Reporter Chen Mei, April 6 and April 7 ahead of the oil price rise is clearly of interest rates in the market expected. Thus, in the "boot" after finally landing, funds instead of "mind" approach. 3 trading days this week are the Red close, yesterday, the index reported a 3030.02 point, much of the triumphant advance of trend. In this new market environment, in what kind of strategy about the private equity? Shenzhen High better assets Xiaodong Gu: gradually gallon 20 times times PE venture board a unit recommended reading · 2011 2nd quarter Fund NET estimates
· Xia stage fengji investment policy fund second quarter cautious defense 26 only fund controlled disk unit this year yilai miserable fell 15%QFII actively heavy warehouse new looking 82 unit 4 new shares 3 only break Fund floating losses over 7 million Ka real Fund invisible heavy warehouse unit revealing star Fund Manager and Super retail guru ST unit [hexun know] found Investment Fund started books "Central Bank in Ching Ming Festival evening interest rates, description domestic inflation situation still grim. In this context, the market there is no sharp rise in power. "Shenzhen High asset management company managing partner Xiaodong Gu's views very clear. "We come to such a view is mainly based on the following several points, first of all, although the market valuation of repair market, which is represented by banks, real estate index to 3,000 points, but such valuation is not sustainable. From the point of view, from the beginning of the end of last year, the gem started to go through painful restructuring period, to date there are already 4 months time, and body styles couldn't have been in the market share of the market, if March macroeconomic data than expected, and GDP growth of the market share should enter adjusting status, gem I falling should rise. So, the index rose sharply on the objective cannot be achieved. Secondly, under the background of the protection of housing construction, cement, iron and steel, building materials stocks have had a larger rise, and this rising wave amplitude and time can be said from the beginning of this year has been, the market for the cement industry are reflected in earnings growth, price increases are expected, rose, and the rates of the future such a unit. And non-ferrous resource such as a stock's gains have been not larger, the future main is may not be able to find a reasonable valuations and rising plate. Naturally, lower sentiment and the continuity of the hotspot, unable to move the index higher. "Xiaodong Gu said. At the time of turning to the monetary policy impact on the market, Xiaodong Gu think, it is clear of the entire face is the limited funds, currently runs the market focus money inflows by way of a plate, while the expense of other sectors on the disk surface to create a one or two plates of a relatively strong, but plates are always rendered round situation. "Next week will enter March macro data disclosure period, when the test is really strong market share, or have the key to sustained upside potential. If the macro data lower than expected, the market share decreased, then funds must be transferred has been in the early fall, and valuation as reasonable in the gem. "Worthy of note is, the European Central Bank announced increases in interest rates by 25 basis points, was the first time since the financial crisis, is also a European benchmark interest rate for the first time in 40 years the first United States raise rates. "Three major developed economies, the ECB started to raise interest rates, indicates that the global policy of gradually tightening on track. "Xiaodong Gu said, and as interest rates in Europe, other countries are likely to gradually follow up, interest rate cycle are removed from the major countries in the emerging market countries to transfer, expected or will face a turning point for global excess liquidity. Enhancement of liquidity crunch and normalization of financial policies are expected in the medium and long term will be bad for commodity markets and commodity money, so periodic variety should be in "Alpine" has gone. Xiaodong Gu believes that "the seesaw" effect, second board stocks continued to decline is likely to lead to second-quarter funds bargain layout point in time. "Although overall earnings are still 50 times more than the gem, but in our filter company, some companies 2010 earnings had fallen to 30 times and 24 times times 2011 earnings only. Meanwhile, the growth of such companies is guaranteed, so why not buy these abandoned by market longer, and valuations into the reasonable range of GEM stocks? In addition, we are also firmly in the gem industry prospects better, the concept of sustainable, the company itself has a good market positioning and business units. LEYBOLD high-tech up 8.49% per cent yesterday (002106, unit). "Xiaodong Gu told reporters, when compared to other private, Gao Tejia has been insisting on his own style, which has held the good growth, performance support, stock earnings into a reasonable range of gem. "We have been more optimistic new industry class a shares industry perspectives and space, although this time, the market better class a share, but after our analysis, and small-cap stocks couldn't have been such a downturn, and sooner or later will be subject to " pressure " thus came to. Many units have been adjusted because the gem in place, so now is the time to layout the gem. "Our second quarter action plan is, gradually gallon was underestimated in the gem varieties, ahead of hiding, now we are not chasing rising cyclical blue chips. "" While the Gao Tejia been bullish on growth stocks of the new class, does not hold the market for blue chips, but high position now reached 70%. "Xiaodong Gu admitted to reporters," we are gradually gallon to gem, now we have the gem, small stock valuations are basically about 20 times times, now 28 style clear, so we are in the adjustment of prices and constantly the subject of gallon, reducing the average holding cost. "Shenzhen ju assets in Xu Haiying: 70% positions betting on cyclical blue chips" in our view, April is the start of a wave of new year quotes, low valuation is mainly dominated by banks, real estate repair market. At present, the market after the repeated attacks on, and finally above 3,000 points. In fact, we think that the 3,000-point is not terrible, in a quarter of performance under the waves, expansion of the future is still up space. If optimism, the market is likely to reach 3,500 points. "Shenzhen ju Xu Haiying, General Manager of asset management and investment Director in an interview with reporters on the road," was optimistic about the market share, there are twoReasons, first, the good performance of the banking and real estate, especially Bank shares, the current price/earnings ratio of only 10 times, we believe that the Bank valuation of repair up to 15 times. Property stocks in last experienced a lot of policy adjustment, the current real estate market prices have reached the low, at the same time 2011 performance has been secured, valuation needs to be repaired. Second is represented by the GEM's value growth stocks begin the road of reunification. Now, the gem of the entire valuation of 50-55 times, it is clear that this valuation significantly higher compared with