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Main Board • 2009 August fund investment strategy report _ stra

06.09.2012, 14:31 - 4d95z2i6g - Rank 1 - 6 Posts
Golden State SecuritiesFund Research Center Zhang Jianhui to maintain the fund portfolio risk level ,product focused on upstream / blue style investment strategy to maintain the fund portfolio risk level ,product focused on upstream / Blue Style -- equity open-end fund investment recommendations, although after 2 quarter larger positions promotion, a considerable part of the fund positions have no improve the space ,but based on the current point ignored the old fund further enhance the position in May, taking into account the current have been set up for new fund Jiancang and further complete the new fund Jiancang and other factors, in the current fund to issue relatively significant in the context of moderately optimistic ,expected 3 quarter of the fund is expected to contribute funds for hundreds of billions of market scale .
Chinese macroscopical economic recovery to the depth direction of development ,continue to maintain adequate liquidity driven by positive factors ,A shares market optimistic trend continuation still impetus,louboutin, to select stocks and mixed type fund investors, maintain the fund portfolio position in the risk level is proposed .
With the rapid rise of stock valuations , a leading market for policy direction change ( even tiny signal) will reflect very sensitive .With the market environment analysis ,last half year strategy perspective ,2012 July fund investm...ina finance _ sina.com.cn,maintain the current fund portfolio style based on blue-chip market ( especially the blue-chip ) style ,industry allocation in upstream ( especially in focus ) features of the proposal .
The issue of new shares on the bond fund income contributed significantly in the second half of the year ,bond fund scale is expected to achieve growth -- fixed-income open-end fund investment advice share especially the market shares of the bond fund income contributed significantly to current ,www.louboutinderfrance.com,integrated bond market environment ,yield level and restart the IPO of the bond fund influence analysis, we think that although inflation expectations on the bond fund causes certain impact, but considering the IPO ,convertible bonds (including bonds issued detachable ) and other factors, the steady operation of the bond fund the purchase of new shares is expected to yield can reach 4% to 6% levels ,can still serve as a regular savings upgraded species ,and the bond fund scale after half a year after growth is also expected to shrink .
In Sichuan ,China issued during the construction of the money market fund average annual yield of up to 2% or so ,especially the market shares of new shares on monetary fund income pull effect .
Maintain currency market fund year returns ratio level at 2% ± 0.5%anticipated ,but the second half of the year returns ratio level is expected to meet or exceed the period of median .Concern Tongqing B Changsheng leveraged value of the excess revenue opportunities under ,focus on the remaining duration of 4 ～ 6years ,dividends have the potential of the medium-term traditional base closures -- a closed-end investment fund is recommended in the A stock market trend continued optimism still impetus under the expected, we believe that the same IP B leverage value not in price be fully reflected ,follow-up net accelerated promotion + discount narrow excess revenue opportunities .
The traditional sealing medium either discount rate or the expiry year returns ratio at a relatively low level is an indisputable fact ,although still retaining a two-way flexible space ,but we expect the market to rise further next discount levels are still further decreased slightly in space ,while the market fell sharply rising will bring the level of discount .
Suggestions for the traditional closed fund or flat with appropriate comparison with low ,remaining duration of 4 ～ 6years product has a comparative advantage .Along with the 2 quarterly disclosure ,closed-end funds interim dividend ability come out ,comprehensive comparison of dividend potential and level of discount ,Jinghong ,Pratt & Whitney ,Jingfu fund have certain comparison advantage ,available at this stage to focus attention .
