spurred speculation on the stock again," said Zhang Qi, an analyst at Haitong Securities Co. in Shanghai.
Shares of the building materials maker, based in the eastern city of Hangzhou, rose 1.35 yuan to 14.88 yuan at the 11:30 a.m. trading break. The stock has risen more than fourfold this year, giving the company a market capitalization of 3.7 billion yuan.
Misleading Comments
Hangxiao Steel failed to disclose the orders from Angola in newspapers or tell investors about the transaction in due time, the statement said, citing the regulator. Comments by company officials relating to the probe were misleading, it said.
Company director Pan Jinshui told media on April 5 that the regulator's investigation was "basically over" and the company didn't violate disclosure rules, the statement said.
Chairman Shan couldn't be reached for comment immediately. Calls to the company's headquarters in Hangzhou and its factory in Xiaoshan were answered by company officials who declined to give their names or the chairman's whereabouts.
Hangxiao shares rose by the 10 percent limit for six consecutive trading sessions in February before being suspended. On March 13, Hangxiao said it had signed a contract with a Hong Kong-based company to supply building products for projects in Angola.
The orders are worth more than 18 times the company's 2006 revenue. China's exports to Angola totaled $894 million last year, according to the commerce ministry.
Company Apology
The Angola deal may not be fully completed because there are no default clauses in the contract, Hangxiao Steel said on April 2. The contract, which includes supplies of steel structures, door and window frames, may not contribute to earnings for two years, it said in the March 13 statement.
Corruption and accounting scandals, price manipulation and brokerage collapses helped drive China's stock market down by more than half in the four years through July 2005. The benchmark CSI 300 Index has since risen more than fourfold and is up 83 percent this year.
Hangxiao was established in 1994 and is controlled by Shan, who held 37 percent of the company at the end of last year.
In a separate statement, Hangxiao apologized to investors after receiving a notice from the stock exchange criticizing the company and executives for violating disclosure rules.

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Stocks break 4,000 points

Stocks break 4,000 points

A man poses "V" in a stock exchange in Yichang City, Central China's Hubei Province, May 9, 2007. The benchmark Composite Index on the Shanghai Stock Exchange closed at 4,013.09 points at 15:00 on Wednesday, up 1.60 percent from the previous close.

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China stocks break through 4,000 points mark

China stocks break through 4,000 points mark
By Dong Zhixin (chinadaily.com.cn)Updated: 2007-05-09 15:27

China's main stock index hit a fresh all-time high after breaking a key barrier of 4,000 points due to the soaring blue chip stocks.
The benchmark Shanghai Composite Index, the most widely watched indicator of the mainland's stock market, gained 1.60 percent to end at 4,013.08 points, breaching the psychologically important mark of 4,000 for the first time.
That marks a gain of 50 percent so far this year on top of a 130 percent rally in 2006.
Blue chip stocks showed strong performances. China Unicom, the nation's second largest wireless operator, jumped its daily limit of 10 percent to close at 6.35 yuan per share.
Bank of China rose 7.77 percent to 6.10 yuan, while Industrial and Commercial Bank of China was up 5.47 percent to 5.78 yuan.
The surge came after the Shanghai Composite Index was pushed to a new high in the previous session as new investor cash flooded in after the week-long May Day market recess and China's yuan broke the barrier of 7.70 against the US dollar.
The consistent hitting of new highs since January was partly driven by the wave of money brought in by new investors.
Some 4.787 million new A-share trading accounts were opened in April, more than the combined number of the previous two years, statistics from China Securities Depository and Clearing Corporation.
The figures for the new accounts are considered a rough indicator for the number of new individual investors entering the market.
Analysts said the market may undergo drastic fluctation after the index breaks the 4,000 point mark, as worries about stock overvaluations build up.
The stocks in the Shanghai and Shenzhen markets are trading at more than 40 times of the firm's earnings per share on average, much higher than developed markets overseas.
The growing bubble in the country's stock market is a concern, said central bank governor Zhou Xiaochuan last week, adding he would closely monitor asset prices, the consumer price index and producer price index.
Zhou's remarks added to speculation there could be an interest rate hike as early as next month.
Xie Guozhong, former chief China economist for Morgan Stanley, suggested regulators should come up with certain policies to put the brakes on the surging stock market for the good of long-term economic development and social stability.
"China's equity market is starting to show signs of getting out of control," said Zuo Xiaolei, chief economist of China Galaxy Securities in China Securities Journal on Wednesday
The market rose even after the interest rate was hiked in March, and the bank reserve ratio was raised, said Zuo.
"The neglect of policy and blindly pushing up the equity market fosters a big market risk," he claimed.
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Shanghai stock closes up 3.53%

The benchmark Composite Index on the Shanghai Stock Exchange closed at 3,710.89 points at 15:00 on April 23, 2007, up 3.53 percent from the previous close.

