Fund to increase the scientific and technological innovation theme configuration favored by consumer electronics

According to the research interviews and the annual reports of listed companies, fund companies to disclose information on the fund company, fund managers in the investment of 2012 to increase the configuration the intensity of the theme of technological innovation, especially in the consumer electronics industry chain. The specific selection of species due to the impact of policies on individual stocks are dramatically increased, the fund managers for stocks grasp lies not only in field research fundamentals, while fund managers are also concerned about the quality stocks may continue to be the policy of care.

the ⊙ Reporter An Zhongwen ○ edit Zhang Yiwen substantive change or delay of

policy

fund managers before the holiday policy easing and liquidity improved generally optimistic expectations, therefore to preganglionic strong cycle varieties became strong varieties Festival, small cap stocks in the market to return to active pattern.

"originally we estimated that there may be 1 trillion yuan in January of the new credit, but actually in January, new credit is more than 7300 billion, and had expected the gap." Shenzhen is a joint venture fund companies believe that This shows that everyones expectations are too optimistic.

Southern Fund (Confucius News) yesterday also emphasized that "preliminary support for the market rebound is expected to not be honored." - unfulfilled clearly the expected flow improved. Southern Fund conclude that the economic fundamentals remains to be seen signs of improvement, while the monetary and credit data is substantially lower than market expectations, market liquidity improved the rates are lower than expected, inflation has not been scheduled to come down fast, the pace of policy easing will slow down Although relax real estate signs, but remains to be seen. In the medium term, the positive market factors are cumulative, market trends have been dropped from last years shock into shock rebound and significant increase in market investment opportunities. The current market can be seen as the bull market a prelude for the long-term finance is a good opportunity to intervene, but the short-term response to market remain cautiously optimistic strategy. fund manager Sheng Junfeng

Morgan Stanley Huaxin basic industries, the Shanghai Securities News said, the short term, large-scale relaxation of the policy difficult to achieve, the mobility is also impossible to rapid improvement.

"policy adjustment will be more neutral, must take into account two elements of the structural adjustment and economic growth." Sheng Junfeng policy easing by a big margin is not conducive to the economic restructuring, high energy consumption and pollution and backward production capacity for further expansion, but the policy to relax a lesser extent so that the economy continued to decline the risk, therefore, the policy easing this year may be a more neutral fine-tuning.

the fund manager point of view and the Great Wall Fund (Confucius News) Chief Investment Officer Yang Jianhua some. "Shanghai Securities News" interview, Yang Jianhua said that in the future for a long period of time, the policy will be a very big role, but for policy easing has a more understanding, that the large-scale relaxation of the policy remains cautious, more optimistic about the policy of structural relaxation of the SME sector. Yang Jianhua of these views reflect the optimistic view on the current investment picking small cap investment opportunities, while the more bearish cyclical stocks, the traditional large-cap stocks, although the traditional large-cap stocks varieties currently enjoy lower valuations.

Yang Jianhua, told reporters that the control objectives and mitigation of inflation and high prices, the government can not be large-scale relaxation, once the large-scale relaxation of traditional industries will be the influx of many funds makes further serious excess of traditional industries, will further engulfs the strategic emerging industries in urgent need of cash resources.

Shengjun Feng told reporters that the fine-tuning of policies through taxes and government subsidies to support a number of high-growth, urgent and emerging small and medium-sized enterprises, and therefore can focus on investment in some of the policies partial relaxation opportunity to the market this year is likely to have structural characteristics.

postganglionic liquidity rapid improvement in the expectations have been dashed, but some fund managers continue to believe that the substantive relaxation of the policy is still possible in the first half of this year there will be, although the time was repeatedly adjourned.

"the degree of relaxation of the policy depends largely on changes in the economic growth rate, while the level of inflation is one of the important factors." Ma Yue, Bo, when the selected fund managers pointed out yesterday.

Ma Yue, frankly, to establish prices and house prices fell further, on the basis of substantial policy easing in the second quarter. "For the annual market trends, we are more optimistic." He told reporters that it would be as early as cycle continue to be optimistic about the real estate finance, and adjustment in the market, the valuation is already low, the reaction speed of the macroeconomic changes faster cement and construction machinery industry.