Portfolio recommended attacking combined defensive portfolio fund of fund of fund type weight type weight fund bocom sound mixing and flexible allocation of 20% of Penghua value stock type 20% industrial social stock type 20% into featured a mix - flexible allocation of 20% China industry stock type 20% Hong consumer goods stock type 20% AIA value stock type 20% rich Tianli bond - the purchase of new shares 20% GF sound mixing - active configuration to build 20% letter to increase the advantage bond - the purchase of new shares 20% absolute return fund of funds combined flexible allocation of fund of fund type type weight weight ICBC Tim Lee A bonds - the purchase of new shares 50% bocom sound mixing and flexible allocation of 20% China bond C bond - the purchase of new shares 50% Chinese industry stock type 20% GF sound mixing - active allocation type 20% rich countries Tianli bond - the purchase of new shares 20% built letter to increase the advantage bond - the purchase of new shares of 20% closed-end funds portfolio fund of fund type investment weight Tongqing B closed fund 20% Yu Yang closed 20% fund Jinghong closed 20% fund Tae closed 20% fund Pratt & Whitney closed 20% sources: Research Institute ,the rights and interests of open investment fund Investment suggestion maintenance funds portfolio risk level ,product focused on upstream / Blue Style -- A stock equity open-end fund investment advice power still ,perturbation increase, maintain portfolio risk economic recovery to the depth development : in the 2 quarter of 2009 real GDP grew 7.
9% ,compared with the 1 quarter surged by 1.8 percentage points .Indisputably ,investment is driven by strong economic rebound in the first half of the year the main power ,the first half of investment in fixed assets in urban area the actual growth rate of more than 40% ,the 2 quarter is close to 50% .
We continue in the second half of fund investment strategy report view ,although long-term investment so rapid growth trend cannot be maintained, but expected to fall slowly : on the one hand, the short term ,as a result of local government and bank funds supporting the lag ,government investment stage will still maintain high level ,and the loose credit support to drive the industrial investment continued to growth ;on the other hand ,the government maintained mediation investment rhythm ability (such as $1.
18 this year the second batch of investment in the central budget only 70000000000 ) ,so the expected government investment and industrial investment in the future will fall back or slow and smooth; in addition ,the government cut taxes and a series of stimulus policies, real estate sales pick up obviously ,the corresponding real estate investment picked up significantly ,it is expected that the second half of the real estate investment will be better than the first half of the year .
With the completion of inventory digestion ,the role of investment in economic growth since the beginning of the 2 quarter performance is becoming more and more evident .But ,from industrial production ,power generation ,crude steel production and other microscopic observation ,macro economic rebound in microscopic gradually surface to be reflected, 5 ,in June the national power generation and the crude steel production has continued to show growth ,macroscopic thermal micro cold situation has been revised ,economic recovery to the depth development .
Chart 1 :China industrial production grew more chart 2 :China power generation and the crude steel output changes comparing sources :the country gold negotiable securities research institute Master ample liquidity situation does not change :in the external economy gradually bottom to the process of recovery, on the one hand, Chinese see the export situation is still cautious optimism ,is difficult in the economic growth play an important role, but on the other hand, from the perspective of global liquidity for emerging markets and commodities will remain the focus of mobile phase .
Domestic monetary policy as the first half of the year ,despite the rapid growth of credit policy or from the loose gradually become more balanced ,but the government leaders repeatedly mentioned will still not to move or retreat to continue to implement a moderately easy monetary policy ,so as to consolidate the momentum of economic recovery has stabilized .
Therefore ,to maintain continuity of the policy at the same time ,improve the pertinence and adaptability ,further optimize the structure and policy focus .The old fund opening and the issue of the new fund is also the 2 quarter of the stock index rise further especially blue-chip blue-chip market leading one of the driving forces .
Data shows ,2 quarters of large scale Zengcang fund has become the consensus ,active investment stock-fund positions for the two quarter of 84.07% ,louboutin,compared with the 1 quarter surged 8.4% ,wherein the stock type fund has reached 86.
78% ,more than 07 years of the three quarter of the market the highest point of the stock type fund 83.87% of the position .Detailed comparative analysis since the 2 quarter of fund flows ,eliminate market rise has brought changes in the positions of influence ,the 2 quarter of the market fund contribution of incremental funds of about 1 hundred billion yuan ( including old Zengcang Fund contributions of about 70000000000 yuan ,the new fund Jiancang period contributed approximately 30000000000 yuan ) .
