Proportion of overweight throwing 78.3 billion yuan fund to bet on real estate stocks to pick up

■ trainee newspaper reporter Chen Lin As of February 16,

closing the real estate section this week has only edged up 0.29 percent, ranking SW an industry or third from the bottom, but this years increase is still outperforming the broader market.

real estate section NAV impact should not be overlooked, the end of the fourth quarter, the Fund configure real estate stocks to total market capitalization of 78.3 billion yuan, an industry climbed SW seventh. Which, in the sea Fund (Confucius News) holdings of real estate stocks the proportion of the largest subsidiary of China Shipping environmentally friendly new energy, investment in real estate stocks accounting for the proportion of stock market value of nearly 38 percentage points compared to the third quarter enhance. under the pressure of real estate stocks, the fund senior analyst at China Shipping Chen accept the "Securities Daily Fund Week reporters interview gives the following interpretation of the opportunities for real estate stocks from the game in the first half, second half of investment opportunities in real estate stocks is relatively OK, Therefore, recommendations are given throughout the year overweight real estate. "The

latency of 39 real estate stocks

fund floating profit of 2 billion yuan

the face of real estate control policy is difficult to relax the financial strain of housing prices under the influence of a series of negative news, the real estate section this year is doing well. As of last Friday, this year the plate rose to 8.4%, an industry or # SW list the ninth, the same period, the Shanghai Composite Index rose 7.16 percent.

the face of such a strong rally, the funds early in the fourth quarter of last year had been keen too to capture the atmosphere of rising adverse economic jiacang. Securities Daily Funds Weekly WIND IT data statistics show that the end of the fourth quarter, the property shares of the Fund to configure the total market capitalization of 78.3 billion yuan, according to the descending sort, ranked Shen Wan an industry seventh. The first quarter of 2011, real estate stocks, placing him eleven, second and third quarter, real estate stocks also were increased only by one rank. from the point of view of sector allocation, the fund favored real estate stocks is self-evident. WIND data also showed that the end of the fourth quarter, the number of overweight real estate stocks the fund increased to 357 from 312 in the quarter, the year with the number of funds decreased from 148 to 118. Proportion from the configuration point of view, the annual maintenance of the highest allocation ratio of the real estate stocks of JP Morgan Chinas advantages to the end of the fourth quarter, suddenly overweight, the proportion of overweight up to 59.2%. The end of the third quarter, the fund allocation ratio of only 49.98% of the first half of the year, the ratio is maintained at 44%.

Fund overwhelmed by ambushes indeed floating profit, the end of the Four Seasons 146 real estate stocks, the 271 funds Shigekura 39, the cumulative shareholding of 4.888 billion shares, total market value of 38.366 billion yuan. As of February 16, average 39 stocks rose 10.36 percent, the heavily loaded with the accumulated floating profit of 2.025 billion yuan. Among them, the JP Morgan China Advantage China advantage of growth in both floating profit of 150 million yuan. JP Morgan China Advantage selected on this years rate of return has been 7.07 percent, ranking the 135 similar funds. the

to enter the high-profile real estate stocks plot in the second half of the Fund

sea Quotes

from the fund companys point of view of the sea Fund large-scale layout of the strongest real estate stocks efforts.

WIND data show that the end of the fourth quarter, the statistics of 525 funds, investment real estate stocks accounted for the average proportion of the market value of equity investments of the Fund is 7.09%. 328 to invest in real estate stocks are more important than the end of the third quarter improved to varying degrees. largest

an increase in sea green new energy, the proportion of investment in real estate over three quarter improved nearly 38 percent. Followed by small cap Featured in Thai letter and Central Europe, small cap. It is noteworthy that, in sea Funds many funds are at the end of the fourth quarter jiacang real estate stocks, in addition to the above-mentioned environmental protection and new energy of the sea, the sea quantization strategy and in the sea of ​​blue-chip configuration in the fourth quarter increased the real estate stocks The proportion of investment, 32.37 and 17.93 percent respectively over the end of the quarter three.

