随着大盘重心的步步下移，两市哀鸿一片；但与此同时，次新股逐渐凝聚人气，成为当前重要的做多力量。市场人士认为，次新股之所以在弱市大行其道，跟其流通市值较小、股本结构便于炒作、短期业绩确定性较高等因素有关，目前正是布局次新股的良机。

The centre of the steps as grail folding，Two city "hong a piece；But at the same time，Second new gradually condensed popularity，Become the important do much power。Market experts think，The second new in weak city is popular，With its current market prise smaller、Equity structure easy to hype、Short-term performance higher uncertainty factors，It is now the second new layout of the good opportunity。

　次新股热点再起 Second new hot rise

　　昨日大盘再度收阴，两市上涨个股共629只，约占正常交易个股数的1/4；但今年以来上市的116只次新股中，上涨个股多达82只，成为市场人气。此外，昨日两市共有13只涨停个股（非ST，下同），其中除了有重组利好的北海港、华星化工(002018,股吧)以及2只“三沙”概念股中海海盛(600896,股吧)、海南高速(000886,股吧)以外，余下9只中有8只是2010年12月28日上市的次新股。

Yesterday the charge Yin again，Two city rise of only 629 individual stocks，The normal trade accounts for about a quarter of a number；But since this year listed 116 only second new，Stocks rise as many as 82 tigers，Become market popularity。In addition，Yesterday, two of 13 only harden stocks（The ST，Hereinafter the same），In addition to the restructuring of good north sea port、Huaxing chemical(002018,Shares it)And two“Three sand”The concept and the sea(600896,Shares it)、Hainan high-speed(000886,Shares it)outside，The remaining nine has 8 just on December 28, 2010 listing of the second new。

　　框定次新股的时间标准不一，如将起点放在2009年6月IPO重启时算起，较有参考意义。观察发现，7月下半月以来，次新股愈发受到资金的青睐，涨停榜上榜次数和比例可见一斑：7月16日由于大盘重挫，两市仅有3只涨停个股，其中只有潜能恒信(300191,股吧)1只次新股；7月17日共20只个股涨停，次新股为5只；7月18日两市共21只涨停，次新股仅为4只；7月19日涨停的47只个股中，次新股13只；7月20日33只涨停股中有11只是次新股；7月23日的17只涨停股中，次新股有6只；7月24日涨停的20只个股中，次新股则有8只。

The second new SSC time standards are different from each other，If the starting point in June 2009 when the IPO restart count，More reference significance。Observed that，Since the second half of July，Second new by the favour of more money，List the number and proportion of harden list is obvious：July 16, due to the heavy defeat，Two city only three only harden stocks，One potential HengXin(300191,Shares it)1 only second new；July 17 RiGong 20 individual stocks only harden，Second new only for 5；July 18,, only two for a total of 21 harden，Second new just 4 only；July 19 of the 47 in individual stocks only harden，Second new 13 only；July 20, and only in 11 just harden shares second new；July 23,, 17 share only harden，Second new have six；On 24 July 20 in individual stocks only harden，Second new are only 8。

弱市“逞强”六大原因 Weak city“opposed”Six big reason

　　“次新股成为炒作热点，与市场低迷有较强的逻辑关系。”昨日，东方证券一不愿具名的分析师向记者揭示了个中原因。

“Second new become hot hype，And the market downturn have strong logic relationship。”yesterday，Oriental securities a anonymous analysts to reporters revealed the reason。

　　首先是近期行情持续低迷，存量资金也越来越有限，而次新股流通市值普遍较小，部分质地优良的品种就会成为场内活跃资金“避重就轻”的对象。

First is the recent prices remain low，Stock fund also more and more limited，And the second new current market prise less common，Part of the high quality varieties will become active funds field“Will evade the”object。

　　其次，次新股相对比较“干净”，没有太多历史包袱，股权结构清晰明了，大小非减持威胁几乎不存在，也没有过多套牢盘解套的压力，便于资金抬拉。

second，Second new relatively“clean”，Not too many historical burden，Equity structure clarity，Size the holdings threat almost nonexistent，They also do not have much over the pressure of the solution to cover plate，Easy money carried pull。