Although after 2 quarter larger positions promotion, a considerable part of the fund positions have no promotion space ( about 10% fund to reach the contract limit ,another 35% fund shipping space and the upper gap of less than 5% ) ,but based on the current point ignored the old fund further enhance the position in May, taking into account the current has been established for the new fund further to complete the new fund Jiancang and such factors ,in the current fund to issue relatively substantial background, moderate optimism for the 3 quarter of the fund is expected to contribute funds market scale ( hundreds of billions of new fund Jiancang increase complete about 30000000000 yuan of funds ,the current in the primary fund increased funding of about 400 ～ 50000000000 yuan,in addition to follow there will be a new fund release ) .
As the stock index rebound under the wealth effect emerged again ,residents investment enthusiasm to rise again ,the A shares daily number of new trading accounts opened since February has been maintained at a relatively high level of .
The central bank two quarters of urban depositors nationwide questionnaire results also find similar answers ,questionnaire results show that although 47% of urban residents in arranging expenditure and choose save more ( ratio of 9.
5 percentage points higher than last season ,to the historical highest ) ,but at the same time selected investment proportion of the residents to 37.9% ,two consecutive quarterly increase ,cumulative increase of 8.
8 percentage points .Chart 3 :daily new A shares account number changes comparison chart 4 :daily new fund accounts changes comparing sources :the country gold negotiable securities research institute in China ,macroscopical economic recovery to the depth direction of development ,continue to maintain adequate liquidity positive factors such as drive below ,A stock market trend continued optimism still impetus, to choose equity and hybrid funds investors, maintain the fund portfolio position in the risk level is proposed .
However ,with the rapid rise of stock valuations , a leading market for policy direction change ( even tiny signal) will reflect very sensitive ,especially the stock market is the issue of new shares of rhythm ,do poineering work board roll out ,real estate tightening etc.
,will become the stock index fluctuation of the disturbance factor .In hold the driving pulse of active operation ,flexible adjustment of combination style -- the second half of 2009 fund investment strategy report we mentioned ,based on the first half of the year time span ,closely follow the market liquidity ,the valuation of the level and the macro and micro data changes, on the choice of fund investment strategy and portfolio style were positive and flexible conversion adjust adjust train of thought ,specific as follows: open style features from large blue-chip small-cap growth style to gradually change the configuration characteristics of the industry ;from focusing on the upper and middle reaches and lower reaches of the industry to configure the gradual conversion ;management ability characteristics from outstanding industry configuration ability to stock selection ability gradually conversion .
With the market environment analysis ,last half year strategy perspective ,maintain the current fund portfolio style based on blue-chip market ( especially the blue-chip ) style ,industry allocation in upstream ( especially in focus ) features of the proposal .
Fund selection focus in the upper reaches of the industry configuration / large blue-chip blue-chip market style we consider the relative small dish stock excess return upward trend will still maintain its stage ,a ,valuation levels comparison shows ,whether earnings or net rate ( reference Chaoyang sustainable consistency expected earnings ) ,to the 50 ,as the representative of the blue-chip Index 2009 dynamic estimate value level relative to the entire market ( especially number) still has certain comparison advantage ;secondly ,to maintain an adequate level of liquidity situation ,blue-chip market liquidity advantages will also bring a certain ;thirdly ,as mentioned before ,the 3 quarter is expected to fund will still be market the contribution of more substantial amounts of money, while the blue chip market will still be the major fund allocation object ;in addition ,the size of disk shares from the comparison of the excess proceeds ,www.christianlouboutinoutletsinusa.com,the large blue-chip small-cap stocks in the relative excess earnings remain on the rise .
Therefore ,from August the market point of view, is still recommended in fund investment options on the set a major blue-chip style products .Based on the analysis above ,this article from the fund stock preference ( and manager stock tendency ,product size and other factors ) ,fund product design positioning ,operating style is relatively flexible product two quarterly reports reflect the ownership characteristics angle selection is held relatively with blue-chip market style fund product ,for investors to select reference ( due to index fund style bright ,in the product are not included in index funds ) ,specific products such as: the trend of industrial ,BOCOM sound ,INVESCO Great growth ,steady ,steady ,louboutin pas cher,Tianfu advantage , Chinese industry ,theme ,consumption of the Great Wall ,investment growth ,AIA ,agricultural value ,Penghua innovation ,constructs the letter core ,ICBC Credit Suisse blue-chip etc.
