Daniel, friends, Hello, everyone. Five minutes every day, invest yourself; believe Daniel: Stick to fund investment, we will eventually be rich!
Recently the market has fluctuated in 3000, Kraft City market has been torturing people begun.
Last article, we introduced two cattle much investment guru investment philosophy, we hope to flat state of mind, patience is scheduled to vote!
In the market is not clear when the investment guru listen how to say!
Today, we explain much cattle securities industry index funds.
01. Securities Industry Profile
Securities companies, generally known as brokerage. For the majority of shareholders friends, most contact is a securities company, mainly for investors buying and selling stocks provide channel.
After our securities company to open an account, you can buy or sell stock. Now you do not run Exchange accounts, you can open an account online directly on your phone. Securities companies locate in the stock market is like a department store, buy and sell shares to facilitate the general public to consume.
The basic functions of the securities industry can be grouped into four areas:
1. media savings and investment, helping to raise new capital.
2. Manufacturing and maintaining an orderly securities market.
3. Analysis of economic and financial information.
4. Help investors to investment management.
Friends brokerage's main revenue comes from trading commissions costs, the maximum contribution to do short-term securities companies.
02. securities industry for a long throw it?
Correlation with the performance of brokerage market is very large. Bull comes, new accounts and trading volume of funds will increase substantially brokerage performance will be significantly changed for the better.
Brokerage in the second half of the bull market, its performance and valuation will be increased dramatically, so has the typical brokerage Davis Double-click the effect, stock prices tend to move up quickly. On the contrary, the bear market will slump, fell sharply.
Brokerage industry is a fully competitive industry, most of the company's securities business is basically the same. Homogenization of serious, difficult to establish the corresponding moat.
And in 2015, open the account restrictions, individuals can open an account at the same time in a number of securities companies. Increased competition among securities companies, will lead the commission will be getting lower and lower. In recent years, I believe we all noticed, mostly a few million of commission.
To sum up: the brokerage industry has great cyclical, not suitable for long-term holding.
03. How to buy the securities industry?
In the bear market, less profitable brokerage, due to the price-earnings ratio = share price / earnings per share, so in this case the brokerage industry's earnings will be higher. Conversely, when the bull market, brokerage firms more profitable, but earnings will be relatively low. So with the price-earnings ratio is not appropriate to the valuation of the securities industry.
并且，券商行业的好处是其风险比较好控制，资产质量还是有保证的。因此，一般都是采用市净率（PB）来对券商行业估值。
根据券商行业的历史数据，市净率低于1.7时，处于低估。高于3.2时，处于高估区域。
通过牛大每天给大家发的估值表，可以看出目前证券行业的市净率为1.58，处于较低的估值。
并且，大盘目前在3000点下方徘徊，若选择向上突破整数关口，券商将会是带动大盘上升的主要力量。
由于，券商行业同质化严重，所以投资证券类指数基金是比较好的选择。
04. 总结
牛大一直将券商行业理解为股市的“打手”。牛市到来之前，券商会疯狂拉升一波。大盘需要上涨的时候，会利用券商拉升。需要下跌砸盘的时候，也会利用券商打压指数。
大家记住：券商行业并不适合长期持有。
咱们可以做的就是：当证券行业整体进入低估区域时，用一部分闲钱进行投资。然后一直等待着，等着它进入疯狂拉升，即可获利出局。
相信牛大：一起坚持定投，咱们终将富有！