　　此外，次新股往往受益于募投项目产生的收益，短期成长性较为明确，在今年中报业绩普遍下滑的情况下，更易吸引眼球（今年以来上市新股中，近八成预喜）。

In addition，Second new often benefit from offering shots from the project benefits，Short-term growth more clearly，In this year of the performance center daily news general decline，Are more likely to attract eyeball（Since this year listed in the new shares，Nearly eighty percent of the xi）。

　　还有一个不容忽视的因素是，不少次新股都属于战略新兴产业，符合政策导向，也利于概念炒作。

And a serious factor is，Many second new belong to strategy of new industries，Comply with the policy guidance，Also conducive to concept profiteering。

　　另外，股本规模小的公司较之股本规模大的公司，每股所含的融资权价值要高，业绩好的公司可通过公积金送转股本，也可以通过配股让广大公众帮忙垫高每股公积金。而次新股多属这样的小盘股，经过股本扩展后，流通市值膨胀，大股东和主力能实现共赢。

In addition，The small scale of the equity of the company large company than equity，With RongZiQuan value per share to high，Good outstanding achievement through accumulation fund company can send turn equity，Through a rights can also let the general public to help cushion per share high accumulation fund。And the second new are such a small dish stock，After equity expansion，Current market prise inflation，Big shareholders and main can realize a win-win situation。

　　最后一点是，今年以来，随着新股发行制度改革的不断深入，二级市场上的新股泡沫不断受到挤压，新股首发市盈率也因此降低（今年上半年IPO平均市盈率约31倍，远低于前两年的水平），这就使不少次新股估值相对比较便宜，从而具备一定的投资价值。

The last point is，Since this year，With the new shares system reform，The new shares in the secondary market bubble continuing crush，P/e ratio is also so reduce new start（In the first half of this year the average p/e ratio is about 31 times IPO，Far below the level of the first two years），This makes a lot of second new valuation is relatively cheap，Thus have a certain investment value。

　踏准时点围猎 On some hunt on time

　　有分析人士认为，一波大行情的启动，往往首当其冲的都是次新股，因此其走势将是验证大盘是否企稳和强势的重要信号之一。但不管大盘是否即将见底，对于重个股轻大盘的股民来说，如何把握次新股的投资机会才是重点。

Have analysts said，A wave of big prices start，Often the brunt is second new，So the trend is to verify whether the market will be stabilising and strong one of important signals。But no matter whether the market will see the bottom，For heavy light grail people for individual stocks，How to grasp the second new investment opportunities is the key。

　　“博弈次新股的关键就是时间周期。某市场人士认为，对股民操作来说，往往就是从破发大潮到反弹大潮这段时间。这是源于在市场弱势的末期将要向强势转变的时候，资金认为市场已经跌到相对低点，需要入场做多，但由于市场大的赚钱效应还未形成，所以对板块和个股选择上则较为挑剔，而次新股就是上佳选择。当市场已经进入强势时，新股上市后股价泡沫较大，这样后市炒作的机会反而降低了。

“The second new game is the key time period。Some people think that market，For investors for operation，Often is the break to rebound from the tide this period of time。This is from the market at the end of the weak to strong will change，Funds argue that the market has dropped to a relatively low，The need to do more，But because of the big market effects are not making money form，So for plate and stocks on the choice is very picky，And the second new is to go up beautiful choice。When the market has entered into the strong，After the ipo stock price bubble is bigger，This is the chance to reduce the hype instead。

　　第二是次新股的个股时间周期。对于资金来说，次新股是一个整体，其并不会刻意地追求行业、概念，反而是对于个股时机非常在意，也就是说非常容易出现某个时间点上相关次新股都走牛的情况。一般来说，除了上述市场环境之外，有两类次新股往往更容易受到资金的追捧：即市场进入破发潮之后的复苏期，此时上市时间在1个星期左右；或者是在2～3个月之间的次新股。 记者 艾凌羽

The second is the second new stocks time period。For funds to，Second new is a whole，It will not deliberately pursue industry、concept，It is time for stocks very much，That is very easy to have a particular point in time related second new are bullish。Generally speaking，In addition to the above market outside environment，There are two types of second new tend to be more vulnerable to money chase after hold in both hands：The market into the FaChao after the recovery，Now time to market in a week or so；Or is in 2 ~ 3 months between the second new。 Reporter YiLingYu