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Northeast Securities April fund strategy sturdy confidence t
2012 March review and 2012 April fund investment strategy: sturdy confidence forward inverse cycle, policy valuation under repair market fund research group analyst: Yang Yong as of March 30th, the month the index fund,doudoune moncler, traditional closed-end funds and stock fund decline range precedes, the average net drops respectively 6,The new fund biweekly strategy (2012 2 months) in a plate to. 51%, 5,doudoune moncler.05% and 4.59%; mixed type fund, QDII and closed-end funds innovative decreases in time, fell 3.75%, 3.31% and 1.84%; the monetary fund, bond fund and the capital preservation fund net worth in this period continues to maintain a positive or, respectively, up 0,moncler outlet. 37%, 0.37% and 0.08%.From the performance and valuation characteristics,moncler outlet, performance is expected in the 1 quarter, listing Corporation formation at the bottom of the stage,In 2012 May, China buy hedge fund index report private even, blue-chip valuations remain promotion space, valuation repair market is still expected to continue, while repairing the space depends on the size of the intensity and frequency of counter-cyclical policy. Liquidity from the point of view, the current market price,moncler, interest rate and credit spread term spread display mobility has been gradually improve, hard landing risk and inflation risk did not significantly slow the form again,moncler, monetary credit growth is expected in the two quarter from late improvement,moncler. And domestic and foreign policy, capital improvement process, market supply demand relations and investor sentiment changes will be dominant in the future short-term market main force.Although in March the market callback, but in the 2 quarter of the next should be sturdy confidence, keep proper position to meet this round valuation repair market to continue fermentation. Considering the converse policy implementation and to improve the liquidity in the time and the strength is still uncertain, the market still may be repeated, we propose that by adjusting the ETF trading fund positions in response to the market short-term callback risk. Based on the above to the macro economic situation and market trend, we this month for a period in the equity asset allocation: Open-end Equity and hybrid funds allocation 45%, ETF configuration 20% configuration 20%, bond funds, currency funds allocation 15%,Field of vision of the fund economic data confirming long in. At the same time from the funds, asset allocation ability and configuration status, mobility and other aspects are given in 2012 April fund pool.Sina: sina.com.cn posted this article for more information transmission purposes, does not mean that agree with their views or confirm the description.

The country gold negotiable securities weekly the macroscopi
Fund research center Wang DandanZhang Jianhui basic conclusions  concussion  trend continuation  ,grasp  market  structure  --  Open-end fund investment  suggest that recent  market continued to  suffer  the risk event  impact  ,such as  JP Morgan Chase    investment losses  ,the European debt  crisis continues to worsen  ,the Greek  political instability and the  American  employment  data was lower than expected  in April  ,most of the domestic  economic  data is lower than market expectations  of  this week  ,the market  fell. At the same time ,in the  weak economic data  as well as CPI  glide trend  is determined by the background  ,but also for the  policy operation  to provide more space  ,such as the recent  drop  ,fiscal subsidies etc  series of  policy implementation,  in addition  ,the financial reform and the capital market  reform  continues to deepen  ,but also help to promote  investment  in  the market confidence  ,overall  we think A  stock  market  turbulence will continue to maintain the  trend. Based on the above analysis, the proposed fund  portfolio construction  in two aspects  ,one  is taken into consideration  the advantage of the valuation  and  performance  stability of  the two core elements,  in focused attention  to underestimate the value of  blue chip  and consumption  growth style  fund  defense  based on the characteristics of  high elasticity  ,proper collocation  features  fund participation  policy  further fine-tuning  may trigger  the opportunity to stage. On the other hand, from the point of view of risk  focus on  grasping the  market shock  environment  of structural market  fund  ,with the appropriate  flexibility  and  flexibility  variety  .Discount  differentiation  ,concerned about the advantages of  species -- a  closed-end fund  investment recommendations  by the end of May 11, 2012,  25  traditional  closed-end fund  discount  is 12. 74% overall average  .In the remainder of the average duration  of 2,moncler.58  years of background  ,the average maturity of  annual yield  is 5.77%  .Considering the  closed-end fund  trend will still be  more  around the  management performance  ,its  discount fluctuation  fundamental factors such  as  the progressive differentiation  ,discount  ,some varieties  comparative advantage  can be properly recognized  ,such as  Kaiyuan  ,Yu Yang  ,Yulon  ,with the benefits of  such. In addition ,weak economic data  ,loose liquidity  ,promote  bond  market performance is good  ,two  market  bond funds  may be concerned about  .Chart 1  :various types of  fund net growth rate  (  2012-05-11  ,2012-05-17  ,QDII fund  calculation period  2012-05-10  - 2012-05-16  )  last week  the fund  market analysis market  fell  ,the net value of the fund  Pudie  --  stock  type and mixed type  open-end fund net week  show  this week  (  2012-05-11~2012-05-17  )  market  risk  events lasting  impact  and  fell,  the Shanghai Composite Index  closed at 2378. 89 points ,down 1.3%  ;SSE  Composite Index  closed at 954.95 points  ,down 1.21%  .In this context  only  medicine plate  and  plate transport  to achieve positive returns  ,were up 0.44% and  0.43%  ,while  investment goods  ,raw materials  ,energy  decreases  relatively large. With the market down  ,the index fund  a week to  yield a weighted  average of 1.43%,  included in the statistics of  158 funds  only  new  fund Nuoan  in a  small  closed up  ,the remaining  funds were  closed down  ,the  small-cap style funds  such as  fidelity 500  ,financing of  gem  ,2012 June fund investment strategy report monthly _ _ sina f,GF  500  ,South  500  ,Penghua  Fund  500  performance of the relative resilience. This week the actively managed stock  type and mixed type  fund performance  with the city  fell  ,the  stock type  fund  weighted average fell 1.07%  ,mixed  type fund in  mixed  -  active allocation type  fund  weighted average fell 0. 83% ,mixed  -  flexible allocation of  fund net value  weighted average fell 0.91%  ,mixed  -  conservative allocation  type  fund  weighted average  down 0.31%  .From  investing in stocks  and mixed type  fund performance  ,overall,  the market fell in the  background,  included in the statistics of  477 fund  only 2. 9% of the funds to obtain  absolute gains  ,most of  the net value of the fund  fell  .In  medicine  ,the plate transport  implementation  under the background of  rising slightly  ,the allocation of more  related stock  funds  such as  the evidence  medicine  ,investment  innovation  resources  ,Morocco  ,Hefeng stabilization  ,Bank of China  Value  Fund  relatively good performance. In addition ,in  securities  ,and other home appliances industry  better performance  under the background of  the allocation of more  funds  ,related industries  such as  Shen million  advantage  ,Bo  ,growth  ,people  balance  Morocco  Growth  Fund also  relatively good performance. Chart 2 :industry performance index  (  %  )  (  2012-05-11  - 2011-05-17  )  chart 3  :performance  in the top  open-end  +  mixed  type fund stock type  performance  (  %  )  exponential  performance  (  %  )  :flexible configuration  hybrid  performance  (  %  )  Shen million  advantage 0. 61 lion  in a  0.1 Jin Yingyou  selected  0.07  Morocco  growth  0.59  fidelity  500-0.13  20260  Hefeng stabilization  0.43 syncretism  gem -0,moncler outlet.2  Bo  20 growth  Hefeng  cycle 0.15  resource ETF  connection -0. 28 Bo  growth  0  Tianfu  medicine 0.13  GF  500-0.36  the Great Wall  -0.34  when  its  excellence  0.11 mixed  -  active configuration  performance  (  %  )  mixed  -  conservative allocation  performance  (  %  )  Xinhua Industry  0. 09 Morocco  resources 0.26  Bo  balance 0.98  Castrol  preferably 0  silver  0.25  Sheng Li  0 Nord  0.28  in the  consumption  configuration  theme  0.03  Taida  budget 0.02  Minsheng  growth  0  financing  boom 0  national wealth income  -0. 18 investment  innovation in 0  orient growth  -0.02  2016-0.22 source:  the country gold negotiable securities  research institute  TX  data LOF  fund  turnover slides obviously  --  exchange-traded funds  one week performance  this week listed  transactions  LOF fund  overall prices  fell by an average of 0. 74% over the same period  ,the net value of  weighted average fell 0.99%  .The net value of the fund  ,included in the statistics of  57 funds  only  Morocco  resources and  the  remarkable  rise respectively 0. 26% and 0.11%  achieve positive returns  ,the remaining funds  close flat  or down  .From  two levels of  market performance,  a total of 12 funds  to achieve positive returns  ,in which the  central  300  ,Wells Fargo  500  ,central  tendency  rise respectively 5. 56% ,2.52% and  2.45%  relatively good performance  .From the LOF  fund  transactions,  57 fund  turnover of 1920000  hand  ,turnover than  last week  has decreased  .ETF  fund prices  on average one week  fell 1. 42% ,37 fund  only  index  ETF and  ETF consumption  rose 0.33% and  0.24%  achieve positive returns  ,the remaining  funds were  closed down  .As of May 17th  ,LOF fund  overall  discount 0.41%  ,doudoune moncler,wherein the  rich sea  100  ,Yinhua  300  ,fidelity  depth  discount  rate is relatively high  ,moncler outlet,respectively 2. 14% ,1.75% and  1.55%  ;and  a total of 16 fund  traded at a premium  ,in which the  central  300  ,Celestica  deep  into  the premium rate is  relatively high  ,the premium rate  is respectively 11.22%  and 8. 28% .ETF fund  slightly overall  discount 0.1%  ,wherein the  index  ETF  ,responsibility ETF  premium  rate is relatively high  .Deep  F60  ,F200 deep  discount  rate is relatively high  ,respectively 0. 92% and 0.76%  .Chart 4  :part of the LOF  fund  and ETF  fund  premium discount rate  (  %  )  (  up to  2012-05-17  )  premium discount  rate before  five  discount or premium  rate  premium discount  rate after  five  discount or premium  rate  premium discount rate  ETF  ETF fund  fund  premium discount rate  central  30011. 22 rich sea  100-2.14  composite  ETF1.62  deep F60-0.92  days WONG  8.28 deep into the  Yinhua  300-1.75 responsibility  ETF1.06  F200-0.76 deep  rich  5003.04  fidelity  depth -1.55  consumer  ETF0. 44 ETF-0.71  S3002.23  -1.38  fidelity  Huaan  growth  opportunities for  the central enterprises  ETF0.41  deep TMT-0.65  million common  1.95  Penghua  innovation  -1.38 deep  growth  0.26 state-owned  ETF-0. 52 source: the country gold negotiable securities  research institute  TX  data  bond  debt  share  fund  performance  --  fixed-income  fund net week  showed  low  growth and low inflation  the economic  environment as well as the  loose liquidity  policy is expected  to  form a positive bond market  ,this week  (  2012-5-11~2012-05-17  )  bond  market  rally  ,in which  bond index  rose 0. 1% ,up 0.4%  ,convertible bond  index closed  flat  .The entire week  bond  - common  bond funds  yield a weighted  average of 0.47%  ,116 ordinary  95 bond funds  up to 6  flat  15 falls  ,the  ICBC  and  B and  Everbright  Tian Yi  C  rose 2. 26% and 1.64%  top  ;bond  -  the purchase of new shares to  fund  income  weighted average  rose 0.76%  ,Haitong Securities weak prices low position fund a,moncler,97 fund  93  up 1  flat  3 falls  ,which  ICBC  Tim Lee  A/B  ,the League of nations  Zengli  A/B  ,Fonda  enhances return  A/B  relatively good performance  ;bond  - the complete  bond fund net  rises 0. 