.Figure 5 :comparison of different style index valuation of the level of 2009PE2010PE2011PE2009PB2010PB2011PB current A share 25.5920.6718.033.443.072.73 Shanghai Composite Index 24.2819.8717.
483.322.962.64 and 30023.3119.1016.853.302.942.61 to 10022.3118.4516.463.232.872.55 Shanghai 5021.3817.8616.093.142.792.48 refers to small and medium-sized panels 32.6724.8120.044.594.053.54 chart 6 :the size of the disk unit excess income comparing sources :the country gold negotiable securities research institute of Chaoyang sustainable as a loose monetary environment as well as the ample liquidity situation continues ,the economic recovery and potential expectations of inflation is expected to continue to sharply higher resource and asset prices ,gold ,industrial metal ,coal and other key upstream industry and real estate industry will continue to benefit .
Moreover, prior to the narrative and ,along with the policy of stimulating effect on fermentation ,economy to develop to depth ,corporate profitability will also to the middle reaches of the upstream industry gradually rise ,this will make the investment of middle reaches product get more attention .
At the same time ,in the current market valuation structure of investment goods ,also reflect a certain degree of relative valuation advantage ,therefore the present stage funds / portfolio of the fund industry configuration features suggested continue upstream features ( especially the middle reaches, such as steel ,chemical ,engineering machinery ,commercial vehicle industry ) .
This article from the use of the recent disclosure fund 2 quarterly fund industry configuration feature to distinguish, and select the part of quality products for investors to select reference ,specific reference chart 7 .
Similarly, because each product risk characteristics has certain differences, investors according to their own risk orientation selection of appropriate products ,the other holding characteristics analysis based on history information disclosure ,louboutin,investors need to timely according to the fund information disclosure to locate the fund allocation of the industry characteristics .
Chart 7: industry allocation in upstream characteristics of fund products focus on country gold product rating Fund Manager China industry stock ★ ★ ★★Luo Zepingbocom sound mixing and flexible allocation of ★★★★★Zheng TuoFonda growth-stock ★★★★★Chen ZhiminHe Yunfeng GF sound mixing - active configuration type -- Xu Xuemei Feng Yonghuan Penghua value stock ★ ★ ★Cheng ShijieINVESCO growth stock ★ ★ ★Wang Penghuiinto featured a mix - flexible allocation of ★ ★★ ★Cao XiongfeiYinhua leading stock -- besides Qunfeng Wan Zhiyong AIA value stock -- Wang Hui South Sheng Yuan stock type ★ ★ ★Chen JianJiang Pengchen two ,the regular earnings class open fund investment suggest that the issue of new shares on the bond fund income contributed significantly in the second half of the year ,bond fund scale is expected to achieve growth -- bond open-end funds investment suggestions such as half an annual report of the strategy is expected to continue ,the loose monetary policy enhances the inflation expectations ,christian louboutin outlet,although in excess capacity still need further digestion on inhibition of price conduction ,CPI rose is expected to be relatively mild, obvious inflation pressure or will be in 10 Years reflect truly ,but returns in the bond market level is small rebound trend .
In the current valuation mode, bond yields rise to bond fund net worth performance brought certain negative effect .However ,we also through meticulous analysis is mentioned ,although the IPO rules are adjusted somewhat, but the reference in the past three years the net purchase of income,www.flouboutinpascher.com, and to follow the new net purchase under the different calculated show ,take a relatively cautious expectations (by 0.
3% ～ 0.5%success rate ,listed on the first day of the closing price of the average rate of return 20% year returns ratio in the 3.13% to 5.21% range ) ,participation ,the net purchase ( especially the stock market ) still contributes to the bond fund increasing income .
This view in the near future ,the issue has been the embodiment of good ,in July 27th and July 29th two trading bonds - purchase new products average yield reached 0.58% and 0.25% respectively .
