Ice-melting trip need to adhere (to) ? Lida Xiao: the main points made in mid-2000, "Zhai Lychee", the mid-2005, "seeded" in 2006 for not pulling seedlings and other fruit, in 2007 that "Zhai ripe apple", 2008, that "protection of the fruits of victory" in 2009, February 8 that "1664 takes courage." Li Suochang have also told us optimistic about the QDII, B shares, then director of market validation of the Li Daxiao judgments introduction of stock index futures on Friday, the context of margin trading, the market today to listen to the judge and Li Suochang sharing. Lida Xiao: I want to say is "ice-melting trip need to adhere to." My overall view is that "6124 points need to indifferent, 1664 Point takes courage, need to adhere to 3000!" This is my idea of a general judgments. Today, I gave you report on the market in 2010 and the outlook of the judge to determine, and the advent of the important things, on the impact of the market, such as stock index futures, margin, at this point I will give you joint to report that my views. First, the market trend To what stage the market trend? After a 1 year time trend, the market in 2009 should be a great test of investor confidence in the year of investment for anyone, no people, 2009 is likely to lose a bargaining chip, it is the test of the investor's perseverance, that is, test of investor confidence and ability to take the chips. What is 2010 the year? I think the most difficult stock market investment is what? The hardest thing is at the right time can still adhere to, difficulties persist in not in the wrong time, most of the operation is at the wrong time insisted. For example, a loss when it comes to their opinions. What is difficult in 2010? At the right time can also continue to adhere to. For example, in 2009, can stick to your chips, I think this is to determine the success of your investment in 2009, a decisive factor. (Show PPT) Stock Index on the trend. We look at the entire market trends, zoom view, rose to 3478 points 1664 points, there is a big adjustment, and now the momentum of rise in the emergence of a shock, from the beginning to the end of compression for the entire market trends to the situation 1 year look at it is a very large Yang Xian, Yang Xian, 2009 What is the concept that the root? Bargaining chip to get here from here on it. My main point: the mid-2000, "Abstract lychee", the mid-2005, "seeded" in 2006 for not pulling seedlings and other fruit, in 2007 that "pick ripe apple", 2008, that "protection of the fruits of victory", 2009 on February 8 that "1664 takes courage." To 1664 points when the time it takes courage, this time put all your money into stocks. What is the year 2009? We are in the "Red Week" landing point of a very famous in the "China Times" has also frequently issued a bullish market perspective, this view is that "bring hope to the year of the stock." This is our method of operation in 2009. This time just need to keep your money into stocks and then the chips can be, this is the great cycle of operational thinking. We look at the short-period situation. 2009, there have been some shock, the shock enough to change the market trend. Casual look at a stock, very interesting. In the process of shocks is how the performance of these stocks? (Show PPT) Great Wall Computer: Click here concussion concussion from 2 dollars to 17 dollars. Sea King bio: from about 2 dollars to 15 dollars a concussion. What is this logic, the market in turmoil, a lot of the stock's performance is what? I think 2009 was a shock rise in the process. We look at the 3478 high point here, the index here, a lot of stock's performance beyond the high of 3478 points. We look at some species, (showing PPT) was two points is not the same as the height of this point there is the height of this point is completely different. (Show PPT) Let us look at the small board that continuously hit new highs. (Show PPT) from the market's overall trend of view, not necessarily a shock following the index procedure, continued volatility in the index of the process, many stocks are far reaching this new high, the stock has hit more of this high, this truth is what does that mean? We do not fear the shocks, when the market is not in shock when the trend changes occur, we do not need to fear, this is one of my views and ideas. Let us look around the market trend (showing PPT) A shares in the Dow Jones index of the process of shocks, the index of the world continue to record high, including the U.S. market, Nasdaq, Dow Jones Index, NASDAQ Dow Jones index hit a new high performance than some of the more significant. A & P 500 stocks with large shocks do not show up higher still stubborn, even the world's weakest stock has hit a new high. Another example where the Hong Kong market has rebounded in this position here, which shows the problem? Overall Judgement: It was a process of melting ice. 2010 Judgement: ice-melting trip or need to adhere to, which is the subject of my report to you. Second, currency, interest rates and asset prices The world's largest currency reserves in dollars, the dollar amount of money in the world is very large, the total currency in circulation of the world or the world's convertible 60%. 