Main Board • Golden State Securities brokerage collection in 20

09.09.2012, 08:48 - 4d95z2i6g - Rank 1 - 6 Posts
A collection of financial managementhave poured cold spring ,most investment host see concussion Zhang Jianhui basic conclusion a quarter of the market out of a market valuation of repair ,but in economy anticipates pessimistic shadow ,end of season index quickly fell nearly swallowed the early gains ,www.monclersitoufficialenegozi.com,the Shanghai Composite Index has risen 2.
88% a quarter .Face the market rebound ,the public offering of the fund asset size increased slightly during the same period ,the collection of financial products broker has encountered ,both share scale decline .
In product share ,a quarter of the new product share of contribution is not worth the old product redemption pressure .End of the first quarter of 2012 ,brokerage collection management products a total of 145238000000 copies ,compared to the last quarter of the reduction of about 5900000000 ,or 4% .
Among them, the first quarter of this year the newly established 16 products for the industry to contribute 6690000000 share, but in the same period the old product has nearly 12300000000 of the share redemption .
In the asset scale, a quarter of the market rise ,brokerage collection management asset size does not rise to fall instead .As of 2012 the end of the first quarter, brokerage information management under the collection of financial products by the end of last year net assets of nearly 132400000000 yuan down to $125700000000 ,a decline of 5% .
Different products of asset allocation point of view ,the leaning stock product risk asset allocation is relatively cautious, FOF products in the fund allocation is moderate ,and the bond product on the bond allocation is at a higher level .
Specifically ,although the first quarter of the market rebound, but the trend is not clear before, the leaning stock product stock positions still relatively cautious .Compared with the previous quarter ,this year first quarter of the stock assets positions increased 3.
66% ,but considering the market in the first quarter to close up ,therefore the leaning stock products of passive Zengcang more ingredients .But because of the leaning stock product configuration is relatively cautious ,stock positions are generally not high ,Moncler Jacket,the leaning stock products of one quarter of the overall performance is relatively stable ,the majority of products in the 1-2 month price rise in power,Moncler Outlet, and in March the fall line is more resilience .
One quarter ,FOF products in varieties of the fund configuration substantially reduced ,to the stock assets also declined ,mainly increased in other assets ,liquidity of bank deposits and clearing deposit assets and bonds and other species .
From various asset history position level, at present the fund in FOF product configuration is moderate ,whereas the other class of assets at a higher level of configuration .As the fund surface gradually relaxed ,the bond market a quarter lasts to good .
However ,the end of the season to bond market follow-up performance have certain differences ,so the bond product bond asset allocation appeared relatively substantially drop ,average configuration is 59.
96% ,relatively on the quarter end cut 3.41% .In addition ,the bond product in other assets ,equity asset configuration also decreased, while in the fund ,bank deposits and clearing deposit assets allocation is increased .
We selected quarterly disclosure of a 157 partial shares of products and in 42 FOF products ,a total of 145 investment sponsors ( part of the investment to host and managing multiple products ) as the sample ,the future market trend judgment are finishing ,think the market upward trend investment sponsors a total of 43 (representing 29% ) ,believes that the future of a quarter of the market with the trend of shock consisting mainly of a total of 87 ( accounting for 60% ) ,and that the market adjusted downward investment sponsors in only 16 ( accounting for 11% ) .
One ,the 1 quarter of brokerage industry encounters Han Chun a quarter of the market out of a market valuation of repair ,but in economy anticipates pessimistic shadow ,end of season index quickly fell nearly swallowed the early gains ,the Shanghai Composite Index rose a total of 2.
88% .Face the market rebound ,the public offering of the fund asset size increased slightly during the same period ,the collection of financial products broker has encountered ,both share scale decline .
Chart 1 tongueroduct share and net asset value of variation sources: the country gold negotiable securities research institute in product share ,a quarter of the new product share of contribution is not worth the old product redemption pressure .
According to the disclosure of the Quarterly Bulletin of the data as well as the new product data ,end of the first quarter of 2012 ,brokerage collection management products a total of 145238000000 copies ,compared to the fourth quarter of last year decreased by approximately 5900000000 copies .
Among them, the first quarter of this year the newly established 16 products for the industry to contribute its share to 6690000000 ,but the old product has nearly 12300000000 of the share redemption .
