In the day before yesterday at the Beijing Olympic Expo at the China Guardian Auction, a torch Xiangyun the fall of the hammer to 260,000 yuan, plus commission, the final transaction price for 291,200 yuan. It is reported that the Beijing Olympic torch is also the first time in public market transactions.
The day before yesterday afternoon at the "Olympic auction" event, the Olympic torch become the most attention the auction, from the Berlin Olympic Torch, Olympic torch to Athens Olympics torch have登场. Beijing Olympic Games due to positive during the Xiangyun torch sought after by many buyers. Guardian auction house said that the auction belongs to the individual torch, because of customer privacy, they refused to disclose the seller, the buyer of the relevant information.
It is learnt that the bid prices even more than the first time in the history of the Olympic torch relay held the torch --- 1936 Berlin Olympics torch is 168,000 yuan of the transaction price, and the remaining sessions of the Olympic torch prices basically 50000-7 Million.
In response to
BOCOG: not to encourage commercial betrayed torch
Precious Olympic torch sold is reasonable and yesterday, the Beijing Olympic Organizing Committee torch relay Center official said, on behalf of the sacred torch, purity, BOCOG does not encourage the torch for commercial selling. But the organising committee can not restrict the torch of the torch, because after the torch relay is presented to the torch, "This is a personal belonging."
The responsible person said, with the previous torch relay different, to buy their own torch to be the torch, the torch of the Beijing Olympic Games is the main selection of torchbearers bought after the gift. He said that the International Olympic Committee in how to handle the torch torch also no strict rules, just do not support the torch will be used for commercial purposes.
The person in charge, Beijing Olympic Games torch manufacturers Lingli Run production is almost the torch to torch BOCOG purchase cost less than the previous Olympic Games, probably in about 1500 yuan. (This article Source: Beijing News Author: Liu Yang Zhou Han)
2008-08-17
Beijing Olympics torch of the first film a Xiangyun sold 260,000
In the day before yesterday at the Beijing Olympic Expo at the China Guardian Auction, a torch Xiangyun the fall of the hammer to 260,000 yuan, plus commission, the final transaction price for 291,200 yuan. It is reported that the Beijing Olympic torch is also the first time in public market transactions.
The day before yesterday afternoon at the "Olympic auction" event, the Olympic torch become the most attention the auction, from the Berlin Olympic Torch, Olympic torch to Athens Olympics torch have登场. Beijing Olympic Games due to positive during the Xiangyun torch sought after by many buyers. Guardian auction house said that the auction belongs to the individual torch, because of customer privacy, they refused to disclose the seller, the buyer of the relevant information.
It is learnt that the bid prices even more than the first time in the history of the Olympic torch relay held the torch --- 1936 Berlin Olympics torch is 168,000 yuan of the transaction price, and the remaining sessions of the Olympic torch prices basically 50000-7 Million.
In response to
BOCOG: not to encourage commercial betrayed torch
Precious Olympic torch sold is reasonable and yesterday, the Beijing Olympic Organizing Committee torch relay Center official said, on behalf of the sacred torch, purity, BOCOG does not encourage the torch for commercial selling. But the organising committee can not restrict the torch of the torch, because after the torch relay is presented to the torch, "This is a personal belonging."
The responsible person said, with the previous torch relay different, to buy their own torch to be the torch, the torch of the Beijing Olympic Games is the main selection of torchbearers bought after the gift. He said that the International Olympic Committee in how to handle the torch torch also no strict rules, just do not support the torch will be used for commercial purposes.
The person in charge, Beijing Olympic Games torch manufacturers Lingli Run production is almost the torch to torch BOCOG purchase cost less than the previous Olympic Games, probably in about 1500 yuan. (This article Source: Beijing News Author: Liu Yang Zhou Han)
The day before yesterday afternoon at the "Olympic auction" event, the Olympic torch become the most attention the auction, from the Berlin Olympic Torch, Olympic torch to Athens Olympics torch have登场. Beijing Olympic Games due to positive during the Xiangyun torch sought after by many buyers. Guardian auction house said that the auction belongs to the individual torch, because of customer privacy, they refused to disclose the seller, the buyer of the relevant information.
It is learnt that the bid prices even more than the first time in the history of the Olympic torch relay held the torch --- 1936 Berlin Olympics torch is 168,000 yuan of the transaction price, and the remaining sessions of the Olympic torch prices basically 50000-7 Million.
In response to
BOCOG: not to encourage commercial betrayed torch
Precious Olympic torch sold is reasonable and yesterday, the Beijing Olympic Organizing Committee torch relay Center official said, on behalf of the sacred torch, purity, BOCOG does not encourage the torch for commercial selling. But the organising committee can not restrict the torch of the torch, because after the torch relay is presented to the torch, "This is a personal belonging."
The responsible person said, with the previous torch relay different, to buy their own torch to be the torch, the torch of the Beijing Olympic Games is the main selection of torchbearers bought after the gift. He said that the International Olympic Committee in how to handle the torch torch also no strict rules, just do not support the torch will be used for commercial purposes.
The person in charge, Beijing Olympic Games torch manufacturers Lingli Run production is almost the torch to torch BOCOG purchase cost less than the previous Olympic Games, probably in about 1500 yuan. (This article Source: Beijing News Author: Liu Yang Zhou Han)
Olympic opening ceremony tickets expired a few million Chaozhi
People's Daily - on the market
-- (Cayman intern reporter Yang Li Xiaohui) against the United States when the Chinese basketball team, the Wukesong Stadium, a number of special groups, they are "invalidated the acquisition clan", at the end of the game that viewers will be able to Get tickets for the abandoned. This special populations continue to appear in various venues around the Olympic competition, their purpose is not the venue to see competition, but be discarded tickets for the match.