20% of the euro, the yen accounted for a very small share. U.S. dollar supply in global liquidity on behalf of the largest share. From the overall market trend, the dollar is still very weak state of affairs, there is a rebound, but the overall trend is downward, which gives global liquidity had a certain impact. (Show PPT) we can be seen from HKD some clues, in the middle there are several repeated, we look at the recent situation, has been far from the record high, which means that the Hong Kong market may reflect trends in emerging market currencies into From the total amount of money is evident that this is a very large increase in the number. Popular speaking, a very abundant phase HK. The problem is now very worried about the total U.S. personal savings increased, the U.S. savings rate recently we have a look at 7% mark, and then, and then down, the savings did not get a higher proportion of rapid growth, I think we can look Americans confidence in this area in the recovery process. (Show PPT) other indicators is still in the recovery process, a process to determine our economic recovery, the global economic recovery to determine the support of a relatively large, although we do not think that is at once restored to a better stage, should be in the slow the recovery phase, as long as the slow recovery is promising, I'm such a view. For example, there is a very critical data, November's unemployment rate in a rapid increase in its style began to stop for a while, the signal is very important. I think he may be the rapid growth phase will be converted into flat or slightly down. If the unemployment rate can fall one point, this is the confidence in economic recovery. (Show PPT) we look at the Baltic Dry Index, we look at the stage of the index fell through what can be concluded that index it? I think that the shipping stocks may have some chance for everyone to talk about. Summary terms, the economic situation in Europe and America is now beginning to melt the ice in a gradual, green shoots sprouting stage. I think at this stage of Europe's economic recovery on the Chinese economy has a certain role in promoting recovery. Concluded that what is it? Export shares in 2010 may have some opportunities, Hong Kong stocks have been very clear expression, including export-related enterprises, do not know if there is a company Nine Dragons Paper, Foxconn has some companies in this category reflect advance. Third, the domestic economy I just said, a reflection of Europe and the U.S. economy, we look at the domestic economic situation, there is a good performance. (Show PPT) 2009 Äê rapid growth in fixed assets is a way that our economy has shown a significant recovery. Very likely to happen this year, the consumer will increase significantly the proportion of the investment ratio will decrease the proportion of exports will rise. Last year, what to buy? We selected investment-related stocks, plates. What to buy this year? Buy this year, consumption, export-related shares, a change in the proportion of the time, hot spots may occur very big change. We look at the recovery of China's economic situation this year, in general, is very clear. Including the purchasing managers index, macroeconomic prosperity index of leading index, the entrepreneur's confidence index, consumer confidence index, the price index of manufactured goods have shown a significant recovery. Overall exports resumed in 2009, is the process from negative to positive, the implied large opportunities, investment may be smooth some great articles in 2010 the consumer, the stock appears dark horse in the consumer sector, investment opportunities in 2010 is consumption, which is one of our judgments. Fourth, the valuation Market valuation is like? Market valuation to what kind of stage? Market shocks may occur, the market position from a relatively low pick-up to the middle position. From the perspective of PE is not very high, but not the absolute low. We are now back to 26 this level, from the highest point of a very large distance, this level is not very low. Shock may occur in this place, this is the perspective from the price-earnings ratio. If a multiple of net assets from the point of view, now the location away from the high point is a considerable distance from the lows there is a certain distance, this place is not high or low position, this place may be a partial over- or underestimate the local coexistence, some high and some low, average, apparent that a reasonable level. The relatively higher PB, PE PB relative to low, is now such a conclusion. From the global market situation, the high end of our position in the global market, but there are some particularly among B-share market is still in the middle of the global market place. B-share market in Shenzhen, Hong Kong compared with the A-share market discount. The first Shenzhen Component Index, the second ingredient recommended by the Shenzhen B share index, the Shanghai B-share market. A-share market rose by less than double the 1664 point, our B-share market rose 250 points from 86 points up how much is? Far beyond the A-share market. (Show PPT) Comparative proud we recommend that for everyone to recommend a variety that we are very easy to buy a market. 0.692 yuan is now 1.7 yuan, up I do not know how many. What is this concept? To use their own stock account can operate. This is a closed-end fund market, the market is very good, the market is very cheap. Price of 0.692 yuan, then we recommend is 0.692 yuan, 1.7 yuan rise even now, I'm back you recommended. Last year, the money in the club know who the report free of charge to listen to great value, 0.692 becomes 1.7 yuan from the money you do not need no lectures, we spent 500 yuan can now hear is very good value, a joke ... ... ( laughter) I recommend one to you: the base Jin Jinfeng rose 1.16 yuan from 0.56 yuan, I think is not bad. Not too much money, do not underestimate the comrades rose to 1.16 yuan from 0.56 yuan, the average age here are young, the assumption is 50 years old, the 50-year savings of 0.56 yuan on the body, then after you 50 years of savings there, and you earn 50 years 100 years of funding, which is 0.56 yuan charm, this time can go all positions. I emphasize this because: This is a chance of epic