From product size collection property ,large collection of products at the end of the first quarter from the previous quarter to reduce the share of net 5154000000 ,a decline of 3.68% ;at the same time, a small set of product also appeared to a certain extent share drops ,drop by 7.
14% .Chart 2 :different attributes of product quantity of share ( unit :billion ) in 2011-3-312011-6-302011-9-302011-12-312012-3-31 set 1294.061392.671391.081402.241350.70 small collection of 81.
2199.00110.28109.51101.69 total 1375.271491.671501.351511.751452.38 source: country gold Securities Research Institute from product investment types, in the classification system of seven class collection of financial products ,other types of products is the only class that implements share is growing product ,Moncler Pas Cher,this is mainly due to the first quarter of 3 new product style and old product redemption is relatively less ;at the same time, the number of such products to arbitrage strategies ,additional orientation as the main investment strategies ,and performance is relatively stable ,so favored investors .
In addition ,Peasant woman swallow ...hospital after work and f,QDII products are mainly due to the old product in the first quarter was forced into liquidation and the types of products share a low base and other caused its share appeared relatively substantially drop .
Chart 3 :different types of products share changed ( the first quarter of 2012 ) source: the country gold negotiable securities research institute from the collection of financial management point of view ,a quarterly statistics 63 managers in 17 share of net growth ( in which 3 new managers ) ,more as many as 45 people overall management share decline, 1 other managers share no change .
In view of the old product exit section into new products ,in a comprehensive consideration of new products and old product withdrawal effects ,one quarter of the net purchase share initial total share ratio rise the highest 5 are respectively the the Great Wall securities ,securities ,China Xinda securities ,securities and securities .
Among them, the Great Wall securities issued a new product to raise dimensions to exceed 900000000 ,the share of contribution is great .In addition ,securities ,and securities ,negotiable securities of the people ,Ping An Securities Dongxing securities management experience a certain degree of net redemption .
Figure 4:2012 years first quarter net management products purchase and redemption share management net purchase five management net redemption before the five the Great Wall 150.19% securities Debon securities 45.
43% Xinda securities 62.54% Yuan Securities Investment Securities in the 49.03% 43.53% China Minsheng securities 41.95% Qilu Securities 27.55% Ping 37.16% securities securities 26.29% Dongxing stock 36.
62% sources: the country gold negotiable securities research in asset size ,a quarter of the market rise ,brokerage collection management net assets does not rise to fall instead .As of 2012 the end of the first quarter, brokerage information management under the collection of financial products by the end of last year the assets of nearly 132400000000 yuan down to $125700000000 ,a decline of 5.
03% .From product size collection property ,Doudoune Moncler,but were swept away,large collection of products at the end of the first quarter of the net assets of more than in the previous quarter fell 5925000000 yuan ,or nearly 5% ;a small set of product in the same period also reduces 734000000 yuan ,or more than 7% .
Chart 5 :different attributes of product asset size ( unit :billion ) in 2011-3-312011-6-302011-9-302011-12-312012-3-31 set 1304.901354.871264.071223.821164.57 small collection of 81.9097.34104.
3599.9992.65 total 1386.801452.211368.421323.811257.22 source: country gold Securities Institute from a collection of financial management point of view ,end of the first quarter of 2012 ,Guotai Junan Securities to manage 13612000000 yuan set financial assets scale ranked the first ,industry ,Orient Securities Assets ,such as management of people ,as well as the management of the collection of financial assets is also at the forefront .
Wherein ,Guotai Junan Securities ,investment securities and other financial assets collection of steady growth in the scale of .Chart 6 :brokerage collection management asset size before ten managers (up to 2012-3-31 ,billion ) management 2011-12-312012-3-31 product number ( only 134.
12136.1222 ) securities citic securities securities assets of 88.5584.5218 125.1898.1517 Eastern Everbright Securities 78.7975.0511 79.1973.406 57.5462.158 GF Securities Investment Securities Securities in the East China Sea 65.
8758.6510 Changjiang Securities 53.0350.3513 Huatai Securities 71.3643.0513 securities 35.4434.918 source: the country gold negotiable securities study of the two different types of product analysis ,1 ,partial stock product analysis from the stock positions ,although the first quarter of the market rebound, but the trend is not clear before, the leaning stock product stock positions still relatively cautious .
Compared with the previous quarter ,the leaning stock products this year first quarter stock positions slightly upgraded 3.66% ,taking into account the market in the first quarter to close up ,therefore the leaning stock products of passive Zengcang more ingredients .