As the Olympic tournament gradually, tickets for the Olympic Games become the new favorite of many collectors. "Market News" reporter found that invalidated the Olympic competitions like badges, coins, in the hands of collectors continued to exchange "changed hands." For the convenience of home to release information, access invalidated, in addition to various online forums Pichu zones, and even a special tickets for the Olympic Games collection network.
Reporters to read the many online votes for the "drying posts" and found that track and field, soccer, basketball, diving, gymnastics and other Chinese traditional strengths in the final tickets for much concern, the basic 50 yuan more than in all. The just concluded China-US confrontation between basketball tickets have been fired into a 300 yuan. And a handful of special events, special event tickets before the return is "hard to get a vote" situation, "Liu Xiang, the 110-meter hurdles final," the tickets have been fired spent 2,000 yuan to one. Even the trampoline, judo and other "non-popular" project also no lack of tickets Wenjin, prices from several yuan to dozens of yuan were determined.
Buying invalidated in these posts, the reporter saw many collectors are determined to collect all the tickets for all events. The one hand, they release their lack of on-line tickets for the event, with a view to get more information. At the same time in conditions permitting, also went to the scene to waiting game.
"Opening and closing ceremony tickets for the highest price of waste in a number of websites have Chaodao the price of tens of thousands of dollars, a veritable treasure goods." Taobao "expired Olympic ticket purchase, exchange," the shop owner told the CAO Xuetao "Market News "Journalists, even in the face of such high prices, sellers are still reluctant to sell, that prices will continue to rise. Beijing Olympics is China Bainianyiyu historical events, plus the opening and closing ceremonies tickets for the real-name system and the purchase of real-name system for admission policy, which has published the names of the bearer of the ticket is unique, invisible in increased ticket Memorial and the collection of personal significance.
Collectors who face such high enthusiasm, "Chinese collection," the magazine said President Xu ship, the appreciation of Olympic tickets waste of space can not be accurately estimated. For ordinary fans, sets the whole package of tickets for too much difficulty, general audiences are willing to stay the tickets saved to commemorate. In contrast, only the opening and closing ceremonies and the collection of some of the key projects of the tickets may be a shortcut, but also more optimistic about prospects for appreciation.
In addition, CAO Xuetao also reminded of home, or should we take interest-based, investment, supplemented by the mentality of acting according to our capability. Tickets for the test collection is very patient, trying to obtain huge profits through short-term speculative the idea unrealistic. With tickets for the Olympic Games impairment, Wu Ji, will affect the value of collections, but if the integrity of tickets for reservations to give up watching the game, is also not necessary.
-- (Cayman intern reporter Yang Li Xiaohui) against the United States when the Chinese basketball team, the Wukesong Stadium, a number of special groups, they are "invalidated the acquisition clan", at the end of the game that viewers will be able to Get tickets for the abandoned. This special populations continue to appear in various venues around the Olympic competition, their purpose is not the venue to see competition, but be discarded tickets for the match.
As the Olympic tournament gradually, tickets for the Olympic Games become the new favorite of many collectors. "Market News" reporter found that invalidated the Olympic competitions like badges, coins, in the hands of collectors continued to exchange "changed hands." For the convenience of home to release information, access invalidated, in addition to various online forums Pichu zones, and even a special tickets for the Olympic Games collection network.
Reporters to read the many online votes for the "drying posts" and found that track and field, soccer, basketball, diving, gymnastics and other Chinese traditional strengths in the final tickets for much concern, the basic 50 yuan more than in all. The just concluded China-US confrontation between basketball tickets have been fired into a 300 yuan. And a handful of special events, special event tickets before the return is "hard to get a vote" situation, "Liu Xiang, the 110-meter hurdles final," the tickets have been fired spent 2,000 yuan to one. Even the trampoline, judo and other "non-popular" project also no lack of tickets Wenjin, prices from several yuan to dozens of yuan were determined.
Buying invalidated in these posts, the reporter saw many collectors are determined to collect all the tickets for all events. The one hand, they release their lack of on-line tickets for the event, with a view to get more information. At the same time in conditions permitting, also went to the scene to waiting game.
"Opening and closing ceremony tickets for the highest price of waste in a number of websites have Chaodao the price of tens of thousands of dollars, a veritable treasure goods." Taobao "expired Olympic ticket purchase, exchange," the shop owner told the CAO Xuetao "Market News "Journalists, even in the face of such high prices, sellers are still reluctant to sell, that prices will continue to rise. Beijing Olympics is China Bainianyiyu historical events, plus the opening and closing ceremonies tickets for the real-name system and the purchase of real-name system for admission policy, which has published the names of the bearer of the ticket is unique, invisible in increased ticket Memorial and the collection of personal significance.
Collectors who face such high enthusiasm, "Chinese collection," the magazine said President Xu ship, the appreciation of Olympic tickets waste of space can not be accurately estimated. For ordinary fans, sets the whole package of tickets for too much difficulty, general audiences are willing to stay the tickets saved to commemorate. In contrast, only the opening and closing ceremonies and the collection of some of the key projects of the tickets may be a shortcut, but also more optimistic about prospects for appreciation.
In addition, CAO Xuetao also reminded of home, or should we take interest-based, investment, supplemented by the mentality of acting according to our capability. Tickets for the test collection is very patient, trying to obtain huge profits through short-term speculative the idea unrealistic. With tickets for the Olympic Games impairment, Wu Ji, will affect the value of collections, but if the integrity of tickets for reservations to give up watching the game, is also not necessary.
