After 12 years of trials and scored twice in techn

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every May 19, there are always some people in the agitation, restlessness, after mostly lonely.
if in accordance with the general to points, but also new energy and bio-medicine

Chang Jiang Yiman perverse

technological changes, the range of technology stocks has also been change, once home appliances such as production companies like the radio are all areas of technology stocks, but now it seems, is definitely a thing of the past.
So, in the end what kind of business can be described as tech stocks? When it How classified?
broad sense, narrow sense

present, the Internet company has become a synonym for technology stocks.

Akashi China Summit Investment Group Chairman, said: Some can save resources. but the technology must be in the specific historical conditions, the means to increase productivity. Of course, as time progresses, technology will change the meaning. A statement can be in China's capital market has been confirmed. 90's of last century, including Konka, Meiling, Haier, Midea, Changhong, and other companies, including household appliances are all high-tech groups, represent the future of technology trends. And in today's perspective, who would recognize these companies are technology stocks it?
does not include new energy and bio-medicine, although the technical content of the latter two are not the lowest. and if in accordance with the general to points, to include the latter two.
Long, dean of the text next interactive marketing, said: Technology shares under a simple definition: those who have high-tech products and services in the industries leading companies in the stock.
according to this argument, including those engaged in telecommunications services, telecommunications equipment, computer hardware and software, new energy, bio-pharmaceutical companies can be called all technology sectors. Therefore,authentic jordans, it resulted in technology stocks in the market appeared to fish stimulation.
order to establish an information technology development to reflect the market indicators, HSI Services April 25, 2000 to announced the launch of the Hang Seng IT Index and Hang Seng composite index of technology stocks.
HSI Services Company adopted the FTSE Global Industry Classification method, with its main source of income for the classification. Elected to the index constituent stocks of the company must belong to the following sectors: fixed-line telecommunications, wireless telecommunications, computer hardware (not including keyboard and mouse, etc.), semiconductors, telecommunications products (not including domestic telecommunications), computer support, Internet, software, e-commerce.
high risk. These stocks can also rapidly declining in the short period of time there.
some time ago, Buffett also said that the technology industry may have some great future development, but the polarization will be very serious, very few companies will be very successful, but the vast majority of companies within the industry will proved to be losers.
United States Category: kinds of technology has changed the way people live. And now the technology stocks, from a global perspective, it refers to Google as the representative of the contents of the service provider.

It is understood that, according to the different industries are divided on the U.S. technology stocks can be divided into 5 categories. Including the Compaq Computer Corporation, Dell Computer Corporation as the representative of the hardware industry; to Microsoft as the representative of the software industry; to semiconductor chip maker Applied Materials, Inc., represented by the semiconductor industry; to Google, AOL as the representative of Cisco's networking industry and the communications equipment industry as represented.
can peak characteristic of the times, said the current U.S. technology shares divided into two types is more intuitive.
soft '. from a development point of view,' Hard companies' assets, there are aggravating the trend of transformation of assets to the light. categories of companies, representatives of the former enterprises Intel, Texas Instruments, Samsung Electronics. Relatively wide scope of the software, including the Internet, information services, electronic commerce, software services, network games.

A shares are classified: four categories

In fact, similar to the situation and abroad, the domestic A share market, a lot of technology stocks include industry segments, enough to make investors feel dazzled.

present, the seller of the classification of the technology sector are not the unified, more representative, such as GF Securities in accordance with the portfolio, the A share market technology companies divided into four categories.
first wireless coverage network optimization investment theme. 3G data services in the building and promoting, the industry continued with high economy. Optimistic about the implementation of vertical integration within the industry chain, a core competence and ability of enterprises to attract downstream customers, such as three-dimensional communication (002115.SZ), Shi Ji Dingli (300050.SZ) and so on.
second smart phone. GF Securities that lower the threshold on the chip, multi-operator subsidies and other positive, the future of smart phones, high-growth high uncertainty, optimistic about the breakdown of the upstream industry chain leading edge, such as letter-dimensional communication (300136.SZ), cis Contact e (002138.SZ) and so on.
Third, network equipment and services. In the popularity of WiFi devices, the operator of the WLan, IPv6 network equipment and construction will boost the service sector, promising WiFi equipment and operator services leader segments, such as satellite network Ruijie (002396.SZ), Guomai Technology (002093 . SZ) and so on.
Fourth, mobile application services. In the 3G user, smart phone mobile phone users exceeded 10%, respectively, the critical point of background, cf international experience, according to market niche, rapid industrialization of logic, optimistic about the animation, location services, etc. Talkweb Information (002261.SZ), four-dimensional map New (002405.SZ) and so on.
12 years, scored twice in technology stocks after the storm?
Buffett surprise that 50 years to live if he is, he will buy technology stocks

