Category: Money tips Release Date: 2006-07-20
First, in September 2005 Market Review
(A) market performance
In September, the market has a greater shock finishing. In the early stage, the market share of good corporate reform pilot program after another passed and a series of policies favorable combination of punches led the market continued to rally. However, after the stock back on 1200 points, due to the short-term gains are too high, and management on the value price ratio and the subtle changes in rhythm of the market is expected to result in a greater impact and lead to stock in late September, there was greater adjustment. Taken together, the Shanghai Composite Index September 30 to close at 1155 points, or 0.62%; full month of the highest point on the probe 1223, the lowest test a low 1129 points; full month has shrinking turnover as investors wait and see doctrinal atmosphere. Hot from the market point of view, or table in the front row this month, is still underperformance stocks, oversold stocks, Han Quangu other plates, but blue chips lagged behind the performance.
(B) Industry Performance
September index of the performance of the stock industry, clearly differentiated, in addition to continued strength outside the commercial blocks, electrical equipment, nonferrous metals, machinery, coal and other cyclical index rose significantly among the top plate. And appliances, integrated, petrochemical, iron and steel, finance, electric power and other industries the index has decreased significantly.
2, operation of the Fund in September Review
(A) Growth Value Fund
From September 1 to September 30, the Shanghai index rose from 1163 to 1155 points, or 0.62%, the Fund than the benchmark was down 0.28%; over the same period of the net value of fund units rose to 1.0360 from 1.0281, up 0.8%, showing strong in the benchmark.
September revenue of the fund's holdings, the greatest contribution Chiang Kai-shek's shares are mainly Sinotrans development, and large business shares, Zhenhua Port Machinery, HTC shares, Citroen logistics, etc.; negative returns the largest stocks are: China Merchants Bank, Shanghai Airport, double Health development, Baosteel, Anhui-pass high-speed and so on.
(B) Dynamic Selection Fund
From September 1 to September 30, the Shanghai index rose from 1163 to 1155 points, or 0.62%, the Fund decreased by 0.58 percent than the benchmark; over the same period of the net value of fund units fell to 0.9722 from 0.9727.
September revenue of the fund's holdings, the greatest contribution Chiang Kai-shek's shares are mainly Zhenhua Port Machinery, the National NARI, Changyu, Huahai, large business shares, etc.; negative returns the largest stocks are: long-electricity, Baosteel, Tianjin Port, China Merchants Bank , China Petroleum and.
Third, the future market prospects for some time
Phase of market trends under the influence of the main factors are: macro-economic fundamentals, the stock market policies and financial flows and other factors.
4-quarter macro-economic outlook, we believe that: fixed-asset investment growth and export growth slowed down pressure is increasing, economic growth has hit will be reflected in the fourth quarter. However, from the current consumer confidence index and the expected data to determine the future for some time continue to maintain steady growth of consumption, the possibility of still larger. Therefore, comprehensive analysis, although the macro-economic decline will be even more pronounced in the fourth quarter, but the drop rate is relatively limited, the possibility of success in achieving a soft landing is increasing.
Looking 4 quarter stock market policies and financial flows, we believe that: At present, reform of the policy framework surrounding the stock has been basically established a comprehensive stock reform process has started, the transition system of the fourth quarter of the securities market will enter a new stage. Funding level, at an average of 10 rides, three pairs of stock price support, the confidence of outside funding has been increased, and market sentiment positive changes are taking place.
Comprehensive macro-economic, policy and capital flows, the stock market and other factors, we have the next phase of market trends and cautiously optimistic. However, investors need to be reminded that, with the gradual completion of the majority of shares of the company changed, refinancing and new from the old pressures begin to bite; In addition, with the end of the year approaches, some institutions funds may be carried out at the end of settlement, so the market In the upstream process may still be greater volatility. Hot spots in the market, for quite a long time, the market share will continue to focus on the theme of constant change and start digging. With the advance stage of stock reform entered on the price of Quotes in October will continue, and the right price is expected to blue-chip gains will echelon start, and the prices are expected to enter a stable stage of development, more shocks showed differentiation features.
Judgments in these markets under the premise of the next phase of investment, we will focus on investment opportunities in the following areas: * Taking into account the macro-economic slowdown is in the running track among the choices in the industry adhere to the defense industry-oriented, in addition to traditional commercial retail, logistics, pharmaceuticals, consumer goods, transportation and other industries, proper investments in the sectors concerned about the bottlenecks opportunities, such as power transmission and transformation equipment, port equipment manufacturing, water supply and so on.
In corporate earnings growth, from a focus on endogenous growth translates into more attention to extension-type expansion;
�A focus on new industries or emerging Yetai explosive growth of investment opportunities;
�A focus on equity investments in financial derivatives on the role of alternative or hedge;
�A focus on high-quality companies that exist in the process of share reform of the investment opportunities.
* Changsheng bond fund investment strategy report a total of 3 1 [2] [3]