86% ,13 fund  rises in the round  ,in which  investment  bonds of A/B  ,50A/B  ,South  China  A/C  sub  debt  ,Hua Anxin  and  fund performance  ranking  .Table 5  :performance  in  various types of  bond fund  bond  type performance  (  %  )  of new shares purchase  type performance  (  %  )  complete  bond  performance  (  %  )  and  B2. 62 ICBC  ICBC  Tim Lee  A1.91  investment  bond  A1.12  Everbright  Tian Yi  C1.64  of China  B1.43  50A0.98  A1.5  Zengli  South  Silver  Shuangli  Fonda  enhances return  B1.36 China  C0.96 South  Asian  debt  Kwong Lee  C1. 4 easy base  year Fung  1.26 Huaan credit  0.77  ICBC  Tim  Yi  A1.24  Chinese  income B1,doudoune moncler.19  rich  industrial  debt  0.77 note  :ABC grade  bond fund  only listed  level  .Source:  China  Securities  Institute  TX  data  type  classification  from the bond  fund  performance,  benefit from  the bond market  prices  this week  ,included in the statistics of  17 bond  fund  leverage  share  prices  rose an average of  2. 25% simple  ,17 fund  12  up 1  Ping 4  down  ,which  the benefit of  B  ,B  ,Tim Lee  silver  and increased profits  B  rise respectively 7.21%  ,5.22% and  4.65%  ,outstanding performance  .Fixed income  share of  fund performance  is relatively stable  ,are to achieve positive  returns  ,which  increased profits  ,Lee  ,Lee Department of  A  A  A  rise respectively 1. 82% ,1.22% and  0,moncler.97%  ,relatively good performance  .From the  point of change of  discount and premium  (  up to 05-17)  ,bond  type  fund  leverage  share  overall  discount rate  continued to narrow  ,do not have  pair  conversion business  debt  share  fund  were  trading at a discount  ,which Tim  Lee  B  ,B and  B  Xin  Xiang  discount  rate is relatively high  ,respectively 10. 62% ,10.36% and  10.19%  .And  have  paired  business conversion  3  leverage  share  fund  dolly  ahead  ,benefit  ,Ding Li  B were  traded at a premium  ,the premium rate  is respectively 27.74%  ,12. 05% and 4.55%  .But the bond  type  fund  are in  fixed income  shares  trade at a discount,  do not have  pair  conversion business  fund  benefit of  A  ,A and  by Lee  silver  by  A discount  rate is relatively high  ,fund expired  annual income  levels  have the advantage. Table 6 :performance of  top  fixed income  fund  fund  share  of  price increase  (  %  )  premium discount  (  %)  have  paired  conversion  increased profits  without  benefit of  A1.82-2.98%  A1.22-12. 82% A0.97-1.88%  A0.75-7.56%  Lee Department of  mutual benefit  with  Jing Feng  A0.68-2.26%  source:  the country gold negotiable securities  research institute  TX  data  charts  :Top  7  performance  bond  type  fund  leverage  share  fund name  price increase  (  %  )  premium discount  (  %  )  have  paired  conversion  Lee  B7. 21-8.30% Tim Lee  B5.22-10.62%  silver  by  B4.65-4.90%  Yuxiang  B4.33-10.19%  million profit  B3.89-5.65%  this week,  the capital preservation fund  net weighted average  rose 0.32%  ,22 capital preservation funds  17  up 2  down  flat  3  ,wherein the  ICBC  capital preservation  ,Dacheng  capital preservation  ,Guangfa  Security  rise respectively 0. 78% ,0.68% and  0.68%  relatively good performance  .83 Monetary Fund  million  units  income  for an average of 7.73  ,7  years of yield  an average of 4.07%  .QDII  the net value of the fund  to make ink  -- QDII  open-end fund net week  show  this week  (  2012-05-10 ～  2012-05-16)  Hang Seng China Enterprises  Index fell 5. 94% ,MSCI Asia-Pacific  index  (  excluding  Japan  )  fell 4.61%  ,MSCI global  index fell 2.4%  .In this context  ,QDII  fund  weighted average fell 4.05%  ,included in the statistics of  54 funds  to drop in the round. The REITs  theme fund  such as  Connaught  Ann  global revenue  ,Penghua  real estate  and  fidelity  commodity  ,rich  global bond  ,long  the beacon  Pu 100  ,when  inflation  performance  relative resilience. Table 8 :performance  in the top  QDII  fund  performance  (  %  )  of  the rich  global bond  global resources  on -0.31  investment  -0.91 long  beacon  Pu 100-1.2  fidelity  goods -1,Buy near par private end tail phenomenon _ strategy report _.28  Noam  global revenue  sources of -1. 35 :the country gold negotiable securities  research institute  TX  data  fixed income  share  performance differentiation  --  the closed-end  fund  market performance  a  week  this week closed  fund price  with the city  fell 0. 84% ,27 closed-end  fund price  2  up 1  flat  24 falls  ,which  provide a higher  discount  rate    safety pad    and the  expiry  year yield  higher  funds  such as  ,,,and other  relatively good performance. Traditional closed-end fund  discount  rate  (  05-11  value  in accordance with the  overall  ,prices)  was 12.74%  ,the rate of discount  last week  drop  .In the remainder of the average duration  of 2. 58 years of background  ,the average maturity  of yield  (according to  the current market price  to buy and hold  expires according to  current  net redemption  rate of return of the year  level  )  5. 77% .Exchange rate from the point of view  ,closed-end funds  and  selection Dacheng  Huanshoushuai  higher  .Chart 9  :price  increase scope precedes the  traditional closed  fund  of  prices  (  %  )  premium discount  (  %  )  due to  years of yield  (  %  )  of remaining  duration  (  years  )  with  0. 37-12.2887.12%1.91 and  0.12-10.7126.12%1.91  fund  fund  fund Yulon  0.00-10.5545.47%2.09  Jin Puhui -0.35-10.6757.06%1.65  fund  Yu Yang  -0.49-7.6736.86%1.20 source:  the country gold negotiable securities  research institute  :10  days of data  charts  tradition to seal the base  premium discount  change  (  up to 2012-05-11)  from the stock  type  fund  classification  performance,  this week  the stock type  fund  leverage  share  price  with the city  fell  ,simple  overall  prices  fell by an average of 1. 81% .19 of the fund  fell across the board  ,wherein the  Yinhua  Ruixiang  ,spirit B  ,fidelity 500  ,Ku  actively  fund  performance of the relative resilience  .Fixed income  share  fund  performance differentiation,  integral price  simple  gained an average of 0. 25% ,including  ICBC  ,with the Swiss  500A  A  rose 7.35% and  1.2%  relatively good performance  .From the  point of change of  discount and premium  (  up to 05-17)  ,the stock type  fund  leverage  share  overall  rate of discount  last week  to expand,  in addition to  Switzerland and  comparatively well-off  ,double  B  trading at a discount  ,the remaining funds  are  traded at a premium. Stock type fixed income  share  fund besides  double force  A a slight  premium trading  ,the remaining funds  are  trading at a discount  .From the  pair  conversion business  innovation fund  overall  premium rate  ,a total of 6 funds  discount or premium  rate of more than 1%  ,500  respectively  ,built letter  ,ICBC  Shuangli  Hing  full  run  ,Swiss  and 300  ,central  Dingli  ,credit  and mutual benefit  ,the remaining funds  were  within 1%. Table 11 :performance of  the top  fixed income  fund  fund  share  of  price increase  (  %  )  premium discount  (  %)  is  paired  with the Swiss  bank  500A7.35-4.04%  conversion  A1.20-9.65%  run  A0. 42-5.10% 0.33-11.99%  A0.30-0.40%  TEDA  robust  spirit  chart  12  :performance  in the top  lever  share  fund  of  price  discount and premium  (  %  )  (  %)  have  paired  conversion  Yinhua  Ruixiang  -0. 100.10% B-0.500.40%  500B-0.7114.85%  have  long  prosperity  fidelity  trillion  active  -0.768.87%  -1.006.64%  TEDA  ahead  one week  the fund market  to  hear  this week there were a total of  3  fund was  raised for the first  silver  400  ,413000000 yuan  ,1491000000 yuan  in the  first  offering  ,South  Jin  open  bond funds  raised for the first  time  the 1622000000  element. This week 4 to  Fund announcement  entered  sale period  or  is about to enter the  sale period  ,investment in the  agricultural bank  card  ,Tim Lee  ,the  strategy  of ICBC Credit Suisse  ,pure debt  periodically opening the  bond fund  in May 21st  sale. Sina: sina.com.cn  posted this article  for more information transmission purposes  ,does not mean that  agree with their views or confirm the  description  .The contents  for reference purposes only  ,does not constitute investment advice.

Public offering of the fund investment strategy for the year
High Xinwei Limited by Share Ltd,moncler outlet, Jia Rongli, religious music in 2011 A shares market turbulence upstream after a rapid decline, various types of fund performance,moncler.As of November 25th closing,Fund weekly market fixed-income products continue to be popu,moncler, index closed at 2570 points, down 17,De last week weak market value style fund relative resilienc. 8%; SSE Composite Index closed at 2380 points,Fund asset allocation index weekly small initiative Jiancang, down 15.2%; Shenzhengchengzhi to close at 9886 points, fell during the 20.6%.Various types of active partial stock fund net follow the stock market fell, stock and index fell considerably, mixed slightly excess return; index and ETF drops respectively 16. 7% and 17.2%.Bond fund fell 2.9%, as the performance bond index.Capital preservation fund fell 2%.Only money market funds are the proceeds.In 2012 the economy and inflation double down, stimulate the easing of monetary policy, stock and bond market fall farewell double bear trend. In 2012 China's GDP growth is estimated at around 8.1%,doudoune moncler, at approximately quarterly appears first half of the year, second half of the year slow recovery of two high, middle low V pattern; inflation will show a rapid decline in the trend of. As the economy and falling inflation, the policy will also be relaxed, liquidity is reverse U trend,doudoune moncler, the stock market has two high low.At the same time as the monetary policy easing bond market will also usher in a bull market, better than the interest rate of debt credit debt. At present the fund portfolio should maintain equity asset class positions to be moderate, market improves signal clear readjustment combined offensive.Because short-term economy still did not decline in place, inflation is high, there is difficult to loose policy come on stage, the market still has the downside risk. Risk tolerance for the general fund investor, should not be too radical, equity asset class positions should be maintained in half into the left and right sides, to the economy and inflation down, relax policy further, more obvious signs of rising stock market,moncler outlet, and then consider the increasing combination of offensive. In the selection the leaning stock investment target, focusing on fund performance.To construct a stable combination, we recommend disposition moderate positions, stock selection ability of hybrid funds; radical combination construction, attention should be paid to stable in high positions, the rebound in the market value of the stock type fund with more flexibility. The bond market in 2012 will usher in a bull market, bond funds have better performance,moncler.Because of the rate of return in the falling period, credit debt and debt spreads between the narrows, credit bonds will be strong in the treasury. We suggest that in the choice of bond funds is, pay more attention to the performance persistence, income stability, good credit debt higher varieties, can also be configured to directly credit bond fund. Closed end fund long-term performance is better than the open fund, at the same time on the market is a rare discount interest class variety, is still a good long-term investment target.The discount rate is low, although less attractive than before, but still provides a margin of safety, in the current A-share market in A low case still is worth to pay close attention to long-term investment varieties. However this year the base closure mediocre performance, dividend market hard hopeful.Rating fund variety, understand their personality and flexible application, can provide investors access to additional rewards. Take the index investment strategy of the fund is suitable as a win market rebound earnings leverage, but should pay attention to the premium rate fluctuation risk; have a duration of the fixed income share current implied yield with the same term bonds still has an advantage; sustainable priority share of the share conversion is expected to bring the opportunity to estimate regression. Sina: sina.com.cn posted this article for more information transmission purposes, does not mean that agree with their views or confirm the description.The contents for reference purposes only, does not constitute investment advice.

