Bullish consensus has not yet implemented in

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Desheng Ji Jin Research Center, San German research team

[special statement], For reprint, please specify from www.dsfof.com

(1) This week the stock market turbulence continues the pattern of its own run. All to the good economic data, adequate liquidity, and further dispel the doubts of investors, the stock market showing a steady volume and price go up a healthy trend. Part of the economic cycle is more sensitive to the weight plates such as real estate, coal, nonferrous metals, the overall performance of the financial strong trend indicates that the market outlook, investors tend to be optimistic. However, fund operations, although the strategy of the Fund generally optimistic about the stock market in the fourth quarter, but not into action this week. Most fund positions this week, remained stable; This shows the expected strong shocks, chasing behavior is not obvious; the other hand also shows the layout of the New Year market differences exist.

(2) 10.22 position measurement data, various types of investment stock as the main direction of the Fund's average basic positions unchanged with the previous week. Equity Fund's average position was 80.4% over the previous weeks, a slight increase of 0.2%; partial shares mixed fund's average position was 76.19%, compared to the previous week increased slightly by 0.1%; configuration mixed fund's average position 65.15%,Bailey UGG boots, compared to the previous week increased slightly by 0.1%. During the estimated 3% in Shanghai and Shenzhen 300 index rose a slight effect of passive Masukura. Therefore, after the deduction of passive effects of changes in position, the direction of various types of stock funds as a whole is not active Masukura.

(3) non-stock investment funds the direction of the average position of other types vary, the overall slight decline: the average convertible bond fund positions 51.54% mixed, compared to a slight increase of 0.5% the previous week; partial Balanced Fund's average position 22.71%, down 1.14% compared to the previous week; security positions of the Fund's average 18.29%, 0.56% increase compared to the previous week; Bond Fund 8.35% on average equity positions, down 1.08% over the previous week.

(4) the proportion of the fund increased to lighten up, although the average position change slightly, but the operation still has a certain direction of differentiation. Measured data show that net change in the passive position this week after 50 active Masukura Fund by more than 2%, which Masukura by more than 5% of the Fund 10. On the other hand, there are 97 active funds lighten up more than 2%, of which more than 5% of the funds to lighten up 12. Increase the power to lighten up the basic balance.

(5) this week, the horizontal distribution of funds remained stable positions: Shigekura Fund (position> 85%) accounted for 18.84% volume, compared to a slight decrease of 1% the previous week; positions heavier Fund (position 75% ~ 85%) accounted for 31.3%, down 2% compared to the previous week; position medium funds (positions 60% to 75%) accounted for 27.98%, up 4% compared to the previous week; position light or light Fund accounting for 21.33% positions, accounting for 1% drop.

(6) This week the stock market rally is basically a continuation of the previous week; third quarter economic data released this week,UGG boots cheap, is further evidence of accelerating economic recovery, the data are performed well, although not more than expected but consistent with the relative optimism the mainstream view. Market liquidity remains abundant, making long and short term is not enough to be worries; while the GEM to the market launch has brought new vitality. Recently released from the Fund's investment strategy in the fourth quarter run, the stock market to reach some consensus on a strategy to determine, first, to determine the direction of the shock upstream of the high degree of consistency; Second,UGG bailey button, the prospects for economic recovery, almost no doubt that this will be the stock market generally One of the next stage of the main line; third overall valuation is reasonable, performance-driven by the mobility shift. In this context, the recent action to fund promising but not cause for concern. First, we believe that many funds choose a better time to consider, chasing behavior is not obvious; the second is to adjust the direction of the layout of the multi-year industry, there are differences, mainly over a cyclical industry, or to swim downstream manufacturing, consumption The representatives of the two configurations direction.

(7) from the specific perspective of funds and fund companies, many from the National Fund of the investment strategy has already made significant adjustments. Most of the mainstream funds to lighten up a bit, the higher position has been easy to Fonda,UGG boots clearance, Bank of Communications Schroder Fund's positions such as the level has been significantly reduced. The third quarter has always been cautious side is somewhat Masukura Harvest Fund. Dacheng's Fund remained more positive frame of mind, the Fund's recent outstanding performance since January, deserves sustained attention. Dual power continuously for nearly two weeks significantly jiacang Soochow, the follow-up performance worthy of attention.