By Li Rui
Compiler: Fund China

Wakefield experienced in the first half year of the bull market rates, the fund industry as one of the biggest beneficiaries of the market. its asset size already nearing the 1.8 trillion yuan mark. However, since May 30, particularly in June, the stock market continued to adjust high, significantly increased the rate shocks. This, the fund industry in the second half year of the investment strategy of public concern.

From the fund company’s strategy report shows that China’s strong macroeconomic growth, bull market trend is maintained, short-term excess liquidity has not changed is the industry consensus, In addition to the monetary tightening policy and the forthcoming areas of convergence of understanding, and concern for their industries, investment theme from the four Keywords showing.

Keywords 1 : Policy support

Guohai Franklin Fund, the second half year of the year should pay close attention and attach great importance to the government’s macroeconomic and industrial policy signals such as energy efficiency and emission reduction Chengdu, Chongqing SAR policy, and so on.

Meanwhile, Fuguo Fund report shows that the recent export tax rebates, High-industry investment restrictions and the price difference between the implementation of the implementation of the policy to reflect the economic growth pattern of adjustment has already begun. Energy-saving second half led to the emission reduction mandate, and to continue to adjust export tax rebate policy, as well as import tariffs, proposal sidesteps the export-oriented manufacturing, high-trades.

Huabao industry also pointed out that countries with good strategies for regional development, such as the Tianjin Binhai development, Shanghai local state-owned enterprise, such as the integration opportunities.

Keywords 2 : RMB appreciation

HSBC Jinxin Fund, the entire 2007 will be to accelerate the appreciation of the yuan a year. Therefore receipts related to the appreciation of the whole plate to move, finance, real estate, airlines, hotels, etc. will be the standouts.

The central bank increased the floating scope of RMB revaluation, the yuan appreciate faster pace. its plate benefit companies promising long-term worth, whether from the international experience, or domestic liquidity surplus, Asset prices rose sharply in the actual situation, China is Japan’s walked with increasingly similar path. Therefore, the Tianye fund promising banking, securities, real estate and other industries.

Fuguo Fund believes that the future is worth paying the most attention to the investment opportunities, from the appreciation of the local currency to accelerate resource assets background increases in the prices of related industries brought about valuation and performance improvement.

Keywords 3 : Consumer escalation

Fuguo Fund stressed that the revaluation of labor cost and accelerate the wealth effect of consumer upgrading, Once the prices of production factors reassessment, including labor, land and other resources of the Chinese prices of production factors will be reassessed. In addition to the wealth effect of the stock market has also intensified people’s consumption trend. Therefore, the escalation of consumer good biggest benefit is to preserve and increase the value and effectiveness of the real estate luxury consumption.

In response, HSBC Jinxin that overall benefit from China’s rapid economic development, residents in disposable income is also rising. Therefore, some of the consumer goods industry with growth potential companies that will have great investment value. While governance fund companies also said that the benefit from the economic boom in luxury, gold jewelry, name brand apparel, high-end liquor and other industries developed rapidly.

Keywords 4 : large growth stocks

In specific units theme, the fund industry Huabao an active interest in the rapid growth of Unit In particular, the independent innovation of industrial equipment, military, energy and other emission reduction related to the theme of the stock. They believe that the change in the style of plate shows that the market has once again shifted the growth stocks, particularly large growth stocks will become future hot spots. Cause of the reasons for this situation is “institutionalized bull” trend in the formation.

According to the report, the facts prove that the first half year and reach the value of the investment income is not sustainable, So in the future for a long time, those with substance will become the blue chips continued strength of the LDP in the market. those preliminary excessive speculation “rubbish” shares, the “concept stocks” will continue depressed.

Copyright Fund China 2008.

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