Category: Money tips Release Date: 2006-11-07
Since late last year, QFII investment on the A-share market rise to numerous new developments. As of March 6 the disclosure of 207 annual reports of listed companies not long ago, the QFII investment quota granted to the fourth quarter of last year, significant holdings of A shares, with the third quarter of last year, compared to holdings of a rate of 74.29%; the other hand, , QFII actively participating in the reform, most of the funding will be used for quasi-G stock investments. In addition, the stock trigger, such as changes in oil, petrochemicals and aluminum in the acquisition of subsidiaries behavior, has also been QFII investment opportunities as individuals of attention. Well, QFII's investment in new trends in what reference point?
QFII's latest development: a comprehensive look at the positive Opening stock reform shares many
In 2003 UBS, Deutsche Bank and other major investment QFII ZTE, Shanggangjixiang and other high-priced stocks, while Deutsche Bank's investment of ZTE said to be both deep and long, began to buy the fourth quarter of 2003, basically completed by mid-2004 configuration, ownership in recent years has remained at around 2,000 million shares, currently accounting for ZTE's chief shareholder of non-tradable shares ban location. If we say that before 2005, to Deutsche Bank as the representative of the QFII investment in China's securities markets, you can use "reasonable price + business + advantage of the long-term investment," to summarize, then, the current QFII investment in China's securities market, then there The new changes:
First, QFII Full Opening A share market. As of March 6 the disclosure of 207 annual reports of listed companies, the recent investment quota granted to the increasing QFII, has substantially the fourth quarter of last year, holdings of A shares. The third quarter of last year compared to a rate of 74.29 percent holdings.
Second, QFII deeply involved in the split share structure reform, particularly in the stocks of dominant enterprises reform. Share reform has been implemented in some of the advantages companies, we have seen in the earlier part of QFII does not hold its shares, or to hold less stock, but the company announced the share reform, they quickly become the outstanding shares of the company's largest shareholders, or engage in Opening, these companies are China Merchants Bank, Vanke, Fuyao, Shanggangjixiang, Xishan Coal and Electricity Power, China Minsheng Banking.
Third, the high degree of certainty, such as privatization of individual opportunities, Shandong Aluminum can be described as a typical.
QFII's winning magic: Value Theory + global perspective
While domestic institutions consulting services to help understanding of China's QFII business, but the operation of QFII's domestic institutions, including the Fund, including the formation of the investment philosophy and a great impact. Since 2003, domestic funds were trapped in the auto sector, investors for QFII stock for the period had the foresight of the dual understanding of the theory and practice. QFII investment in the current emergence of a new orientation, what does it mean?
First, QFII is a principle in accordance with the value of the cards. Stock change at the beginning, the Shanghai and Shenzhen market, the implied price-earnings ratio is only about 10 times the actual; Currently, the price-earnings ratio of 13.34 times Shenzhengchengzhi, taking into account half of the company's stock has not changed, the actual price-earnings ratio of 11.8 times, so evidently the two cities into that and today it still contains a huge opportunity.
Secondly, QFII, in accordance with the layout of the global market. Since 2004, the representative of India as an emerging market stock market has made tremendous return on investment, the index listed 11 times earnings from 18 times to the recent. Indian stock valuations increase, indicating that international investors in Indian companies for a good future growth expectations. Then, as an emerging market, China's main stock market in the stock under the impetus of reform opportunities are coming.
Taken together, QFII to invest in China stocks to invest in new trends, one due to stock market reform to enhance the overall valuation level, and second, the appreciation of the yuan against the backdrop of China, India, two emerging-market stock price comparison results.
