4 star fund a series of reports
■ project planning: Express researcher Wang ■ Special Implementation: Express reporter Chenyong Zhou Qiang Yan
Yawei PK Jian-Bo Sun
★ views clash
Optimistic about the second quarter Yawei】 【banking and real estate stocks
As part of the first quarter of the capital inflow from the real estate market, the stock market funds face has not been greatly affected. Index of narrow trading range, while the structure in 2010 shows the trend of over-correcting market differentiation. During the reporting period, the Fund maintained a relatively high stock position, due to lower concentration in order to increase operational flexibility and choice in the varieties have gradually reduced the defensive. Recommended Reading
· Run A joint interest paid by you So what · Redford ahead is how to operate the fund style deep-cover change in May to keep the defense with 47 quarterly election fund "for the" behind the average performance-based stock funds suffered 219 GEM pain Fund holdings will decline in real estate stocks Private Gangster Lu Jun assigned * ST Routon master Chinese stock market outlook Secret Contest firm position in the second quarter, as international oil prices, imported inflation pressures increasing, but the cause of domestic inflation will be a strong short-term factors effectively resolve the administrative control measures will not lead to runaway inflation. The stock market listed company, driven by good performance is expected to rise slightly. Optimistic about the bank underestimated the value represented by blue-chip blue-chip; If you do not put more stringent control measures in real estate policy has been relaxed and even then the full adjustment of the real estate stocks have a greater upside.
Jian-Bo Sun】 【held cyclical stocks may be the best choice
In February we started to shift the focus of cyclical stocks layout of construction machinery, cement and banking shares. Varieties of the Fund's core position in the first quarter experienced a sustained sell-off, the stock weakness. Therefore, even if we increased the configuration of cyclical stocks, but the net value of the fund's performance is still lagging behind.
More substantial involvement of whether stock market cycle, we had late last year and January this year, repeatedly considered, and combed Shigekura species, we believe that these species reflect China's economic transformation, with the core competitive advantage, because of phase changes in market preferences and past experience pressure on stock prices rose sharply, but their unique value will be more obvious as time goes by, so held may be the best choice.
★ data against
China strategy yields over 5%
Chinese Entrepreneur Spirit (630,002, fund it) rate of return of negative 8%
2010 net rate of return
Chinese Entrepreneur Spirit: 37.77%
China Strategy: 29.50%
2010 annual fund turnover
Chinese Entrepreneur Spirit: 477.66%
China strategy: 171.25%
Brokerage commissions in 2010
Chinese Entrepreneur Spirit: 44.08 million yuan
China Policy: 5.79 million yuan
Net rate of return this year
China Strategy: 5.52%
Chinese Entrepreneur Spirit: -8%
Note: As of April 28
★ cross-shareholdings
FIVE phase while the first quarter
Been gathered together in the spotlight before, and Jian-Bo Sun Yawei early in 2009 in constant Group (600,252, stock it) has had an "intimate contact": the year of the third quarter, two quarters have been hidden Chinese market, China strategic holdings to 1564 shares, 430 million Chinese businessmen flourishing New (sub-quarter exit list); the end of the second quarter of last year, Yawei holdings to 1180 shares, Jian-Bo Sun re-buy 984 million shares; until the first quarter of this year, the two Jian-Bo Sun only funds still hold 2632 shares and Yawei foreseen in the fourth quarter of last year to leave.
"Fascinating" example is the Lianhua Gourmet Powder (600,186, stock it): the first quarter of last year, holding 1,000 shares Yawei (sub-quarter exit); in the first quarter, Jian-Bo Sun New 2354 total of two million shares of the Fund.
The first quarter of this year, "princes" cross-shareholdings (unit: million)
Code Name Yawei holdings holdings holdings holdings of the number of number of Jian-Bo Sun
600,256 Guanghuigufen (600,256, stock it) 4,425,190,578,962,608
600962 SDIC (600,962, stock it) 840 New 1588 New
300,169 days Sheng new material (300,169, stock it) 98 New 280 New
600,392 workers too Tiancheng (600,392, stock it) 1,600,904 New
600316 Hongdu Aviation (600,316, stock it) 10018010-450
(Note: the end of the third quarter of last year, Lianhua Gourmet Powder Group and has been in constant cross-shareholdings)
】 【Yawei
Latest transfer positions
16 shares of the first quarter of New
As the listed companies, a quarterly full disclosure of the Fund, Yawei in the transfer positions in the first quarter of this year convertible situation surfaced.
Statistics show that the end of the first quarter of this year, Chinese market, China strategy appeared two funds total 51 stocks, corresponding to the end of the total market value of 7.223 billion yuan, accounting for two-end equity fund 73.39% of total market value, essentially reflects the Yawei In the first quarter, the overall position when the end of the situation.