But because of the leaning stock product configuration is relatively cautious ,stock positions are generally not high ,the leaning stock products of one quarter of the overall performance is relatively stable ,the majority of products in the 1-2 month price rise in power, and in March the fall line is more resilience .
Figure 7:2012 years first quarter stock-type product asset allocation change in the 2011-12-312012-3-31 stock 40.37%44.03%3.66% bond 7.33%8.71%1.38% fund 13.55%9.76%-3.79% bank deposits and clearing deposit to other 23.
98%24.60%0.62% asset 18.04%15.54%-2.50% source: the country gold negotiable securities research institute is the allocation of stock assets ,without considering the establishment of a quarter of the new products circumstances ,the majority of products in the change in the position in the range of -10%~10% ,this part of products accounted for about all of the leaning stock products 50% .
Secondly ,active market stimulation of some products to improve the stock asset allocation ,the Chinese letter Financial No. 6 ,Yangtze River beyond the 3 financial ,energy saving ,investment and Guotai Junan Jun Zhi Yuan domestic demand ,Guotai Junan Jun Xin Guotai Junan stocks ,you enjoy rich Lee ,Guo Taijun Ann star value ,No.
1 ,Shanghai securities finance in the active configuration ,capital stock star ,German heart No. 1 many products opening rate of more than 40% .Shenyin No. 2 ,the Yangtze River beyond the financial core growth ,Huatai Zijin No.
3 ,the Yangtze River beyond the financial management in flexible configuration ,golden boat number 1 ,Feng Dongguan No. 2 and a few other products is a little cautious ,Jiancang rate of more than 30% .
In addition ,www.moncleroutletboutique.com,the partial shares from the stock positions product history level ,the types of products stock holdings level is moderate ,strong shocks in the current market pattern in a retreat into the attack can observe the position .
Chart 8 tongueartial stock product stock positions change chart 9 tongueartial stock product stock positions and Shanghai Composite Index Trend sources: the country gold negotiable securities research institute based on 32 complete publication industry portfolio information the leaning stock product is disclosed in the industry configuration ,food and beverage ,finance and insurance ,pharmaceutical ,machinery and equipment and the wholesale and retail is the leaning stock product top five Holdings industry .
Among them, to consumer plate of good ,most of the leaning stock product super with food and drink ,and finance and insurance ,Moncler,mining ,machinery and equipment as well as in metal and non metal in a more significant with low level .
( that is ,since the sample is limited, the results and the results will have a certain deviation .Chart 10:1 ) quarterly stock-type products industry configuration and equipped with ultra-low with sources: the country gold negotiable securities research institute 2 ,FOF product analysis of the first quarter ,adopted son without,FOF products in varieties of the fund configuration substantially reduced ,assets in the stock configuration also declined slightly ,mainly to increase the varieties of other assets ,liquidity is strong bank deposits and clearing deposit assets and bonds .
Figure 11:2012 years first quarter FOF 2011-12-312012-3-31 stock 13.54%13.02%-0.53% bond asset allocation changes 1.54%2.34%0.80% fund 61.14%57.09%-4.05% bank deposits and clearing deposit to other 15.
15%16.36%1.21% asset 10.08%12.95%2.88% source: the country gold negotiable securities research institute from various asset history position level, at present the fund in FOF product configuration is moderate ,whereas the other class of assets at a higher level of configuration .
Figure 12:FOF products of all kinds of asset position change source: the country gold negotiable securities research institute based on FOF and products are disclosed for holding 重仓 fund varietiesof information, this year first quarter end ,stock - index funds ,money market funds and equity funds are FOF products hold 重仓 before threemajor types of funds .
Among them, the stock - Index Fund 重仓 fundproportion in dramatically increased 8.38% ,to replace the money market fund has become the first big 重仓 fund;and money market funds ,equity funds accounted for compared with the previous quarter decline .
Chart 13 :different types of fund 重仓 fundin type FOF products in the proportion of 2011-12-312012-3-31 changes the stock - index 18.17%26.55%8.38% money market fund shares of 25.30%23.93%-1.
37% 20.42%16.90%-3.52% mixed - flexible allocation of 6.65%7.55%0.89% bonds - common bond type 8.16%7.28%-0.87% other types of 6.91%7.04%0.13% bonds - the purchase of new shares of type 8.