In addition ,published July 28th stock and bond transactions of Switching Company. the prospectus ,follow-up of convertible bonds (including detachable debt ) market expansion will also be for the bond fund to provide more choice ,to improve yield level .
Chart 8 : over the past three years of new shares under the net purchase situation comparison chart :9 according to the 7 computing new net purchase annual rate of return on success rate of circulation in the stock market closing price calculation of rate of return of 7 years of yield profit ratio of average rate of return of 10% average rate of return of 20% average rate of return of 50% average rate of return 100%2008 1.
30%37.21%7.82%69.74%0.3% the success rate of 1.56%3.13%7.82%15.64%2007 0.81%165.50%59.96%99.18%0.5% 2.61%5.21%13.04%26.07%2006 0.54%108.55%62.05%100%1% success rate of success rate of 5.21%10.43%26.
07%52.14% source: the country gold negotiable securities research institute comprehensive on the bond market environment ,Rating fund trading op...angsheng Tongqing expires,yield level and restart the IPO of the bond fund influence analysis, we believe that despite the expectations of the bond fund causes certain impact, but considering the IPO ,convertible bonds ( including separation of debt issued ) and other factors, the steady operation of the bond fund the purchase of new shares is expected to yield can reach 4% to 6% levels ,can still serve as a regular savings upgraded species ,and the bond fund size after the first half is expected to shrink after growth .
The kinds ,the type of credit bonds or bond fund raising yields important investment varieties ,at present 3 ～ 5 yearhigh credit rating of bonds between credit spreads (the relative financial bonds ) have been reduced to 80BP, more space is very small, in the credit rating of bonds between credit spreads down to 150BP,louboutin pas cher, still have small decline space of course ,need to take risks to rise; and from the risk perspective ,floating rate debt, strong ability against interest rate risk .
Therefore ,in inflation is expected to cause bond yields to rise slightly in the background, suggested that low absolute risk preferences of investors in the selection of appropriate duration of contraction duration ,duration of focus positions / short or appropriate allocation of floating rate debt products ,such as Hua Baoxing Hong bond fund ,wide hair to strengthen the bond fund the purchase of new shares and bonds - type products ;moderately aggressive operation ideas can be of concern to Schroder silver ,www.louboutindepaschers.com,and increasing the profit growth in rich countries Tianli ,ICBC credit Tim Lee ,China bond fund ,bond fund fund ,letter to build stability and increased profits in the type of credit bonds on the proportion of positions is higher and the history of sustained and stable performance of outstanding bonds - purchase new products ;and considering the issue of new shares purchase size limits, small fund to participate in IPO has certain advantages .
Chart 10 :a key recommendation of the bond fund at the end of the two quarter ( table for holding structure proportion of share of net assets ratio) of stock and bond bond fund total national bonds and financial bonds corporate bonds convertible bank notes to pay silver Schroder profit by 0.
00%85.93%0.00%5.05%17.46%37.63%25.80% growth in rich countries Tianli 0.00%98.14%10.19%17.10%16.20%45.51%9.14% ICBC credit Tim Lee 0.21%121.89%5.01%76.06%37.13%3.69% 3.58%88.42%7.02%44.12%1.49%27.
08%8.72% Castrol China bond fund bond fund 0.95%94.92%19.45%4.59%35.20%17.49%18.18% letter to build stability and increased profits by 0.90%85.91% 22.29%7.39%20.70%22.47%13.06% GF strengthen the bond fund bond fund 0.
02%95.69%6.22%17.94%63.54%7.94%0.06% 0.00%92.83%12.43%3.38%54.99%14.14%6.18% Bao Kang source :the country gold negotiable securities research institute IPO enhance Monetary Fund stage income ,continue to focus on the dual characteristics of fund products -- money market fund investment recommendations July ( 2009.
06.22 ～ 2009.07.21) ,money market funds, the average annual yield ( not including B fund and product design duration is relatively short the China International Monetary Fund ) in 1.53% to maintain the neutral level .
However ,if the half annual report of the strategy expected ( especially the stock market ,shares ) issued on institutions attractiveness will cause during the lending interest rates upward fluctuation ,contribute to the money market funds stage increased revenues, in Sichuan ,China issued during the construction of the money market fund average annual yield of up to 2% or so ,on the money fund profit pulling effect .