Festival hot market quickly switch to the reality of the small-cap stocks also reflects the relaxation of liquidity in the market is expected to fall background. It is evident that the core of the current rally to promote the factors that investors expected to improve the valuation of repair caused by. the

Morgan Stanley huaxin, Gold (Confucius News), a study yesterday also pointed out that the improvement expected by investors mainly in improved mobility and rapid decline in economic growth will lead to macro-control policies, "counter-cyclical "operation of two factors. "Since September 2010, the domestic macroeconomic policy continued to tighten, leading to a larger decline in the stock market in 2011. The reason for liquidity constraints the rise of the stock market, and liquidity is why in the past can never be an effective release, mainly concerns about inflation. "Morgan Stanley huaxin King further believes that the latest macro data show that after nearly a year of policy tightening, the high CPI has gone through the peak, which undoubtedly lay a good foundation for the improvement of liquidity conditions . With a centralized point in time the arrival of credit, investors have strong expectations of improved mobility. At the same time, the regulation time of the real estate policy has been maintained for nearly two years, the fall of the current economic growth has been widely expected by investors, arrival loose With real estate prices, investors began to loose on the real estate policy expected.

But these people also emphasized that the current market phenomenon worthy of attention. "The current market volatility. Severe shocks reflect the investment to do the poor stability of the multi-mentality, which is a key feature of the expected price." Morgan Stanley huaxin Fund, the sources said, the current market conditions there plate continued the phenomenon of the poor.

"hot high switching frequency characteristics of the market the initial stage, has a valuation adjustment of the plate after the early restoration of demand." the source told reporters, the expected market continued to expand the investment must be maintained a certain degree of vigilance, once expected to have not been fulfilled, market the possibility of termination of the very large. Bosera

(Confucius News) macroeconomic strategy, general manager of Wei Fengchun pointed out yesterday that macro data for the moment mostly exceeded market expectations, however, the performance of the market is so tenacious. The same economic data, a different state of mind, to understand the point of view is not the same, and the result is not the same. The recent strength of the main reasons for the investment mentality of the investors have been subtle changes.

configure optimistic about high-economy industry

growth stocks is still the main clue of the investment fund managers in 2012. According to information disclosed by listed companies and fund companies, fund managers in the fourth quarter of last year, the core configuration of the stock pool was significantly increased to hold the growth of species, especially the good of the industry boom of consumer electronics, technology innovation, environmental protection and energy saving.

main printed circuit board of Ultra-China science and technology disclosed in the 2011 annual report shows that its 2011 full year net profit amounted to 33 million, net profit year-on-year increase of 58%. Beautiful performance to attract fund managers settled, Peng, China Putian Income Fund intervention in the fourth quarter of last year, 118 million shares, which is ultra-China science and technology a year to usher in the first public fund concerns.

fund managers involved in ultra-China science and technology is clearly based on the industry boom of the rising background due to the printed circuit board is mainly used in automotive electronics, consumer electronics, LED and other areas, under adverse economic trend of growth of the global consumer electronics, the relative by the global economic downturn in many industries fell sharply, while the performance of printed circuit board industry, the overall performance of listed companies is relatively stable.

printed circuit board industry valuation more attractive varieties fund Shigekura reached. Fund managers ultrasound electronics, electronics stocks of ultra-China science and technology such as the economic slowdown in performance flexibility of offensive variety. According to the information disclosed by the Bank of Communications Schroder advanced manufacturing fund, the fund manager in the fourth quarter of last year supersonic electronics included in Fund Awkwardness the ranks of the top ten, holding over 200 million shares. The supersonic electronics since early January this year, or up to 36%.

consumer electronics industry chain in the current market has become a central theme of the affects popularity. Yu Shun electronic continuous limit, the LED and touch screen industry has been the overall strength, a phenomenon that has attracted the attention of institutional investors.