04%6.02%-2.02% mixed - active configuration type 4.41%2.43%-1.98% bonds - complete bond 1.49%1.82%0.32%QDII rights investment capital preservation 0.00%0.29%0.29% type 0.05%0.14%0.09% mixed - conservative allocation of 0.
41% 0.07%-0.34% source: country gold Securities Research Institute, in addition ,FOF products on the classification of the fund in high risk level product investment proportion drops somewhat ,but low risk product investment proportion to rise .
In general, a quarter of the market risk appetite has improved, FOF products in varieties of the fund allocation of risk appetite also improved .Chart 14 :classification of the fund 重仓 fundin type FOF products in the proportion of 2011-12-312012-3-31 in the three quarter change low risk level 2.
67%3.37%0.70% high risk level 4.24%3.67%-0.57% total 6.91%7.04%0.13% source: the country gold negotiable securities research institute 3 ,bond product analysis with the fund surface gradually relaxed ,the bond market a quarter lasts to good .
However ,until the end of the season to bond market follow-up performance have certain differences ,so the bond product bond asset allocation appeared relatively substantially drop ,average configuration is 59.
96% ,relatively on the quarter end cut 3.41% .In addition ,the bond product in other assets ,equity asset configuration also decreased, while in the fund ,bank deposits and clearing deposit assets allocation is increased .
Figure 15:2012 years first quarter bond product asset allocation change in the 2011-12-312012-3-31 stock 2.95%2.50%-0.46% bond 63.37%59.96%-3.41% fund 10.51%13.44%2.93% bank deposits and clearing deposit to other 14.
61%17.18%2.57% asset 9.98%7.94%-2.04% source: the country gold negotiable securities research institute from the bond product historical bonds held positions, the types of products bond configuration level remained at a high level .
Since the first quarter last year ,bond product to substantially increase the varieties of bonds configuration ,and in the fourth quarter of last reached a historical peak .Chart 16 :bond product holders of debt position and total debt index trend sources: the country gold negotiable securities research institute in addition ,the holding assets of the bonds ,corporate bonds with a 32.
45% ratio is still ranked first ,but when compared to the previous quarter 6985 drop .Secondly ,short-term financing bills to 23.12% the proportion of bond in the top second in china .
In addition ,Moncler Outlet,the company holds the proportion of debt at the end of last year have relatively substantially rise ,and convertible bonds have a marked decline .Chart 17 :different types of bonds in the bond product bond in the proportion of 2011-12-312012-3-31 changes the enterprise debt 33.
83%32.45%-1.38% short-term financing bonds corporate bonds convertible bonds 22.30%23.12%0.82% 15.59%19.15%3.56% 17.38%14.80%-2.58% detachable convertible bonds 2.01%3.04%1.03% deposit medium-term notes 3.
11%2.84%-0.27% financial debt repurchase treasury 0.00%0.43%0.43% 4.28%2.69%-1.59% 0.87%1.48%0.61% 0.63%0.00%-0.63% three ,investment bank notes organizer having prospect we selected quarterly disclosure of a the 157 partial shares of products and in 42 FOF products ,a total of 145 investment main sponsors ( part of the investment sponsors and managing multiple products ) as the sample ,the future market trend judgment are finishing ,think the market upward trend investment sponsors a total of 43 ( accounting for 29% ) ,think of the future of a quarter of the market with the trend of shock consisting mainly of a total of 87 ( accounting for 60% ) ,and that the market adjusted downward investment sponsors in only 16 ( accounting for 11% ) .
Figure 18:1 quarter stock-type ,FOF product investment sponsors of having to determine source: the country gold negotiable securities research institute in the asset allocation, think the market upward trend investment sponsors the two quarter will be actively concerned about the securities ,automotive ,www.doudounemonclereshop.com,real estate cycle of varieties, at the same time many investment sponsors on consumption concept comparison of interest .
In that the market will be the trend of shock based investment sponsors ,liquor ,food ,retail and pharmaceutical and other consumer goods industry is the main configurations of objects ,but part of the investment sponsors to concern governmental dominant nuclear power ,railway and other topics of interest to invest more .
In addition ,in the more pessimistic expectations investment sponsors ,most maintained a low position configuration ,to take defensive based investment strategy .Sina: sina.com.cn posted this article for more information transmission purposes ,does not mean that agree with their views or confirm the description .