proportions, you can look at the "Red Week" and "China Times", which I mentioned a similar point of view, this requires you to put money into stocks, This time do not buy bonds, buy bonds at this time is a very conservative investment, lower asset should be put into this place, this is a very good investment opportunities. Now the investment opportunities still exist. For example, it is 11.16 yuan, the actual worth? In fact the value of 1.48 yuan, what is this concept? That is, you can now spend 1.16 yuan to 1.48 yuan to buy something, this is a very good thing. I paid 1.16 yuan to buy the things that make you certainly do not want to spend 1.48 yuan. Now the market in such a situation arise, you only need a longer holding time can be achieved. The price of 500 dollars is not that expensive. Opportunities in the global market which I recommend (in the "Red Week" Introducing the editors of closed-end funds this product) closed-end funds, in the B-share market is also very good things, there are many things in front of us emerged from the 86 point rose 250 points. Comrades, we look at B-share market and the A-share market what is the difference? This is a look at a variety of CSG, we are only examples, not recommended, the latter will be a specific recommendation. B shares of 4.48 Hong Kong dollars, A shares was 18.42 yuan. I'll take one Hong Kong dollar-for-1 per all of you certainly do not want. In this place, so strange things around the world, who took one Hong Kong dollar give me 1,000 yuan, I asked who to eat. 8 Hong Kong dollars now spent to buy things to 18 yuan, in real life no one do not do, no one willing to do in this place, I do not know who is right. If you take 3 times the price to trade with, do not know who is right. A CSG is now in hand why not-for-3 stock shares back? I will give you advice: for reference only. If you have on hand while A shares B shares, why not for a few shares back? You can not change the street in this area can be changed to. If you want long-term ownership, many people play the stock market is not buying stocks. Have it a week or a few hours, most traders now what? Fast shooter is the fastest stock with only 0.5 hours. 10 minutes before the close of buying clearance 10 minutes before the opening tomorrow, is too high. If you guys do not do so, and if as a wealth of 3 times, why not expand it. This is for everyone to put a small suggestion. (Show PPT) This is a global market conditions, we look at the overall situation is this: all the A shares is now 26 times, 24 times 300 index, all PB's 2.4 times, all of the index is 3.39 times. We look at the gold somewhere. There is gold digging gold where to go to dig, or a stone or iron ore. Where growth is relatively high, which places a relatively low? Last year the industry is which? Property. Largest growth is the emergence of gold (year). Relatively large piece of the share accounted for? Largest gold deposit in the financial services sector accounted for 47%, the second innovation is the Extractive Industries Daikin, 16% third-largest gold mine is the chemical industry accounted for 7.3%, we find gold in this place. In general, we summarize the situation in the country should be our overall valuation is now a relatively high status, but high and low, some are overvalued, some are underestimated, some stocks are higher plate , some of the stock plate is lower or intermediate state. We are in the low places is relatively safe, people do not stand a very high place, or not safe. The lower stand more secure place, climbing in the mountains always go back to the ground. We believe in low places have better investment opportunities. If the distribution of profits which the plates are more opportunities for relatively little more. Fifth, liquidity 2010 liquidity will be what kind of situation? First, we judged that the situation of abundant liquidity, may reappear in 2010. Although 2010 is not 2009, so plenty of liquidity, there remain possibilities. Our reasons for this conclusion: First, China's interest rates remained at a relatively low level, for example, now at this level is very low since the founding of the position, and global interest rates are complementary. Even if interest rates in 2010, many people worry about interest rates, even if interest rates remain low, which is to determine the level of 2010 per annum. Give you a question: interest rate is equivalent to the loss of investment opportunity? Master of the world's investment because interest rates have lost its investment opportunities? Cycle of the investment cycle and interest rates are not likely to occur or complete departure from the match? Please think about these issues, that the rate hike cycle is not necessarily equivalent to the loss of investment opportunities, that is what I understand. Even if interest rates remain low in 2010 the state also. For example, 2 times in Canada, we have not more than 3, and 2 range. More than 3 times before in more than 3, even 3 are also considered relatively low position, which is the status of interest rates. Money Supply: The amount of next year after the first price control may first control the amount of money to control the level of interest rates. Our money supply in the state next year, as next year's status may continue to decline at a high level is still higher than normal, the money supply should be sufficient, because in this year's growth of 29% based on the re-growth, which is a Great premise. Apart from the money supply situation, from the level of interest rates, money supply and the confidence of the investment risk is still ample liquidity to keep the state. I have a point: most of 1664 investors will no longer point to buy stocks. When did you buy stocks? Next year would