Chang Jiang Yiman perverse

5 月 19 on the eve, A stock investor and a lot of this will appear in the imaginary
this year, Berkshire Hathaway shareholders meeting, has always been shut out of technology stocks will be a surprise that Buffett actually, if he live 50 years,Reported that in 2020 the global scale of cloud computing $, he will buy into technology stocks.
and 11 years ago, early bearish Kewang Gu Tiger Fund forced liquidation of the outstanding students who studied under Julian Robertson, has been aggressively last year to eat into the Internet company's stock.
after 12 years of trials, technology stocks to a brace of time?
Reviewing the past eventful years away

the turn of the century, the global market for high-tech stocks in the future economy placed great expectations, in October 1998 to 2000 3 month, the Nasdaq index rose from 1,500 points to 5,000 points, and in 2000 10 March hit a record high of 5048.62 points. Less than a year and a half, the index rose to 3 times the average earnings in the technology stocks more than 100 times.
However, everything is like human beings to their own strong a shot of heroin, made up of the beautiful fantasy world of the ultimate collapse is inevitable.
2000 年 4 months, the Nasdaq composite index fell most sharply for three consecutive years a depressed technology shares, network shares are seen as spam.
2003, the technology stocks began to bounce back. Plate throughout the year rose 50% technology stocks, the first column of each plate, the valuation is at a 26 ~ 28 times.
2004, the first quarter, Yahoo and Dell issued a bright earnings, the market looming issue of network technology stocks, This year, the direction of future development on behalf of the official Google NASDAQ.
2005 to 2007 with the arrival of the bull market, with technology stocks also rose. However, technology stocks during this period failed to reproduce the brilliant 2000.
assistant general manager of Cathay Pacific Fund, the International Pan Zhang, head of the First Financial Daily the financial leverage, overall economic growth was the biggest driving force in the banking sector. investors,
1999 年 5 月, A shares out of a wave of sharp movements. During this period, there have been numerous
the first wave of China's capital market Konka 1992, listed in 1993 listed Meiling, Haier, Midea, Changhong, listed in 1994, became the company's high-tech community representatives.
1997 年 5 22, driving under the multiple factors, Changhong's stock price means a temperamental predominance straight 66 yuan, a year rose to nearly 10 times the maximum market capitalization of hundreds of billions, the momentum did not inferior to any of GEM companies recently.
today's point of view, who will recognize the home appliances represent the future direction of the company's
When the leading home appliance 2000 Aucma (600336.SH) landing board, Supor 2004 (002032.SZ) landing small plates, when the feast is no longer home appliance industry, high technology content no, the capital market has also made a re-selection.
in the overseas market under the influence of IT technology industry within the blowing wind, compared with the household appliances, IT industry, Great Wall Development (000021.SZ), Shenzhen Huaqiang (000062.SZ) and Great Wall Computer (000066.SZ), purple stock (000938.SZ) and so has engaged in PC-related manufacturing, was once the capital market as a high-tech industry representatives.
Although these companies was in the capital markets, out.
example, the end of 1998 wore high-tech aura of Founder Technology (600601.SH) has set a high price of 34 yuan, but after long-term decline in share price was 5 yuan.
compared with Founder Technology, IT manufacturers are more focused on the Great Wall of development, with the party shares of the company's performance in the stock market is relatively better. But it is undeniable, and its all-time high in 2000, mainly before and after the technology stock bubble and the bubble in 2007, during the full tape.
Kewang Gu Investment spring has come?
since since March 2009, the Nasdaq index has risen 109%, while the Dow Jones index on behalf of traditional industries rose 82%, far less than the recovery efforts and technology stocks.
Although the number of points the Nasdaq composite index far below 2823's 5,000 years ago, but the U.S. technology industry, reflecting the boom of the San Francisco Federal Reserve Bank Tech Pulse Index rose in January of this year to 2001 the highest level since 114.82. Illustration / Liu Fei