the Shenzhen Stock Exchange yesterday disclosed data show that the three institutions dedicated seats yesterday appeared in a the GEM variety Hongli Opto-electronic, net buying amounted to 14 million. At the same time, Yu Shun Electronics announced the temporary suspension of the occasion, the main Ophelia light touch-screen business announced significant matters to be disclosed and the suspension in the experience of seven consecutive days strength.

taking into account the LEDs, touch-screen industry and consumer electronics products is closely related to the industrial chain, a listed company to huge orders may reflect in large part to the boom of the industry. In fact, consumer electronics devices listed companies frequently results good news that highlights the shape of the consumer electronics industry has been through the cycle, the two consecutive years of continued growth in consumer electronics products, to provide critical electronic materials, electronic equipment, parts of the listed companies to obtain "spurt" demand. The 2011 results of the seven stars of the main IC electronic disclosure to the agency surprise the companys 2011 net profit up to 132 million, an increase of more than 76%. The Qixing electronic admitted that due to the emerging consumer electronic products, driven by sales of smart phones, tablet computers, integrated circuits industry faced with a good degree of prosperity, the field of photovoltaic, solar batteries, the LCD will also be listed companies to expand in its annual report an important direction.

Dacheng Fund (Confucius News) Assistant Research Director Sun Beilin told reporters pointed out that technology stocks overall market capitalization weights is accounted for in the A stock farm is relatively small, but does not rule out future tech stocks to become an important force for economic growth, and become A shares the weight of the plate. She considers it necessary to expand the research vision, concerned about the new plate on the market, the valuation differences between the industry to a certain extent reflects the future profits of the industry changes, in the current point, the industry need for a balanced configuration, and strive to be a bottom-up research to find undervalued stocks opportunity.

fund managers apparently have noticed a tremendous impetus to the rise of emerging consumer electronic products on the upstream and downstream industries, especially technology stocks to provide electronic equipment. According to the disclosure of the Seven Star Electronics, Chinese businessmen of Chinese Entrepreneurs Fund (Confucius News)s Dynamic Alpha Fund, the Chambers leading Enterprise Fund, the Chinese entrepreneurs value of the Select Fund holdings of the Seven Stars Electronics approximately 200 million shares in the fourth quarter of last year as a whole; addition Soochow aggressive strategy fund Penghua Consumer Choice also holds the seven stars electronic 65 million shares, 35 million shares. in the company of small plates, the capacitor film Nanyang Technological same in the fourth quarter of last year, fund managers substantial intervention. As of the end of the fourth quarter of last year, Everbright Pramerica Fund (Confucius News) company together hold the Nanyang Technological about 100 million shares, Bank Value Choice Fund, Hua Fucheng long trend of fund holds 33 million shares, 20 million shares. Nanyang Technological disclosed 2011 full year net profit of 101 million, an increase of more than 73%.

fund managers last years fourth quarter increase in the technology sector investment is likely the reality of the rapid growth of technology-based industry, not only individual consumers needs and updates to handheld devices, with the triple play to further promote institutional Users also frequently procurement of IT equipment. Jebsen shares disclosed in the 2011 report shows that Chinese Entrepreneurs Fund, Yinhua Fund (Confucius News) in the fourth quarter substantial holdings in the stock selection of Chinese business strategy fund holdings the Jebsen shares about 30 million, the Chinese Entrepreneur Spirit Growth Fund over the same period holdings of 32 million, the Yinhua Quality Growth Fund last year the fourth quarter of the holdings of Jebsen shares close to 50 million shares.

the Jebsen shares is an audio and video technology as a whole solution provider, and its downstream industries, including radio and television systems, forces, Internet companies, government agencies. As of the end of 2011, the companys top five customers for CCTV, the total units of the Bank of China, China Education Television, a force, Hubei Radio and Television. The Jebsen shares disclosed in the 2011 results are also very attractive to institutional investors, the company achieved net profit of 103 million last year, an increase of 54%, further disclosure of the 2012 third quarter net profit will increase by 30-50% room. the

technological change breakthrough right to pull the needs of consumer electronics products is essential. "a joint venture fund company in Shenzhen who pointed out to reporters, smart phones, flat, car, television and other consumer goods field of technological progress in driving the consumer electronics parts of equipment demand, which also reflects the future of consumer electronics, with new technology can overcome the inherent demand patterns. The core driving force of consumer electronics behind the plate market is the consumer electronics revolution, when the product life cycle of consumer electronics, technology innovation on the downstream industry chain and do not see the end of time, its stock market investment opportunities may also will be further continued.