quantization in the sea, for example, the Four Seasons at the end of last year, the funds in the top ten Awkwardness 5 real estate stocks, these stocks are in the fourth quarter and new. As of February 16, Jinqiao, Pudong, including five real estate stocks for the fund accumulated to bring the floating surplus of 5.3538 million yuan, accounting for 1% of the net asset value at the end of the four seasons of the Fund. Since the beginning of this year, the fund rate of return of 2.58 percent, ranking similar funds in the first 1/2. For such high-profile into the real estate stocks, China Overseas fund senior analyst Chen in an interview with the Securities Daily Funds Weekly reporter gives the following explanation, and clearly reveals the market in more in the second half of the time the layout to make bedding. In his view, the first half of the entire industry is still faced with greater pressure of the regulation, with a reasonable drop in house prices, the gradual fulfillment of the regulation is expected to place financial pressure and developers own funds to honor the pressure appeared, we expect that the policy The pressure will be gradually reduced. High probability in the second half of the year there will be a certain degree of loosening. From the point of view of inventory and prices, this year, inventory is an ongoing cumulative process, during which along with the callback of prices and volume fluctuations. The second half of inventory accumulation will slow down, price pressure will be relieved to a certain extent. From the point of view of the current research feedback, some developers discount none other than the larger amount of customers visiting also years later stage rebound. Therefore, we determine the second half of the industry fundamentals will be warming.

"In addition, the real estate section of the mainstream of the listed companies for 12 years PE level and PB levels are relatively low, while high performance uncertainty, continue down the space is limited. Chen finally explained. so

substantially jiacang real estate stocks, not only in the sea, Yasunobu Yasunobu Funds in the small cap, easy to Fondas Yi Fang Dakota Xiang, Castrol return, flexible configuration, and so are a large proportion to increase the proportion of real estate stocks in the asset allocation.

90% of the heavily loaded with real estate stocks pre-hi

Fund Riding out

the face of the industry downturn, the Fund overweight real estate stocks have Baotuan performance quality stocks, hoping to share the future potential.

WIND IT data show that as of February 16, a total of 59 real estate companies report earnings notice, there are 30 pre-hi, accounting for 50%. 13 of which funds are heavy in the pre-hi has reached 12, accounting for over Jiucheng. China happiness, the Air real estate 3 stock performance has doubled. These two stocks are a long letter domestic demand growth and the SDIC Rui Yincheng long preferred a private Awkwardness, Shigekura fund floating profit of 230 million and 2,214.21 million. Chen

financial pressure point of view, the current industry-wide situation is not optimistic, listed companies look at our statistics, the differentiation is more serious with the layout of the country, developers financial pressure, while the regional the companys financial pressure is relatively large. Zheng Min steel,

Dongxing Securities and real estate industry analyst also said that real estate shares of differentiation trends, real estate sales in January and February will now seesaw phenomenon, while the share price will fluctuate. Fluctuations in the growth performance of the company is a good investment targets, fell off a buying opportunity. The BOCI

Zhou Road, admitted that the Wuhu suspension of the New Deal, industry regulation continue to be strict. They also maintain a neutral rating on the real estate section, it is recommended that investors preferred stocks, bargain-hunting layout to benefit from industry leading companies in the industry, increased concentration, benefit from the "cheap to take the amount of new pattern of formation of low-cost fast turnaround regional companies and regulation of a safe haven for known, the economy and high prices of commercial real estate company.

"We believe that the opportunities for real estate stocks in the first half from the game, have a certain defense under the optimistic market outlook; if the market is stabilized rebound, the performance of real estate the rather dull, which is also currently consistent with the trend of the market. "Chen such a judgment," the second half of the year, we believe that the investment opportunities of real estate stocks is relatively sure our annual advice given are super with real estate, but the strategy stage to make some adjustments from the style point of view, still concerned in the first half of robust first-line varieties and growth to determine the valuation of cheap second-line varieties, the second half of moderately super with greater flexibility in the second and third varieties to improve the level of excess return ".

In addition, the Fund consider the valuation of real estate stocks also appeared differentiation, Chen said, still concerned in the first half of the robust first-line varieties and growth to determine the cheap valuations of second-line varieties. It is worth noting that the configuration of the seas Fund 9 real estate stocks a dynamic more than 25 times earnings, Pudong Jinqiao the price-earnings ratio is less than 10 times.

but from the overall perspective, the average dynamic price-earnings ratio of 39 stocks of the funds are heavy (40.5 times higher than the average price-earnings ratio of 33.88 multiples of 146 stocks closing price / earnings per share). Bo emerging the growth Shigekura Zhangjiang Hi-Tech $ 283.13 times earnings.