Category: Money tips Release Date: 2006-12-01
Fund: Policy, whether from exhaustion Daobi The Shanghai Composite Index is now threatening the 1,000 points, the Fund began to focus on the risk of holding concentrated outbreak of 1000 points to become overwhelmed the last straw.
In 1998 China's fund industry began to develop in the policy endured rice and enjoy high profits, as spoiled children. In October 2000, "Fund shady," caused a great uproar. A fund manager of the "Daily Economic News" with emotion that if there is no exposure of the public there will be no fund industry's rapid development.
September 21, 2001, China's first --- Hua innovative open-end funds set up. In 2004, China's fastest growing fund industry as the year the year the newly established open-end funds reached number 51, starting to raise the overall share is as high as 182.1 billion, surpassing the previous three years combined.
However, the process by leaps and bounds in the fund, the fund management fees will be the first place, followed by the interests of the holders on the issue has become increasingly severe. Although some funds are not bad words to maximize interests of the holders, but in fact it is seeking to maximize self-interest. In this thought under the guidance of cross-holdings of its investment portfolio to concentrate holdings serious, leading to lack of liquidity of the fund portfolio, the unit NAV unrealistically high.
"Daily Economic News" once asked a well-known fund manager, how the systemic risk if the stock market do? He replied, "I used the money to stock pile heap also put up." Now, when the stock market Pandie nearly 1,000 points, when the stock price does not stack up, the fund seems to be falling down! The right
Wickey Kim researchers believe that the fund is now almost, whether from exhaustion, 1000 First, adjust the position near the short second, Daobi policy.
Broker: relying Zhiqiu self-protection Into 2004, the brokerage illegal diversion of bond issue of blind expansion of self-starting large-scale outbreak, brokerage industry into a new round of reshuffle. China Southern Securities, Hantang Securities, Dapeng Securities brokerage destruction is the evolution path of China's problems in microcosm.
In 1999 to 2001 the stock market peak and securities companies to increase their investment had been a number of listed companies, private enterprises, regarded as a good investment channels. Just four or five years, which peak in the market entry of hot money has mostly failed to be implemented.
Guotai Junan researcher Liang said in an interview, recalling seven years of brokerage industry history, performance and stock brokers fairly consistent trend. This year, taking into account the decline in the stock market hardly stops, stopped issuing new shares and other factors, the overall performance of brokerage firms can hardly be optimistic, and there may be a larger drop compared to last year.
Brokerage, who declined to be named, said bosses, and now brokers are basically relying on "Heaven" (stock market) for dinner, the SFC has stepped up investigation, only hope that their problems will not be assigned to the ranks of brokers can get some new tradable services, such as the sponsor of the opportunity to pilot the secondary market will not care so much.
Private institutions: winners have also produced rich-quick stories "That day, I knew to come!" In the face yesterday's slump, a private equity bosses Moreover, the "Daily Economic News" said, language is full of confidence, "we wait for this day have waited years, Now we are ready to go in! crash in the past few years, the funds, brokerage, private equity is dead a lot, we are lucky! "
Advocated by the Fund value investing, the boss said: "In Shanghai and Shenzhen stock markets, all the subjects are made up stories, who compiled a little better, that people who cheat more, numbness of people a little longer. A reasonable person slightly think about that in a corporate governance structure, there are many defects, the listed companies a serious lack of good faith, there is no more than half of shares in circulation, means for misappropriating become a common practice, the whole environment in the regulation of the case, how can the value at all? "
"The Fund do these tickets, but it still relied on money you with? Either fund more early collapse, and in my eyes, almost making them and the original, and some even more formidable!"
On the afternoon, he is full of confidence: "It fell a few years, the Shanghai and Shenzhen stock markets account for many years to repay these loans had to almost the back should be a fresh start, even though the process now seems a bit painful, but it is also Kujinganlai! I believes that next year, you and I talk to is another mood! "
Retail: frustration among the stick to their positions Yesterday, the "Daily Economic News" interviewed in Xietu Road, a securities business department, you can see that retail has no choice. Huge retail hall less than 20 square meters only a small corridor, put a few computers for retail investors to see Quotes.
Asked about the broader market is now so down, how the result of time, a retail, said: "Today's crash is the fund should do. Take a look at what the stock is now down? Are Awkwardness of Fund, they 1600 points, 1700 point does not throw, and now have 1,000 points, and began to Kuangpao, can point a valuable investment in 1600, and now 1000 points, the blue-chip companies do not value? do they have the capital, throwing, take a look at the set, up 100% this year, they are free to anywhere can be thrown, or 30% What kind? They also make money, but how do stock our hands? "
Commenting on the split share structure problem, the other a retail said: "The non-tradable state-owned shares is to do? It is letting shareholders have made a. We have the right to speak? Program is the major shareholder will, good point The shares are controlled by the Fund. poor stock as Tsinghua Tong Fang, the first quarter of 2005 was one cent, but in 9 yuan, and now the price reduction, if someone do? really flow, and major shareholders do not throwing strange, because they clearly are not worth the price of mind. "
