Distant water puzzled thirst! This is YINHUA Fund stocks CSG portrayal of a share price in the near future. Although the CSG a notice in the April 8 directional add-issuance programme, further into the PV industry, but unfortunately is, this stock in the period from March 18 to April 15, but suffer a collective jiancang main body headed by the Fund, staged a Fund for 17 days in retreat, selling the unit is $ 1.9 billion in aggregate chips; the same period, the shares fell all the way 11.51%. Recommended reading · fengji Forum investment real disk summary
· ICBC go debt relative arbitrage space 5% public private second quarter sing more blue-chip debt Base Manager out: transfer worth rushed 5,002,011 spring private equity Tsim peak Forum 24 only fund heavy warehouse unit April lifted 160 billion fund 17 days reduction raised South glass A19 billion yuan fund a quarter heavily buy chemical unit [hexun know] which only fund configuration ability strong actually, from Exchange disclosure of bulk transactions Shang can found, the unit early in on January 19 on has appears has chips loose signs, institutions funds appears obvious differences, so far has has over 2 billion yuan of chips was selling. According to the securities daily Fund reporter of the weekly observer, in the four quarters of last year's turmoil in the city, southern glass a big ambush of the funds are available, including 20, Yinhua series 6 Fund Unit funds to bin the unit only.
However, in less than a month's time, these were big increase in the warehouse funds choose to flee. On this, Beijing a brokerages building building materials industry analysis persons in accept securities daily under Fund weekly reporter interview Shi said: "now of problem is, market on 2011 company new energy this a of performance does not optimistic, domestic other listed company of polysilicon project has a large heap, backward capacity excess let South glass was a species crisis; also, polysilicon industry improve access threshold, many listed company is assessment effect, and are prepared production new project of South glass, its capacity may will was limit. " was abandoned to the new economy (310,358, Fund) first unit 17 days of the Fund raised $ 1.9 billion mid-mid-June to the second quarter of the time in the first quarter (March 16) which was raised of intensive period Fund, although the market successfully cross the 3,000-point mark and rose 5.33%, but this and to cover up the Fund stocks of change. Comparable 72 funds to stocks (together holding over 15% per cent flow of equity in the market value of the Fund) by an average of 5.36%, during which only 11 implementation increases, and outperform only 7.
YINHUA series 6 Fund warehouse holdings CSG a, decreased by 12.76%, suffered $ 1.9 billion since March 18 for a larger main body headed by the Fund of funds withdrawal was abandoned the first unit of the new economy. According to compass agencies password data from March 18 to April 14 (April 15 the unit business), Fund holdings CSG major institutions such as a decline in 7.17%, net sell the amount of $ 1.9 billion, which bought places 4.458 billion yuan, sold $ 6.358 billion amount; private equity totals increase warehouse 0.51% 17 days, buy the amount of $ 630 million, sold for $ 248 million, net purchases of $ 382 million.
Especially in the last week, the major funds to sell CSG a momentum of more cool: Agency net selling 176 million dollars in the unit last Monday, institutions NET sold 201 million dollars in the unit on Tuesday, Wednesday on institutional net selling the shares $ 203 million, institutions net selling of the unit on Thursday 17 million Yuan, suspension of the unit on Friday.
The securities journal funds weekly reporter noted, southern glass a sign as early as January 19 has been around for a loose chips, institutional money showed a significant difference, over 2 billion worth of chips have been sold so far. On January 19, CSG a publish additional plans, the company intends to raise funds of $ 4 billion for the total size of up to $ project. Among them, solar cells and energy-saving glass is the company's main direction in the future. The same day, the unit's gains to the daily limit of 9.99% plate, commodities and stunning debut of Shenzhen Stock Exchange trading platform, the second to the fourth largest buyer for agency specific seats, total $ 57.4391 million buy and top three selling seats special seats for all institutions, totals $ sell 63.7136 million.
Both institutions to buy and sell side, all display out of the main body of the Fund appear deeply divided. A month later on February 19, CSG a blast two large shareholders working together to reduce their stakes, deep International Holdings Limited (Shenzhen) limited, the new general industrial development (Shenzhen) limited to centralized bidding transactions, a year respectively to reduce their stock 10.1655 million stock and 13.8949 million shares, shares then crashed down.
After the January 20 there are media reports that ping an trust has recently passed some of CSG, centralized trading system to reduce a share, at the same time reducing the disclosure is likely to continue to the next 12 months the CSG held a shares. YINHUA holding weights of enhanced 6 funds owned 3 up 3 down in the four quarters of last year's turmoil in the city, increased access to funds for Southern glass a big warehouse. According to the finance meeting information data, the end of 2010 there were 20 funds to warehouse the units, total number of shares to 235 million shares in final position 18.39% per cent flow of equity. By contrast, at the end of September last year a total of 6 funds to warehouse the units, the total number of shares for 110 million shares, representing its proportion in circulation 11.2%, holding three quarter per cent increase in the number of 125 million units, holding share has increased 7.19 percent.