The world's top 10 leading fund manager's position
Graphic: Bidelinqi (Peter Lynch)
Bidelinqi is the United States and the world's most well-paid employment portfolio managers, is 1 million Magellan mutual fund, the founder of a distinguished career stock investors, the Wall Street stock market giant enrichment.
Bidelinqi in his decades of professional stock investment career, particularly in 1977 he took over and expanded Magellan Fund (Magellan Fund), the stock business has done extremely well, not only form the largest ever become Zhelun The Common Fund, Huan production from its 20 million U.S. dollars, an increase to 8.4 billion U.S. dollars, but the company's investment quota on the original list of only 40 stocks, increased to 1,400 kinds. Lynch also be harvested very abundance. Amazing achievements, Lynch Fei exclusive right to use the financial sector. America's most famous "Time" magazine called him the first fiscal management, and "happiness" magazine is renowned stock investment in the field of a super star. And in 1988 by Morningstar (Morningstars Co.) Selected as the best fund managers, and 13 universities nationwide were awarded honorary doctorate degree, announced his retirement in 1990, the total assets of the individuals allegedly 45 million U.S. dollars, the leisure I love playing golf, sailing and Tingge Ju. Bidelinqi engaged in the investment business, also recognized his extraordinary, and the self-proclaimed stock angel.
Bidelinqi and Yuehanluosi Chai (John Rothchild) in the name of the three best-selling book: "One Up on Wallstreet", "Beating the Street" and "Learn to Earn".
Graphic: Bidelinqi (Peter Lynch)
Bidelinqi is the United States and the world's most well-paid employment portfolio managers, is 1 million Magellan mutual fund, the founder of a distinguished career stock investors, the Wall Street stock market giant enrichment.
Bidelinqi in his decades of professional stock investment career, particularly in 1977 he took over and expanded Magellan Fund (Magellan Fund), the stock business has done extremely well, not only form the largest ever become Zhelun The Common Fund, Huan production from its 20 million U.S. dollars, an increase to 8.4 billion U.S. dollars, but the company's investment quota on the original list of only 40 stocks, increased to 1,400 kinds. Lynch also be harvested very abundance. Amazing achievements, Lynch Fei exclusive right to use the financial sector. America's most famous "Time" magazine called him the first fiscal management, and "happiness" magazine is renowned stock investment in the field of a super star. And in 1988 by Morningstar (Morningstars Co.) Selected as the best fund managers, and 13 universities nationwide were awarded honorary doctorate degree, announced his retirement in 1990, the total assets of the individuals allegedly 45 million U.S. dollars, the leisure I love playing golf, sailing and Tingge Ju. Bidelinqi engaged in the investment business, also recognized his extraordinary, and the self-proclaimed stock angel.
Bidelinqi and Yuehanluosi Chai (John Rothchild) in the name of the three best-selling book: "One Up on Wallstreet", "Beating the Street" and "Learn to Earn".
Graphic: Benjamin Graham (Benjamin Graham)
The stock market has traditionally been regarded as the elite gathering place, while Wall Street is a measure of a person of wisdom and courage decisive places.
Benjamin Graham as a generation master, his financial analysis of doctrine and ideology in the investment field had a very great shock, affecting almost three generations of major investors, the Wall Street now active in dozens of billions of investment managers are Graham's claim to be believers, he enjoyed the "Wall Street Godfather" reputation.
Benjamin Graham's name but did not stay in the Guangrong Bang on Wall Street - to his name Graham Muniu Man, in his retirement after the dissolution, and those of his historical position as financiers have Can often left to their own name companies. It also confirmed that from one side, Graham is the great individuals from the great, great this is the unsustainable. Fortunately, he taught through the classroom for their own theories left a successor.
Graham during his lifetime may not have thought that his reputation will be an even lower than their two Beifen of young people, that is Warren Buffett to memory. Today, even at Columbia University, many people do not remember the full name of Graham, they only remember that this person is, "Buffett's teacher." However, Buffett and his teachers is less like. Buffett's poor level of math, his teacher is proficient in mathematics; Buffett almost non-financial derivatives, his teacher is more like financial derivatives; Buffett good at analysis of cash flow, but like his teacher analysis Funds and property.
Graphic: John ‧ Templeton (John Templeton)
Sir Templeton is the founder of the Templeton Group, has been known as the world's most intellectual and one of the most respected investors. Capitalists Forbes magazine called him "the father of the global investment" and "history's most successful fund managers one." Although Templeton Jazz have retired and no longer participate in the Fund's investment decision-making, but his investment philosophy has become a Templeton fund group's investment team, and many investors are eternal wealth.
Handed down words
"Refused to technical analysis as a method of investment, you must be a fundamental investors in this market can be a real success."
"In the extreme pessimism that point in the investment."
"If you want to performance than most people are good, you have to and most of the action is different."
Graphic: George Soros (George Soros)
George Soros as the "financial genius", from 1969 to establish "Quantum Fund" So far, he has an incredible record of performance, to an annual average of 35 per cent of the integrated growth rate unmatched Wall Street counterparts. He seems to have a super-power around the world financial markets. His words can make a commodity or currency trading market mutation, as market prices rise or his remarks fell.
A television reporter that this was the image of Description: Soros to invest in gold, because he is investing in gold, so we all think we should invest gold, then gold prices; Soros writing articles questioning the value of DM , Then mark the greenback was down; Soros to invest in real estate in London, where real estate prices in overnight to reverse the decline. Soros is the secret of the success of many people are eager to know, but because of the Soros investment in a matter of their tight-lipped, even to him cast a mysterious color.
