Category: Money tips Release Date: 2007-03-03
Investment Highlights:
â—?We believe that the 2006 performance of A shares will be: at the bottom, poised and progressive.
â—?the bottom, the index is still troubled in 1000-1300. Because: 1, all A shares in 2006 net profit expected to fall by 7%, a substantial decline; 2, analysts continue to cut their profit forecasts, performance decline may exceed expectations.
â—?Ready, the market gradually opening up and usher in long-term funds. Because: 1, A share valuation of integration of the mature international markets; 2, RMB appreciation is full of temptations; 3, compared to bonds, real estate, commodity markets, the stock attractive enhancement; 4, system innovation, funding for long-term hedging tools.
â—?up. There is a rebound in the first half opportunities: one, continue to accumulate capital, to find high interest rate stocks; 2,11.5 planning rules is expected to ignite investor enthusiasm; three possible trading system innovation and active market. Existence of strategic opportunities in the second half: 1, capacity over-expansion of the negative impact of three quarter of 2006 weakened, supply improved; 2, the credit is expected to relax in the second half, demand gradually improved; 3, market structure and capital structure continue to improve.
â—?We provide investors with growth in the value of a comparison model, pointed out: consumer services, general manufacturing industries for growth in investment philosophy, looking-than-expected growth in the company; cycle of the industry for value investment philosophy, looking for profit recovery company.
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06 annual growth of investment in four themes, services, rural consumption, and integration into the global industrial chain and resource conservation. Four topics correspond to favored sectors are: banking, retail, media, home appliances, low-cost medicine, special machinery, IT, energy-saving equipment and oil refining. â—?recovery of value investing, you may have to wait until the end of 2006. By analyzing the capacity of the release of the impact on gross margins, we judge most of the cycle industry recovery in 2007, their sequence for the cement - Petrochemicals - Power - Steel - Coal.
â—?A shares open integration to provide investors with an institutional opportunities. On the one hand, possible privatization, issuing warrants, restart the IPO, have provided the theme of sexual opportunities; the other hand, the frequent opening of the market in mergers and acquisitions, so that investors concerned about the sales ratio, income / shareholder's equity as a lever to index .
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