From the operating direction, opening new entrants to obtain a total of 16 stocks, the market value of the corresponding final position 13.28 billion, accounting for 18.39%, the new varieties are shown Yawei Diego in the first quarter has increased the intensity of inter-convertible. Among them, Baosteel (600019, stock it) (New 5501 million) to 389 million yuan of market value of positions top the list; Zhuhai Fu (000,659, stock it) (New 2551 million), SDIC (new into 840 million shares), the new material Tiansheng (New 280 million) and other 3 positions in the market value of all shares end more than 100 million yuan; holdings of stocks have been a total of 19 shares, of which 1905 million to 4425 holdings Guanghuigufen shares, the market value of up to 1.017 billion yuan at end positions, a well-deserved first Awkwardness Yawei. Shandong Haihua (000,822, stock it), Hongdu Aviation, deep Tianjian other holdings are in the range of 1 times or more. Eastern Jin Yu (600,086, stock it), * ST Mount Coke, Mt A, radio and television networks (600,831, stock it), the letter of the property (600,657, stock it) and so the trend was continuing Opening and ending are more than 1 market position billion; untouched by the stick to a total of 10 stocks, including Bank of Communications (601328, stock it), Beijing Investment Intime (600,683, stock it), Vantone Real Estate (600,246, stock it), etc. The top end of the market value of positions; reduction of only 6 stocks were Yawei, greater efforts are Gezhouba (600,068, stock it), Lucky Film (600,135, stock it), Guangzhou Iron and Steel shares (600,894, stock it), but even so, positions the end of this 6 unit still amounted to 763 million total market capitalization.
Overall, a quarter of the transfer positions Yawei still positive, this can also be surgeon of the two funds from its position by supporting: the end of the first quarter, Chinese market, China's stock market value fund strategies equity ratio was 91.78%, 77.82% The latter is more recent five quarters to the second highest. In a quarterly, Yawei also said that optimistic and varieties have been gradually reduced in the defensive.
It should be noted that the access into the recent stock adjustment range of drag in April stock index closed down 0.57%. However, the secondary market shares Yawei positions are quite stable overall performance recorded an average increase of 0.35%. Among the biggest gainers in which the foot of the mountain lake, SDIC, Pearl River Industrial (600,684, stock it), Zhuhai Fu, Guangji Pharmaceutical (000,952, stock it) and so on April Shandong Haihua are closed up more than 10%; decline The top four record electronic (600,990, stock it), the letter of the property, the day Section shares (600,378, stock it), Northern Venture (600,967, stock it) and Shahe shares (000,014, stock it) h ave fell 10% above the current price of stocks and the rest of the average transaction price of a quarter or less.
Operational Analysis
Theme, a two-pronged restructuring
Operating characteristics, the Yawei the first quarter of this year, variety selection, transfer positions and had no significant change in trajectory, mainly for the following three aspects.
1. Reorganization is still subject. A shares, as the leading fund managers, Yawei "gold standard" is one of "restructuring the king." Positions from the first quarter of view, the theme of the layout of Yawei restructuring of key topics are: integration of coal resources in Shanxi Province, covering the stock are * ST Hill coke (holdings to 1,800 shares), so workers Tiancheng (New 160 million), Meijin Energy (000,723, stock it) (New 104 million), in addition Yingetouzi (600,069, stock it) (New 322 million) for the integrated platform of Henan Coal Group's assets; tourism industry consolidation is expected to cover stocks with ST Zhangjiajie (holdings to 851 shares), Tourism (000978, stock it) (holdings to 601 shares), Mount Emei A (holdings to 950 shares), Lijiang Travel (002,033, stock it) (less holds 4 million shares), etc.; military reorganization shares honored by Yawei focus, there are still venture north (80 million new entrants), Hongdu Aviation (holdings to 1001 shares) 2 shares of its largest holding; In addition, Zhuhai CR (actual controller is expected to be replaced), SDIC (potash assets into the Lop Nur, Xinjiang is expected to) h ave been in the first quarter, rushed Jiancang Yawei, and re-stock old Gezhouba, Lucky Film, Guangzhou Iron and Steel shares, Fuling Electric Power (600452 , it shares) and radio and television networks are all owned by the Yawei weight "guarding."
