Category: Money tips Release Date: 2006-10-28
Economies in transition, facing re-layout â—?the first three quarters of macroeconomic shown good momentum of high growth and low inflation, but the listing of the company's operating environment and can not be optimistic about the soaring cost of external trade, environmental degradation and over-investment in two years before the formation of excess capacity, resulting in profit growth of listed companies sharp slowdown in loss-making enterprises increased.
â—?affected by the weakening effect of stock reform, expansion is expected, funds transfer positions and other factors, the A-share market in October there was a substantial decline. But shares of correction at a crucial stage, is expected in November is still a stable policy-based, and value stocks in a more reasonable valuation range, irrational sell-off in November would weaken the broader market down space is limited.
â—?Fund's investment portfolio in the third quarter shows that the Fund's Awkwardness exhibit great volatility, continuing more than a year of stability and defensive varieties were underweight, clear to the Fund's investment thinking there is a greater change.
â—?As the listed company's profit forecast is not optimistic, value-oriented investment strategy is difficult to account for market-oriented, growth-based value investment strategy to replace the temporary strategy. The institutional strength of the Fund based most likely around the "Eleventh Five-Year Plan" to accelerate the adjustment of the existing shareholding structure, "bottom-up" Choose stocks with sustainable growth in order to complete next year's strategic layout.
Affected by high oil prices lead to rising costs and the impact of overcapacity, rely on macroeconomic fundamentals and earnings growth of listed companies value-driven Quotes of the conditions are still not met, in November the market will still be around the "Eleventh Five-Year Plan" launched the theme of investment. Although the third quarter, the fund increased efforts to adjust the shareholding structure, the core assets will fall in the stock market on the formation of the adverse effects of A, but because of the value of stocks at a more reasonable valuation range, irrational sell-off in November would weaken the broader market down limited space policy at the end of 1000 points is still valid, the Shanghai index likely to emerge from Xianyihouyang trend.
In the growth (Growth investment), value (Value investment), and the momentum of investment (Momentum Investment) three kinds of investment strategies, in the already over the past 10 months, around the "Eleventh Five-Year Plan" The momentum launched the most successful investment strategy. The Fund's investment portfolio shows the third quarter, the Fund's Awkwardness exhibit great volatility, continuing more than a year of stability and defensive varieties were underweight, clear to the Fund's investment thinking there is a greater change.
October investment theme that appears drift Underperformance due to low stock prices higher on expectations and did not cash in October, just published in the Shanghai stock market with small-cap Shanghai B shares of the stock of permanent reform of the price level although higher than the market average, but with quite different expectations of investors Yuan, so that around three quarters of the share reform of high speculative prices gradually neglected. Stock reform of the price of diminishing the level of present trends, by the first batch of pilot projects, the average price of 10 pairs of 3.39 shares of sending to the first six batches of 10 plans to send 289 shares, forcing the withdrawal of speculative funds to speed up the pace. October resumption of the right G-Unit posted the phenomenon becomes stronger, it has been calculated, in October the first day of resumption G Unit, the actual average gain of -6%, reflecting the bearish speculative capital stock change of mind. At the same time, "Eleventh Five-Year Plan" introduced, for the venue to find new investment capital theme, new energy, military, information technology, power, medicine, agriculture and other industries stocks were eagerly bought, such as the Qin Feng agriculture, confidence appliances, Nakamaki shares Xingxincailiao, aerospace and electrical appliances on an average rise of 20% or more, but the stock rose, and did not form in September, as the pattern of index has also risen, in October on the Shanghai Composite Index dropped more than 6% of the Fund efforts to carry out major restructuring of the positions have a greater relationship.
Fund investment ideas transformed Has published a portfolio of funds in the third quarter showed that there was a change the Fund's investment ideas, including the G Baosteel, Shanghai airport, G on the Hong Kong and Shenzhen Chiwan, Huaneng Power International, including a substantial reduction of the Fund's core assets. These core assets, mainly in transportation, information technology, consumer goods and service industries, in the past for a long period of time but also because of its weak periodicity, strong to avoid cyclical risks favored, but also precisely because of this, these shares rose sharply after After the value of the company has been fully excavated, earnings growth is difficult to have surprises. With the "Eleventh Five-Year Plan" the development of China's economy is undergoing a restructuring, will in large quantities from the original in order to consume large amounts of resources, extensive development, and shifted to the scientific development concept to guide the economic and social development, adhere to people-oriented, change the mode of growth, to achieve sustainable growth in economic growth. Restructuring of the economy is bound to the development of related industries far-reaching impact, while the old part of the core assets at valuation and Quotes climate change in the situation leading to the problem of aging of assets, forcing the fund to change the structure of the original position, increase efforts to identify new the potential of species around the independent innovation and the "consumption and services" increased investment by the Fund as a new direction for the associated stock, such as ZTE, G people's livelihood, Shanghai Pudong Development Bank, big business shares, Commodity City, Gehua, G Suning , space information and other funds in the third quarter were overweight.
Around the "Eleventh Five-Year Plan" to adjust the shareholding structure of 3 1 [2] [3]
