following the exchange of state-owned bank holdings of gold stocks, the number of central enterprises to be the controlling shareholder of shares announced holdings, so that ushered in the bottom of the A-share market rebound. January 9 and 10, the Shanghai Composite Index rose 2.89% and 2.69%, volume was significantly enlarged. 　　Sinopec, China Shenhua and China Unicom, three central holdings of enterprises listed company also announced that, from passing a strong policy signal. China Shenhua and China Unicom are called the holdings of the date of January 9, China’s Sinopec announced the number of holdings is as of January 9, obviously this is not a coincidence, but the management arrangements for the rescue. From the time the order to see, first Premier Wen Jiabao in national financial work conference on the stock market boost confidence in the national chairman of the Commission Guo Securities and Futures Supervision conference speech, followed by three central rate announced collective holdings of listed companies. This series of good, so that investors point to 2132 as a new policy at the end. Since the rescue consensus, the stock market rebound is bound considerable efforts, within two days with g and 30-day moving average 2200 points so points. From Sinopec, China Shenhua and China Unicom’s performance, up 3.61%, respectively, 9, 7.17% and 2.17%, rising to become a major force behind the broader market. Among them, China Shenhua and China Petroleum and 10 on the contribution of the market index ranks second and third. 　　The shares are holdings of the three central enterprises, investors will inevitably last October with Huijin stock holdings compared to the four state-owned banks. October 10, the day was Huijin acquired four major banks stocks were slightly up nearly 1%, while the Shanghai Composite Index fell 0.61%. 　　After the announcement on October 11, the Shanghai Composite Index opened higher but closed or reduced to 0.16%; 12, 2010 tape rose 3.04%, reaching in 2011 the largest single-day gain since. Can not last, the market in the next 10 trading days to new lows. Huijin holdings last October in which more than 2310 points, slightly higher than the current stock position. However, investors sought after by the three central holdings of corporate shares, and the index of “low out a chip” has little to do. Optimistic about the three central holdings of corporate shares is an important reason, is a portfolio of good play, especially in management’s position on the issue of IPO pricing. 　　Huijin holdings of bank shares last October’s failure, that was the pace is not slowing IPO in 2011, the largest IPO since China’s hydropower project followed on stage. Some investors doubt bailout Huijin is false, “save hair” is true, compared to the three central holdings of controlling shareholders share prices will not be labeled “save fat” label. Overheating of the IPO question is no longer limited to the level of experts and investors. National financial work conference made ​​it clear that the market system, deepen the reform of the IPO. SFC Chairman Guo and Zhu, Assistant Chairman of the SFC has talked about the reform of the IPO, and is studying the stock issued under the net increase in the proportion of subscription and other measures. Two-day stock market rally, not so much “national team” overweight boost of confidence, not as good as that market to curb excessive expansion and the “three high” produced the expected flooding. The economist microblogging Watson’s words, “now referred to the leadership of the balanced development of a secondary market and distribution system reform, seems to know where the problem, which is a significant step forward.” 　　revenue need throttle, simply take major shareholders, the introduction of long-term funds, etc., rather than solve the primary market and secondary market, coordinated and healthy development of the restoration of investor confidence out of the question. For the current A-share market, both blood transfusion, but also to stop bleeding, both will have two effects. Denied stock market crash and the relationship between expansion, it is mistake, it will only force the stock market kept falling on the road to ruin. Recently has held the national financial work conference and the national work conference on securities and futures regulators issued new shares does not evade the problems, promote further deepening the reform, so that investors see hope. It is because of this hope, the three central holdings of corporate stocks better than last year’s results are expected to exchange gold holdings. 　　Of course, not equal to the current bear market rally ends. IPO system of market-oriented reform has not announced specific measures, is able to change the “three high” thermal defects and suppression of new shares to be proven. The short term, there are two issues of concern: First, the expansion is slow; Second, the size reduction of non-executives and will heat up. If the expansion, the size reduction of non-executives and the resulting loss of blood exceeded market expectations, the restoration of investor confidence will show weak side.