leader this spring is the Steve Jobs of Apple. Since 2007, Apple launched the iPhone since its shares rose more than 3 times the market value of more than 310 billion U.S. dollars, as the world's most valuable technology-based companies. Many investors are optimistic about Apple, Soros now holds a total of 23.04 million shares of Apple stock.
and more and more signs that the new round of economic restructuring and technological innovation, driven by the development of American technology stocks is ushering in the spring.
Zhang Pan points out that some good technology-based companies, 50% of the profits come from emerging markets, if optimistic about emerging markets, then these stocks should be optimistic about. In addition, their products in the case of depreciation of the dollar, even more popular.
In addition, the large-scale capital flows have boosted investors continued to climb in the future confidence in technology stocks.
trend is only just beginning to return.
Maverick asset management company is investing in technology stocks Liensili representative figures, he pointed out that technology stocks are currently at their lowest level in 20 years. In addition, he also pointed out that technology companies balance sheet, cash flow is the best situation in 50 years, the proportion of cash flow this year will reach 13%. In addition, inventory levels are at their lowest level in 15 years.
in the first quarter just past, the major hedge fund blossom, strong involvement of the various types of technology-based companies. The latest information released by the SEC revealed that another hedge fund holdings of the first quarter of 1190 equity shares of Cisco. In addition, hedge funds also slightly overweight Google 110 million shares of equity. Among them,cheap louis vuitton shoes on sale, a quarter of the new Hewlett-Packard's most popular technology stocks hedge fund company Paulson & Co's John Paulson in the just the first quarter of 2011, the value of the company to buy 10 billion shares. David Aiyinhuoen green capital in the first quarter was the company's stock to buy Yahoo, while Microsoft's stock holdings.
Pan Zhang also pointed out that the flow of talent is now the United States is also the emergence of a trend. More and more people no longer enter the financial sector, but more the flow of technology industries.
seeing tech stocks and overseas stocks of the popular situation in China, many Chinese entrepreneurial class of technology investors, the company also entered into sight. Although not as tech stocks 12 years ago by the wave is so sought after, but high growth, high margin, high price-earnings ratio has almost become this category's label and to receive widespread attention.
The more the United States of Chinese IT companies listed on China's Internet companies began to play an increasingly important role.
He believes that with China's huge base of users, consumer related technology companies to upgrade it with better prospects, including advertising revenue-based portals and video sites, B2C e-commerce platforms, online travel booking enterprises. Overall, the emphasis on hardware manufacturing performance of Chinese technology companies will be weaker than the former.
Zhang Pan Pacific Fund: the high valuation of technology stocks has a reasonable basis

Akashi Investment Summit: Technology stocks are now the bubble has not a small

Zhang obstinate
current market is a bubble in technology stocks or the future in the end there is a huge investment value can be described as controversial. To solve this problem, First Financial Daily

Zhang Pan: Some people fear that the current valuation of Facebook and the explosive growth Groupon reveal clues of the bubble, but I think these worries are derived from 1999 to 2001 people from the Internet bubble appear larger and then burst into the kind of pain deep memory. If you say that some of China's Internet stocks bubble of the ingredients, but I do not think the U.S. technology sector as a whole has shown a bubble. Major U.S. technology stocks are now the company's price-earnings ratio is 14 times. Although we can not say at historic lows, but still reasonable.
1999 to 2000, as long as the name behind the company. Com, can allow investors to crazy, and now there has been no such cases. The higher the valuation of some companies has a solid foundation exists, for example, hits it and good business model, it is indeed a mechanism to see their money. So I do not think the technology stocks bubble reproduce.
peak: I actually divided into two categories of science and technology. One type is the type of technology to replace the other is incremental technology.
replace type are those that do not actually create wealth, through the squeeze at the expense of traditional industries to realize their own value of technology companies. The marginal value of these technology companies tend to show a decreasing trend, and eventually tend to zero. Take e-commerce, for example. Jingdong 24 billion last year, turnover of the company is actually diverted a lot of the store and the profitability of commercial rents. If in the next few years, sales are still growing Jingdong, very short time can do Suning, Gome, the scale of ten years to complete.
another kind of technology is actually bringing people to the incremental innovation of production technology. People's lives will improve because of this type of technology resulting from incremental change. The 19th century brought the railway is this incremental technology. And such is now the new energy technologies that are incremental technology. If we can achieve a breakthrough in new energy sources and, ultimately, the cost of traditional fossil energy sources and standards, this technology is to bring incremental impact.
I think the Internet stocks, as represented by technology companies that fall into this category do not create wealth, technology companies,BOE 2010 revenues of 8.03 billion yuan net loss of 2 billion, and now the Internet like Google is also a deep level of technology as an alternative to traditional industries. I think that American technology bubble burst in technology stocks such reason is due to diminishing marginal value.
If Google is represented by the rise of this group of Internet companies, and valuations continue to improve, in fact, the formation of another bubble. I think that the bubble is no longer small, the valuation of technology stocks from the United States and some of the valuation of technology stocks in China the concept of situation, the future very difficult to have a big market grew.