Graphic: John Neff (John Neff)
Finance experts who would choose fund managers to manage their money? » A good answer is: John Neff, the little-known in non-financial sector from Pennsylvania, fiscal experts. In the investment community is almost unknown outside, but because of his Life without striking a low profile. His behaviour totally unlike Wall Street's prominent figures, Daoxiang the central and western regions of the United States is an ordinary official.
From the city centre near a residential, a 30-year-old wife, and even some ordinary clutter of clothing is the husband's life did not luxurious office, the paper clutter Daoxiang student hostels. He never concerned about the newspaper, not to mention the gossip. Many other social sectors may be unknown to him, but he is indeed America's most prestigious financial figures, in fact, several polls showed that he is the fund managers to manage their own money the first choice manager.
Graphic: John Bogle
An ancient Arab leaders, in order to find his dream of mine, look over the ends of the earth, almost exhausted all the assets and eventually died of despair. Years after he left by the descendants of a ranch Liu Ma, inadvertently found a piece of dark stone, carefully read actually a diamond, and thus find a few acres of the diamond mines.
"All of these diamonds, in fact, the Arab leaders themselves back yard." Spearhead Group (Vanguard Group), founder and former CEO John Bogle stubbornly believe that fund managers look for the stock market hard, "Diamond", is precisely people Known by the market index.
1974, Bo Geer concluded that there can not beat the market index fund, launched with the benchmark index for investment in principle, the same year set up a pioneering index fund. Despite the early stage of development only more than 11 million dollars, but after several decades of development, Pioneer fund management assets has reached 884 billion U.S. dollars, half of assets from institutional investors, Vanguard Group has grown into the second-largest U.S. fund management companies.
Graphic: Michael ‧ Puli Si (Michael Price)
Michael Pu Lisi is the United States value the fund manager in the legend to the value of the investment, in particular favorite complex transactions, such as acquisition, merger, bankruptcy, liquidation, can be used to buy ultra-low-cost market was seriously underestimated the Assets of the Fund in its investment career, the participation of numerous merger, such as Sears (later renamed Xerox 100), Kodak, Macy's department store (Macy's) and Chase Manhattan Bank (Chase) and Hurray Bank ( Chemical) of the merger, and so on, are all well-known investment in the history of the event.
Michael Pu Lisi is a typical value investors, as long as he do that on the following three things, the value of investments can be successful:
Stock prices lower than the value of assets (A company selling at a discount from asset value)
The higher the holding company of the better (a management that owns share, The more, the better).
Clean balance sheet, liabilities, the less the better (A clean balance sheet, little debt so there is less financial risk)
Graphic: Julian ‧ Robertson (Julian Robertson)
By Julian Robertson ‧ management of the world's second-largest hedge fund Tiger Management Fund - the scale, second only to the international financial speculator George Soros famous by the founder of the Quantum Fund.
Aspect of the global financial markets to fund Tiger Management said the stock accurate. 1980, Robertson 8 million U.S. dollars to fund the creation of the tiger, 1998, the average annual return of 32% and thus be regarded as the godfather of the hedge fund industry-level figures. Robertson's investment strategy of "value investment" oriented, which is based on the profitability of listed companies made projections reasonable price, then buy dips approach, taking advantage of high-selling.
Graphic: Mark Mobius (Mark Mobius)
Mark Mobius on emerging market shares have 30 years of experience.
1997, 1998 for Reuters was chosen as "the best global fund managers."
1998, the United States in 1999 for Money magazine as "the world's top 10 investment master" one of the "Wall Street Journal" as "emerging markets Godfather."
1999 was the World Bank and the Organization for Economic Cooperation and Development assigned to the board of directors and corporate governance of the global team responsible for the people. British research team was "the international wealth management," the magazine named the "2001 best emerging market equity research team." Mark Mobius Management of Templeton Emerging Markets Fund has outstanding long-standing investment performance.
The "profit passport - to overseas investment Zhifuzhidao" (Passport to Profits) (1999)
Merrill Lynch: Chinese companies listed on the United States or to speed up the pace
Reporter on the 15th from Merrill Lynch was informed that since June, Merrill Lynch has been successful in the Asian region for the seven listed transaction pricing.
Merrill Lynch recent success of the project, including underwriting, the Indonesian coal producers Bayan resources company IPO, Jia Hanlin Group issued 300 million U.S. dollars convertible bonds, are long-distance education-and television-advertising companies and divisions of the IPO, and so on. Among them, Indonesia Bayan Resources Inc. IPO for the project, the most recent year for the region's largest private company a separate underwriting of initial public offering.
Among them, distance education and security are widely and divisions of the company's IPO, all listed issuers in the United States. It is worth mentioning that in January this year, China's online education nationwide survey software company in the United States, also from Merrill Lynch IPO underwriters.
Asian stocks Merrill Lynch Capital Markets co-director Jason Cox said that Chinese companies listed on the United States may speed up the pace. "Despite the market volatility will continue, but the region still have sufficient funds in working capital, but also has many high-quality companies have financing needs."
Merrill Lynch recent success of the project, including underwriting, the Indonesian coal producers Bayan resources company IPO, Jia Hanlin Group issued 300 million U.S. dollars convertible bonds, are long-distance education-and television-advertising companies and divisions of the IPO, and so on. Among them, Indonesia Bayan Resources Inc. IPO for the project, the most recent year for the region's largest private company a separate underwriting of initial public offering.
