Make a stock marketambush Money Tips

Category: Money Tips Date: 2007-01-18

In conversations with reporters, Zou new discourse has been very rapid, and constantly throwing him to the market, the fund investment strategy thinking, showing that the brain turn very quickly, but his investment operations tempo is not fast, optimistic about the stock bought on upholding Hold and hold.

"I have the stock turnover rate can be considered low." Zou said that a new smile, who's the first time only to Bo Feng Zhuankai Fund - Jijinyuyuan of fund managers for their own anyone, very proud. At the press view the operation of his style, more like a stock market "ambush" and are seldom right hot button action "trigger", but the market carefully to find undervalued stocks, with a strong rise in anyone, quietly waits for .

Ride his pick of "dark horse"

Question and investment styles, Zou's own description of the new right is a brief overview of a few words: the first is based on modern portfolio theory, top-down configuration, which is what I have been insisting on investment style; second is based on research support, believe that the study can create sustainable value; third preference for the terminal, such as the consumer goods industry, services. Another is a low turnover rate.

10 consecutive years of securities research base and six years of fund investment management experience, Zou this new style, with his great experience of the relationship between the researcher, prior to serving as fund manager, he has been engaged in research work. Master's degree in 1997 after graduating from what was then gained an outstanding reputation in the pharmaceutical industry Junan Securities Research Institute study, young Zou new, in a short period of time will be in this "Whampoa Military Academy" has become one of the six core researcher , that is precisely when the fledgling stage of Equity Research. Two years later he joined the corporation had engaged in engaged in further broaden the scope of study, medicine, transportation, food and beverage, agriculture and so on as its field of study. As Bo, when trained by a good fund manager, he completely gone from analysts, traders, fund managers, assistant to the standard course of fund managers. He inherited the classical learning and the value of investment theory based on the development and formed a "study first, move faster than others" investment philosophy, and quietly implement the investment practice.

"In the institutional investors in this industry, some people are Trader origin, they will see some more plug-in, but those of us who came from a researcher's fund managers, first thought is to open F10 look." Zou said with a smile New "Our style is based on research support, believe that the study can create sustainable value." his colleagues to reporters cited one small example of how to do the basics in each annual report disclosed that the period of 3,4 month, Zou often stay up all night in the new Online Reading Report. Asked about the matter, Zou hint of a new answer: custom only, it is the fund manager should do.

A major aspect of research is to analyze the data, which is precisely so that a new statistical origin, Zou handy. The financial knowledge and proficiency has become his stock-picking Tips be a private one, he was often able to pick some of this dark horse. In the interview, perhaps this too mastery's sake, the topic often involuntary went to finance research.

"In the study of the manufacturing industries, I am most concerned about is the company's gross margins, to see whether they can continue to improve, because manufacturing costs are continuing to upgrade, if the gross margin can increase, indicating also in the rapidly growing profits, otherwise development of the industry would touch the ceiling. "anomalous gross margin will lead to his high degree of vigilance, in their investment career, a very popular market listed company, its products, and there is no technical barriers, gross margins are very high, make him feel weird, he insisted on not incorporated into the portfolio, and later the company really have a problem.

For the consumer stocks, many people feel that despite its strong growth, but the valuation is still too expensive. However, the new Zou did not think so, for his favorite stocks in this category, he Comments that if the horizontal comparison, it now appears that these shares do not have a cheap, only as a long-term investments, or from a vertical perspective, it might do to hold or buy strategy, but in fact shares of these enterprises also continued to rise, it is because many companies are statements reflect the real profitability is not out of, "Why do I say? As we all know, reports of six fiscal assumptions, like the premise to do economics is very important, the conclusion must be built on the assumption on the consumer goods that this type of statements do not reflect the true profitability of the enterprise, the value of their goodwill is no France reflected. "can be seen that Zou is a good pondering a new person.

Fund Investment: something to do certain things

The edge of a latent opportunities in the market of institutional investors will be subject to all kinds of subjects and the "noise" interference, which is a severe test of his ability to concentrate.

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"I do not like to participate in hot topic round move, this has been a lot of pressure." Zou admits that in some moments, his inner struggle very intense. A recent example is that in the fourth quarter of last year, when many funds fought in iron and steel, iron and steel shares soaring this suddenly the ground.

