Bull market will continue to

 China's economic growth and accelerated earnings growth, stock returns increase,UGGs, improve profit margins and corporate dividend payout ratio, dividend yields rise, which makes the strong fundamentals of China's stock market bull run to continue
Hong Kong to celebrate the tenth anniversary of reunification International, H shares, red chips and wear on the Hang Seng Index have an important range and hit a new high. So far, the global Chinese the fundamental driver of the Hong Kong market.
the current bull market in line with our expectations. Recently, the market have requested the implementation of more aggressive interest rates and monetary tightening, but we believe that A-share market to solve the excess liquidity and the potential bubble risk, the Government should introduce more specific industry and market policies, rather than the implementation of macro-tightening. Our view is still inconsistent with market expectations, the economy is not significant inherent risks of inflation, food, pork price inflation is not by raising interest rates to curb.
the same time, given the significant improvement in the quality of growth, China's future growth prospects are more uncertain. China's economic growth, more importantly, accelerating earnings growth, stock returns increase profit margins to improve and corporate dividend payout ratio, dividend yield to rise. We will continue to inject assets, corporate restructuring and the appreciation of the RMB, as a positive factor for the stock market. In the context of strong global growth, China to achieve economic growth of nearly 11% insufficient Odd.
our view has been widely recognized by the market. In a recent roadshow in the U.S. marathon, seven days I have received nine cities in the United States hundreds of investors. Even in the A-share market has experienced increases in stamp duty amendment, and after the U.S. market down and bond yields experienced by the amendment of the week, they agree that the bull market in China far exceeded my expectations. fundamentals and China's economic growth is customer focus. I think China's optimistic view than are more easily accepted by investors.
A shares of the public is very concerned about,UGG boots cheap, but mainly in A shares adjusted for H shares, red chips to create a better opportunity to absorb. even for A shares, many investors believe that taking into account more than 30% earnings growth, A shares of 25 times earnings (expected) is not high.
visible, investors want to choose the right time to buy China stocks (especially H shares, red chips). Many investors A recent stock sell-off adjustment or not the United States on H shares and red chips constitute a greater impact on the performance somewhat disappointed, because they did not find opportunities for bargain hunting.
the current high level of U.S. Treasury bond yields, the United States and around the world stocks under great pressure, but I think that the U.S. Treasury yield curve has been inaccurate. global growth strong, the yield curve inversion, which do make sense it? But now we have experienced high growth expectations (rather than high inflation expectations ) triggered by interest-rate normalization. So, why inaccurate pricing of bonds have been selling too nervous? Asian and Chinese market this does not appear over-reaction. Asia and China's economic growth is relatively high, interest rates raised further shocks and volatility reasonable. However, as long as the continued strong growth in the Chinese stock market's bull market will be sustained.
cyclical industry and we are optimistic about the global and China's growth-sensitive sectors, such as raw materials, energy, transport, ports, shares of machinery and engineering equipment.
market generally optimistic about the coal industry, especially in China Coal Energy and China Shenhua. for the purpose of valuation, we are more optimistic about the Yanzhou Coal Mining (H). For a year or two , the spot price of the stock is more sensitive for the coal.
to the steel industry is concerned, so far this year, China exported to the global market a large number of iron and steel, but the global steel prices have not significantly affected; In addition, although the Chinese government steel export tax rebate cut, and class of the export tariffs, steel prices have not declined. In fact, the demand for all final decisions.
we are optimistic about the oil and gas fields H Shares of Sinopec. However, this is not the general mentality of the market. Some investors are optimistic about the upstream oil producers, CNOOC and other.
U.S. investors in China's banks and insurance stocks remained cautious. to insurance stocks, this is mainly due to A bubble of speculation. Many Investors worried, A shares adjusted or down will affect the prospects of the insurance stock returns, thus causing stress. to banking stocks, the market is too concerned about interest rates and reserve increases. The market also expects interest rate and reserve ratio will be further increase. We view interest rates and inflation is relatively modest, which is contrary to market expectations. Given the current bearish market sentiment, I think it is to attract banks and insurance stocks a good time. At that time, the increase may far exceed the market expected.
investors generally agree with us on the Morgan Stanley Capital International China Index (for H shares and red chips) and optimistic attitude, they want to pursuit of market shares. In view of investors in banking stocks, financial stocks cautious at the same time Oil stocks have rebounded recently, telecommunications stocks in particular, China Mobile has begun sought after by investors. Most investors believe that despite the risk of 3G and industry restructuring, however,UGG boots clearance, the share price move is still low relative to its growth prospects.
We will continue to be optimistic about the Chinese real estate developers. our Shanghai Real Estate (Hong Kong Stock Exchange Code: 1207), and other property stocks also bullish expectations have been further confirmed. Interestingly, have sought after in the market and growth-sensitive cyclical industry stocks, some investors are selling shares of some of the consumer price higher,UGG bailey button, which is the most recent consumer stocks underperformed reasons. consumer stocks may not be able to provide the best short-term returns, but in the long term, we remain optimistic about them. < br> The author is managing director of JP Morgan Chase, head of China research and Greater China chief economist, this year in the