Among them, distance education and security are widely and divisions of the company's IPO, all listed issuers in the United States. It is worth mentioning that in January this year, China's online education nationwide survey software company in the United States, also from Merrill Lynch IPO underwriters.
Asian stocks Merrill Lynch Capital Markets co-director Jason Cox said that Chinese companies listed on the United States may speed up the pace. "Despite the market volatility will continue, but the region still have sufficient funds in working capital, but also has many high-quality companies have financing needs."
A series of overseas capital reduction of foreign stocks Chengquan Olympic Games Quotes
8 to 13 August, the Shanghai index fallen 300 points on the Shanghai B-shares plummeted 18.38 percent while in August, the Hong Kong Chinese shares plunge into the same "vicious circle." "This is a 'organized and premeditated' short-Olympic Quotes. Many foreign institutional investors in early August to buy state-owned enterprise index, H share index of short contracts, investors use the emotional venting of suppressing indexes profit. "Shanghai foreign banks turned from a private person, told reporters. And an interview with reporters of the domestic agencies will also have to reduce the valuation of A-shares at around 2100.
"Premeditated" the reduction of the chain
When mainland investors will crash attributed to "the Olympic Games Quotes" dashed triggered by emotional venting, some at the same time to participate in A-shares in Hong Kong equities and overseas investors, but in early August in the capital linked to buy shares of state-owned enterprises to see empty index contract , The profit of at least 10 percent.
"This is an organized wave of short selling. Of foreign capital taking advantage of instability in people's minds during the Olympic Games, short A-shares, H shares, B shares. Collapse of this round, the role of foreign capital can not be ignored." Shanghai once in a three Foreign banks did the private equity fund managers, chairman disclosed that its methods of operation, the first to buy stock index futures contracts short, and then in the secondary market are short shares index suppressed, in the futures index on profit; stabilize the stock market, such as when to The swap will be short-positions, and at a low price to buy back shares.
The information published by the HKEx, July 29, JP Morgan Chase, including the reduction of Datang Power Generation (0991. HK), in the Sea Cargo (2866. HK), Conch Cement (0914. HK), China Shenhua (1088. HK), China Ocean (1919. HK), R & F Properties (2777. HK) and Anshan Iron and Steel Company shares (0347. HK), etc., in the capital stock, cash in a trading days up to 2.95 billion Hong Kong dollar, in recent years The rare large-scale reduction of action.
Short selling of shares in the capital, not just a JP Morgan Chase. August 4, a substantial reduction of 2238, Deutsche Bank shares China Life Insurance (2628. HK); 8 on 6, Merrill Lynch sold 2,150 shares Zijin Mining (2899. HK); 8 of 8 and 11, Deng Cape Asset Management Limited and South Korea next global investment assets were reduced holdings of 1362.8 million shares of Chalco (2600. HK) and 969.2 million shares of Anshan Iron and Steel Company.
"Sell goods, the turnover of shares in the capital is often double the normal." KGI investment adviser Choi Kang iron, for example, on August 12, China Mobile (0941. HK) transaction volume of more than 7 billion Hong Kong dollar, during times of Only more than 30 billion Hong Kong dollars; August 13, China Construction Bank (0939. HK) the transaction volume of 46 billion Hong Kong dollars, usually only 1.2 billion to 1.4 billion Hong Kong dollar level.
And the underlying shares plummeted when trading volume rose echoes that received warrants to participate in the HSI index and go short of funds also increased significantly. Cai Railway Hong noted that in July this year, the warrant is received warrants turnover of around 2.8 times, but in August decreased to 1.4 times. "This means that the warrant and received a Certificate of Entitlement Cixiaobizhang the situation." Which is reflected in the index contracts is particularly clear: August 13, the HSI index of 45 per cent of the subscription agreement, 55 % Is received from the contract, the same day, state-owned enterprises received contracts accounted for as much as 87 percent, only 13% of subscription contracts.
Hong Kong Polaris Securities Investment Office Managing Director of the European Hongjie observed that the withdrawal of foreign investment in stocks is extremely significant, Morgan Fund of funds from Hong Kong every day. Europe Hongjie that foreign investors are short of the two major reasons. "First, in the performance of growth stock funds in the Olympic Games after facing great uncertainty, institutions should re-assess the investment environment and the other is the weakness in global stock market environment as a backdrop, the dollar's recent strength, but also more willing to allow agencies to return to Domestic investment and consumption. "
"Many large U.S. customers to withdraw funds from Hong Kong equities of the United States. B-share market can also see the same trend." Royal Hong Kong-managing director of financial management Chen Maofeng said.
In short selling stocks, foreign investment in the A-share market also very active. TopView data show that by the end of July is still a net purchase of the QFII, 8月初massive multi-up air; August 1 to 7, QFII by the Shanghai Huaihai Road in the business department of the total shares sold, such as seats more than 800 million yuan, parabolic A major bargaining chip, including Industrial Bank (601166. SH), China Life Insurance (601628. SH), the China Ocean (601919. SH); another QFFI numerous and Shanghai Shenyin Wanguo Xinchang Road business department, August 8 to On the 12th also changed the situation in the past bought a net, amounted to 1.9429 billion net sellers.
Floating capital smashing to the "Olympic Quotes"
Utilization of foreign capital in the operation of the market linkage means profits in the mainland is no longer secret. Therefore, when foreign capital started when a big way to go short, A-share market as a large number of idle funds will be market leader. XU Yi (a pseudonym) is in this round "from outside" to do the big air "Suibo profit," one of the private placement.
