Category: Money tips Release Date: 2006-11-06
By CITIC Group and the Prudential Group and other joint venture created by Prudential Fund Management Co., Ltd. recently announced the investment strategy report in 2006. Fidelity fund analysis, macro-economic growth in 2006, does not constitute a major structural problem spot the risk of macroeconomic policy is expected to guide the sound development of structural adjustment. The report also believes that the early market for macroeconomic and A-share market concerns over the trend. Fidelity Fund in 2006 the stock market holds "moderately optimistic" view, and said this year's overall operating strategy will be a "positive action, reasonable valuation, using various means to confirm the investment value, and to reveal the investment risk."
Invest the time has come
Report that, in terms of macro-economic or market point of view, the time has come for the current investment. There are three main reasons: first, in 2006 the troika pulling the economy remains relatively high growth rate, macroeconomic policy may be mainly manifested as sound monetary policy, a more relaxed fiscal policy and the yuan's crawling appreciation, therefore, Prudential Fund for 2006 the overall macroeconomic optimistic attitude that still maintain the high-speed macro-economic growth, structural problems that the spot does not constitute a significant risk; Secondly, according to summary statistics, the market's overall profitability of enterprises in 2006 is expected to be an increase of 8.28%, and will not appear worried about the sharp decline in the market. The fundamentals of listed companies, good track record growth in the value of their investments is to ensure that the most important factor; third, funds, brokers, QFII, social security funds, insurance funds and enterprise annuities will expand the market scale in 2006, in addition to the market provision of adequate capital supply, there are conducive to A-share market continues to build a rational norms investment philosophy.
The highest rate of stock market risk premium
In the report, the Fidelity Fund in accordance with its self-developed tactical asset allocation model for the analysis of TAA that the long-term decline in the stock market performance of listed companies and the common role of growth, A-share market valuation of the rapid decline in the level of the current and emerging both market is, or with the international markets are more mature, A-share market is not overvalued. A split share structure reform so that the valuation of shares after the price of the further reduction in the level of the whole, has reached an attractive range of investment value. Compared to bonds, real estate and other investment instruments, equity risk premium has become the largest category of assets, the highest rate.
Fidelity Fund believes that the current in order to split share structure reform, represented by the capital market-based system construction of China's stock market than ever before. Split share structure reform and its follow-up to support reform of the stock market, as the early eighties of the last century the rural household contract responsibility system reform of the rural productive forces of liberation, but also as the mid-nineties of the last century urban housing distribution system reform of the real estate industry and enhance the urban landscape, as of great significance and far-reaching. On this basis, the Fidelity fund that the 2006 A-share market of the following investment opportunities: share-trading reform will lead to positive changes in A-share market place, valuation levels fall to improve the governance structure of listed companies; share reform after the mergers and acquisitions The opportunity to increase share repurchases, prompting markets to industrial investment perspective to judge the intrinsic value of companies; warrants, T +0 trading and stock index futures and other financial innovations will bring new market opportunities and mobility; tradable after, A-share market will be the resumption of high-quality corporate IPO's attractiveness to end their marginalization; resource value revaluation, independent innovation and advanced manufacturing, the lower gross margin, cyclical industry oversold bounce, service development, consumption, government investment, the theme will contain opportunities for a wide range of industries.
Based on the above analysis and judgments, Fidelity Fund Investment Strategy Report in 2006 indicated that the stock market in 2006 holding a "moderate optimism" attitude that the A shares will not be effective under the 1050 break point, upside is expected to 1360 points, annual index is expected to access to more than 15% upside. CITIC Prudential Fund's overall operating strategy is a positive action, reasonable valuation, using various means to confirm the investment value and to reveal the investment risk for fund investors to create a steady return on investment.
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