Fund position: Olympic Weiwen crucial period will not be large stock sell-off

China Securities News

Stocks rose despite a row, but yesterday the market is still hope for the Olympic Games Quotes plight of investors feel like into the Bingku Long, Shangzhengzengzhi fell 60 points, two cities home a few stocks fell to 1562, rising only a few homes To 130.

"The market should not be the main seller, the Fund will not usually choose to sell shares at this time a lot." Number of fund investors told reporters. They believe that yesterday's crash, the main reason is lack of market impetus to do more, many of which funds and other institutional investors in the market Weiwen, such as multiple factors to consider, not a lot to sell the stock, but obviously the will of the Fund also Jiacang Small, less selling would enable the market tumbled.

Judgement on the differences between the big investors

During the recent disclosure of the Fund Quarterly Bulletin, can be found not to the Olympic Games Quotes Jiudeng and continuous decline in recent clue: on the third quarter, the judgement of the market there are more differences, some of which the Fund is also more pessimistic about the market that the market in three Quarter of the possibility of reversal is not great. Optimistic about the fund are not many investors, cautious wait-and-see attitude of fund managers accounted for the majority. Positions from the point of view, equity funds (except the QDII) positions the second quarter average 73 percent, slightly higher than the 2000 average of 71 percent, while the A-share valuation than the average level of 40 per cent discount. Thus, the Fund for investors more cautious.

It is understood that a pessimistic attitude on the market, a fund manager of macroeconomic bottomed out whether there is a greater concern, they said in the Quarterly Bulletin, high oil prices, high inflation on China's macro-economic constitute enormous pressure in the upper reaches of resources continued to Prices and lower reaches of the poor prices conduction circumstances, a new round of rising costs and declining demand for middle and lower reaches of the manufacturing sector will likely cause of the declining level of the economy, the market has been worried that corporate profits fell entities, the fundamentals are deteriorating May become a reality, the future profitability of the listed company's downside risk may not fully reflected in current stock prices, the market's understanding of this point Pianyu still optimistic.

Because the economy have not optimistic expectations, so this part of funds to the market recognized the valuation reasonable, and that is not up for, although the Shanghai and Shenzhen 300 stock average has been less than dynamic price-earnings ratio of 18 times, taking into account the market shares issued, Performance of growth and other factors, the overall market PE is indeed an unprecedented level of the low, but the valuation of nature is expected to reflect on the economy, expected no change in the economic, valuation levels are difficult to change.

Taking into account these factors, the Fund for the positions of the increase can be said to be very careful, many fund managers believe that the current trigger an opportunity to rebound or less, in the absence of a clear signal appeared relaxed before the stock positions still need to seriously improve.

Fund quietly optimistic approach

Optimistic about the same distinctive point of view. There are fund managers think that the market reaction to the macroeconomic downlink has been excessive, the market continued down the risk has been substantially less, can maintain relatively high positions and wait for the emergence of market opportunities. One of the fund managers believe that the third quarter of 2007 the valuation of confusion, investors are now in a reverse confusion. But needs to be pointed out is that this optimism is clearly not the number of funds, do not force more powerful, but in some stocks, have reduced its shares fell kinetic energy.

TOPVIEW According to the statistics, the Fund can be found quietly admitted this part of the shadow. For example, Ping An of China (601,318), China Ocean (601,919), China Life Insurance (601,628), China Merchants Bank (600036), Shanghai Pudong Development Bank (600000), and other blue chips, since some of the recent fund buying has been substantial, such as the July 28 One day, Ping An of China (601,318) net buying before the 10 seats, the Fund accounted for six, sold a net 10 seats in the first, the Fund accounts for only 2; China Merchants Bank (600036) to buy a net of 10 seats in the , The Fund accounted for 9, the day before sold a net 10 seats, the Fund accounts for only five, 10 and the amount of net buying 88.84 million yuan. 10 much larger than the amount of net selling 34.06 million yuan. It is part of the holdings of this part of the stock yesterday, the decreased generally smaller.

In addition, yesterday's fall of the stock less the second quarter also includes holdings of Chinese Medicine Unit. In the second quarter, equity fund holders a total of 23,243 million shares of pharmaceutical stocks, shares market value of 6.094 billion yuan, and at the end of the first quarter of this year compared to 20,949 million shares to increase holdings, market value of 3.5796 billion yuan holdings, Topline Express medicine (600,276), Yu Yue Medical (002,223), Hong margin of medicine (600,557), and other pharmaceutical stocks were also mostly in smaller shows that the fund has not been a lot of them sell, or even overweight.