2. Stick to second-line property stocks. To explore the theme in the market, the focus of the first quarter of the layout is still Yawei second-line property stocks, including the Beijing Yintai vote, Wantong real estate, Pearl River Industrial, deep Tianjian, Asia Standard construction (000,046, stock it), real estate and Cinda Shahe shares, etc., that part of the overall operation of stock was little changed in the debriefing report to maintain its bullish attitude of real estate stocks are basically the same; before and after the height of the economy this year, the chemical industry also attracted the focus of participation Yawei, in which families share day (New 304 million), Xinjiang Tianye (600,075, stock it) (New 100 million), Shandong Haihua (holdings to 4411 shares) was a rare intensity on to do more. However, in the cyclical industry, whether it is a lot of money has been accumulated increase of the chemical stocks, or "oversold" the second-line property stocks (excluding the species with the expected restructuring), should pay attention to the transfer positions Yawei rhythm. It shares in the bank or get some inspiration - annual report last year, not only continued to sing Yawei banking stocks, but also fully rounded out the Construction Bank (601939, stock it), Industrial and Commercial Bank (601398, stock it), Bank of Communications, China Everbright Bank (601,818, stock it), etc., in the first quarter rebound in bank stocks as a whole, to be honored Yawei quickly, only the Bank of Communications shares did not move.
It should be noted that the concept of consumption in the first quarter to upgrade access to key layout Yawei, Oriental Jin Yu, Mountain Lake, Mailyard (600,107, stock it), Bright Dairy (600,597, stock it), Fengle Seed (000 713, shares), China International Travel (601,888, stock it) and other firms are on their operations tend to be more optimistic. On the contrary, the beginning or the larger plate on the water, Yawei all out.
3. Strengthen the unique offerings holdings. As we all know, Yawei always like "eat to himself" - a large Chinese department funds rate, "sweep" the phenomenon of stock everywhere. In the first quarter of this year, Yawei "unique", "dominance" of the holding model has been strengthened. A typical radio and television networks are no doubt, a quarterly circulation of shareholders standings, with Chinese market, China strategy, including six Chinese total holdings to 4376 shares of the Fund, representing 12.22% of the actual float caps! Zhuhai Fu, the Chinese Department of 6 million shares of the funds together New 6084, accounting for the actual float caps for 10.37! In addition to these two shares, the Ya-Wei led the Chinese system "unique" mountain Shigekura were the focus * ST, ST Zhangjiajie, a number of source technology (000,909, stock it), Pearl River Co., Orbita (300,053, stock it), mountain lakes and Meijin energy; was "a dominant" of the potential of the stock are Eastern Jin Yu, Shandong Haihua, Hongdu Aviation, Beijing Yintai vote, the letter of the property, Jiayu shares (300,117, stock it), drug Guangji industry, Fuling Electric Power, Create Electronics, Hui bop (002,554, stock it), and Wei Hua shares (002,240, stock it) and so on. In view of the surgeon Yawei this year's two funds are not yet a breakthrough hair strength, batch performance of individual stocks will undoubtedly stand out is its "killer."
】 【Jian-Bo Sun
Latest transfer positions
Placement of shares to be re-evaluation "invalid"
In 2010, Chinese businessmen flourishing growth (630,002, fund it) seize the largest consumer and industrial upgrading in particular is a strategic investment opportunities in emerging industries, and also to grasp the chance of inflation, achieved good results, but this year A quarter of the market style changed dramatically underestimate the value of the cycle, the market sought after blue chip new hot spot, and last year a large consumer or the larger, strategic and emerging industry has become the market sell-off of the object.
Affected by this, the growth of a flourishing Chinese business quarter loss of 5% or so, a greater decline in Chinese business strategy.
WIND information on fund allocation in the evaluation of the effectiveness of the analysis, the Chamber's funds in the first quarter of Awkwardness several configurations have been rated as "invalid", apparently, with the current market there is not a small deviation from the mainstream.
To avoid too much deviation, Jian-Bo Sun and the other two fund managers in the first quarter, or made some effort on the position, which must be adjusted. Comparison of its last annual report and a quarterly and year listed a quarterly list of top ten shareholders of circulation, we found the first quarter of this year, the Chamber grew from the flourishing more than the top ten stocks to disappear, including: Jidong Cement ( 000401, stock it), Southwest synthesis (000,788, stock it), Jizhong Energy (000,937, stock it), Long Ping High-Tech (000998, stock it), Zhiguang Electric (002,169, stock it), Japanese sea communications (002,313, stock bar), satellite network Ruijie (002,396, stock it), Fluoride (002,407, stock it), Kitty Hawk farming (002,477, stock it), China Satellite (600,118, stock it), Hongdu Aviation, Jiangxi Copper industry (600,362, stock it), Pan River shares (600,395, stock it), FAW-rich-dimensional (600,742, stock it), North China Pharmaceutical (600,812, stock it), Yonghui Supermarket (601,933, stock it) and so on.
Top ten list of new companies appeared to be less, including: Shield Security environment (002,011, stock it), the World Ji Dingli (300,050, stock it), and links the source of oil (300,164, stock it), Tiansheng of new material, Jebsen shares (300,182, stock it), Citroen Logistics (600,125, stock it), Kowloon power (600,292, stock it), built of pine (600,425, stock it), three general medicine (600,869, stock it), China Railway Construction (601,186, stock it).