peak: According to this logic, investors certainly need vigilance. Bubbles through a process from small to big, the most important thing is to understand the valuation of the company's When the traditional industries can no longer be squeezed out, it may

Zhang Pan: Some people will question the past two years, the stock market had risen so much, why valuation is so low? That is because of these technology companies than its revenue rose faster. Why have not sales prices fast? That is because investors are worried the company's revenue is not sustainable. But now more and more investors believe that the profitability of these technology companies are sustainable, so I think this time will drive the recovery of the valuation prices.
peak: I want to talk about a conceptual problem. I do not think the low price-earnings ratio does not exist on behalf of the bubble. Low price-earnings ratio does not mean that the valuation of low and high price-earnings ratio does not mean that the high valuation. If you say that some U.S. technology stocks may indeed price-earnings ratio is not high, then it is important that the company's growth and development space, or the transformation of business model can support future growth. If not, then the low price-earnings ratio is normal.

peak: I believe that investing in technology stocks that the company should invest its own proprietary technology through a large number of companies set up their own barriers to such a company is relatively safe. I said this is not a barrier or two, but a lot of, but China still does not appear in this type of company. These companies have long been many patents, they did not rely on traditional production and manufacturing to profit, but to create new technologies and transfer of new technologies to profit.
to avoid investing in technology stocks and a risk approach is to select those assets, and to serve as a light characteristic of the company. Rapid changes in technology companies because there is a strong and technical characteristics of alternative, heavy assets of the risks faced by the company much larger. In the information age, equipment, intangible depreciation greatly accelerate the speed, so some re-balance the loss of the company's fixed assets is very large.
Zhang Pan: invest in technology equity in several categories, one is a company in the early stage of entry, many years later can turn it several times, there are ten thousand inside the company to a Microsoft This low success rate, so the risk of investment is huge. Without the ability to identify what payments to only look inside the industry leader, some have a profit model and the growth rate of the leading technology-based companies is easier. Although there is no income before a high rate, but this is a long-term stable growth.
A high-growth technology companies for dividends is not on the sell signal that occurred?
peak: Suppose a company of cash dividends, in accordance with the general understanding is that the company's management has not found a better way to create a profit. For growth companies, certainly is not good.
but can not say that a bonus to sell. I think it depends on when investors buy the company that this is not due to a high growth company before investing. Because we know that many high-growth company is not in technology stocks, many of the label is not labeled as technology stocks is a high growth company.

peak: the logic of my investment, and technology stocks did not do very strict distinction. I mainly look at whether the company has the technical barriers. We call the traditional barriers to trade does not mean that it is very shallow. If a company's technical barriers it is not easy in a short time than opponents,replica louis vuitton, then also a high-growth companies. High-growth stocks and technology stocks may have some of the cross. So from an investment point of view, the main points clear what kind of stocks to vote, is the value of the shares or growth stocks.
Zhang Pan: I think those who have a strong sustainable development in the profitability of technology companies more worthy of investment. We now introduce the Nasdaq 100 index fund index, the index constituent stocks, 100 are mature, stable revenue model for technology-based companies. Investing in technology stocks, they should abandon the idea of ​​access to double the income. A company can have an annual growth of 20% is very good for him. > Related: technology stocks surging undercurrent: e-commerce has entered a golden period of Forbes: all high tech companies joined the club to re-name the technology stocks Buffett: the future will increase the polarization