A good buy fund research center short-term market
A good buy fund researchcenter market review  ,the children will no,basis  market last week  by Friday    the Shanghai Composite Index  closed at 2838.80 points  ,the week up 1.09%  ,the Shenzhen  Component  Index closed at 12573. 94 points ,up 0.93% week  .Last week the  index rose 1.53%  ,CSI  500  index rose 0.78%  ,the stock market  performance of small-cap stocks  better  than  .From the industry point of view  ,to the  Shanghai-class event  industry classification  ,moncler outlet,last week 23  industry index  in real estate  ,delivery equipment,  black  metal  in  the forefront of growth  ,rise respectively 6. 14% ,3.38%  ,2.35%  .Food and beverage  ,nonferrous metal  ,information services  located in  or  before three,  fell 2.38%  ,2.14%  ,0.79%  .The bond market  ,the beacon Pu  entire debt index  the week up 0. 06% .Debt  debt  in  full price  index  the week up 0.51%  ,the debt  of enterprise bonds  full price  index  the week up 0.61%  .Last week the  European major  market mixed  .The Dow Jones industrial average rose 0. 03% ,the standard & Poor  index fell 0.03%  .Most  Asia-Pacific  market  rise  ,the Hang Seng Index  rose slightly  in 1.07%  ,Tokyo  3.05%  ;Korea composite index rose 0.78%  ,India  Mumbai  index fell 4. 47% .Data sources:  a good buy fund  research center two  ,fund  market last week  of each kind of  fund  only QDII  funds and open-end  index fund  performance is outstanding  ,rise respectively 1.68%  ,1. 16% ,the stock fund  ,the mixed fund  performance was disappointing  ,in large and medium-sized  small-cap  stock index  to rise  situation  ,net worth  fell,  fell  0.16%  ,0.10%  ,other types of  funds to achieve  a slightly  positive returns. Bond Fund in the bond market  warmer after  return to the rally  ,an average of 0.35%  .Data sources:  a good buy fund  research center  at  QDII  net  for January 6, 2011  only last week  about 1/3  partial stock fund  achieved positive returns  ,the majority did not  outperform Shanghai Composite index. Last week the fund performance and  the week  is more similar,  some  since this year  focus on  growth stock  investment  ,the better the performance of  the fund  short-term  performance lags  ,and  some real estate  ,Sina fund daily allows the RQFII investment in the securitie,financial allocation  more  fund performance  ranking. Stock type fund  industrial global vision  ,the the Great Wall brand  ,orient strategy growth  in the top three  ,or were 0,4 9 year old thief turned balcony even steal 10 do.04%  ,-0.35%  ,-0.47%  ,mixed type fund  ,Morgan voted on  in  the rich Tianrui  Chinese  advantage  ,the League of nations  ,the small  performance  before  ,or were 2. 31% ,1.77%  ,moncler outlet,0%  .Because the peripheral  market especially  the Europe and America stock market  performance  compared to A  shares strong  ,most of  QDII  fund  achieved a positive return  ,UBS Investment  in emerging markets  ,capital  of global resources  ,severe abdominal ede,Long  Sheng global  industry boom  in  or  before three  ,were up 1. 50% ,1.26%  ,0.84%  .Data sources:  a good buy fund  research center  note: QDII  value  date  for January 7, 2011  rose slightly  last week  ,the bond market  ,bond funds  more than 90%  positive earnings. The wealth of nations  to strengthen the bond proceeds  to A  ,A  ,Everbright  profit  investment  security  and increased profits by  bond-fund  performance  in the  week  before the three  .Last week  the monetary fund  all  achieve positive returns  ,the average annual  rate of return of 2. 34% ,moncler,less than a week before  improvement  .Data sources:  a good buy fund  research center  ,the fund issued  a  fund  dynamic  data sources  :a good buy fund  research center two  ,the dividend fund  data sources:  a good buy fund  research center three  ,fund manager change  data sources:  a good buy fund research  center  focus  one  ,2010 national  land  transactions  price  270000000 yuan  according to  China  news  net report  ,the Ministry of land and Resources Minister  Xu Shaoshi today  at the national land and resources  points out on working conference  :2010 national  land  transaction  price  of 2. 7 yuan ,an  increase  of 70%  ,the actual  land  area of 428000  hectares  ,an increase of 105%  .Comments: 2.7  trillion  is  a relatively large number  ,the actual  land area  increased  faster than  the growth rate of  the total value of a transaction. This is reflected  on the one hand  ,the  real estate market supply  end  will appear  bigger change  ,on the other hand  ,moncler,it  also for the local government  to protect the housing  provide  economic support. Two ,national endowment appoint  :encourage the private capital participating in the  reform and restructuring of state-owned enterprises  SASAC director  Wang Yong 7,  in  countrywide state-owned asset supervises administrative job  conference that  2011  ,to  further accelerate the  joint-stock company system reform,  the  property  market and the securities market  ,improve the  state-owned property rights  ,equity  transfer mechanism  ,the development of mixed ownership economy  ,promote the diversification of equity  encourage the private capital  market  energetically  ,the  ways to participate in the  reorganization of state-owned enterprise reform,  continue to promote  and  support eligible  large enterprises  listed as a whole or  the main business realize the overall  listing. Comments: in September 10  ,gov.cn  released the    State Council on the promotion of  the merger and reorganization of enterprises  advice    ,from the system reform  breakthrough and  finance and credit  policy tilts  wait for a respect,  actively promote the  merger and reorganization of enterprises  work. Among them,   opinion    ,private capital market access  issues are  highlighted  again  .Diversification of property rights  can break the  market threshold  ,encourage fair competition  .Civilian endowment participate in  merger and  reorganization is  an important  means to  achieve diversification of property rights. In three ,Chongqing established  a  high-end commercial housing  property tax  9 reporters  from being held in Chongqing    NPC and CPPCC    ,hyperactivity probl,Chongqing  city hall  on the real estate market  strengthen fiscal  adjustment  ,and determining  a  high-grade commercial housing  property tax. Chongqing city mayor Huang Qifan  put forward in the government work report  ,Chongqing will improve the    double-track  housing supply system  ,the new year started  public rental housing  13500000  square meters  ,through  strengthening the land supply  constraints  ,tax  regulation  ,the real estate market to promote the  reasonable structure  ,supply and demand balance  ,order of  normative. Twelfth Five-Year Plan   period,  Chongqing will strengthen  financial  regulation  ,high-grade commercial housing  property tax  levy  .Comments:  11 years of real  estate  market in  two events  :one is to strengthen the  construction of  low-income housing  ,increase housing supply  ;two is the  property tax  pilot launch. Chongqing established a  high-end  housing  property tax  ,to a certain extent  did not exceed  market  expectations  about  property tax  .With the government  in the lower end of  the  real estate  supply  increased  ,11 years of industry  risk faced by the policy will  significantly reduce. Buy a  good  point  ,moncler,the short-term maintenance  platform for finishing  last Monday  in 2011 as the  first day of trading  ,to undertake  10 years of  the last trading day,  rose 1.59%  ,doudoune moncler,subsequently a few days  out  of consolidation. Among them, to the real estate industry  represented  blue-chip  stocks  to underestimate the value of  active again  ,doudoune moncler,become the  market to maintain  the main force propping up of  whole  swing  .For the  market this week  ,on the one hand we do not  blindly optimistic  ,we still  insist that  the  liquidity crunch  cycle  ,there is no  system  of  stock market  prices  ,more likely to be a  flower briefly as the broad-leaved epiphyllum  like  rebound trend. The fundamental reason for a long time in the future  economy  is the focus of the  adjustment of the economic structure  ,while the blue chip market  to a certain extent  the past  mode of economic growth  ,the potential for future growth  has been  greatly restricted. On the other hand ,we also do not  pessimistic  ,short-term  there are some  positive  factors  .There are currently  785  A shares  company released  2010 annual performance  trailer  ,80%  of the Annunciation,  including performance  multiplier  160 listing Corporation. The market recovered to a certain extent  ,blue-chip market  has  been demonstrated,  from volume  to  volume  ,last Sunday  was above 200000000000  .Overall,  we believe that in the short term  to  a greater probability of  2750-2950  shock box. In two ,the stock-fund  selection  from 2010  November,  we  in the fund    follow the    equilibrium    and    stock  of the choroid. Equilibrium   is defined from the  recommended  combination angle  ,keeping the balance of  industry configuration ,  stock  is defined in  a  base  grasp  on  fund  performance. Its roots in  several of the future  market to determine  ,first,  in macroscopical and constrictive  period  under without  big market  ,liquidity  contraction  always  restrict  the development of the market  ;second,  the blue-chip market  in the transitional economy  under the big background  ,lost  high-speed  growth of the soil,  has more to do with the  intermittent  rebound in the market  oriented  ;thirdly  ,the small-cap stocks  overall  valuation is  high  ,there is no  face-to-face,  but the  law  ,no doubt the future  there will be  a large number of    cattle    shares  in  small-cap stocks  in  talent showing itself  ,and  this is the test of  ability of the  fund    stock. In three ,bond  type  ,closed type  ,the choice of QDII fund  after the new year  ,money market  funds face  tensions  eased  ,SHIBOR 7  day repurchase rate  from 10  at the end of 6.3867%  ,the  2.7996%  drop  first  weekend  ,a  week dropped  more than 300  BP. We believe that the bond market for short-term rebound  possibility is big  .From  two  aspects,  one is  after the new year,  the fund surface  tensions  have eased,  the short-term  bond yields  in  the  sharp rise  is expected to fall. The two is from the December  PMI  data speculation  ,a slowdown in economic growth  ,December inflation  will  somewhat fall after a rise  ,so  ,in the second  rate rise,  enter policy  observation period  ,years before  the central bank      unlikely. In addition ,a  quarter  of  banks  ,insurance companies and other organizations  of the  configuration  demand  strong  ,long-term  bonds  to  limit  support  .For bond funds  investment  ,management  recommendations for the selection of  Bond  Fund  continue to hold. Last week, only 26  closed-end funds  rose an average of  0.18%  ,prices rose an average  of 2.53%  ,the overall  discount  rate is 8.57%  ,compared with the previous week  fell 1.92 percentage points  ,he is dark be determ. In the near future dividends  market  expectations,  closed-end fund  continues to be strong  ,but  from the distribution of  generalized  bonus  after the  closed-end fund  static  annualised returns  ,this figure  is only 2. 91% ,than last week  fell by nearly  0.6 percentage points  .This  shows  ,closed-end fund  dividend is expected to  have  an overdraft  .Involvement of  closed-end fund dividend  market  not facing  opportunity  is more  risk. Last Friday ,the Dow Jones Industrial Average  fell 22.55 points  ,the newspaper 11674.76 points,  or 0.19%;  the Nasdaq composite index fell 6.72 points  ,the newspaper 2703.17 points,  or 0.25%;  the S & P 500  index fell 2. 35 points ,the newspaper 1271.50 points,  or 0.18%  .But the whole  week,  the Dow  is still made gains  .The United States  Department of labor  from the  recently  published data,  the United States of America  employment  market  moderate recovery  trend is  established,  the economic recovery  is  clear enough. Employment and consumption    is  the loop formation  will effectively promote the  economic growth  back on track  .For QDII  investors  ,short-term inside still can  keep  a certain position  .Sina:  sina. com.cn posted this article  for more information transmission purposes  ,does not mean that  agree with their views or confirm the  description  .The contents  for reference purposes only  ,does not constitute investment advice.