However, Yinhua of becoming one of the top shareholders in listed companies of seats reduced, but their holding weights do not weaken. Owned by YINHUA Fund CSG a 6 share, Yinhua value is the greater number of shares of fund selection, holds 58.6 million shares YINHUA-Dow Jones 88 was relegated, holding 24.6761 million shares; YINHUA wealth (180,012, Fund) subject, Yinhua quality growth (180,010, Fund) two Fund shareholdingMore than 10 million shares YINHUA selected domestic demand shares (LOF), Yinhua harmonious theme (180,018, Fund) and mixed in the top 10 stocks CSG also appears a figure.
According to statistics, 6 funds owned by YINHUA Fund holds a CSG a shares in aggregate votes 116 million shares stake in total $ 2.3 billion in the market value, and at the end of three quarters of last year, Yinhua Fund 5 funds together hold CSG under a shares vote 112 million shares, holding's total market capitalisation of 1.772 billion yuan. However, according to South glass-a disclosure of 2010 annual report display, Qian ten circulation shareholders of seats YINHUA Department Fund has reduced a a, as last year end only has YINHUA core value optimization (519,001, Fund 's), and YINHUA-Dow Jones 88 selected two only fund finalists, respectively column home the unit 5th large shareholders, and 7th large shareholders, holding volume total 83.2761 million unit, accounted for the unit circulation equity proportion 6.54%; and in last year three quarter late, Yinhua Department 3 Fund total holds 94.7631 million unit, accounted for the unit circulation equity proportion 9.65%. While stationed in listed companies "top ten" of funds per cent decline, but overall, Yinhua holding weights has not diminished.
Data show that at the end of three quarters of last year, Yinhua Fund holdings shares over the stock of total equity ratio 5.39%; and to the end of four quarters of last year, holding the total rose to 5.61%. Due to the tendency of China Southern glass a downturn this year, share price has risen since the beginning 0.41%, running distance index 8.22% (index this year 8.63% per cent), Yinhua Fund does not get larger benefits.
If not since the beginning of regulating bunker, Yinhua 6 Fund total float under the $, and $ 2.3 billion at the end of last year compared to the stake could fetch insignificant, position up to the silver book floating profit 4.7451 million Yuan value optimization in China this year. From the perspective of rate of return on the list this year, these warehouses of China Southern glass a funds performance differentiation. Holding number up to of silver China value optimization, this year yilai net growth 1.94%, Yinhua harmonious (180,018, Fund 's) theme more is made has 1.44% of higher return, Yinhua-Dow Jones 88 index more is also made 4.72% of return; and YINHUA domestic demand selected (LOF), and YINHUA quality (180,010, Fund 's) growth, and YINHUA rich theme is income gaofu, return respectively for-8.88%, and-6.23%, and-5.42%. Comparative data display, this year 363-NET bonus average return of-1.05%, compared with 20 cartridge CSG a average rate over the same period of the Fund-3.15%.
Clearly, the CSG a downturn trend, the holding Fund feel anxious. polysilicon prospects difficult BU traditional business profit ability decline "now of problem is, market on 2011 company new energy this a of performance does not optimistic, domestic other listed company of polysilicon project has a large heap, capacity excess let South glass was a species crisis; also, polysilicon industry improve access threshold, many listed company is assessment effect, and are prepared production new project of South glass, its capacity may will was limit.
"A building material industry analysts of securities companies in Beijing in an interview with the securities journal funds weekly reporter said. Reporters noted that according to the Ministry of the recent publishing of the polysilicon industry access, greatly improving the entry threshold, minimum capital ratio requirements, environmental conditions, the project scale, reduction of power consumption, and so are more demanding requirements, relatively speaking, a group of polysilicon small enterprises had to be out of embarrassment.
From the PV industry for a time "hold Silicon world" to the burst of polysilicon industry overcapacity, encounter financial crisis prices collapse, 2011 poly silicon industry or under State macro-control winding jungle scrimmage situation. "Due to the introduction of polysilicon threshold will round of shuffling of the industry, which has just been involved in this area of impact of China Southern glass a, is uncertain. But it is certainly, there are too many global poly silicon excess, 20%-30% would not help even if demand continues to rally. And on the other hand, southern glass down has become a fact of a traditional glass business profitability, " Gu CI Shi bi " or " lost a wife and loss " or in the company who fulfilled. "According to the CSG A2010 years annual report disclosure, companies specializing in revenue of $ 2.26 billion of solar energy industry, specializing in revenue versus 29.19%; main profit of 818 million yuan of solar energy industry, specializing in gross profit 29.22%; contribution to net profit of 510 million Yuan for the whole year, 35.17% of the total company net profit for the year. Especially with the input of private placement to raise funds, more in-depth transformation, value again highlights the growth of the company.
But the face of these data, many brokerages have attitude remained cautious about its prospects for profit growth: domestic General, mature technology takes 1-2 two years, so the new energy will not necessarily for CSG a sustainable contribution to profits in the near future; at present, the company performance is largely due to the traditional glass business support, due to the deterioration of supply and demand, reducing of traditional industry profitability. According to the securities daily Fund reporter of the weekly observer, gross margins high flat glass has appeared last year medium-term, comparison of 2010 interim report and the 2010 annual report shows that CSG a flat glass Maori share has decreased from 50% to 39%. In addition, the glass industry profitability is also declining, under the dual pressures of rising costs and increased competition in the market, the company engineered glass industry gross profit margin for the year as 30.04%, fell 3.5%; company engineering glass/year net profit of $ 308 million, fell 18.95%.