However, the new less cyclical stocks "to force", to enhance the contribution of net worth is more limited.
Operational Analysis
Stick to the main changes in the core positions less
The company unveiled the new look, Jian-Bo Sun still attaches great importance to the growth stocks, new entrants in the Chinese business prosperity of this ten companies in the world Ji Dingli, through the source oil, Sheng new material, of shares of 4 Jebsen GEM companies An environment for small and medium plates shield the company. This past Jian-Bo Sun's investment in growth companies may have some on the lucrative relationship.
From the position of view, since the second half of 2009, the Chamber's position in the flourishing growth of the growth characteristics are more prominent, early, banking stocks, property stocks such as Awkwardness has stationed its list of top ten, but then gradually largest consumer, emerging industries , replaced by medicine, in addition to Jiangxi Copper, once the market since last year almost did not appear favorable for the non-ferrous metals in its top ten in the.
Although the growth of Chinese business prosperity is not a low turnover rate in the industry, but its Awkwardness of view, held by a relatively long time, which share with the company's growth is closely related to the investment philosophy. Like Guanghuigufen, State Power NARI (600,406, stock it), so held in the constant group over quarter.
Its Weifu Tech (000,581, stock it) is very long-term positions, annual report for 2009, the first Chinese business growth appeared flourishing stock, holders of more than two million shares in the company after the Awkwardness in the top ten " stealth "(and then there is a certain relationship between fund small-scale), the third quarter of 2010, the position reached 1,085.37 million shares, some reduction of the fourth quarter of last year, again the first quarter of this year, Opening to 1109.73 million shares. Weifu February of this year was a record 49.80 yuan Tech (right before the re-price, same below) of the record, the latest offer of 39.18 yuan, a conservative estimate, the initial growth of a flourishing Chinese businessmen to invest in the stock on the profit by about 7 times.
However, growth stocks can not have unilateral rising phase adjustment rate will be relatively large at times. Like Guanghuigufen, as of last Friday, the cumulative decline this year to reach 11.44%, Weifu Tech since mid-February high of about 20% since the fall, three high-point of general medicine in February fell by nearly 25% since.
Of course, the management of billions or even tens of billions of capital fund managers, if doing this band operation, the impact of the cost will be very large, and sometimes may outweigh the benefits.
Earnings of growth stocks have sometimes been taken to adhere to the policy holder more easily understood, for those who go in loss of growth stocks will inevitably worry.
Such as the first quarter of last year the new world Ji Dingli Fund crowding together in the first quarter, had Shigekura GF Unit, Department of the withdrawal of Chinese businessmen flourishing growth of the coastal market trends Bauhinia Pan intervention. And since March, the stock continued to fall, especially on Friday more than a year has hit a new low. Although some organizations involved in evidence last week, but the trend is not optimistic, because the sharp decline in first-quarter net profit growth, the future sustainability of high growth is still a question mark, whether the moon frenzied media attention there are some uncertainties.
Observed
Why small stocks into the Yawei GEM "discernment"?
In the last annual report, Yawei has clearly pointed out that the position of "the high representative of the GEM for the valuation of the return of species face greater pressure," but in its actual stock configuration, but even the GEM stocks are small figure, "words and deeds" to bring the operation of the market questioned the voice.
However, compared questioned why Yawei "defiance" must start with the small and medium under the GEM stocks, should be more worth studying.
First of all, from the scale, in the first quarter Yawei total shares held by small and medium GEM 10, but excluding IPO in 2009 after the restart before the stocks listed only 6 shares, the total market capitalization of 371 million end positions, representing 51 5.14% total market capitalization stocks , the pool of shares in the Yawei only be considered "non-mainstream." Secondly, from the performance perspective, Tiansheng of new material, Hui bop, light is steel (002,524, stock it), Watson organisms (300,142, stock it) and Orbita five stocks in the first quarter net profit rose 6.22 times, respectively, , 2.53 times, 1.56 times, 1.07 times and 12%, or at least avoid the Yawei overall "performance of landmines." And "low performers shares" Jiayu shares (down 23% year on year) is concerned, there is expected to benefit from the protection of housing construction in the subject matter, and fluctuations in performance Yawei fear rather stick to each other and property shares a clock means.
The most important is that stocks are all Yawei 6 square opening in the first quarter, "rounded" (Watson biological holdings to 26 million 20 million), of which only benefits Bopp appeared in the April wave of short-term rise, Not only a quarter of the remaining base did not rise, even in the recent series of shrinkage reduction, current prices are at or even below cost Yawei Jiancang interval.