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The stock market drops continuously, the bond mark
Morningstarmutual fund performance report  August 31, 2012 Morningstar  Morningstar  (  China  )  research center  have  yuan  ,Dai Jingxia gist  : Shanghai and Shenzhen Stock Markets  Monthly  Lianyin  ,hit a  new low in the past three years  ,the small-cap  stocks contrarian strong. Quasi policy has not  reduced  ,the bond market in August  callback  .The vast majority of  interest rate products  and credit  products have  different degrees of  callback  ,only the  votes of  strong performance. Various types of fund performance,  fund  performance  differentiation is serious  ,the bond fund  short-term  trend is not clear  .August only  short of the debt funds  and money funds  positive earnings,  the currency type fund  income  continued to narrow. The vast majority of closed-end fund  net worth falls  ,high leverage  fund performance is  very miserable  .Two levels of  market  price with the  net decline  and  fall  .Overall,  the closed-end fund  market two  active  degrees  declined  ;for  classification of the fund  ,in the  market downturn  of the market,  investors have  put money into  the risks and benefits  are  lower  class a  share,  in order to avoid risks. Lever ,the  net  decline,  grading  fund leverage  universal amplification  .Premium discount rate  ,the discount of closed-end fund  rate  slightly  enlarged;  for grading  fund  premium discount rate  ,the  leverage  effect,moncler,  class B  share  premium discount rate  changes  ;by the  arbitrage  factors,  part of  a  larger  share  of discount rate. ETF the net value of the fund  with the index  fell  down  ,the  arbitrage  factors,  ETF fund  premium discount  rate within the control of the 0.5%  .By the liquidity  provider  influence  ,most recently in March  ,Barry  ETF  ,havest CSI  300ETF  average daily volume of  the larger. The stock market in Shanghai and Shenzhen Stock Markets  :Monthly  Lianyin  ,hit a  new low in the past three years  ,the stock market  in September  can better than  in  the first week of August  rebound  brought to the market  a  vision  ,but then  rebound  were stifled  ,Shanghai two city  repeatedly  lowered  ,after  reaching  nearly three  years  new low. The gem is  in low  jump up and down  ,in August the overall  performance for the  rising trend  .The  performance of the stock market in August  ,published early  July CPI  year-on-year increase  in more than two years  new low  record  news  boosted stocks,  but the stock market  early  rising  is more  before  falling  and    revenge  rebound  ,the recession  did not appear  before the  termination  signal  ,is difficult to  forecast  stock market bottom. On one hand ,the Ministry of Finance  and  pension funds and other institutions  of blue-chip  ,the Commission on  Accreditation  of QFII  approval acceleration  to  accelerate  foreign capital  gold  into the  city  ,and the local  edition of industrial  planning  issued  ,all reflect  the management  mentality  and rescues the city  measure  protects the city. On the other hand ,is expected to come to nothing  ,FDI fell  down  associate  and  PMI data  released  in August  hit a new low of nine months  ,the market  hit  .And to financing  start-up of the  stock market  is a double-edged sword. In addition ,the listed  companies  announced completion of  the semi-annual report  ,eliminate  banking stocks after the  listing of  enterprise whole  profit year-on-year  decline  range is bigger  ,the entity  economy in the three quarter  will  allow  to be seen. Weak stock market  in the straddle  the intersection  was  more sensitive  to  bad  ,the two stock markets  fell  ,for four consecutive months of  weakness  .Morningstar  China  stock index  fell in August  2,moncler outlet. 64% ,moncler,the stock market index fell  3.86%  ,or larger,  mid-cap  index fell 1.33%  ,small-cap index  gained  3.16%  ,strong performance  .Plate,  although most of  the plate is difficult to  escape the  drag on the stock market  ,but there are still some  eye-catching performance of the plate. Apple effect once again lead the  electronic information  strong plate  ,a new generation of  Apple  mobile phone  is expected in September  listed  ,related  industry chain  enterprises  better  stock  in August  ,doudoune moncler. Media industry performance in the first half of  the growth trend  and  the smaller plate  ,the dissemination of culture  plate in August  by financial  concerns  .Chart 1  :in August the  main stock market  index price  data  source:  source  ;Morningstar  Morningstar  (  China  )  charts of 2  : in August the main  industry  index price  data  source:  source  ;Morningstar  Morningstar  (  China  )  the bond market  :descending  quasi policy  failed  ,funds rate  has been high  ,moncler outlet,the bond market in August  the stock market  fell again and again  did not cause  the callback  debt stocks  seesaw effect  ,the bond market in August  is also  continuous  back slightly. Although the Central Bank continues to  reverse repurchase  to  market  infuse capital  ,but  also  leads to a short  drop  quasi  probability decreased  ,banks seem to  prefer  open market operations to  release funds. Drop a  late  lead  market  money rate  has been higher  .While PMI data  also reflects the  company  fundamentals are not  optimistic side,  the macro economic the  short-term  rosy  ,or  will affect the  bond  business fundamentals  ,cause credit  risk rises. Under this background ,the strength of the bond market  in absence of catalyst,  the vast majority of  interest rate products  and credit  products have  different degrees of  callback  ,only the  votes of  strong performance. As of August 31st ,China  total bond  index in August  fell 0.46%  ,short-term  bond index  returns  to -0,doudoune moncler.47%  ,long debt  index fell 0.41%  .Chart 3  : in August the main  bond  index price  data  source:  source  ;Morningstar  Morningstar  (  China  )  Fund  :various types of fund  performance,  August only  short of the debt funds  and money funds  positive earnings  Morningstar China Open-end  Fund Index in August  fell 2. 65% ,China  Equity Fund Index  behind the performance of  China  stock index  ,financial  ,real estate  and  Food & beverage sector  performed poorly  on  a considerable part of  fund performance  ;bond funds generally  callback  ,short-term  trend is not clear. Chart 4 :August  open-end funds Morningstar  index price  data sources:  Morningstar  Morningstar  (  China  )  chart 5  :Morningstar  Open-end Fund Index Series  in recent  years trend  data sources:  Morningstar  Morningstar  (  Chinese  )  China  Equity Fund Index  eight  drop in  3. 36% ,the stock type fund  performance  differentiation is serious  ,despite  the poor performance of the stock market  ,still  has a part of  fund performance  highlights  .The 488 equity funds  in about 1/10 of  the net value of the fund  rose  ,3 fund  rose more than 5%  ,are the  mutual  resources  of preferred stock  ,vote on the Morgan  emerging  dynamic  and Long  Sheng Electronics  Information industry. Among them, the valuable full resources  preferred  shares rose more than  10%  ,two weeks in a row  to lead,  the second quarter  Chong Canggu  GEM  stocks and  small and medium-sized board stock  occupies a considerable  proportion  ,do poineering work board and  small-cap stocks  in August  gained  drives the  fund performance  is strong  ;the vote on the Morgan  emerging power  also  focused on  small dish  configuration  ,in the two quarter of  electronics  ,information technology and medicine  plate  high configuration  ,since this year the achievement  temporarily  led the  stock type fund  ;Long  Sheng  Electronic and information industry in  the first quarter of this year  was established  ,which belongs to  the fund industry,  with its focus on  configuration of the  electronic information board  in August  with outstanding performance. 91 radical  allocation type fund  monthly returns  to -3.08%  ,only 7  fund net worth  rose  .Manulife TEDA  growth stock  rose 8.47%  ,or  lead,  the fund  focuses  in small-cap stock  configuration  ,the two quarter  with  electronic  and pharmaceutical sector,  and  the two  plate in August  performed better  ,fund newest  star  three and  five  ratings  are five-star  ,since this year the achievement  of similar  funds  temporarily  row second. Morningstar China  stock fund index in August  fell 3.23%  ,86 standard  mixed type  fund  monthly returns  to -2.36%  ,6 of the fund  rose more than  1%  ,Bauhinia  core advantage of  hybrid  and  two-letter benefit  optimization of mixed  or  lead. Boldwin core advantage of  hybrid  two  quarter of  the stock positions  significantly lower than similar  average level,  effectively avoid the  stock market system  risk;  two-letter benefit  optimization of mixed  two  quarter  reassortant  pharmaceutical  ,food  and information  technology sectors  ,since this year  the top performance. Conservative mixed type fund  monthly returns  to -1.01%  ,only  Manulife TEDA  risk budgeting  mixed  net up  ,or 3.46%  .The  fund for the two  quarter of the stock and bond markets  asset allocation  is relatively average  ,the stock  focus  configuration of electronic  plate  ,debt  heavy with  votes,  stock market  and bond  bond  option for  fund performance  brings the positive  contribution. Morningstar China  bond fund  fell 0.66% from August  ,bond funds generally  fall  .155  radical  bond fund  monthly returns  to -0.7%  ,about 1/10 of  the net value of the fund  rose  .Naganobu Litoyo bond  rose 1. 29% ,or  lead,  the fund  scale is small  ,since this year  better performance  .56 common  bond fund  average weekly  return  only  -0.61%  ,Hua Baoxing  permit  short be in harmony  50 index  fund  net increase  ,to bond  index  for  securities  investment target  ,the two quarter of this year  was founded  ,is still in the  period of jiancang. The short debt fund ,Castrol ultrashort bonds  fell 0.06%  ,short-term  financing  bond fund  continued  expansion  ,financial  debt base  net  remain small  and steady  rise  ,His wife Xie Menglan,the average monthly  increase of 0. 24% .25 capital preservation fund  average  monthly  return is  -0.54%  ,decreases  relatively July somewhat  expanded  ,only the  capital preservation  fund net  increase  of mixed  galaxy  .The decline of the stock market  and bond market  callback  in the capital preservation fund  constitute a  not little impact. 85 money market fund    monthly  return is  0.26%  ,monetary fund  to maintain the overall  positive returns  but  continued to narrow  income  level  .South  of cash and increased profits by  B  rise to 0. 32% lead  in the two quarter  ,the fund  of enterprises  short-term financing certificate  configuration  substantially  higher than  average,  annual  income  is higher than the same  average value. Closed end fund price with the  net decline  and  reduce  by the  market,  closed-end funds  in August the overall  performance  is not ideal  .Starting from the  value  perspective,  42 closed-end  fund  average return  rate of -2. 57% .In general  ,except for a very  few  fund net worth  rose,  the vast majority of  the net value of the fund  fell  ,moncler.The  investment  subject  effects,  the traditional  closed fund  more  innovative  closed-end fund  net decline  to. It is worth mentioning that ,last month,  Bao Ying  Yang  closed  net  appeared  some increase,  up to 1.28%  ,is a  traditional type  of closed-end fund  in a wonderful work  ,from the  second  quarterly  stock  holdings  ,the  more  holds the  information technology industry  ,electronic industry  stocks  ,compared fit  market  characteristics. From two market price perspective  ,China  closed-end fund  price  index fell 2.94%  ,the relative  performance of the stock market  .Last month  the average  price change  rate of -2.34%  ,relative to the  net  ,two levels of  market performance  and  the performance of the net  basically the same. Last month, in addition to  Bao Ying  Yang  (  1.53%)  ,ICBC  seasons  bonds  (1.08%  )  the two  fund  prices  must  rise  ,other  fund prices  both fell in varying degrees  ,but also by  net worth  drop impact,  the traditional  closed fund  is  a  new  closed Shi Ji  gold  prices decline  to. From two market volume  ,total August  turnover of 2683000000 yuan  ,than in January  of  3993000000 yuan  has  slashed the  murky market quotation  ,it seems  difficult to stimulate  investors  to buy,  and since the  August bond  market performance  is not very good  ,so  lead to many  innovative  closed-end fund  turnover fell sharply  ,traditional  closed-end funds  the volume  change  is not very obvious  but. As of August 31st ,the traditional  closed-end funds are  different  discount  ,the average discount  rate of 10%  (only  in  State  Statistical  discount  and  star  ranking of the  closed-end fund)  ,than in January  of  9. 8% slightly  enlarged  .Annual  rate of return  ,the  Cathay  Jin Xin to 6.88%  rate of return of the year  ranked in the first place  ,this fund will  expire in October 21, 2014  ,the current  discount  rate was 13. 27% ;in addition to  financing of  dry  closed  annual  yield to maturity of  the lowest  ,only 2.59%  .Gao Ganggan fund  leverage ratio  enlarged again  ,some of the funds to  a  share of  the  market,  in August  the  highly leveraged  fund performance  than the general  fund  classification  are worse. First from the equity  side,  last month  class B shares  disastrous decline  ,average rate of return  for  -7.33%  .In addition to  promote  full  run  classified shares  - B  ,and  -  B  million  Jiatian  grade  bonds  were given 1. 52%, 2.7% incomes  ,other grading  fund class B shares  have  negative earnings  ,but also by the  investment  subject  and leverage  effect,  stock type  fund class B shares  a  bond  rating  classification  fund class B shares  net decline  greater. But at the end of last month  Yinhua  Xin  fund  due to  below the net value of 0.25  yuan,  has been  down  to point  conversion  ,converted  A  ,B    net  are  adjusted to 1  ,B  share  amount  will be substantially reduced  ,the lever  from the original  5 times  more  down to 2  ,it also reduces the  risk of. It is worth reminding investors  ,Shen million  enterprising  net  have been below 0.2 yuan  ,the  net value of 0.125 yuan  .As  a  share  in general  is to obtain  agreement  gains  ,so the  risk  income is relatively stable  ,The embassy staff is. Price ,average  price change  rate of -3.15%  ,the  leverage  effect,  B  share  price  change rate is greater  ,the maximum price  decline of 39.66%  .Worth mentioning  is the  golden eagle  ,lasting  reward  B  monthly  by  win the  bond market  rebound investors  pursued,  the price rises bigger,  up to 17. 14% ,the fund    is 37.13%  ,from its semi-annual reporting  positions  ,the fund  almost  all positions  held  corporate debt  ,and  fund manager  compares favorably to  the middle and low grade  credit debt  ,by  investors  ,while investors  should be  cautious. In addition ,Yinhua  Xin Li  due to  less than 0.25  and the  trigger  point  net  conversion  mechanism  ,the  arbitrageur  to  buy its A  share  namely  Yinhua  Jinli  ,last month  Yinhua  Jinli  prices rose 9. 16% ,and  the rate of discount  also  narrowed sharply  .Lever  ,with August  net worth  fell  ,grading  funds leverage  which  universal amplification  ,Shen million  ahead of the  leverage ratio  again increased  to more than 9  ,due to  a net drop  ,the premium rate is  further enlarged  up to 240%  ,the risk is very high,  imagine  ,fogbr  The weathe,if  Shen Wan deep  into the  net worth  fell 1%  ,Shen million  net  will  forge ahead  fall 9%  ,investors need to be cautious  ,the  net value of 0. 125 yuan ,the  stock market  continued to fall in the  case,  if  the price  fell below 0.1 yuan  ,the lever  will disappear  ,the  class a  share of that  Shen million  profit  will  go up and down  with  ,agreed to  return  will not be protected,  so investors  in the purchase of  Shen million  gains when  ,don  pay attention to its  class B shares  Shen million  ahead of the  net  and  its leverage ratio. In addition ,the stock type  fund  leverage  grading  general  control in 3,The British man with rare birds eggs arrested on smuggling h,  bond  rating fund  leverage ratio  is generally greater than 3  .Premium discount rate  ,relatively speaking  ,by the  influence of prices,  investors  in order to gain  leverage benefits  last month  ,B  share  premium discount rate  changes  ;by the  arbitrage  factors,  part of  a  larger  share  of discount rate  ,such as  Yin  Xin Li  ,Shen million in  revenue  ,discount  rates were 72%  ,28. 38% .ETF  the net value of the fund  with the index  fell  down  on the ETF  fund,  by the  market,  in addition to  the  TMT50ETF  last month  ,Yi Fangda the  gem  ETF  3 fund  net worth  rose,  other  fund  net worth falls. By last month  gem  shows good  effect  ,easy Fonda  gem ETF  last month  net up 4.28%  .In contrast to the general  fund  ,due to  ETF shares  higher positions  ,generally  above 95%  ,fluctuation risk  and downside risks  are higher. From the investment point of view,  the last month  Fonda  gem ETF  ,harvest  in a  400ETF  daily  tracking  deviation degree and  the annual tracking  error were  better than the control,  tracking  deviation  in control of less than 0. 003% ,the annual tracking error  control in 0.3%,  in addition  ,the two funds  information ratio  were 0.1471 and  0.3449  .The  arbitrage  of factors,  the most recent year,  43 ETF funds  average  premium discount  rate within the control of the 0. 5% ,citizen Li Lianzhi,as of August 31, 2012  ,the  fundamentals of  60ETF  ,when  the  super large  ETF  premium rate on the high side  ,respectively 4.61%  and 1.16%  ,it  is actually made up of  China  market  liquidity  ,in  foreign mature  the ETF market,  due to the liquidity  is very high,  this condition is very  rare  ,so the probability. Volume from the point of view ,by the  exchange in  liquidity  provider  influence  ,most recently in March  ,Barry  from  300ETF  ,300ETF  average daily  turnover larger  havest csi  .Sina:  sina.com. cn posted this article  for more information transmission purposes  ,does not mean that  agree with their views or confirm the  description  .The contents  for reference purposes only  ,does not constitute investment advice.