Overall, we maintain the beginning of the money market fund yield level at 2% ±0.5% right-and-left anticipation( first half of the year returns ratio level falls in the expected interval along the lower ) ,but the second half of the year returns ratio level is expected to meet or exceed the period of median .
Product selection, the money market fund shadow price and amortized cost method to determine the net asset value of the fund deviation can be used as a money market fund an important reference index .
Deviation degree more high performance of the fund assets in the hands of surplus higher and higher ,the maintaining and even improving the yield level of potential is greater .Reference two quarterly data ,deviation of history of income and stability ,fluidity ,proposal stage focused on Chinese cash ,easy money ,when cash money ,letter to build -- high degree ,high rate of return .
Chart 11 :money market fund average yield change source :the country gold negotiable securities research institute three ,closed-end fund investment advice tradition to seal the base 1 :discount level remains low ,continue to focus on the remaining 4 ～ 6years in semi annual report of the strategy we mentioned ,the traditional sealing medium either discount rate or the expiry year yield at a relatively low level is an indisputable fact ,although still retaining a two-way flexible space ,but we expect the market to rise further next discount levels are still further decreased slightly in space ( or maintain the current level of discount ) ,while the market fell sharply rising will bring the level of discount .
Therefore ,suggestions for the traditional closed fund or flat with appropriate comparison with low ,remaining duration of 4 ～ 6years product has a comparative advantage .Chart 12 :traditional base closures of discount rate trend sources: the country gold negotiable securities research institute chart 13 :traditional base closures discount / expiry year returns ratio and the historical high of more chart 14 :the base closure discount / expiry year returns ratio and the historical high of more sources: the country gold negotiable securities research institute 2 :comparison of traditional base closures the interim dividend ,featured a relatively advantage of products with the 2 quarterly disclosure ,closed-end funds interim dividend ability come out ,according to the fund ,Public offering of the...policy bottom support _ s,according to 1 reports 2 quarter financial data ,the traditional closed-end funds during the first half of units have been realized gains undertook summary statistics, and make up the history of loss as well as in the face value 1 yuan of above part although the closed-end fund dividend dividend after no less than the net shall not be less than the par value ,but considering the part of the Fund ( especially open ) contract with similar promise ,so this article from the caution principle to take the way of analysis this year unit realized gains 90% distribution under the assumption of rational and different level of discount under the hypothesis of dividend arbitrage space scene measurement ( Chart 15 ) ,comprehensive comparisons Red potential and level of discount ,Jinghong ,Pratt & Whitney ,Jingfu fund have certain comparison advantage ,available at this stage to focus attention .
Of course ,we must also see to seal the base bonus ,annual bonus base closure of half is not mandatory requirements ( including whether dividends ,profit-sharing ratio ) ,it is also about half the annual dividends of important risk point .
Chart 15 :traditional base closures semi annual bonus ability comparison and possible arbitrage space calculation (calculated as of 7.24 ) fund of its deadline the remaining life of discount rate by the end of 2008 the remaining units can be assigned revenue first half of 2009 has realized gains net unit ( yuan ) amount to ,after making up the losses can be allocated a share of the proceeds unchanged before and after discount arbitrage space dividend discount 25% arbitrage space dividend discount 20% arbitrage space tax exemption without tax consideration consider tax-exempt fund Jinghong 2014-5-54.
7823.94%0.05040.13951.60410.13952.46%1.18%3.76% 7.24%9.30% fund Pratt & Whitney 2014-1-64.4523.22%0.15650.17941.76730.17942.76%0.65%3.62%6.57%8.95% funds of Jingfu 2014-12-305.4323.88%0.11680.08671.
60150.08671.53%0.13%1.74%6.38%7.66% fund dry 2016-8-287.0923.34%0.15050.10471.57850.10471.82%-0.21%1.73%5.92%7.48% based Jin Yinfeng 2017-7-318.0225.59%-0.00130.01801.27400.01670.41%1.19%1.58%7.83%8.