Open Jijinyuyuan's 2006 annual report can be found Jijinyuyuan is not involved in investment in iron and steel stocks, which were a bit alternative fund industry. Their preferences are still concentrated in the finance, real estate, the China Merchants Bank, Vanke, Shanghai Pudong Development Bank, Overseas Chinese Town, China Minsheng Banking Awkwardness of the top five ranked their top ten, including China Merchants Bank, Vanke's position configuration has close to 10% of the maximum .

"In the face of steel stocks up, I was really pressure, but considering the last resort, it did not participate." Zou-hsin. At this time of rapid speech, he suddenly paused, looking very serious. It seems that he was very intense ideological struggle that time.

That he will insist on this point with his investment philosophy on, "there is endless money is earned, not anything up on the pursuit of what some of the Fund's investments or should, forge ahead, make their research more clearly listed companies of money. Although the long-term development trends will also have short-term ups and downs, but a sophisticated investor should be able to withstand such a test. "

Let the iron and steel shares, Zou new in real estate, financial industry to find back in the market, real estate, finance and other industries have lost confidence and patience, continue to hold, and finally in the fourth quarter of the ideal returns. This investment philosophy to adhere to the customer before he has a few more emboldened.

After the Spring Festival, the market entered a period of galloping black horse, big white horse basically tummy still. Zou, once again facing a new challenge. This time, he was more convinced by his convictions, guarding their own white horse stock that is not moving. "You see, such as a quarterly came out, investors will find that the listed companies which swimming naked."

Continue to be optimistic real estate, financial sector

Since last year, the real estate industry in a series of macro-control means of the pressure, its prospects seem to become somewhat blurred together, to do more pre-funding the real estate industry has begun to gradually withdraw.

"I think the real estate industry is still very good." Zou new, as always, like the market for a Pengshang Tian, one will be laid to the industry. "The real estate sector rose in 2006, is just a prelude to this year is the first year of real estate." He explained that, according to their understanding of Shanghai's real estate industry is gradually restored, and Shanghai housing prices before there is a certain distortion of the room before Beijing bid was lower, but the third quarter of 2004, began to fill up, and to rise in the third quarter of 2005 has reached about 150%, Shenzhen, Guangzhou or South side of the house prices have been healthy, no matter Yishou Fang or second-hand housing market, There has not been a clear decline in prices.

Has anyone, also from the market's optimism. In the next two quarters, stock index futures advance gradually clear, "the size of non-" lifting of the ban will be the emergence of a peak, many investors expressed their concerns. Zou contends that the stock market, and will not change the long-run upward trend, the introduction of stock index futures market is pricing to improve efficiency and did not change the market's pricing mechanism, the stock price is still the decision of corporate profitability, especially in In the long run, equities "weighing machine" feature will be shown even more pronounced, and secondly, "the size of the non-" Although the flow of acquired rights, but not a large number of holdings, in the full circulation of the institutional environment, through equity changes to promote industry consolidation may be available in market, demand for the stock are spread from the financial investors, industrial investors, equity even more precious.

Some companies have shareholder equity ratio is too low, the controlling shareholder status would be faced with the threat of a controlling stake changed hands, they will look for an opportunity overweight, for example, by way of private placement into high-quality assets and raising the proportion of holdings, which at the same time profit growth another way; in the market, we have seen many such examples. "Zou-hsin.

"Cast the growing industry of companies buying familiar," is his own portfolio of funds managed concise summary. From Jijinyuyuan each of the quarterly, we can see that since the new management of the fund has been Zou, Vanke have emerged in the top ten in the portfolio as the Fund's investments in a long-term investment paradigm. In fact, back then forward in his previous administration, when Bo Yu Ze fund unit during the Vanke has also been shown in its Shigekura's. Now are given a high return. After CBBC market fluctuations, the real estate industry has experienced in recent years has been relatively large macro-control, investors and analysts more worried about this. In this context, the utmost valuable. Zou believe their own research and a new vision, he believed that Chinese real estate industry in recent years has been great development, development of the industry are becoming increasingly standardized and orderly, in the foreseeable for a long period of time, the real estate industry, there will be a great space for development and to maintain relatively fast pace of development.

After the Spring Festival, the market entered a period of galloping black horse, big white horse basically tummy still. Zou, once again facing a new challenge. This time, he was more convinced by his convictions, guarding their own white horse stock that is not moving. "You see, such as a quarterly came out, investors will find that the listed companies which swimming naked."

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