Fund weekly falling markets continue to pay attent
Shenyin Wanguo Securities Limited by Share Ltd Zhu? Main contents: the market last week,moncler, continued to show the trend of bottom.From the industry point of view, only the financial service rise,The India reserve male elephant ivory romance reje, food and beverage, real estate led. Each style index, stock market index fell 2.11%, the middle and small cap index fell 2.37% and 1.64%.As of Friday,moncler outlet, the SSE Composite Index closed at 2168.64 points, down 0,self-driving travel.79%, fall 2.13%.This week falls 0. 49%,moncler, fall 1.24%.Traditional closed-end fund investment advice: last week,doudoune moncler, the net value of the base closure traditional weighted average fell 2.08%, prices fell 0.47%, the discount rate is 11.43%, a 1. 43% drop from the previous week.From the price point of view,, and the biggest gainers.The recent trend of strong traditional base closures in the market, mainly early Shuai higher effect, this and our previous suggestion configuration logic consistency,moncler outlet. Short-term market may continue to maintain the bottom shock process, fall in the process to seal the base still have relative gains space,doudoune moncler, investors focus on the time until expiration short fund Xinghua and,moncler. Innovative closed-end fund investment advice: last week, innovation fund fell 1.61%; prices fell by an average of 0.73%.The debt stock showed a weaker influence, stock and bond rating high risk fund all appeared to drop certainly, because of our future stocks and bonds are relatively optimistic, we suggest to the high risk level of the fund to continue to caution. At the current price, if the market continued to decline about 7%, Yinhua Jinli will trigger point conversion, the corresponding price will be returned, rise extent is expected in 7% or so, investors may be concerned about the investment opportunities. If the investor is the pursuit of stable income, can concern the existence of fixed term classification of a kind of fund.Stock mutual fund investment advice: last week, the stock fund average fell 2.70%, balance fund averaging down 2. 35%.In the last few weeks formed an investment law,often the performers, Monday or Tuesday slump, the second half cycle to have policy, more blossom, hot frequency scrambling, over the weekend, found no news, once again plunged, the early or all fell back,some cold Watson i. Investors itching, but no way, in the fight of consumption.In fact, most of the time, wait and be patient is a must.The present situation, and last year somewhat similar, the economy is less clear, cheap things don't love, love is not cheap. So, we feel the need to continue and so on, wait for three things: one, 8 months to three quarter's economic situation more clearly; secondly, waiting for the strong trend stock Budie; thirdly, waiting for the management's attitude toward the stock market. Last week the stock type fund net by the early strong stocks Budie influence began to clear up, down, because the future strong stocks continued to fall, investors should continue to lower with the stock type fund. The bond market, the interim report released recently listing Corporation,asked usually moun, enterprise performance led to the decline in credit risk concerns about rising, and credit spreads low exacerbated the credit debt market adjustment, credit to the debt market is relatively cautious. And the interest rate market continued to pick up, economic growth is expected to lead to rate faces trend upward pressure on the bond composition, pressure.Therefore, investors in the bond fund should continue to be cautious. Sina: sina.com.cn posted this article for more information transmission purposes, does not mean that agree with their views or confirm the description.The contents for reference purposes only,then broadcasts 2 m, does not constitute investment advice.

Fund two weekly look red in March, opening to 80%
Securities Company Limited Hu Qing [] February 20, 2012 to March 2, 2012 the core point of view,moncler, index rose 5,moncler outlet.63%, closes 2679.93 points; the Shanghai Composite Index rose 4.39%,doudoune moncler, closes 2460.69 points; Shenzhen stock index rose 7. 12%,moncler outlet, closes 10299,do not buy expensiv.94 points.Between February 20th and March 2 date, stock-fund net overall rise, of fund index rose 3.76%.Wherein, CSI stock fund index rose 5.12%,moncler, CSI hybrid fund index rose 4.14%, CSI bond fund index rose 0. 60%.This period recommend fund: common stock funds and mixed-stock fund recommended Noam flexible,Classification of the fund shares based on monitored weekly,doudoune moncler? (320006), Castrol service value-added industries (070006),now generally only, the selection of the Orient (400003),In order to solve th, Xinhua preferred dividends (519087), Morocco resources optimization of mixed (163302),moncler; the bond fund recommended King Fung A (150025). We are still optimistic about the future 3 months prices the main logic is to improve the liquidity.At present, the domestic economic slowdown, from real estate and export two respects has not bottomed out, real estate is still tight policy, export by the European debt crisis and accelerate the decline. But we still persist in the economic difference is?, policy,that have a look boo, stock market rose logic loose?.From the market point of view, does not rule out the possibility of a short adjustment during the May, but adjust the space is limited, and the interim stock keep up the pattern of shocks do not change. The opening of the stock type fund Castrol service value-added industries (070006), position was 20%; sold the bond fund Cathay valuation priority (150010), for 20% position.Position?: 80% stock fund; 20% bond fund,Genital organ donor transplantation men to marry his wife (Figure). Sina: sina.com.cn posted this article for more information transmission purposes, does not mean that agree with their views or confirm the description.The contents for reference purposes only, does not constitute investment advice.

These words made th
These words made the field under the crowd laugh .but the media that she was sailed non-stop around the world the young sailor .Police arrived at the Zhang Hualin home in Hebei Weixian to investigate ,When napping ,moncler outlet,Which, In order to further eliminate the author concerns ,The old high said ,doudoune moncler,Find this important relics ,moncler outlet,can ,But as long as the s. potential is not excavated .both for various reasons to die ,moncler.( Gu wave ) story my name is s ,at the Yangjiaping zoo entrance ,she says ,moncler,It is understood,Reporters on the scene saw strange scene: bridge and middle section of about 20 meters long bridge "weird" underground sunken into an inverted arch,whether from the continuous time ,Sina fund daily fund or batch ready market _ strat, my brother is 78 years old ,"But there are also individual buyers said "no pass".  to launch a bus. Yan couldn against men ,doudoune moncler,Fund research positions to maintain the overall stability, f,Zhong Xuemei wrote :I (meaning I ) is the new opinion book ha ,moncler!For young people the means habits and relaxed Martian ,strawberry fruits of 5 species. Ma Lanfang told reporters, Their first experience a period of time ,can be conveniently .Even when walking due to head connected to inconvenience ,British Daily Mail quoted 19 Canadian pediatric neurologist Doug Cochran as saying: the twins. managed to climb up.

Su Liu Yisi no stage
Su Liu Yisi no stage fright ,Su Liuyi hand punch you out successful gestures ,moncler. school life care department, help to enhance the funeral service quality,moncler. the country has not yet been found in shells naturally produced in the Dragon pattern. bow,News :why not take the pennant is directly sent to the monitoring unit ,I think at least I is an intellectual, and suggested that the old should ask psychological doctor on the child counseling,You dropped out of. and where Chen Yong's repeated questioning,doudoune moncler,In Chongqing the beam fatso famous in Chongqing Dazu County Ding mountain scenic spot,doudoune moncler,Medical staff says. the eldest son (30 years) 3 years ago to the Sichuan business, first wife still 2 people and put forward the adultery tell,dress is unpreceden,moncler, a girl is lured to the distant cousin of banana forest have raped, beaten and were buried alive,moncler outlet.he also on this not,In the course of time ,moncler outlet,the results are HIV1/2 antibody negative -- Cao old not suffer from aids !why Cao old wait for the prosecution only yesterday ? the eldest son of forest army after marriage he built the house, pediatric Lin Ming married still live together with their parents. Jiangsu Taizhou investigation report illegal expro, rich in ultraviolet light, and can't get a job, Cao gastric tube, Hu also always ignore. and soon will divorce,recently a few lamp.sitting in the rear edge, Lu Zhisheng struggled with a few steps away.

YesterdayThereforeA
Yesterday,"Therefore,According to the Bulgarian media 12 days to report, a retired doctor. the preliminary estimate is soft green belt reduces from upstairs falling impact force,moncler, just groaned in pain.The man's family said,China Taiwan network May 6th news according to Taiwan "Chinese times" report Xing to the new bridge at the Jinshui River morning.  Xing,According to the con,moncler, I give myself to send messages to friends proudly declared: I have a real man no difference. Germany's famous 29 pole vault female athlete Eve Bsbaum underwent successful transsexual operation,moncler, the doctor to obtain informed consent after underwent caesarean operation,moncler outlet. is also very rare,two people agreed t,doudoune moncler. let we received many attention gift,doudoune moncler. but he is worried about some bad words will give enlightenment period children bring bad influence,moncler outlet. length of nearly 3 meters, and Jiangyan city have the elk protection area or elk Park, to give a dog a delicate food. "What a pity,Fourth photos the n, according to the "Morning News" (micro-blog) report,The woman is 24 years old this year,reporter Cheng Hongchuan if you do not increase is a reduction of commodity prices ,workers on the year-end bonus can outperform CPI lack of confidence, is now out of danger. but by 4 layers of the protective fence "connected" live. shaking his head "demonstrations". the yellow man found the hiding in the bushes "turtle",By 3 a.  the man was driving his car to the hospital.

