Market in the face of the upcoming second quarter, many fund managers, including Wang yawei tend to underestimate the value of markets after the Chinese new year ranging from 2,650 point above the line by wave after the rally, in interwoven with many empty shocks up, currently in 2800-3000 between shocks finishing, set challenging integer 3,000 points mark. Underestimate the value of blue chips and high-growth small and medium caps, who will be the protagonist of the second quarter? Different manifestations of the plate in the first quarter has been given the answer. Recommended reading · 2011 2nd quarter Fund NET estimates
· Xia stage fengji investment policy fund second quarter continues to see more Fund "latent" medical instruments industry leading Wang yawei latent 7 only brokerages unit (schedule) second quarter layout unit base institutions four policy zhizhao Qian private a brother William l. Rowe wide heavy warehouse unit exposure acting April market private "tight cover" cycle unit [hexun know] found Investment Fund started books from card scale index view, a quarter market unit performance strong Yu small disk unit, in the card 500 full quarter rose 1.27%, in the card 100 full quarter rose 4.41%. And from the public offering of stock fund managers pool view, blue plate repair market valuations become consensus.
Many fund managers, including Wang yawei are bullish on finance, real estate, competing in underestimating the value of this field and high growth, more and more fund managers tend to underestimate the value of variety.
Huaxia Fund Manager Wang yawei in four seasons in the report believes that market blue chips risk release fully, will stabilize the market to play a role, adjusting the adequate opportunities for real estate valuation repair unit also exists, bypass and small-cap and high valuation of the pharmaceutical industry, food industry, such as variety.
Valuation how expensive and small-cap stocks, particularly the gem, the gem index earnings to about 60 times times, which is still on the increase of supply of such stock, new implementation of the third Board will have value on its pressure, which would provide it with a foaming process, particularly in performance than expected stock. And now the CSI 300 valuations in the dynamics of the 2011, 2012 and 11 times earnings were 13 times times times, the corresponding profit growth and 21%, respectively, remain in the history of the valuation at the bottom.
The a-share market the current overall level of PE is only slightly higher than the 2005 998 points, per cent in 2008 and 2010 points level. In Wang yawei of investment list in the, Huaxia market in last year second half almost buy has most securities unit, including Everbright securities (601,788, unit 's), and investment securities (600,999, unit 's), and sea pass securities (600,837, unit 's), and Southwest securities (600,369, unit 's), and Yangtze River securities (000783, unit 's), and country Yuan securities (000728, unit 's) and macro source securities (000562, unit 's).
In addition, according to the seasons, Wang yawei also bought a lot of property stocks, total up to 18, including the first shares (600,376, unit), Sky City investment (000540, unit), vanke a, Oceanwide construction (000046, unit), real development on (600,748, unit) and other new faces. Similar view the funds in the South. Fund Manager Yang Delong thinks, Japan earthquake and effects of the situation in the Middle East, the overseas situation was uncertain, sharp fluctuations in commodity prices also have an impact on domestic inflation expectations.
In the case of current uncertainty factors are, market rebound will be setbacks, investors should focus on configuring underestimated the value blue chip to reduce portfolio risk. Overall, the trend of continuing turbulence in the market rally in the second quarter, wheels of industry to speed up, importance of industry configuration significantly improve.
Second quarter continues to bullish blue chip of value regression, focus configuration four a direction: as inflation peaked, and policy concerns slow, gradually gallon underestimated value of financial, and real estate, plate; continues to bullish engineering machinery, and car, and power device, advanced manufacturing; has pricing right, and can anti-inflation features of wine class, and raw materials drug,; theme investment concern alternative nuclear power of wind electric, and solar, new energy plate. In contrast, postal funds investment director Peng Xu more emphasis in China offers blue-chip and the balanced allocation of CAP and small-cap growth stocks. In his view, the style of balanced thinking mostly of aggravating circumstances in the market turbulence, looking for balance between the need to stock liquidity and valuation.
Last year there is a premium clear style for small and medium-sized classes of assets, as changes in the macro environment this year and valuations under pressure, has a lack of sufficient security margin, must find new balance in the fall. Peng Xu said, residents income growth brings of consumption growth trend still better, and as labor cost upgrade brings of wage income growth speed up and brings more obvious of consumption upgrade trend, combination population structure changes, including medicine zainei of consumption services still will keep higher of growth, especially consider to currently consumer goods of valuation level history view is a comparison reasonable of level, in shocks market Xia to provides more strong of Defense sexual. (Fan Hui)