14% fund Hansheng fund Tianyuan fund 2017-3-127.63 2014-8-255.0923.44%0.24330.05631.64450.05630.94%-1.03%-0.02%5.30%6.10% 2014-5-174.8122.14%0.03660.14111.70820.14112.11%-1.29%1.10%4.66%6.57% Corina 20.
94%-0.03230.16961.54560.13732.12%-2.61%-0.08%3.21%5.23% 2014-6-144.8923.14%0.10680.05321.45980.05320.99%-1.35%-0.28%4.94%5.79% 2014-6-144.8919.22%0.16140.20641.75780.20642.51%-3.89%-0.62%1.65%4.26% fund fund fund Yulon Hing and the Anshun 2014-7-134.
9719.42% 0.01070.09071.44830.09071.36%-5.17%-3.43%0.68%2.08% 2013-7-254.0018.13%0.33290.02201.77970.02200.25%-8.05%-7.71%-2.01%-1.74% 2013-6-223.9119.38%0.11920.09211.58270.09211.26%-5.35%-3.73%0.53%1.
83% Yu Yang Shun fund fund fund Xinghua 2013-4-283.7612.35% 0.10250.19101.66680.19101.45%-11.49%-8.55%-6.38%-4.03% Innovation Fund :concern Tongqing B Changsheng leveraged value of the excess revenue opportunities under grade product of innovation fund Changsheng Tongqing listed in May 22nd ,or the chance to expectations in arbitrage funds , with the sale of different risk return characteristics under the pressure of capital turnover ,celebration of B has been listed in a higher discount condition .
In the A stock market trend continued optimism still impetus under the expected, we believe that the celebration of B leverage value has not been fully reflected in the price ,the follow-up net accelerated promotion + discount narrow excess revenue opportunities ,the reasons are the following: listed more than 2 months, B exchange have celebration comparison of full ,exchange rate reached 130% ,even taking into account the 6 at the end of the subscription funds release since the exchange rate has hit 70% ～ 80%,follow the market operation is based more on funds on the market and the fund value judgment ,rarely exist unable to bear the risk capital selling pressure phenomenon .
Celebration of the fund A shares agreement year reference returns ratio is 5.6% ,the corresponding income allocation amount of use of simple calculation ,annual benchmark rate of return and return to the fund share subscription value for reference to calculate .
In the extreme market environment ,A holders can obtain annual celebration of 5.6% return .Reference current Tongqing A ,B net, a deduction of the rest 2 years 10 months to celebrate A distribution of income ,Tongqing B currently in 3%, that is to say the current market prices basically reflects the future to celebrate A distribution of income .
Celebration of B greatest value is that the 1.6 times leverage ,through the celebration of B near stage changes in equity and the market trend of the measure, Tongqing B current stock positions in 80%, lever characteristics reflected in net .
The whole issue of Changsheng Tongqing dimensions to achieve 15000000000 yuan ,louboutin pas cher,considering its location, scale and speed of its positions Jiancang ,anticipate for blue-chip market style ,this is also the expected market structure with .
Four ,fund portfolios recommended chart 16 :combinatorial description and earnings offensive defensive combination combination of absolute return combined flexible configuration combined closed fund portfolio portfolio performance benchmark benchmark 74.
32%50.12%5.14%41.36%76.40% 63.45%36.51%1.57%31.73%59.47% 68.99% 39.29% -- -- investment object to stock / hybrid open-end fund ,two kinds of product allocation ratio of not less than 80% covers the stock / mixed / Bond Fund bond open-end funds / money market fund ,two kinds of product configuration is not less than 80% covers stock / mixed / bond open-end funds / money market fund configuration fully closed-end funds portfolio goal through a relatively robust generic configuration ,Gou Jiangao / medium / low risk combination of features, aims to get beyond the baseline performance in the relative gains .
Suitable for their own risk clear positioning and active configuration needs of investors .Through active flexible generic configuration ,seeking absolute returns and relative income balance .
