129724942013206844_79 - NMA

"The magazine Roundup" on January 31, according to the China Securities Journal reported, industry estimates, funds market funds in the hands of about billions of dollars in theory about this money for the a-share market, still insufficient. 　　Subsequent stock market funds looking to underestimate the value of the Fund recurring sections. Last trading day before the lunar new year, 64 fund company Fund 2011 quarter report has disclosed is complete. According to day companion to Gu Fund statistics for four seasons, including open equity, hybrid, and closed-end Equity Fund (not including indices, bonds, capital preservation and money market funds) 476 funds at the end of 2011 four quarters of total bank deposits and the liquidation of excess reserves stood at $ 127.22 billion. IndustryWithin the said liquidation of excess reserves is not high percentage of them, this means that in 2011, at the end of the quarter of four, may be owned by a public fund into the stock market funds in billions of Yuan. In addition, the dynamic point of view, positions and livelihood security fund industry configuration system monitoring data show that as of January 20, proactive positions for an average stock fund 84.27%. According to TXStatistics of investment consulting, including open equity, hybrid and above 476 funds, closed-end equity fund, in the latest issue of disclosure in the periodic report of the total of net assets amounted to $ 1,301,790,000,000. If we follow the people's livelihood security 84.27% the calculation of average position by extrapolating, 476 active stock fund stockOutside assets to about $ 200 billion yuan. 　　Taking into account the assets of the Fund must also have some bond, then projected funds have cash in the hands of more than $ 100 billion is reasonable. However, it is understood that although half a month before the Spring Festival period, the a-share there have been rare since 2011 quarter rise sharply, but part of the baseGold company to predict the economic situation at home and abroad, and none of them is too optimistic about the rebound. Overall, they believe that 2012 may still be a-shares dip in the first half, building process at the end of, during which the index may hit a new low; prior to 2012 medium-term, "after debt swap" is probably better on the asset allocation policy. In response, analysts believe that the bond market roseOften in the stock market, once the reverse situation to change in favour of stock market, it did not rule out some fund managers will reduce bond asset configuration, and this will be a corresponding increase in funding flows to the stock market. According to the Wind information statistics, as of December 2011, the a-share market circulation market value of about $ 16.5 trillion. Public placement Fund hands hold 1More than 0 worth of cash, as a whole, may not set off little waves. 　　However, analysts believe, based on the current low valuations of the a-share market as a whole, if there are many capital market, forming joint force is not small. Public placement Fund subsequent stock market funds may be more optimistic about the underestimated value plates of cyclical stocks and steady growth is determined, at least in theIn 2012, this style may be identified in the first half. Huaan Fund before the Chinese new year release of 2012 strategy report notes that during the first quarter of this year GDP and CPI double drop, configuration can be focused on higher earnings certainty, benefit from easing the weight class plate, as well as the strategic emerging sector with high growth stocks; the second quarter, industry configuration may be appropriate to mentionHighly offensive, reducing proportion Financials configuration, super service benefit policies and comply with the strategic restructuring of new industries and small-cap growth stocks, focusing on strong cycle plate configurations. 　　 　　 In addition, Cathay 2012 investment strategy Fund report also notes that in 2012, more optimistic about the underestimated value cycle unit in the first half. "Author: Caijing, comprehensive reportRoad "(Editor: Xuemei)