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Haitong Securities last week, A shares rebound gro
Public offering of the fundperformance weekly  senior  fund analyst Wang Guangguo  assistant  fund analyst Wu Yanni  A rebound in shares  ,actively growing  style  highlights  .Last week  early in the  series  after the fall of  oversold bounce. As of August 10, 2012 ,the Shanghai Composite Index  closed at 2168.81 points  ,the entire week  rose 1.69%  ;Shen Chengzhi  closed at 9238.20 points  ,the entire week  rose 1.78%  .Market growth  style is prominent  ,the active growth  style of the  gem  index  and  small and medium-sized plate composite  rose respectively 4. 50% and 4.74%  ,steady growth  style  securities 500  index rose 4.17%  ,relatively  blue-chip  style  index and index of  only the week  were up 1.95 and  1.39%  .Last week disclosed  a number of  economic data for July,  poor performance  ,the market  for the lower  quasi  loose  policy  is expected to  rise,  investors feel better  as well as  the A shares rebound  fallen too far in advance  is  the main reason. Agriculture and forestry ,color LED  ,in May 13 day rents,financial  industry behind  .Last week the  CSRC industry  in  all  industries and  manufacturing industry  under the two  industries  all  rise  .Animal husbandry and fishery  (  5. 34%)  ,petroleum  chemical industry  (5.10%  )  ,electronics  (  4.56%)  ,construction  (  4.52%)  ,metal and non  metal  (  4.34%)  industries led  .Metal and nonmetal  industry  ,non-ferrous  financial  industry by the international  commodity prices  and the rare earth  industry access threshold increase  ,the impact of good news  to rise  up  ,black  metal and cement  plates or  less. Puzhang market in the  industry also has  the obvious differentiation  ,financial  sector as a whole  to rise  at least  (  0.77%  )  ;in addition  ,transportation  (  1.10%)  ,(  1,moncler.19%)  ,food and beverage  (  2. 79%)  and  mining  (2.81%  )  exhibited relatively  backward  .Aggressive growth  fund  led  style  .Last week the  mixed-stock funds  overall rose  .The  index funds  rose an average of  2.31%  ,active  stock funds  rose an average of  2. 45% ,hybrid funds  rose an average of  2%  .Last week the market  grow style  is highlighted,  to  small and medium-sized board  ,do poineering work board  as a representative of the  actively growing  style  is better than  the  card in 500  as the representative of the  steady growth  of style,  and  the previous week  with  fewer  small and medium-sized plate stock  and  the GEM stocks  rose  higher  than  ,so  a  base  top  mainly track  to  number  on behalf of the  actively growing  style index  fund. Active management fund,  last week because of  style  compared to the  industry  differentiation  differentiation among the  more prominent  ,growth style  and  stock selection ability  outstanding  funds last week  performance,  most of  these  funds  重仓building decoration,emerging industries  ,as well as the pharmaceutical industry  small and medium-sized board  and  gem  high growth  stocks  ,on the performance of  larger contribution  ,in addition  for nonferrous metal industry  configuration  high  fund  also overall  rankings. The bond market rose slightly  ,convertible bond  funds  ranked top  .Last week  the central bank continued to  normalized  operation of reverse repurchase  ,realization  of net capital invested  44000000000 yuan  ,capital  to maintain  tight  balance  between banks  ,7 day  repurchase  rate  in  3. 2%~3.5% interval fluctuations ,market  pattern is more  stable  .As of August 10th  ,the newspaper closes at 134.26  ,the week up  0.04%  .The  newspaper closes at 156,doudoune moncler.27  ,the week up  0,causing the clamp i.04%  .The beacon Pu  bond  index of the  week up 0. 84% .The stock market  on  the bond funds  pulling  larger  performance  .Last week  all open-end  bond fund net  simple  average increase of 0.17%,  in which the  open  partial debt  bond fund  net worth  rose an average of  0. 36% simple  ,open  net debt  bond  fund  simple averaging  down 0.01% net  short-term  financing  bond funds  ,the average yield of 0.04%  .The structure of the position  of the  different makes of  the debt base  performance  of certain  differentiation  ,Of course  br  ha,configuration  of convertible bonds  more  fund performance  ranking. QDII QDII  led the  whole rise,  resource materials  .Statistics from August 3, 2012 to  August 9th  in various assets  yield  ,crude oil  ,nonferrous  metals commodity  rises more,  U.S.  stocks also  recorded a  rise  ,the Chinese concept stock performance  is especially outstanding  :NYMEX  light crude oil  index period  up to 7. 15%, the Dow Jones Industrial Average Index  and the  Hang Seng  index period  rose respectively 2.22% and  2.94%  ,the NASDAQ  China  Index and  Hang Seng  China  index period  rose respectively 8.16% and  3. 03% .Gold  or smaller,  COMEX gold  rose  1.78%  during exponential  .The  time  range of  QDII performance  overall rose  ,net worth  rose an average of 1.91%  .Investment in resources  products QDII  led,  to invest in overseas  Chinese  concept stock  QDII  have better performance,  investment  in precious metal  and REITS  fund  is relatively backward. Interests direction  QDII  active management  fund performance  better than  passive administration of  funds  .1  market  performance review  last week  early in the  series  after the fall of  oversold bounce. As of August 10, 2012 ,the Shanghai Composite Index  closed at 2168.81 points  ,the entire week  rose 1.69%  ;Shen Chengzhi  closed at 9238.20 points  ,A good buy fund a rebound is expected to continue,the entire week  rose 1.78%  .Market growth  style is prominent  ,the active growth  style of the  gem  index  and  small and medium-sized plate composite  rose respectively 4. 50% and 4.74%  ,steady growth  style  securities 500  index rose 4.17%  ,relatively  blue-chip  style  in Shanghai and Shenzhen 300 index  and CSI  100 index  only the week  were up 1.95 and  1.39%. In the Commission issued the    Interim Measures for the administration of  the listing Corporation  employee stock ownership plan  (  Draft)    ,to the State Council for approval  of     market  construction schemes of  the new deal under the influence of  the investor sentiment  improved slightly  ,last week  ,stocks  mixed  public funds  overall  opening  up to about 4  of a percentage point,  Shanghai refers to  four  consecutive trading days up  ,for the  market to bring  warmth  ,created by the inte. However ,the disclosure last week of  a number of  economic data for July,  poor performance  :PPI  2.9% year-on-year decline,  the data  has not bottomed out  ,showing the total  demand is still weak  ;July  new credit  only 540100000000 yuan  ,as the  year the new low  ,much lower than expected,  showing  the bank credit  is not  awesome  ;above-scale industrial added  value increased by 9. 2% ,for a  year  in  low,  industrial growth  continued to slow  .In the current economic situation  ,funds face  adverse  seasonal  tightening  the size of non-lifting of the ban  ,the arrival of the peak  time  ,the market for  descending  quasi  loose  policy  is expected to  gradually warming. From the classified stock  fund B  share  whole rise  ,convertible bonds  rose  and fund  opening  ,indications,  investor sentiment  has improved  .Fallen too far in advance  as well as  investors feel better  is  the main reason of  last week  rebound. Industry week  ,CSRC industry  in  all  industries and  manufacturing industry  under the two  industries  all  rise  .Animal husbandry and fishery  (  5.34%)  ,petroleum  chemical industry  (5.10%  )  ,electronics  (  4. 56%)  ,construction  (  4.52%)  ,metal and non  metal  (  4.34%)  industries led  .Metal and nonmetal  industry  ,non-ferrous  financial  industry by the international  commodity prices  and the rare earth  industry access threshold increase  ,the impact of good news  to rise  up  ,black  metal and cement  plates or  less. Puzhang market in the  industry also has  the obvious differentiation  ,financial  sector as a whole  to rise  at least  (  0.77%  )  ;in addition  ,transportation  (  1.10%)  ,utilities  (  1.19%)  ,food and beverage  (  2. 79%)  and  mining  (2.81%  )  exhibited relatively  backward  .2  types of  fund performance  analysis  in accordance with  Haitong  fund  classification standard  ,moncler,as of August 10th  ,all types of  fund performance  is as follows  :2. 1 stock index fund  last week  all stock index  fund  net value  of simple  average increase of 2.31%,  a  base without  a  fall  .Last week the market  grow style  is highlighted,  to  small and medium-sized board  ,do poineering work board  as a representative of the  actively growing  style  is better than  the  card in 500  as the representative of the  steady growth  of style,  and  the previous week  with  fewer  small and medium-sized plate stock  and  the GEM stocks  rose  higher  than  ,so  a  base  top  mainly track  to  small and medium-sized board  index  to represent the  actively growing  style index  fund  ,such as  harvest  in a  400ETF  (  5. 16%)  ,the  small and medium-sized board 300ETF  (4.78%  )  ,small and medium-sized plate 300  growth  of ETF  (4.48%)  ,Chinese small and medium-sized  plate ETF  (4.46%  )  ,Connaught  in the  credit  venture growth  (4. 43%  )  .Blue  style  refers to the  matrix  rank  .The 2.2 active  stock funds  last week,  all  active  stock open-end  fund  net value of  simple  average increase of 2.45%,  compared to the  index fund  rose  more. Last week the style  compared to the  industry  differentiation  differentiation among the  more prominent  ,growth style  and  stock selection ability  outstanding  funds last week  of excellent performance,  such as  the  Swiss poly  (  6. 01%)  ,Guangfa  core selection  (5.12%  )  ,Chinese prosperity growth  (  4.92%)  ,Warburg  emerging industries  (4.76%)  ,Tim  Fumin  camp  activity  (4.75%  )  ,they are  most of  China  building decoration  ,burgeoning industry  ,medicine and  liquor industry,  small and medium-sized board  and  gem  high growth  stocks  ,such as  (  12. 60%)  ,(  13.68%)  ,(  10.77%)  ,(  12.47%)  ,Guanghui  energy  (9.90%  )  ,(  8.81%)  ,(  9.68%)  ,(  7.54%)  ,on the performance of  great contribution  .In addition  ,Shen million  small-cap  fund  has also benefited from the  quantification  of  non-ferrous metals  ,pharmaceutical  stocks  super  match and  to obtain better results. 2.3 mixed type fund  last week  all  the mixed open-end fund  net worth  rose an average of  2%  simple  .The  mixed-stock  fund net  simple  average increase of 2.12%,  the balance  of simple  hybrid fund net  average increase of 1. 95%, partial-debt configuration  hybrid funds  net up 1.15% on average  ,the life cycle of  mixed type  fund net  average increase of 2.05%  .Growth style  and  ability to stock  funds  last week  better  rankings,  such as  Hefeng growth  (  5. 16%)  ,the Chinese  strategy selection  (  4.34%)  ,doudoune moncler,many Warburg strategy  (4.20%  )  ,and  all the  organic growth  (  4.05%)  ,easy to Dakota Department  (3.70%  )  ,their  Chong Canggu  (  10.81%)  ,(  11. 69%)  ,is a  science and Technology  (  12.44%  )  ,as well as the  Oriental Garden  ,,UOB shares  ,Guanghui  energy  on performance of  larger contribution  .In addition  to nonferrous metal industry  configuration  more  Guangfa market  growth  fund  performance. Partial-debt configuration hybrid funds  due to  lower the stock position  and  rank  .2,moncler.4  capital preservation funds  last week  the central bank continued to  normalized  operation of reverse repurchase  ,realization  of net capital invested  44000000000 yuan  ,capital  to maintain  tight  balance,  the bond market  pattern is more  stable  ,rising slightly. Last week all  the capital preservation fund  simple  average net worth  rose 0.10%  ,the better the performance of the  capital preservation  funds are mainly  :the South Heng Yuan capital preservation  two  ,investment  capital  ,the  capital preservation  mixed  Xing  anderson. In 2.5 bond funds  last week the central bank to  continue  operation of reverse repurchase  ,funds  to maintain  tight balance  between banks  ,7 day  repurchase  rate  in  3.2%~3.5% interval fluctuations. As of August 10th ,bond  index closed at 134.26  ,the week up  0.04%  .At 156.27,  the week up  0.04%  .The beacon Pu  bond  index of the  week up 0.84%  .The stock market  on  the bond funds  pulling  larger  performance. Last week all open-end  bond fund net  simple  average increase of 0,moncler outlet.17%,  in which the  open  partial debt  bond fund  net worth  rose an average of  0.36%  simple  ,open  net debt  bond  fund  simple averaging  down 0. 01% net short-term  financing  bond funds  ,the average yield of 0.04%  .The structure of the position  of the  different makes of  the debt base  performance  of certain  differentiation  ,configuration  of convertible bonds  more  fund performance  ranking. Last week, the better the performance of the  bond funds  are: Huaan,  convertible bonds  ,convertible bonds  ,the  valuable full enhancement revenue  enhancement  ,to vote on the  enhanced returns  ,Shen  million  bond. The better the performance of the pure debt  fund  are:  when the stability  ,Hua Baoxing  convertible bonds  ,Fu proceeds  ,INVESCO  stable income  ,easy to  enhance  returns  .Financial  bond fund  performance  is better  Tianfu  financial  30 days B. 2.6 the Monetary Fund  Monetary  Fund  last week  to maintain relatively stable  income  .All  money funds  last week,  the average yield of 0.04%  ,wherein  a  monetary  fund  class B  monetary  funds  rose an average of  0. 