investment fund manager for consumer electronics is also quite divided. Morgan Stanley Huaxin basic industries fund managers believe that many industries, consumer electronics, the threshold is too low, production capacity too many problems, leading to many companies missing the core technology competitiveness, lack of market pricing. "See a profitable industry on the rush to invest in listed companies, eventually leading to low-end industry overcapacity and into a price war." Shengjun Feng stressed to the Shanghai Securities News "to invest in this area only selected breakthrough in high-end technology, control of the market pricing of enterprises, such subject matter due to high barriers to entry, no fear of excess capacity.

At the same time, the variety of small plates, the GEM field of consumer electronics too much dependent on the phenomenon of large customers also criticized by the market, it also highlights some of the stocks potential performance risk - a paper announcement, listed companies may be instantly amplification mechanism for the performance of a variety of flexible, but the contrary also may make investors strayed into the minefield of performance of listed companies. Wang Ping,

investment manager of Fund (Confucius News), the Shanghai Securities News said the consumer electronics segment has become the hot spot of the market speculation, the performance of consumer electronics plate Indeed, in 2009, two years-than-expected 2010, the market are constantly raised its profit forecast, but the consumer a sense of the electronics cycle characteristics, fluctuations in the price of his product, consumer electronics corporate earnings volatility increases. policies and fundamentals of

about stocks significant increase due to the impact of policies on individual stocks, the fund managers for stocks grasp lies not only in field research fundamentals, while fund managers are also concerned that there may be policy to benefit high-quality stocks. Four Seasons

last years market crash environment, fund managers hedge funds directions undoubtedly select "victimizes" blue chip stocks, especially in the future may enter the market in background of the pension. Morgan Stanley topic aspiring fund managers Shengjun Feng think, in the context of the ongoing transformation of the domestic economy, the mobility of the overall trend towards improvement, "12" industrial revitalization policies have been introduced, the theme of investment opportunities. At the same time in the history of the bottom area of ​​the current market valuation, and also provides a good opportunity to fund low-cost to enter the market. Shengjun Feng said that the theme of the 2012 high-iron to build water conservancy construction, energy saving and environmental protection there are investment opportunities. 2011 Annual Report the

the Fuchun environmental disclosure substantially involved in such themes in the social security fund portfolio in the fourth quarter of last year. The Fuchun environmental disclosure in 2011 net profit up to 190 million, an increase of more than 37%. In the fourth quarter of last year, the National Social Security Fund, 111 combinations, 112 combinations of the National Social Security Fund, hand in hand to buy the stock. The end of last year, the two social security portfolio held by Fuchun environmental 838 million shares, 43 million shares.

mechanical alternative to artificial field has also been the concern of the fund. Main coal machinery and equipment Cheng coal machine, and through some large adjustments in the fourth quarter of last year, the fund manager is also the same period decisive intervention. According to information disclosed by Zheng coal machine, as at the end of the fourth quarter of last year, the Post Core Growth Fund, the National Tai Jinma Stable Fund, the Huaan strategies Choice buy Zheng stoker to 966 million shares, 868 shares, 819 million shares. Zheng stoker in 2011 net profit up to 1.19 billion, an increase of 35%.

addition to Zheng stokers, fund managers are still in the fourth quarter last year involved in other machinery and equipment with clean theme varieties - Keda. According to the the Keda disclosure of information, the Post Core Growth Fund hold the stock for more than 10 million shares as of the end of the fourth quarter of last year, In addition, the return of China, China return II Fund together hold more than 14 million shares in Sea Energy Fund is slightly buy the stock to 650 million shares. The Keda disclosed in 2011 net profit is also worth noting that its 2011 net profit of 356 million, an increase of about 48%. Keda the current situation is clearly oversold blue chip stocks, its share price more than 57 percent from early 2011 to yesterdays closing decline.

