Category: Money tips Release Date: 2006-04-16
Xiangcai ABN Amro fund management company in Thursday officially launched in 2006 investment strategy report, in this 45-page report, the company has established for the whole year, "the pursuit of credible growth, taking into account the value of high-quality, optimized boom industry, involvement in the transformation opportunities "investment strategy. They believe that corporate earnings decline in the market, growth will be the focus of investors are most concerned about the same time, the lack of consensus on the leading investment products and investment circumstances, the market will likely occur next year, a diversified investment philosophy and subject matter for speculation situation.
Concerned about the four factors In this road show is introducing a year-end report, Xiangcai ABN AMRO, said investors should focus on in 2006, the four factors that influence the market, these four factors are: 1, industry-specific investment opportunities will be gradually reduced; 2 , "Eleventh Five-Year Plan" of economic growth mode transformation, and financial innovation will bring about investment hot spots from time to time; 3, new from the old and the beginning of full circulation will bring some volatility in the market; 4, QFII and all kinds of investors degree of enthusiasm and active participation will be significantly enhanced.
Xiangcai ABN AMRO also pointed out that, despite the macro-economic growth may fall next year, but is still full of hope to complete the share reform of the company's share price valuation of the natural level of successful ex will make a "soft landing."
ABN AMRO Xiangcai that, and the end of 2004 compared to the current A shares times price-earnings ratio fell to 13.8 from a 18.3-fold, while the A shares of Global 1347 companies and 33906 the company's valuation point of view from the industry to do a comprehensive comparison and found that At least electrical equipment, iron and steel, coal, nonferrous metals, electronic components, paper, machinery, automobile and parts industry, the valuation price-earnings ratio was significantly lower than the global level.
Xiangcai ABN AMRO in considering the earnings in 2006 concluded that, A-share market of electrical equipment, real estate, textiles and clothing, business, medicine, non-ferrous metals, paper, finance and transportation industries have different degrees of relative valuation advantage.
What will be popular next year, As for next year, what's hot in investment philosophy, ABN AMRO Xiangcai a unique point of view. In their view, the lack of available in the current market-led investment in assets, and the fund, QFII and other mainstream institutions are unable to reach a consensus on the premise of a unified investment next year, the stock market may return to "pre-2003 era", that is, a diversified investment philosophy The theme prevailed as the main features of speculation market. At the management even behind the stock market, the new policy of endless economic and market environment, the subject of endless speculation will be objectively supported by the current hot market of warrants shall be actual cases.
Looking ahead to next year's investment strategy, Xiangcai ABN AMRO recommends that "dumbbell" strategy + moderate investment strategy, the so-called "dumbbell" strategy refers to the value and growth style of investment options to "take bipolar" on the one hand to hold can be investment cycle to avoid the impact of the economic downturn to maintain a stable and predictable growth of the company, bought the other hand, choose an ultra-low valuation of the stock, generally focus on the former.
Theme opportunity to pour in Xiangcai ABN AMRO believes that in the absence of large industry-specific investment opportunities in the case next year will be influx of investment opportunities in a variety of subjects. In the report, they cited, including the "Eleventh Five-Year" plan and economic structural adjustment, factor prices to adjust the RMB exchange rate appreciation, M & A opportunities, regional economic and financial market innovations such topics as investment opportunities. Xiangcai ABN AMRO also proposed to focus on growth stocks, taking into account the high-quality, valuation of value stocks seriously oversold.
In addition, ABN AMRO Xiangcai particularly emphasized that continued differentiation in the industry environment, industry allocation strategy will be even more important, and they recommended option in the current downward economic cycle is still booming industries, as well as in their own industry cycle in the recovery, rising phase, or are out of the bottom of the industry, to avoid the selection is a cyclical industry downturn economy.
Although Xiangcai ABN AMRO Fund believes next year's speculation may be prevalent theme, but in individual stock selection, the ABN AMRO Xiangcai insisted that the value of investment is still the basic principles, In addition, they recommended that special attention to companies such as: low-cost, investment themes, as well as novel fundamentals ongoing take a good business.
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