The benchmark Composite Index on the Shanghai Stock Exchange closed at 3,710.89 points at 15:00 on Monday, up 3.53 percent from the previous close.

Graphical chart of Composite Index on the Shanghai Stock Exchange. [stockstar.com]


The benchmark Composite Index on the Shanghai Stock Exchange closed at 3,710.89 points at 15:00 on Monday, up 3.53 percent from the previous close.
Graphical chart of the Component Index on the Shenzhen Stock Exchange. [stockstar.com]

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2.27 The global stocks have biggest fall in 10 years

Stocks see biggest fall in 10 years
By Hu YuanyuanUpdated: 2007-02-28 07:07

The country's stock market yesterday suffered its steepest daily fall in the past decade, with the benchmark Shanghai Composite Index plunging nearly 9 percent to close at 2,771.
On Monday, the Shanghai index gained 1.4 percent to 3,040.60, extending a spate of record high closes.
The Shenzhen Composite Index sank 8.54 percent yesterday to 709.81.
Partly in reaction to the mainland plunge, Hong Kong's blue chip Hang Seng Index fell 360 points, or 1.8 percent.
Wall Street fell sharply in early trading yesterday, joining a global stock decline on growing concerns about slowing economy in the US.
Former Federal Reserve Chairman Alan Greenspan warned on Monday that the US economy may be headed for a recession.
The Dow Jones industrials was down more than 120 points, or nearly 1 per cent.
European markets were also rattled in afternoon trading. Britain's FTSE 100 was down 2.28 percent, Germany's DAX index was down 2.44 percent, and France's CAC-40 was down 2.87 percent.
But the fall in the Chinese market was caused not by any bad figures, or gloomy forecast. While some analysts cited pressure for profit taking as the major reason, others said the loss of about 800 billion yuan ($102 billion) in market capitalization was primarily triggered by a rumor about capital gains tax.
Well-renowned economist Wu Jinglian, a senior fellow with the Development Research Center of the State Council, has long called for collection of such a tax.
China Daily had no way to confirm that the government may be planning to levy a capital gains tax on investors but none of the government agencies has officially declared it was just a rumor either.
The government does not usually issue an official statement about something it was not doing or planning to do, according to Li Zhenning, president of Shanghai Rising Fund Management Co. He predicted that the market would pick up after one or two days.
The scale of the decline, however, surprised many.
He Jun, vice-president of Anbound Consultation Co, said: "Although the market index was at a high level and people were expecting a correction, what happened was astonishing."
The Shanghai index soared 130 percent last year.
He Jun said he had heard market rumors about a possible capital gains tax.
"This could have been a major trigger for such a plummet, promoting profit-taking funds to leave the market," he said.
But he believed the market would continue to be bullish this year.
Some analysts looked to the fundamentals to explain the unexpected fall yesterday.
Dong Chen, a senior analyst at CITIC China Securities, said: "Investors will unlikely be satisfied by the annual reports to be released by many listed companies. Their performance will provide no support for the high share prices."
Sources from Xiang Cai Securities said that the P/E ratio of the yuan-denominated A shares was double that of the world's average, indicating growing risks.
So yesterday's correction, Dong said, was "a good thing because it will pave the way for a healthy market in the long-run".
So long as China's macro-economic environment remains sound, investors still have a good chance to earn from the A-share market, analysts said.
Despite worries about too high share prices and management problems at large State-owned companies, analysts interviewed by China Daily all said the market stands a good chance this year.
Stephen Green, senior economist with the Global Research Division of Standard Chartered Bank, said the plunge has nothing to do with the overall economic situation.
"I don't think the drop is caused by the central bank's latest reserve ratio hike," he said.
The People's Bank of China, the central bank, required that commercial banks set aside 10 percent of their deposits starting February 25, up from 9.5 percent.
But Green said he sees at least one interest rate hike in the pipeline.
"You can lock some of the funds up in the banking system, but sooner or later if you want to control credit growth and investment, you simply have to make borrowing more expensive."
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