XU Yi management in Shanghai with 10 billion of funds, management of the first half of his assets shrink by 15 percent, so he has a very long time has always been careful. But six months late, "the Olympic Games Quotes" Rise, XU Yi or could not have participated in a hope that "Maping before the loss." He nearly 700 million yuan of funds distributed among the five Olympic concept stocks, such as in industry (600158. SH), Beijing Urban and Rural (600861. SH), Xidan Shopping Centre (600723. SH), and so on. Because they "are the leading varieties Olympic Quotes, stirring up a good bargaining chip." After some speculation and down, the book proceeds XU Yi has been quite impressive, in Beijing on urban and rural areas rose from 11 yuan to 16 yuan, or nearly 50 percent.
But not quickly leave the XU Yi, still patiently recreating the day down, slowly shipments. "Quotes burst before there will be a crazy, before the withdrawal of the Olympic Games is the best time point." Accident but he is the end of July, the Olympic concept of collective shares down, "shipping has become very difficult, but we can only Cheng Zhao died. "
XU Yi said that he is "Tantebuan the feelings of" greeting on August 8 the stock market closed. "The market actually opened lower, then I feel not good, but it may have to think the market rose 100 points." But wait until the afternoon trading, "the Olympic market," the rapid spread of rumors, no longer Biebu Zhu XU Yi The.
"You do not sell, the others will sell." XU Yi later that day at noon after selling Kuangyong Open, did not know who had the first shot. But certainty is that many speculators have fled, and then the set is very small. "10 million shares of a single hit on the back are not buying a stock Hua Lala also descend." On that day, Beijing's urban and rural areas only 17 million turnover, while only a two-million shares, There are not a swap.
The same scenario occurred on August 8 in the private circle of Shenzhen. "Olympic Games Unit, a Shanghai local shares plummeted, the prices of all the Olympic dream has not completely smashed. Panic mentality of mutual infection, quickly spread to the individual sections of the market." Shenzhen, chairman of a private memories of the sun, he had targeted the Prepared to risk some property stocks rebound, "also was up that morning and afternoon but with the Olympic Games shares dropped 6 percent, hastened to Paolu."
"We did not intend to hit, but one look Dashiyiqu, can not hit." Shenzhen, another private equity investment manager, Duanchao funds are investment trends. I have Fengchuicaodong will compete to flee.
"Pre-market activity and this round of the crash, the major Duanchao are a group of the idle funds." National deputy general manager of a large fund companies said. TopView data show that on August 8 and 11, before the Shanghai Stock Exchange 50 for the whole is a net outflow of hot money, "death squads" of the potential of each business.
"2100 points to consider Jiacang"
"A current Suoliang shares plummeted non-normal." Shanghai brokerage, research director of the mainstream, less than 500 billion daily turnover on the market selling small, and the crash is the main reason "to undertake Was very weak, and are willing to buy at this time the agency is too small. "
Topview data show that on August 8 and 11, the Shanghai stock market fund transactions totalling 17.206 billion yuan, a net inflow of 9.595 billion yuan of funds is to buy major force. However, other agencies did not follow the action, brokerage firms, insurance agencies, such as transaction volume of only 4.727 billion yuan, net capital outflow of 380 million yuan.
"Market confidence is very fragile, almost no new funding approach." South of a large fund company vice president said that on August 8 to South China (601766. SH) purchase funds to thaw, the market has not improved. And the North two large fund companies are more bluntly: "fell 21 points, we consider Jiacang."
"We have the mentality has changed, not Ganmai reasonable valuation, we have to wait until when the guts to underestimate the value of sorting chips." Everbright Securities Department deputy general manager of asset management and investment director Lu Wei believes that although the current dynamic in the Shanghai and Shenzhen 300 Tracker rate has dropped to 15 times, but remains unwilling to the reasons for admission. "The current bodies to take a conservative strategy, such as 30 times price-earnings ratio of Chinese medicine shares fell 25 times, food and beverages hit the valuation of 30 times the following, Ganqu bought."
In fact, A stock valuations are reasonable or not this a slump in the industry to be discussed. "Using price-earnings ratio indicators, A shares are cheap, but with Shi Jinglv valuation method is very expensive." Shenzhen management of a trust product of three private equity chairman admits that his A-share valuations are very confused , But would prefer a reasonable valuation of the view.
"The market in 2700 points to 2800 points, the corresponding Shijing Shuai is 3.1 times. If the fallen 2,200 points, Shi Jingshuai valuation of 2.5 times a very reasonable." Shenzhen, general manager of a private placement that judgement.
However, some institutional investors say that, A shares with the International side, "Shi Jingshuai 2 times the only reasonable valuation, the corresponding points out of 1,800 points." Shenzhen a large asset management, general manager of brokerage firms that take into account the second half of the economy Slowdown and the reduction of the size of the non-pressure, A shares valued at around it in 2000.
August 14, A Unit volume set nearly 21-month low, still shows the current point of no incremental capital, "the blood." The industry believes that the economic downturn as investors worried about the unabated, A shares will further lower the valuation of focus, but the pace will slow down. "This situation can be expected to change after the Olympics."
Popularity Survey
Olympic Quotes with "empty"
Nearly half of the respondents believe that this round of decline, on the Topix index may be lowered 1800; Asked about the reasons for the sharp decline in stock prices, nearly 70% of institutional investors think it is the collective view space, about 20% of investors think And on the withdrawal of foreign capital. The full results of this survey show that the Olympic Games Quotes charged with "empty", also slid low market confidence. For example, 48.9 percent of investors think the third quarter, the central line of Jiancang has no chance.