the Board, I think, the gem of the valuation to 30 times more reasonable. Therefore, we judge this stage (April-May) market mainly dominated by cyclical market blue chips, continued to drop and volatile in the gem. "" In fact, from February, we began adjusting bin shares at the time we jiancang new industry stocks, gallon estimates a reasonable market share. Now hands there are still some new industry class a shares, but the stake is very low. "Xu Haiying said. Xu Haiying believes that monetary policy remains tight in the long term, in the short boots because interest rates down to the ground, April is likely to become a policy vacuum like a Spring Festival in February. "On April 7, the ECB raised rates, raising the deposit interest rate 0.25%, signalling signs of obvious economies begin to exit the easing. Although the United States Federal open market Committee decided to continue with the QE2 before, but for now, United States impose QE3 possibilities substantially reduced. In addition, the United Kingdom's Central Bank and Japan's Central Bank has not yet started to raise interest rates, so you need to concern United States Central Bank action, if the United States Central Bank started tightening, will affect the global liquidity. "Point of difference is with other agencies, Xu Haiying that remained in the second quarter to policy regulation and control of the observation period. "High oil prices now on domestic inflation cannot be ignored, and high oil prices is indeed an inevitable trend, so with the conductive effect of time and accumulation factors, domestic inflation it is still possible to achieve a relatively high in the second half. Ching Ming Festival in China's central bank interest rates, control of CPI was only on 3 April, as for the macroeconomic environment there are many subtle changes in the second half. "In terms of positions, Xu Haiying told reporters that at present suffers huge assets in 70% positions, major cyclical blue chips, such as home appliances, cement, banking, real estate and high-end manufacturing industry. "In high-end manufacturing, our chances of more optimistic machinery plate, current mechanical unit growth performance over the first quarter of 2010 and is very good, and leading companies in the industry as a whole, high concentration of industry, such as 31 in heavy industries, set Group (000039, unit), the entire valuation at reasonable intervals, Outlook still has potential. Of course, represented by cement building materials stocks is our focus of increased variety of cartridge. "" In fact, from the cement unit after the Spring Festival have consecutive a-wave rally, but we believe that the protection of housing construction, led by cement stocks rose is just the beginning. Our findings show that cement industry in the first quarter of the entire situation that renders a low season does not light, after entering to the traditional peak season in the second quarter, cement prices are still rising power, and performance high flexibility for the industry will be gradually reflected in stock prices, the overall trend to good. "Investment in Beijing gray Zhang Kexing: large blue-chip startup has only just begun" now the market comes to 3,000 points, we believe that this is the performance of market efficiency. Under 3,000 points, banking, insurance, real estate market value interval, valuation of blue chips are still in the bottom, so 3,000 points is not vertex. "Beijing gray Investment Management Ltd General Manager Zhang Kexing think so. A simple example, Societe Generale Bank, Minsheng Bank earnings now only, 8 times, and the next five years each year has 3-5 growth performance over the above, Bank shares fair value should be 1 time times now, so start is only the beginning of the current market share. "We are not optimistic about the gem, gem as a whole now valued at around 55 times, and the gem as a whole decreased by 1 time in space, their valuations are high. At the same time, far lower than expected growth performance of the gem, gem 2010 year growth of only 30%, and junior achievement of growth is significantly higher than 30%, so valuations even if gem as a whole declined, but the possibilities of the rise of the plates has been greatly reduced. "Zhang Kexing said," indeed, our stock selection approach is simple, is to look for performance support, inexpensive standard. In the current market environment, the market blue chips are in the best of our stock selection criteria. "For the widespread fears of inflation, Zhang Kexing's view is that any development of an economy with inflation, which is a sign of economic growth and moderate inflation conditions. "The developed countries, 3% above inflation seen as hyperinflation, GDP annual growth rate of only about 3% but the developed countries. But China's GDP growth rate of 9% per cent, so 3%-5% inflation levels within normal limits. In this context, we should look for cost transfer well, against inflation on profit erosion for the company. "Zhang Kexing believes that although the Central Bank to raise interest rates again a few days ago, but no shortage of funds in the market. "Our data show that the current 5060 trillion in bank deposits, and the real estate regulation making some outflow of funds, if the effect of making money in the market, inflows of funds will continue. Near Zhou Dapan leading index above 3,000 points, cement, banking, steel, real estate section turns up the background is the increase in the number of accounts, which means the money is flowing into and more continuous inflow of funds, market effect more and more obvious to make money. "" And the single rates, tighten once expected to be introduced at a time of slowing after shorting the market mood, after a deflationary cycle, after all, in the quantity, their follow-up efforts will reduce after all, total bank deposit interest cannot be considered to 6%. Inflation and foreign currency liquidity in the first quarter when the worst has passed, and as the austerity policy to end full digestive tract of the current market interest rates and future interest rates are expected to be released today. Liquidity continued to improve, the price of money maintained in the vicinity of historical value, being expected difference in the second quarter will continue to drive the market upward. "Zhang Kexing said. "Now our positionsIn 70%, future periodic market will run win growth small disk of trend will increasingly obvious, main causes is: first market rose to 3,200 points, make money effect a out perimeter funds on will entered, at this time cycle and financial will are further support, but no longer need field within Clearance sacrifice funds to purchase, at this time originally fell in place of emerging and consumption may will heavy was members favored, appears substantially rose. In the context of firm of 3,000 points, consumption unit and performance opportunities for emerging industry will have a short, but still turning cycle after unit. Second, is the economy begins to rebound, we three-quarter inflation started to worry about, consumption and emerging at this time also beat cycle. But both cases short or fail to, so this trend will continue, we still recommend cycle and financial period varieties, the most bullish on real estate, financial good insurance. ”
