Category: Money Tips Date: 2007-03-16
Guangdong Development Fund, has baked the annual investment strategy report in 2006 suggested that the scarcity of production factors will determine the ROI, so in 2006 the annual investment will be the scarcity of investment strategy and diversified portfolio as its theme. Expects market appeal and active degree of increase in investment behavior of the market will show a more diverse style of features, value investing and growth investments, blue-chip investment and investment in small and medium plates, restructuring investment and M & A investment will go hand in hand.
Highlight the scarcity of investment strategy
Guangdong Development Fund believes that in the current macro-economic context of running a high volume, should be more concerned about the current economic operation of the various structural contradictions. For example, workers compensation low, affecting the disposable income of residents, so as to restrain domestic demand; government departments, the proportion of income distribution, high, resources are not the most optimal allocation of capital input and output rates may continue to fall; production net of tax, high; Enterprise retained in the internal rising faster depreciation, reflecting the national economic input-output table, the relative surplus of capital investment and so on.
To address these structural contradictions of the possible ways is to reduce the proportion of net taxes on production, and a corresponding increase in remuneration of workers in the proportion of GDP. Therefore, for 2006 as well as longer-term economic performance, it should be highly concerned about the Government's tax reform, both involved in the production part of the initial distribution of income tax reform, but also including those relating to the redistribution of part of the tax reform, while practical concerns, "Eleventh Five-Year" planning policies on the labor value-added initiatives and implementation.
Guangdong Development Fund for industrial enterprises under the sub-sector return on capital analysis found that the unit occupied by fixed assets, higher net return on capital industry is relatively low, indicating the capital in the production function of the input-output is relatively low, the lack of scarcity. After a simple classification study also found that the scarcity of capital, lower than the scarcity of labor, more than technology and resources scarcity, and scarcity of factors of production determines the investment rate of return.
Guangdong Development Fund adhere to the scarcity of investment strategy as an investment strategy for individual stocks. Investment theme, the company has consistently advocated an investment in a scarce resource stocks and technology stocks, because resources and technical elements of the current economic operation of the most scarce elements. Elements emphasized in the technical category its own intellectual property rights.
At the same time, sending the fund remains concerned about the continued prosperity of the growth in consumption, investment themes, the value of a cyclical return to the bottom of the industry investment and the restructuring of the industry overcapacity value investing, while not giving up participation in new issues and innovative variety of investments. The individual stock selection, the profit growth of 30% or more, while the ROE to maintain or to rise to more than 15% of the species to become a key mining new varieties.
Value Investment and Growth Investment in parallel
Within the overall investment strategy, the Fund will be implemented widely diversified portfolio. Analysis of Strategy Report, A-share market after four years of continuous decline in the level of the current valuation at a global level in the lower regions, sustained high growth in the economic context, the bottom little risk. At the same time, is promoting the equity division reform China's stock market will change the ecology, continue to reduce the level of market valuation, the real birth of the equity culture, and optimal allocation of resources to promote the market to enhance the attractiveness of the market.
Looking ahead to 2006, Guangdong Development Fund forecast expansion will be the effect of displaying double-edged sword, in the short term imbalance between supply and demand contradiction at the same time increase the market supply and enhance the long-term quality stock market liquidity. In addition, the various types of financial innovation and will be gradually simmering surface, all financial innovation in an active market, it may also result in the initial diversion of funds.
Guangdong Development Fund, argued that A shares because the valuation of downside risk have been released, the market may be based on the valuation of the international stock markets to open up the domestic stock valuation of space, so seize the market opportunities in 2006, we must uphold international perspective. Market appeal is expected in 2006 and active degree of increase in investment behavior of the market will show a more diverse style of features, value investing and growth investments, blue-chip investment and investment in small and medium plates, restructuring investment and M & A investment will go hand in hand.
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