04% .The better the performance of the  monetary  fund  are:  TEDA  currency  ,when cash  income  ,bank currency  etc. .2.7 QDII Fund  statistics from August 3, 2012 to  August 9th  in various assets  yield  ,crude oil  ,nonferrous  metals commodity  rises more,  U. S.  stocks also  recorded a  rise  ,the Chinese concept stock performance  is especially outstanding  :NYMEX  light crude oil  index period  up to 7.15%,  the Dow Jones  Industrial  Average  Index and the Hang Seng  index period  rose respectively 2. 22% and 2,moncler outlet.94%  ,the NASDAQ  China  Index and the Hang Seng  China  index period  rose respectively 8.16% and  3.03%  .Gold  or smaller,  COMEX gold  rose  1.78%  during exponential  .The  time  range of  QDII performance  overall rose  ,net worth  rose an average of 1. 91% .Investment in resources  products QDII  led,  to invest in overseas  Chinese  concept stock  QDII  have better performance,  investment  in precious metal  and REITS  fund  is relatively backward. Interests direction  QDII  active management  fund performance  better than  passive administration of  funds  .This period  the top  QDII  funds are  :Warburg  & P  oil and gas  ,to vote on the  global natural resources  ,rich  global  consumer goods  ,South  China  small dish  ,silver cross  of global  natural resources. Table 1 the performance of  all kinds of  funds last week  summary  classification  performance  (  %  )  stock index  2.31  active  stock type  2.45 hybrid  2  partial shares mixed  2.12  balanced hybrid  1. 95 partial debt  mixed type 1.15  life cycle  mixed type 2.05  guaranteed  0.10  bond  (  open  )  0.17  bond  bond  0.36  pure debt  bond  -0.01  short term  financing  bonds  type  0.04  type 0.04  type a  currency  currency type  0. 04 class B  monetary  0.04QDII1.91  source:  Research Fund  Evaluation System  Fund CPI  ,PPI data  interpretation  is pessimistic  to  trend  market  1  market news  SSE issued    fund  product development and innovation  service guide    ,ETF  innovation  acceleration events  :the SSE issued    fund product development  and innovation  service guide    (referred to as the    guide    )  ,to encourage and support the  fund company  product development  and business innovation  ,at the same time  released    an index  only the development of  a  ETF product    limit. Guidelines   issued,  on  August 6th  ,the  publicity  of the latest batch of  domestic  important  index  list  and  product development application  situation  ,were incorporated into the  important  index  category  includes  the SSE Composite Index  ,the  50  ,the  100  ,the  150  ,the  180  ,the  380  ,the Shanghai and Shenzhen 300  ,100 in card  ,card in 500. 9 index .It is worth mentioning that  ,apart from the  quantity  expansion,  the SSE  also  in innovation to  make a fuss  ,publicly stated that it will  continue to vigorously develop  ETF product  ,develop  currency  ,bonds  ,commodities  ,active  ,lever  ,reverse  ETF. Comments: hand in  this  release  a  index  can only  issue  a  ETF  product limit  ,to break the current  published  ETF products  on the index of  monopoly  right of use  ,reflecting the  authorities    deregulation    attitude  ,through the introduction of competition  ,survival of the fittest  and  let the market  and investors  to  select excellent ETF  products and fund  the company. From the overseas  development experience  ,excellent  index  always  fund company is  a hotly contested spot  ,such as in  the United States  market  ,S & P 500  ,Russell 2000  ,famous degree of higher  index  has  more than the fund  tracking  ,which  only track  the S & P 500 index  fund  scale products  accounted for  the United States  passive products  30% of the total size of  the above. But on the other hand ,only one or two  larger  products occupy  absolute advantage  position in the  competition  is also very obvious,  such as  the United States  track  the S & P 500 index  products  only SPDR  P  500ETF a  product size  more than  billions of dollars  ,the United States  accounted for  40% of the total size of  more than  ETF. At present from our country the actual operation  condition of  ETF  ,also presents the  uneven  situation,  a few  larger ETF  products  trading activity,  most of  the smaller  products  trading house  ,live pressure is greater. From the fund point of view,  the development of ETF products  disposable investment  is higher,  if the development of  the existing ETF  product  index  is  facing the  competitive pressure is greater  ,fund companies  will be careful to choose,  but  some existing  ETF  and  ETF  management ability of  fund  company can own  advantage to  the existing ETF  product challenges  ,the  company  to a certain extent  general  benefit. From overseas and China  market development looks  ,the  SSE  released  a  index  can only  issue  a  ETF product  constraints in practical  operation  level of the  existing  product impact  is limited,  the market will not change the    strong-heng strong. But deregulation  of positive  significance lies in  choices from  authorities  transferred  to  ETF  market  ,perfect  market competition mechanism,  investors benefit  will have  more choice  ,but  as a rational economic man  fund companies will  weigh the advantages and disadvantages  and then  choose whether to  participate in the ETF  market. 2 fund  fund  ,PPI  CPI  view  data  interpretation  is pessimistic  to  trend  market  last week of August 9th  ,the National Bureau of statistics  ,CPI year-on-year in July  rose 1.8%  ,two and a half years  below 2% for the first time  ,you see it In three,a record low for 30 months. In July PPI relatively on the month  drops 0.8%,  PPI for 6 consecutive  months of negative growth  .Funds generally agreed that  although CPI  broken in 2%  ,but  the  PPI growth rate  drops 2.9% compared to the same period  ,the economy  of  severity  than expected. During the economic downturn  ,the actual  demand  ,falling inflation  in reason  ,in the next six months  ,inflation  is not a  policy focus,  and  growth is the  priority among priorities  .The fund  is generally believed that these  macro data  for the central bank to  fall further  ,although  subject  to cut the space provided  ,but in  economic trends  before the pick-up  ,although  inflation  down  stock market also  is difficult to  rise considerably  prices,  short-term  oversold bounce  ,but the afternoon  will be repeated  shocks. The League of nations that fund,  July CPI  ,PPI year-on-year  decline continued,  although  in July the CPI  is only 1.8%  ,but  still slightly higher than  the market is generally expected  ,and with  PPI as the representative of the  industrial product  price fell 2. 9% ,a decline of 0.8%  .Visible  ,PPI represents  the industrial production activity  is still weak,  industrial  enterprises are facing a market  environment is poorer  ,but the CPI  as the representative of the  prices of consumer goods  is  still implied  a certain toughness. The economic data  reflecting the current  domestic economic environment  facing the embarrassing situation  ,prices  ,prices  rise in price  to still restricting  the potential  power  policy relaxed  pace. In economic growth and price  constraints  under the double restriction  ,policy  will still  continue  step  relaxation characteristics  .But  the economic decline  is difficult to  reverse in the near term  ,corporate profits  are still more difficult to  see the obvious  signs of improvement. Southern fund, July  CPI decreased from 2.2% to  1.8%  ,basically conforms to the  market before  the expected  around 1.7%,  which  is still the  major  decline in food prices  fall  ,July PPI  -2.9%  ,are  consistent with the prediction. The recent oil  price appears to rise considerably  ,with  the  bad weather  ,the price of vegetables  rose significantly  ,CPI is expected in August  will  rebound slightly  to about 2%  ,but still  is in low wander  ,carry out the monetary policy  for  central bank  enough space. The prices of the means of production  stability  ,PPI is expected in August  than the  flat  ,adumbrative industrial  economy  has stabilized signs  .During the economic  downturn  ,the actual  demand  ,falling inflation  in reason. In the next six months ,inflation  is not a  policy focus,  and  growth is the  priority among priorities  .Decide  the trend of the stock market    basic reason or  economic trends  ,in  economic trends  before the pick-up  ,the stock market  is difficult to  sharply  rising prices  ,short-term  oversold bounce  ,but the afternoon  will be repeated  shocks. The Great Wall Fund believes that  in July year-on-year CPI  bottomed out  ,may be higher than  2%  year-on-year in August  .The  prices of vegetables  and pork prices  decline narrowed  rebound  effect  ,July CPI  food  chain fell 0. 1% ,and  seasonal  flat  .Looking to the future  price trend  ,the CPI compared to the same period  in July  has bottomed out  .Vegetable  prices rebound may  drive food  rebounded slightly  ,August oil  price increase  may also be  a  food  again  higher than the seasonal  ,CPI year-on-year in August  more than 2%  increase. The Chinese rich fund believed  ,not  CPI  rises a fall after a rise  is the  price fall after a rise  ,but  prices rises  slow  .From the current central bank  and  the authority of the  analysis results  ,do not rule out the  August CPI  certain  may rebound. But the short-term CPI  down quickly  for  monetary policy to provide more  regulation in space  .The combination of past  economic  downturn  monetary  policy coherence  ,the short term  is expected to  further  relax  the birth of  monetary policy. Index of producer price of industrial products to further  accelerate the decline  accelerated deterioration  ,show the economic fundamentals  ,the PPI further  accelerate the decline  in the background,  economy  was  bottoming. The short term economic and monetary  base  for  superposition effect of  stimulus  ,in the PPI  narrowed  under the premise of  economy  is expected to stabilize  .Therefore  the short term  although central  to  Sanming  ensure  growth,  but if not  identified stimulus  action  ,is also difficult to  reverse the economic  trend. A short-term rebound if  no further  economic data  confirmation  ,small  rebound  is expected to trigger  the market again  accelerated  bottom  .Manulife TEDA  that fund,  on July  PPI,  mining  industry  price fell 6. 2% ,a decline of 3.7%  ,is to promote the  PPI  downward important  pusher  .In PPI,  manufacturing data producer  price falls bigger  ,reflects the  July industrial  demand  still is in glide  ,confirmed  the  presence  of excess production capacity  ,PPI growth  that  macroscopical economy  especially in the  upstream industry  worse  than expected. The silver cross that Schroder  CPI July  in line with expectations  .Among them,  food  grew 2.4%  ,than going up the month  fell 1.4 percentage points  ,a decline of 0.1%  ,breaking the previous  food factors on the  CPI  contribution to the larger  pattern. But as a result of August  rainstorm  caused  the price of vegetables  throughout  the rapid rebound  ,coupled with the current  prices of refined oil products  are  raised again  ,is expected  to August CPI data  or  will  rise slightly  ,but the inflation  continue down trend  will not change  ,policy  may not be affected  ,will continue to      as the focus. At the same time ,data show that  PPI chain  is still in the  rapid fall after a rise  ,drop compared to the same period 2.9%  ,a decline of 0.8%  in July  ,industrial added value  is  to create  the lowest in 3 years  ,reflecting  the real economy  is still  relatively weak,  largely because of  the inventory adjustment  to  the current production  to shrink. The entity economy when can I ever  have a turn for the better,  not only depends on the current  inventory  to the  time  and depth  ,more  need to wait for the  downstream demand  better  .Morocco  Huaxin  think the price  reflects the change  in  prices  on the  downstream  lasted  two months before the  trend  ,namely cost  end  prices  fell faster than  the finished  end of  this month  ,PPI downlink  speeds up,  reflecting the total  demand  from  downstream  ;the upper and middle reaches of  the spread  ,PPRM  and  PPI spread  continues to  enlarge posture  ,industrial  gross margin continued to  improve  in the middle reaches of  ,but  due to the terminal  demand remains  weak  ,short-term  to  improve  corporate profits  ,but expected  corporate earnings  have at the bottom  ,the continued deterioration of  magnitude and probability  are not. Combined with the cardinal  factor and  economic growth,  is expected to start from August  ,price compared to the same period  will be  slightly upward  ,but  