Suitable for their own risk orientation is not clear ,the value basis of the appropriate value added demand of investors .Selection of closed-end fund ,get beyond the baseline performance in the relative gains .
Performance benchmark stock-based open-end fund income index 60% stock-based open-end fund income index + 40% bond fund returns index two year time deposit interest rate MAX ( one-year deposit interest rate ,50% partial shares fund return index ) of closed-end fund price index benchmark 80% circulation A+20% bond indices 50% circulation of A+50% bond indices -- -- according to the relevant market and of all kinds product investment operation strategy analysis ,and reference the two quarterly fund holdings ,we on 0907 combinations were adjusted appropriately,louboutin shoes, build 0908 combinations of the following: Chart 17 : 0908 phase offensive combination of type investment fund weight fund rating fund manager fund manager ratings of fund of fund company rating bocom sound mixing and flexible allocation of 20% ★★★★★Zheng Tuo★★★★★BOCOMSchroder ★ ★ ★★industrial socialstock type 20% -- Fu Pengbo ,Liu Zhaoyang -- the global industrial ★★★★★HuaxiaIndustry stock type 20% ★ ★★ ★★ ★ ★★ ★ChinaLuo Zeping ★★★★★AIAvalue stock type 20% -- Wang Hui ★ ★ ★AIA Huatai ★ ★ ★GFsound mixing - active allocation type 20% -- Xu Xuemei ,Feng Yonghuan ★ ★★ ★★ ★ ★★GFsource :the country gold negotiable securities research institute chart 18: 0908 defensive portfolio fund name type investment weight fund rating fund manager fund manager rating fund of fund company rating of Penghua value stock 20% ★ ★ ★★★ ★ ★Cheng ShijiePenghua ★ ★ ★★greatfeatured a mix - flexible allocation of 20% ★ ★ ★★Cao Xiongfei-- a ★ ★ ★Hongconsumer goods stock type 20% ★★★★★YanXu ★★★★★Hua Baoxing★★★★★Tianli richbond - the purchase of new shares type 20% -- Rao Gang -- rich ★★★★★builtletter to increase the advantage bond - the purchase of new shares type 20% -- Wang Pei ,bell ,Li Yingfang Jingdi -- built letter -- the source: the country gold negotiable securities research institute chart 19 : 0908 period absolute income fund name type investment weight fund of fund company rating ICBC Tim Lee A bonds - the purchase of new shares 50% of ICBC Credit Suisse ★ ★★ ★China bondC bonds - the purchase of new shares of 50% Chinese ★★★★★sources:the country gold negotiable securities research institute chart 20 : 0908 period spirit Active configuration fund name type investment fund fund manager fund manager weight rating rating fund of fund company rating bocom sound mixing and flexible allocation of 20% ★★★★★Zheng Tuo★★★★★BOCOMSchroder ★ ★ ★★HuaxiaIndustry stock type 20% ★ ★ ★★★ ★ ★★ ★ChinaLuo Zeping ★ ★ ★★ ★GFsound mixing - active allocation type 20% -- Xu Xuemei ,Feng Yonghuan ★ ★★ ★★ ★ ★★therich countries Tianli bond - the purchase of new shares type 20% -- Rao Gang -- rich ★★★★★builtletter to increase the advantage bond - the purchase of new shares type 20% -- Wang Pei ,bell Jingdi ,Li Yingfang -- built letter -- the source: the country gold negotiable securities research institute chart 21: 0908 closed-end funds portfolio of investment fund manager fund manager ratings of weights of fund of fund company rating Tongqing B20% Wang Ning ,Huang Ruiqing ★ ★ ★★ ★ ★fundsChangsheng 20% week force ★★★★★Bo.
★ ★★ ★fundJinghong 20% yuan Qing ★ ★ ★★ ★ ★fundin Jintai 20% Tang Ke ★ ★ ★★ ★ ★Cathay PacificFund Pratt & Whitney 20% Ji Hongtao -- Penghua ★ ★ ★★ &nbsp&nbsp&nbsp&nbspSina: sina.com.cn board Set this article for more information transmission purposes ,does not mean that agree with their views or confirm the description .