buy the stock. What is the reason? Enabling better tomorrow. What is the concept of buying stocks tomorrow? Buying stocks almost 3300 points, 1664 points, when everyone knows money does not come to the club and lectures, when listening to it? Point in 3300 when the lectures. Most of the people to observe a years to save money to move slowly to the securities market. When did you start the transfer? I think that starting in 2010, I think that saving money in the stock market will slowly get from banks to securities markets, a process that maintains adequate liquidity, this is another one of my judgments. And the judge can be partially offset by the effect that the central bank credit contraction. Some of it is we should note that, from the fourth quarter of the situation, the new foreign exchange reserves in the rapid increase in the rate of increase and this may continue to increase in 2010. Just now we talked about the influx of Hong Kong's money very fast, but I expect no less than the rate of inflow of funds into the mainland to Hong Kong. Summary of view, liquidity is the case in Europe and America and the world's leading central banks are considering how to exit the policy issues, the withdrawal is based on the economic recovery a smooth exit the possibility of some. Hot money will continue making money part of the central bank will reduce. My point: in 2010, liquidity is still ample. Six, lifted shares of trends Lifting of the ban starting in 2010 the number of shares larger than this number gradually reduced, whether we pay attention to the problem. The relative shares lifted in 2009, the share of mid-2009 at the end of circulation accounted for 73% of all shares in 2010 at the end of tradable shares account for more than 95% overall. That is, basically realized the circulation. Why are stock index futures, margin trading, Why did not push? There is a technique which is the number of shares outstanding. (Show PPT) is the number of outstanding shares and the overall proportion of rapid growth, and the slope is very high. After the formation of the pattern of circulation, will gradually promote market stability, I have a very strong feeling, circulation of the market should be more than non-tradable in the market to stabilize the number of (personal view). No change to the circulation without circulation was a bomb, after the implementation of circulation, there is no previous big risk. Circulation appears, the true sense of mergers and acquisitions may be surging in 2010. We all watched TV very much Hong Kong stocks, mergers and acquisitions will be in the TV drama shown most vividly. A day, a shareholder or a person to sit in the position of Chairman and gentlemen, I am the largest shareholder, I am now chairman of the board, which is often the case Hong Kong and Taiwan dramas. Another shareholder hands, he said I was the first major shareholder, and I bought the number than you. This occasion will be large numbers in 2010, began the process of circulation. We used to how mergers and acquisitions? Higher mergers and acquisitions, mergers and superior orders this thing this thing, and it acquired. Market circulation of the process is not superior orders, the process would make the whole market, the shareholder structure, logic be a big change. I think there are opportunities, why? That there will be endless opportunities for control of the pursuit of life of many people, this is what I want to emphasize. Seven, the behavior of investors The behavior of investors, which at this stage I do not see the situation there is too fanatical. When did you buy stocks, when to sell stocks? There is a saying we called other people to sell stock to buy the stock, saying the simple, but more difficult. When other investors in the frenzy to sell the stock cool here on it. Other investors pessimistic when dozens of students here today are likely to remain optimistic. However, the number of right and wrong and there is no relationship, we must have their own point of view. Most of the market is wrong, this is the right word I think it is. Market, most investors are not necessarily correct, here's 80 may become a little bit of the market right person. No more than a certain amount is right, not necessarily others is right. Do not wait for stocks when it agreed to do, must be the logic. We look at the investor's behavior is like? When the highest point? When the first peak of 530, the first peak in October 2007, are far from having reached the climax, and now please do not be too vigilant, from the current situation was not the climax. This relates to investor sentiment. From the market trends and investor sentiment, the entire market has not appeared very enthusiastic signs. Eight, policy trends I think the policy will determine the next phase of the movement of a major market force. In fact, we may have felt, out of last weekend's policy will affect the market, policy, market trends will be an important factor in the decision. From the central economic work conference, we want to maintain the macro-economic continuity and stability, we continue to achieve double the 2010 loose monetary policy and active fiscal policy and loose monetary policy in 2010 generated. Should pay attention to: keep the economy stable and rapid growth to maintain social harmony and stability. I think that the central economic work conference this year will make aggregate demand. This year, we have eight measures to encourage consumption, this measure will very likely related to listed companies and related industries to bring better effect. This important system and propose a policy? The central bank has made in the second year we have to stabilize the stock market in the first year when the market made up of 