Category: Money tips Release Date: 2006-01-09
As of yesterday, 53 the fund company's 278 funds in 2006 finished fourth quarterly report of all of the disclosure. Jiancang rapid, substantial increase in net income, stock selection philosophy should be to focus on the fourth quarter of 2006, the fund operational characteristics.
However, as the fourth quarter of 2006, after all, in the past, their positions and ideas can not fully explain the movements of the fund, and that only the four quarterly reports to disclose the market value of the top ten stocks accounted for the net position, therefore, overweight and underweight on the sector dialectical analysis of the stock should have been pushed up stock prices, and another negative factor for the industry, and wound up overweight, perhaps the reduction of the fund today, the object; less the original position, industry growth rate, is now a new machine, while stock prices are undervalued may also be picked up by the Fund to re-.
The Awkwardness of Fund positions in the depth of
From the statistical data shows that the fourth quarter of 2006, the largest amount of assets held by the Fund of the five sectors are finance and insurance industry (shareholders the market value of 85.4 billion yuan), metal non-metal industry (601 billion), machinery and equipment, instrumentation industry (454 billion), food and beverage industry (45.2 billion), the real estate industry (404 million). The absolute configuration of assets in five industries accounted for a total investment of fund shares that year.
Some stocks, although not all funds held by the concentration of species, but we knew that the shareholders less the more concentrated shareholding proportion of total stock market value in circulation the greater the probability that the higher fares of the stock. In the fourth quarter of 2006, there are 200 more than the company's shares by the Fund, largest holding, of which 25 stocks, the fund's holdings accounting for stock-float market capitalization as high as 20%. These shares is that we should focus attention.
In addition, the Fund's investment in the recent report also revealed that its respected stock-picking philosophy, in which key words are: RMB appreciation, the population structure into the gold portfolio, business productivity gains, medical reform, tax reform, the new accounting standards and so on. Thinking in this manner, we can find some in the "Top Ten" outside the high-growth stocks.
Lighten up the stock by industry, the dialectical view
The fourth quarter of 2006, the Fund's allocation percentage of most industries have decreased, while in the finance and insurance industry, the metal non-metal industry, real estate, electricity, gas and water production and supply industry, large-scale extractive industries Masukura. Including finance and insurance has been replaced by machinery / equipment / instrumentation to become the fund's largest Shigekura industry, as much as 65% of the holdings; while transportation, warehousing, information technology, machinery and equipment, petroleum, chemical, plastic, plastic, wholesale and retail trade industry, the focus has been the fund holdings. (Liu Chang)
The 25 stocks in the fund Shigekura List 600,276 Hengrui Medicine 12 17.29 42.93
600,271 Aerospace Information 8 14.58 41.08
600,143 blond Science and Technology 9 20.46 38.02
000895 S Shuanghui 32 23.49 37.35
002,024 Suning Appliance 30 47.66 35.69
600,005 shares of Wuhan Iron and Steel 38 49.81 33.05
600585 Conch Cement 10 19.65 32.76
600,519 Guizhou Moutai 49 77.95 29.36
600588 UFIDA 6 7.07 27.76
600,859 Wangfujing 13 12.97 26.90
600,361 Hualian Super-10 9.57 25.92 Integrated
600036 China Merchants Bank 115 197.07 25.58
000402 Financial Street 15 27.66 25.18
000825 TISCO Stainless Steel 18 25.56 24.97
600,748 Shanghai Industrial 5 6.52 23.53
600028 Sinopec 58 74.30 22.73
002,073 Qingdao soft control 4 1.54 22.57
000,069 OCT A 19 24.17 22.42
600,456 Baoji Titanium 7 9.32 22.08
600000 Shanghai Pudong Development Bank 41 60.16 21.19
600,583 Offshore Oil Engineering 18 22.93 21.05
600,048 Poly Real Estate 17 13.42 20.65
600.15 thousand Hudong Heavy 5 6.64 20.54
000,829 Gannan Fruit Industry 4 5.37 20.46
Neusoft 600,718 shares 7 6.79 20.34