This survey of three other issues, the results also reflect the collective loss of investors. First, what measures can decline »more than half of the answer is" favorable for launch ", in the face of weak market, investors still hope that the government actions; secondly, whether there will be the third quarter, the central line of Jiancang opportunity» 48.9 percent of investors do not think there; Third, the most optimistic about the second half of the investment direction »choice" other sections "accounted for 40 per cent, higher than the" concept of reorganization "and" financial property "- Not long before, the two major themes of this Was considered to be the focus of the next stage of the market.
Source: China Business Lu Yuan -
"Premeditated" the reduction of the chain
When mainland investors will crash attributed to "the Olympic Games Quotes" dashed triggered by emotional venting, some at the same time to participate in A-shares in Hong Kong equities and overseas investors, but in early August in the capital linked to buy shares of state-owned enterprises to see empty index contract , The profit of at least 10 percent.
"This is an organized wave of short selling. Of foreign capital taking advantage of instability in people's minds during the Olympic Games, short A-shares, H shares, B shares. Collapse of this round, the role of foreign capital can not be ignored." Shanghai once in a three Foreign banks did the private equity fund managers, chairman disclosed that its methods of operation, the first to buy stock index futures contracts short, and then in the secondary market are short shares index suppressed, in the futures index on profit; stabilize the stock market, such as when to The swap will be short-positions, and at a low price to buy back shares.
The information published by the HKEx, July 29, JP Morgan Chase, including the reduction of Datang Power Generation (0991. HK), in the Sea Cargo (2866. HK), Conch Cement (0914. HK), China Shenhua (1088. HK), China Ocean (1919. HK), R & F Properties (2777. HK) and Anshan Iron and Steel Company shares (0347. HK), etc., in the capital stock, cash in a trading days up to 2.95 billion Hong Kong dollar, in recent years The rare large-scale reduction of action.
Short selling of shares in the capital, not just a JP Morgan Chase. August 4, a substantial reduction of 2238, Deutsche Bank shares China Life Insurance (2628. HK); 8 on 6, Merrill Lynch sold 2,150 shares Zijin Mining (2899. HK); 8 of 8 and 11, Deng Cape Asset Management Limited and South Korea next global investment assets were reduced holdings of 1362.8 million shares of Chalco (2600. HK) and 969.2 million shares of Anshan Iron and Steel Company.
"Sell goods, the turnover of shares in the capital is often double the normal." KGI investment adviser Choi Kang iron, for example, on August 12, China Mobile (0941. HK) transaction volume of more than 7 billion Hong Kong dollar, during times of Only more than 30 billion Hong Kong dollars; August 13, China Construction Bank (0939. HK) the transaction volume of 46 billion Hong Kong dollars, usually only 1.2 billion to 1.4 billion Hong Kong dollar level.
And the underlying shares plummeted when trading volume rose echoes that received warrants to participate in the HSI index and go short of funds also increased significantly. Cai Railway Hong noted that in July this year, the warrant is received warrants turnover of around 2.8 times, but in August decreased to 1.4 times. "This means that the warrant and received a Certificate of Entitlement Cixiaobizhang the situation." Which is reflected in the index contracts is particularly clear: August 13, the HSI index of 45 per cent of the subscription agreement, 55 % Is received from the contract, the same day, state-owned enterprises received contracts accounted for as much as 87 percent, only 13% of subscription contracts.
Hong Kong Polaris Securities Investment Office Managing Director of the European Hongjie observed that the withdrawal of foreign investment in stocks is extremely significant, Morgan Fund of funds from Hong Kong every day. Europe Hongjie that foreign investors are short of the two major reasons. "First, in the performance of growth stock funds in the Olympic Games after facing great uncertainty, institutions should re-assess the investment environment and the other is the weakness in global stock market environment as a backdrop, the dollar's recent strength, but also more willing to allow agencies to return to Domestic investment and consumption. "
"Many large U.S. customers to withdraw funds from Hong Kong equities of the United States. B-share market can also see the same trend." Royal Hong Kong-managing director of financial management Chen Maofeng said.
In short selling stocks, foreign investment in the A-share market also very active. TopView data show that by the end of July is still a net purchase of the QFII, 8月初massive multi-up air; August 1 to 7, QFII by the Shanghai Huaihai Road in the business department of the total shares sold, such as seats more than 800 million yuan, parabolic A major bargaining chip, including Industrial Bank (601166. SH), China Life Insurance (601628. SH), the China Ocean (601919. SH); another QFFI numerous and Shanghai Shenyin Wanguo Xinchang Road business department, August 8 to On the 12th also changed the situation in the past bought a net, amounted to 1.9429 billion net sellers.
Floating capital smashing to the "Olympic Quotes"
Utilization of foreign capital in the operation of the market linkage means profits in the mainland is no longer secret. Therefore, when foreign capital started when a big way to go short, A-share market as a large number of idle funds will be market leader. XU Yi (a pseudonym) is in this round "from outside" to do the big air "Suibo profit," one of the private placement.
XU Yi management in Shanghai with 10 billion of funds, management of the first half of his assets shrink by 15 percent, so he has a very long time has always been careful. But six months late, "the Olympic Games Quotes" Rise, XU Yi or could not have participated in a hope that "Maping before the loss." He nearly 700 million yuan of funds distributed among the five Olympic concept stocks, such as in industry (600158. SH), Beijing Urban and Rural (600861. SH), Xidan Shopping Centre (600723. SH), and so on. Because they "are the leading varieties Olympic Quotes, stirring up a good bargaining chip." After some speculation and down, the book proceeds XU Yi has been quite impressive, in Beijing on urban and rural areas rose from 11 yuan to 16 yuan, or nearly 50 percent.