100%, this year is the second year, if not I think up so much, that does not fall so much, this is my The first judge. The second judge, whether we pay attention to several aspects of this year, the central bank to do the work, the 4 aspects of the work is first, there is moderate growth in monetary aggregates to optimize credit structure of the work, I think that will be compared in the credit control major change. Rely on export-led to consumption-investment may be coordinated to boost exports. The second pull is necessary to change the industry for the first second, third, the coordination of industry-led. We have to rely on material consumption into high-tech progress and improving the quality of management level employees change, these three issues, consumer exports are likely to be investment themes, the second secondary industry to find investment opportunities in this place, are all possible. In the primary industry and tertiary industry investment opportunities which will be more high-tech will be the theme of the 2010's gorgeous, I boldly predicted in the club know about the money, the next phase of the hot and investment trends. We attach great importance to this year is to create conditions to expand direct financing channels, this year we should vigorously develop the related PE investment, this may attract the capital to participate in social infrastructure, post-disaster reconstruction projects, the state-owned enterprise reform. Recombinant stocks may have more widespread this year, and in this point, just after I speak a lot of people are willing to wait 1 year before the money out. After 1 year of observation time, it is possible in 2010, the money out, out on what? One of the most attractive places in the where? Li Bingbing you heard it, how they value the speed like? Cost is an 5 cents, how much now? Even down by 50%, there is still 50 bucks a share, is the Huayi Brothers, you Ç§Íò²»ÒªÂò out. People is 5 cents a share, people assigned to a dollar, maybe you only get 1 cent, I do not know whether it is fair. 5 cents into 50 dollars of the story will encourage more people to come up with money to invest, could become the second Li Bingbing, the most attractive emerging in 2010, many people will not be 5 cents when the investment, when investment? 5 cents in the dollar into a 100 investment, many people strongly recommended the Huayi Brothers, which is China's "Hollywood." You can look online to see who is recommended by Huayi Brothers, recommended, and then away from it. Masters strongly recommended Huayi Brothers, the Huayi Brothers listed, China has a lot of people good, you just do not know, Ç§Íò²»ÒªÂò, as long as the lectures do not buy here. When did you buy? When should buy 5 cents. What does that mean? That tells you to find the next "Li Bingbing" opportunities, such as "Li Bingbing" into a 100 dollars to buy is wrong. In this crazy situation occur, we should pay attention to the ability to resist temptation, people's weaknesses? Is eating the forbidden fruit is the weakest, not in others. When there is a "forbidden fruit" when placed in front of you to eat or not eat, this is your weakest when, how to resist the temptation to consider this is your thing, the temptation is greatest when the 5 cents into 100 Bingbing dollars when it is most difficult to resist the temptation. Many people took the price by 100 dollars Huayi Brothers. I think that the GEM, sub-IPO and excessive speculation that the stock will quickly shrink the wealth of many people, I know this is talking about the money the club. In other places I will say this: be careful to buy the GEM, or "buy GEM, etc. Then put in the sale. I know that the money the club will make a lot of people talk about GEM wealth evaporate in the near future will be fulfilled. Why is this so? Because it costs only 5 cents, our cost is 50 dollars, this cost is completely asymmetrical, do not buy the price of 50 dollars, and they buy based on the price of 5 cents. Value for money to buy something, do not buy the price far beyond what its worth, here is my advice to everyone. I think the best way to equity investment mentality is to operate, when you master the correct investment philosophy and investment habits, I can not emphasize this point, I am very enthusiastic friends recommended me to the audience's investment philosophy, you will marching steps to work, dreaming sleep, investment is not something I could not sleep every day, the investment will not let us emaciated, and many people were emaciated, and I think that should not be the case. Buffett to 80 years old living longer and spirit, when the investment has become a habit of a person's logic and dance when he was marching to work, his attitude will be very quiet, this is my pursuit, which I recommend to you a realm. September, the choice of investment products and risk preferences High yield high risk: high leverage features products such as futures, foreign exchange, warrants High-yield high-risk: the three panels, PT, * ST, ST, GEM, three-unit, second unit In income risk: the blue chips, stock funds, index funds, hybrid funds Low-income low-risk: government bonds, corporate bonds, bond funds, insurance products Very low risk of low income: money funds, bank deposits Members investors to analyze, a high risk high return on investment, such as foreign exchange, futures and warrants. Is very low deposits. Jump to a higher level, I think the jump is a heavyweight sound, foreign exchange may be a boxing match, this competition could be 50 kg class, do not challenge in the 50 kg 100 kg when the game, I think the results are very miserable , punch may be hit heaven. How do we understand the high-risk things? Let me tell you what, I think we have a good