but not dazzling performance that is able to retain the fund managers last year, or the larger species generally been the reduction of the Fund. Tomson times to disclose its 2011 net profit up to 186 million, an increase of more than 102%, while expected 2012 first quarter net profit of around 60 million the first quarter, an increase of more than 40%. Last year, the fund held by Tomson times generally small holdings of stock, rejuvenating the whole social responsibility funds cut-HEALTH more than 20 million shares, fund Hanxing China Hongli fund also reduction of 13 million shares, 180,000 shares.

fund managers generally believe that the more optimistic about the 2012 market investments, but the market is difficult to be a big investment opportunities, structural market will be sustained long-term, opportunities for individual stocks will be the focus. According to the information disclosure of listed companies, fund managers in the fourth quarter of last year to strengthen the research of some industry boom of the listed companies for the better, stock research intensified also means that the results of the 2012 Fund Manager competition is to fund research on specific varieties and the ability to grasp. According to the 2011 annual report disclosed by the Xinlong electrical, the Boshi Fund and E Fund (Confucius News) Sea Fund (Confucius News), Fu Fund (Confucius News) and so in the fourth quarter of last year visited the Xinlong appliances. Report shows that the to Xingquan Fund, UBS SDIC, Morgan Stanley huaxin gold in the fourth quarter of last year to buy the stock. Xinlong appliances disclosed in 2011 net profit of 72.7 million, an increase of up to 70%. Xinlong appliances in the first quarter rate of increase is even more alarming, the company expects the first quarter net profit increase of between 90-120%.

Xinlong main electrical power a device, this field fund managers believe there is the inflection point up the expected. Great Wall, director of fund research Qinling Ping to "Shanghai Securities News pointed out that the probability of listed companies in last years fourth quarter results below market expectations, resulting in amendments to forecast 2012 results, but there are some industries may be performed better, in which power and the profitability of the electrical equipment in the upward inflection point of.

Chan Yu Technology in December last year is ushered in intensive survey of fund managers. Listed company, from December 1 last year, there have been four batches of fund companies to visit companies, including China Fund (Confucius News) GF Fund (Confucius News), the Lion Fund (Confucius News), Harvest Fund ( Confucius News), the latter two listed companies is clearly in the research firm determination to buy. Corporate Annual Reports, Lion Fund in the fourth quarter of last year to buy a small board praised Yu. Chan Yu Annual Report is also brisk performance, the net profit last year amounted to 104 million, an increase of more than 53 percent; flexible configuration of Lion Fund intervention in the fourth quarter of last year 50 million shares of Chan Yu, Lion in the small cap funds hold about 30 602 combination of shares, Harvest Funds National Social Security Fund is also involved in the only small cap, Harvest Fund Management of the social security portfolio in the fourth quarter of last year, Tsan-Space Technology held 70 million shares, for the latters second-largest holders of tradable shares. The Changan fund companies

before starting the first product in February of this year also appeared at the list of institutional research in the listed company. 2011 Annual Report information disclosed in accordance with Kingdream the Changan Fund on November 29 last year, field research the Kingdream of the main oil drill. However the disclosure Kingdream mediocre performance last year, net profit of 104 million, down 3.64 percent.

also revealed that the information disclosure of listed companies, private equity research trends. Kant the new annual report last November, Shanghai Double Ninth investment with the country of UBS Fund (Confucius News) joint visits to listed companies, Kang get a new main products for the optical film materials, its application field mainly oriented mobile phones, computers, home appliances and other consumer electronics, solar energy , LED, automotive and other fields. Widespread application of optical film materials industry, driven by market demand for the companys main products and smart phones, tablet PCs, LCD TVs continued selling. Therefore, Kant which industry segments are not significantly affected by the economic downturn, the negative impact of constraints, recently disclosed that in 2011 net profit up to 130 million, an increase of up to 86%. Another well-known private equity funds - Chak Hee investment field survey on October 27 last year, the the Fuchun environmental protection of the main waste-to-energy business. The Fuchun environmental disclosure in 2011 the total net profit of up to 190 million, an increase of up to 37%.