But not quickly leave the XU Yi, still patiently recreating the day down, slowly shipments. "Quotes burst before there will be a crazy, before the withdrawal of the Olympic Games is the best time point." Accident but he is the end of July, the Olympic concept of collective shares down, "shipping has become very difficult, but we can only Cheng Zhao died. "
XU Yi said that he is "Tantebuan the feelings of" greeting on August 8 the stock market closed. "The market actually opened lower, then I feel not good, but it may have to think the market rose 100 points." But wait until the afternoon trading, "the Olympic market," the rapid spread of rumors, no longer Biebu Zhu XU Yi The.
"You do not sell, the others will sell." XU Yi later that day at noon after selling Kuangyong Open, did not know who had the first shot. But certainty is that many speculators have fled, and then the set is very small. "10 million shares of a single hit on the back are not buying a stock Hua Lala also descend." On that day, Beijing's urban and rural areas only 17 million turnover, while only a two-million shares, There are not a swap.
The same scenario occurred on August 8 in the private circle of Shenzhen. "Olympic Games Unit, a Shanghai local shares plummeted, the prices of all the Olympic dream has not completely smashed. Panic mentality of mutual infection, quickly spread to the individual sections of the market." Shenzhen, chairman of a private memories of the sun, he had targeted the Prepared to risk some property stocks rebound, "also was up that morning and afternoon but with the Olympic Games shares dropped 6 percent, hastened to Paolu."
"We did not intend to hit, but one look Dashiyiqu, can not hit." Shenzhen, another private equity investment manager, Duanchao funds are investment trends. I have Fengchuicaodong will compete to flee.
"Pre-market activity and this round of the crash, the major Duanchao are a group of the idle funds." National deputy general manager of a large fund companies said. TopView data show that on August 8 and 11, before the Shanghai Stock Exchange 50 for the whole is a net outflow of hot money, "death squads" of the potential of each business.
"2100 points to consider Jiacang"
"A current Suoliang shares plummeted non-normal." Shanghai brokerage, research director of the mainstream, less than 500 billion daily turnover on the market selling small, and the crash is the main reason "to undertake Was very weak, and are willing to buy at this time the agency is too small. "
Topview data show that on August 8 and 11, the Shanghai stock market fund transactions totalling 17.206 billion yuan, a net inflow of 9.595 billion yuan of funds is to buy major force. However, other agencies did not follow the action, brokerage firms, insurance agencies, such as transaction volume of only 4.727 billion yuan, net capital outflow of 380 million yuan.
"Market confidence is very fragile, almost no new funding approach." South of a large fund company vice president said that on August 8 to South China (601766. SH) purchase funds to thaw, the market has not improved. And the North two large fund companies are more bluntly: "fell 21 points, we consider Jiacang."
"We have the mentality has changed, not Ganmai reasonable valuation, we have to wait until when the guts to underestimate the value of sorting chips." Everbright Securities Department deputy general manager of asset management and investment director Lu Wei believes that although the current dynamic in the Shanghai and Shenzhen 300 Tracker rate has dropped to 15 times, but remains unwilling to the reasons for admission. "The current bodies to take a conservative strategy, such as 30 times price-earnings ratio of Chinese medicine shares fell 25 times, food and beverages hit the valuation of 30 times the following, Ganqu bought."
In fact, A stock valuations are reasonable or not this a slump in the industry to be discussed. "Using price-earnings ratio indicators, A shares are cheap, but with Shi Jinglv valuation method is very expensive." Shenzhen management of a trust product of three private equity chairman admits that his A-share valuations are very confused , But would prefer a reasonable valuation of the view.
"The market in 2700 points to 2800 points, the corresponding Shijing Shuai is 3.1 times. If the fallen 2,200 points, Shi Jingshuai valuation of 2.5 times a very reasonable." Shenzhen, general manager of a private placement that judgement.
However, some institutional investors say that, A shares with the International side, "Shi Jingshuai 2 times the only reasonable valuation, the corresponding points out of 1,800 points." Shenzhen a large asset management, general manager of brokerage firms that take into account the second half of the economy Slowdown and the reduction of the size of the non-pressure, A shares valued at around it in 2000.
August 14, A Unit volume set nearly 21-month low, still shows the current point of no incremental capital, "the blood." The industry believes that the economic downturn as investors worried about the unabated, A shares will further lower the valuation of focus, but the pace will slow down. "This situation can be expected to change after the Olympics."
Popularity Survey
Olympic Quotes with "empty"
Nearly half of the respondents believe that this round of decline, on the Topix index may be lowered 1800; Asked about the reasons for the sharp decline in stock prices, nearly 70% of institutional investors think it is the collective view space, about 20% of investors think And on the withdrawal of foreign capital. The full results of this survey show that the Olympic Games Quotes charged with "empty", also slid low market confidence. For example, 48.9 percent of investors think the third quarter, the central line of Jiancang has no chance.
This survey of three other issues, the results also reflect the collective loss of investors. First, what measures can decline »more than half of the answer is" favorable for launch ", in the face of weak market, investors still hope that the government actions; secondly, whether there will be the third quarter, the central line of Jiancang opportunity» 48.9 percent of investors do not think there; Third, the most optimistic about the second half of the investment direction »choice" other sections "accounted for 40 per cent, higher than the" concept of reorganization "and" financial property "- Not long before, the two major themes of this Was considered to be the focus of the next stage of the market.
Source: China Business Lu Yuan -
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