From: Shanghai Securities News
Compiler: http://www.fundcn.org

Moderator : Shanghai Securities News Zhang Yongjun
Interview guests : Liu Fenghua. Galaxy Yintai fiscal dividend Securities Investment Fund Manager. Qian Ruinan. Yintai funds assistant manager.

Liu Fenghua, China People’s University, MBA, 8, a securities business experience. Galaxy Yintai current fiscal dividend Securities Investment Fund Manager. He was a member of the China Xinda Trust and Investment Corporation, China Galaxy Securities with limited liability company.

Moderator : Today we are invited guests of the Galaxy Yintai fund manager Liu Fenghua, and Mr. Qian Ruinan. Investors must be very familiar with the Galaxy Fund, which raised the funds to create a five-star, more funds were Mornstar rated five-star funds. As of the May 18, 2001 Yintai Fund since net growth of 134%. Here, we hope that the two Galaxy Yintai comment on the reasons for the success.

Liu Fenghua : the operation of the Fund is the first to benefit from our company are an excellent investment research team, give us a very strong support. On this basis, we are more than a year on the stock market grasp of the trends are more accurate. We always insist that this is a big bull market, in positions at the ratio has always maintained high positions at the ratio, therefore fully share of this round of bull market growth. In addition the structure, we in the financial, real estate, machinery and food, beverage and retail consumer on the layout of heavy industry, been pretty good return. These two factors have led to more than a year we achieved a relatively good performance.

Moderator : The current market valuation of the overall relative level much higher than last year. You see how the current market valuation levels, and specific investment value of the plate?

Liu Fenghua : Currently all of the A shares in 2006, 2007,2008 PE is 40 times, respectively, 29 times and 25 times, the valuation is relatively expensive in overseas markets, but the country’s economic growth is good. We listed companies grow faster, the A shares on the international market valuation relative your point is acceptable. In addition, shares of structural differentiation is a relatively large, refuse Unit, the unit has arisen to a higher level of valuation, Our company’s shares, 13-17 majority stock valuation more reasonable level.

Moderator : it is how you look at the second half of the market and investment destination?

Liu Fenghua : We judge the market trend will continue for some time, We therefore more inclined to distribute some merit blue chips. Of course, this round by many topics shares decline has been great, in the process, Some stocks may also breed some opportunities, we will also screened. Furthermore, we believe that if the future markets, the sharp rise in asset restructuring and listing as a whole will continue to be an important driving force.

Moderator : investors in the current market situation to choose funds that is better than investing in stocks?

Liu Fenghua : I think that different investors have different strategies : For those research capabilities are relatively strong, experienced investors, and then buy the stock have nothing much of a problem. also get good earnings; But if the new market, the market is not very well, on the whole macroeconomic, not familiar with the industry, the company has no research on you to do, then you had better give the money to a professional financial institutions do, buy natural Fund is a better choice. You can look at information about a variety of evaluation to choose more suitable for their types of funds, prefers to fund managers, You follow “him” grow together. Fund is more suitable for long-term investment products, if you put in longer-term investments, it returns is relatively high.

Copyright Fund China 2009.

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