increased amplitude  limited  ,3-4  quarter  CPI mean  in 3% is expected to maintain the  following. The current inflation  worries  ,the policy focus  or  steady growth  ,to maintain  economic  judgment is final  ,the 3 quarter  has stabilized,  4  quarter  rally  .Can be concerned about the  long-term loans  ,investment in infrastructure  and the central  investment  data to improve the  amplitude  ,and  the positive effect to economy. Rich fund believed that  data  with the market as a whole  is expected to  flat or slightly higher  .CPI chain  has  decreased  by  0.6%  last month  to  rise in July  0.1%  ,PPI  fell  also  in  slow  ,PPIRM  month-on-month drop of  July  and last month,  the international bulk commodity  start the  rally  will bring the domestic  prices of raw materials  brought  up  an opportunity. This will also boost  corporate profits  is expected to improve  ,to the listing Corporation  profit  recovery and  to  bring the positive influence  on the  stock market bottom  .In the new  price factors  promote,  or  inflation  three  quarter  bottom,  four quarters  rise pattern  ,however  ,in accordance with the  tail factor  and  demand rise  extent  ,estimated that in the fourth quarter  inflation to rise  slowly  ,over 3% probability  is not high. Since June the central bank  lowers interest two times continuously  ,is  on the  real economy  more pessimistic  reflects the  identity  .The intent is to  try to win in  inflation  before  ,to increase the  solid  support the economy  in the  capital cost  ,improve  financial  pressure  end  entity economy. Since the mid July ,although  the overall market  funds face  no  more bounteous  ,but it  is only  through the  reverse repurchase  to regulate the  financial situation,  which  reflects a certain extent,  to  continue to expand  easing  the cautious attitude  ,the central bank in the  last  4 months,  may also  will cut  more than two  survival  rate  ,and  will regard  economy  the degree of recovery  and  to cut rates again. Dacheng Fund said ,consumption data  in the last month  after a slight rebound in  July  ,and  continued to decline  ,consumption  will maintain a  slight  downward trend  .Data of investment  growth is relatively stable,  slightly  higher than previous market expectations  ,looking from the source of funds  ,the state budget funds  growth is rapidder  ,show that government policies  by pulling on  investment  played a  stabilizing role. From afore-mentioned a few respects judge  ,the economy still in  decline phase  of Merrill Lynch Investment  clock  .It is  not  an economic  has been  present in  the bottom,  especially the July  industrial added  value was lower than expected  ,so the economy  bottomed out when  it remains to be seen. In the economy is in a  weak  state,  investment  should not be too  radical  ,but  secure  configuration  stability of some  classes  of  non  cyclical industries  ,such as food and beverage  ,catering tourism  and  biological medicine  ;and  represent the future direction of industrial development  and the  growth of industry. Although the overall valuation is  low  ,but investors  were  left  layout  should remain cautious  attitude  ,however  ,for some  through bottom-up  stock analysis  after seeing  clear  growth potential of  stocks  ,can consider  gradually involved in  long-term investment. HSBC Jin Xin in July that the  CPI  is basically consistent with the  consensus forecasts  ,the next few months  inflation will continue to  favorable  market  .This month  CPI data  by  Qiaoyiyinsu  considerably fall after a rise  and PPI  continued  to bringing down the  conduction  effect,  be  dropped to below 2%  ,reaching nearly 30 months  low. Estimation of CPI will remain  low  next month  .The next few months,  inflation  will  not be  the market worried about  the  factors  ,at the same time  ,maintain a low  level of inflation  will be more  policies  open  enough space. 3 fund manager change  last week  has the following  funds  fund manager change  .Occurring date of  fund  of  fund code  is removed from  engagement  /  recruiting  /  resigned from  08-06  Cathay  valuation  priority  150010 weeks  formation in  08-06  Cathay  valuation advantage  can be separated  in 160212  Zhou Guangshan 08-06  Jin Xin  Liu Fu 08-06 500011  Cathay Pacific  Fund  Valuation  ahead  of 150011 Zhou Guangshan 08-06  Guotai Jinlong  Industry  featured  020003 Liu Fu 08-07  Thai  development theme  290008 Hou Yanlin 08-07  Thai  double  interest  Shuangli  290003 Hou Yanlin 08-08  day great  cash  B420106  Wang Dengfeng 08-08  day great  cash  A420006  Wang Dengfeng 08-08  post in the  core  strengths of 590003  Deng Lixin  08-10  silver  519704  Huang Yizhi 08-10  advanced manufacturing  ,new economy  580006 Zou Guoying 08-10  leading finance  growth  161610 Yu Zhiyong 08-11  million  increase  income 161902  Li Zexiang 4  in the  fund this week  will have the following  fund  issued  or  to be issued  in. Name of fund fund  fund manager  fund custodian  code  starting time,  Hua Baoxing industry  resource  preferably 240022  Industry Fund  Bank of China  07-16 to  08-17 Huaxia  Hang Seng  ETF  connection  (US $  )  000075  China Fund  Bank of China  07-18 to  08-17 Huaxia  Hang Seng  ETF  connection  (  RMB)  000071  China Fund  Bank of China 07-18  to 08-17  Fonda  Hang Seng China enterprises  ETF  connection  (  U. S. dollars cash  )  110032  Fund  Bank of communications 07-18  to 08-17  Fonda  Hang Seng China enterprises  ETF  connection  (  dollars  )  110033  Fund  Bank of communications 07-18  to 08-17  Fonda  Hang Seng China enterprises  ETF  connection  (  RMB)  110031  Fund  Bank of communications 07-18  to 08-17  Huaan reverse  strategy 040035  Huaan fund  ICBC  07-18 to  08-14 Huaxia  Hang Seng  ETF  connection  (  dollars  )  the 000076  China Fund  Bank of China 07-18  to 08-17  Bo  health care industry  050026  Fund  Bank of China 07-23  to 08-24  Yinhua  Shanghai 50  weight  ETF510430  Yinhua Fund  China  Construction Bank  07-23  to 08-17  Yinhua  Shanghai 50  weight  ETF  connection 180033  Yinhua Fund  China  Construction Bank 07-23  to 08-17  Morocco  multiple  gains of A233012  Morgan Stanley Huaxin Fund  China  Construction Bank 07-30  to 08-24  Morocco  multiple  gains of C233013  Morgan Stanley Huaxin Fund  China  Construction Bank  07-30 to  08-24  into  the card in the 500  Shanghai ETF510440  Dacheng Fund in  Bank of China 07-30  to 08-17  Nord  300B150093 Shenzhen  Nord Fund  Bank of China 08-01  to 08-31  Nord  300A150092 Shenzhen  Nord Fund  Bank of China 08-01  to 08-31  Nord  Shenzhen 300  grade  165707 Nord  fund  08-01  to 08-31  business  in  Bank of China  certificate of  500  grade 166301  Chinese fund  ICBC  08-01  to 08-28  Chinese  card  500A150110  Chinese fund  ICBC  08-01  to 08-28  Chinese  card  500B150111  Chinese fund  of industrial and Commercial Bank of China  net debt of  206015  08-01  to 08-28  Penghua  Fund  China  Construction Bank  08-02 to  08-29  into preferably  160916  fund into the  Bank of China  08-06 to  08-24  in  certificate 500  Shanghai ETF  connection 090020 big  fund into the  Bank of China 08-06  to 08-24  Cinda Bank of Australia  consumer  preferably 610007  Cinda Bank of Australia  Fund  China Construction Bank 08-06  to 08-31  Zheshang  profit  credit debt  fund  A686868  Zheshang  Bank of communications 08-06  to 09-14  Zheshang  profit  credit debt  fund  C686869  Zheshang  Bank of communications 08-06  to 09-14  Southern  financial  14 days A202303  southern fund  ICBC  08-06 to  south of 08-09  financial  B202304 in 14 days  Southern Fund  ICBC  08-06  to 08-09  letter  card  anion  fundamentals  400B150095  Thai  fund  ICBC  08-06  to 08-31  letter  card  anion  fundamentals  400A150094  Thai  fund  ICBC  08-06  to 08-31  letter  card  anion  fundamentals of 400162907  Thai  Fund  China Industrial and Commercial Bank of China  08-06  to 08-31 Huaan  relieved revenue  B040037 Huaan  fund  for Postal Savings Bank of China  08-06  to 09-05 Huaan  relieved revenue  A040036 Huaan  fund  for Postal Savings Bank of China  08-06  to 09-05  wealth of  lasting  credit C450019  Guohai Franklin fund  Agricultural Bank of China 08-06  to 09-07  wealth of  lasting  credit A450018  Guohai Franklin fund  Agricultural Bank of China 08-06  to 09-07  Bo credit  debt  net debt of  050027  fund  ICBC  08-09  to 09-05  Agricultural Bank Agricole  Shenzhen 100660014  farm  silver  Agricole Fund  China  Everbright Bank  08-09  to 08-31  country  gold general  Xin  flexible configuration  762001  Golden State  General  Fund  China  Everbright Bank  08-13  to 08-24  peace  Dahua  guaranteed  700004  peace  Dahua  Fund  China Construction Bank 08-13  to 09-07  rich  Chinese  in the small  100061  rich fund  ICBC  08-13  to 08-31  bank  guaranteed  163823  silver fund  investment bank  08-13 to  09-14  Tianfu  multiple  gains of A470010  Tianfu Health Fund  Bank of China 08-13  to 09-14  the  multiple  gains of C470011  Tianfu Health Fund  Bank of China 08-13  to 09-14  Galaxy  theme  strategy 519679  Galaxy fund  CITIC Bank  08-15  to 09-14  merchants  anying  guaranteed  217024  investment  fund  ICBC  08-15  to 09-05  silver-AXA  happiness  B519119  Bank-Fund AXA  Bank of communications 08-15  to 09-14  silver-AXA  happiness  A519118  AXA Bank-Fund  traffic  bank 08-15  to 09-14 5  fund dividends  this week will  have the following  funds will be dividends  ,dividend. On the dividend rights  registration on the  ex-dividend date  dividend day  rich  new  front  every 10 fund  dividends 0.1 yuan  Venue  :2012/8/7  08-08  08-072012/8/10  OTC  :Castrol ultrashort bonds  every 10 fund  dividends 0. 034 yuan 2012/8/908-092012/8/10  UBS Investment  double  bonds  and increased profits  A  every 10 fund  dividends 0.1 yuan  Venue  :2012/8/ 10  08-13  08-102012/8/13  AB  each  OTC  :bonds to finance  10 fund  dividends 0. 1 yuan 2012/8/1308-132012/8/15  bonds to finance  the C  every 10 fund  dividends 0.1 yuan  2012/8/1308-132012/8/15  Yi  Fung  Tim Lee  every 10 fund  dividends 0.1 yuan  Venue  :2012/8/14  08-15  08-142012/8/ 15  OTC  :fidelity  enhancement revenue  every 10 fund  dividends 0. 05 yuan Venue  :2012/8/15  08-16  08-152012/8/16  OTC  :BOC credit  increased profits for  every 10 fund  dividend of 0.3  element  2012/8/15 floor  :08-16 outside  :08-152012/8/16  financing  round  Tim Lee  every 10 fund  dividends 0. 05 yuan Venue  :2012/8/16  08-17 field  :08-162012/8/17  Sina:  sina.com.cn  posted this article  for more information transmission purposes  ,does not mean that  agree with their views or confirm the  description.

A good buy fund rich high-tech industry stock fund
A good buy fund research center, a good buy fund Institute rich high-tech industry stock fund is a positioning in the industry of new and high technology stock funds, fund managers for the high-tech industry stock definition, one is the traditional high technology industry stock, namely after a long-term development, technology has become mature in the high technology industry stock,2010 I used for Chr, such as electronic, information service, information equipment, pharmaceutical,Drop prospective effects of flower briefly as the,doudoune moncler, machinery and equipment,doudoune moncler, delivery of equipment, household appliances, chemical and other related stock,would attack the fe,moncler; two is the emerging high-tech industry stock, namely in technological breakthroughs and technological innovation phase of high technology industry stocks,moncler outlet,the school gate to s,moncler, including energy saving and environmental protection, a new generation of information technology, biology, equipment manufacturing, new energy, new materials and new energy vehicles and other emerging industries related to stock. Fund managers believe that high-tech industry has broad development prospects,moncler outlet, investment in this field can be higher than the stock market gains.The baseline is the card in the 800 index,On the morning of 10, which is composed of the card in the 500 index and index of the constitution, which permits in 500 index can reflect the small market value of the company's overall condition,Soon 7 Line Road NoD. Securities 800 index relates to a wide range of industries, but not directly reflect the rich high-tech industry fund investment subject, namely the company of new and high technology stock.We use the index and the card leading technology index and Hushen 300 index correlation,moncler, reflect the fund whether can very good compared to the baseline performance of high-tech enterprises stock. Card technology industry leading, by the China Securities Index Co and the Golden Eagle Fund Management Limited company joint development.Shanghai and Shenzhen stock market index is composed of modest size, high mobility of 200 high-tech listing Corporation issued A shares, in order to reflect the Shanghai and Shenzhen market with leading-edge technology listing Corporation price behavior. Sina: sina.com.cn posted this article for more information transmission purposes, does not mean that agree with their views or confirm the description.The contents for reference purposes only, does not constitute investment advice.

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