understanding of the high-risk stuff. I think that a person manage their wealth is not easy, and you manage your wealth will be very difficult. For example, futures, it is your wealth to a very large leverage to amplify management, what is this concept? For example, a person only has 100 million futures this thing possible to your wealth (assuming you have 100 million in funding) into 6 times, 8 times, 12 times, for example, only 100 million of the cost you get 100 million now zoom close to 10 million things, volatility of 10% of your deposit may be a double or a 0. I think what the face of high risk: first, have sufficient financial resources to participate; such as the recently announced stock index futures, I think that at least 50 million before they can participate. The second condition is to have sufficient risk tolerance; such a person to participate in stock index futures, earned 50 million, or a loss of 50 million, before they can participate in the eyes without blinking, if you feel bad, then do not participate. Say you made a loss of 200 million or 200 million, "Rongrubujing" Not everyone can do to earn or lose 500 million, without any sense of the eye without blinking to achieve this state very much. If not, reach this state when such re-participation. The third condition is that you have a rich experience. The fourth point is that you have enough experience in knowledge. I think with these four conditions, people can try to do stock index futures, this is the point I will give you advice. And I also emphasize that the establishment of a threshold for everyone, if you are in a class from kindergarten to university can always take time before they can participate in the first, if not to achieve the first before they can participate. Stability in the futures market can be profitable in 2% talent, you are in a class that I volunteered to be the first, then you can participate. If not, he could get the stock to do very good. If the stocks do very well, the loss of 10 thousand dollars do not blink you can get money to try to water. Or try the easiest way, I think it can not exceed 10% of net worth to participate in stock index futures, remember that you must not exceed 10%, this is a bottom line. If you own the net worth of 50-100% of the funds to participate, it is certainly not been to class. The first intersection in the stock market, tuition, tuition fees and then go to the futures market point of intersection. If this bet directly to the futures market, you are not the basis, the odds of probability is not great. X. What is the stock index futures? Systemic risk can be reduced, but the addition of a risk management tool. Involved in several aspects of brokerage innovative classes, including futures brokerage company's shares have a very important role. For stock index futures, the introduction of margin trading, not the transition is expected, I think the performance will increase 20% brokerage -30% to such a level that's pretty good. Can not say that there are brokerage stocks, stock index futures can fly overhead, and because the brokerage did not complete the market share position. Brokerage stocks have been listed only about 20% of the overall brokerage stocks, when the remaining 80% of the listed, 20% of the original role of a re-orientation, level of activity will promote the blue chip, blue-chip status will increase. Would tend to major plate, light small cap investment habits, many people only do a large plate, which is the status of A-share market, after the introduction of this policy will change in market conditions, strategic, I think this point have full confidence in , but this change is a slow process of change. Long-term stock price will be more reasonable, more rational valuations, the market will run from the unilateral change in the status of the two-way operation, market volatility will reduce the long period, short-period volatility will increase. Operation of the market for 19 years has been the unilateral type, and only do more of the market is finally changing this situation, two-way you can make money, so the market will undergo major changes in the operation, this change is a landmark change Many people accustomed to the operation is only one: to do more before they can make money. Stock index futures, both after the introduction of margin trading can make money, do not underestimate these two directions, this is a major change. (First half) Li Daxiao: just during the break, accepted the "Xinhua" interview with a reporter may be immediately released, especially for inexperienced small investors, I have just talked about some, and we are the same as the content of lectures , we must be careful to explain stock index futures. The important point is not to rush in stock index futures, adequate financial resources, risk tolerance, the accumulation of experience and knowledge after participation in the conditions do not have the late, not absent in China, New China, there was a set up. The amount of stock index futures is unlimited, the amount of margin is limited. Financing is the broker to the money in the hands, the hands of short selling refers to the broker to have coupons. In general, smaller brokerage courage. Than a certain amount of financing to a large amount of short selling, margin trading came out, the positive role played by the market will be larger. Multiply the amount of other securities firms, the start after more than the amount of short selling, is another matter. Until now, this thing on Friday, after the initial margin came out of the market played a positive role in securities brokerage in the hands of a lot more than money, securities brokerage firms to say not so much so that the concept of indoctrination to everyone.