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Fund column
Li Delin
The face of the fund manager: good-looking, not making money
Is the performance of beautiful fund managers really poor?
There is no absolute in the world.
Especially in A-share, time will prove who has talent.
Tan Yaling
Zhou Tianyong: Historical and future economic growth has always been initiated by reform rather than policy stimulus
From the author and from three aspects of production method, income method and demand method, a rough rough estimate is made. There are still some differences between the factors of each method and the total amount of results, and between the GDP of the three methods and their source accounting.
Jiang Xiangyang: How to improve the professionalism of public funds?
Jiang Xiangyang put forward seven suggestions on how public funds can serve the real economy and improve the functions of the capital market: first, strengthen fundamental research and pricing capabilities;
Second, enrich the practice of value investment;
Third, improve the service ability of investors;
Fourth, serve pension finance;
Fifth, accelerate digital transformation;
Sixth, the largest service country;
Seventh, adhere to the bottom line thinking.
Sun Binbin
Sun Binbin: How to view the impact of local bond issuance?
The supply of local bonds or interest rate bonds will not only affect the capital and long-term interest rates, but when multiple factors overlap, attention should be paid to the change of the balance of bond market transactions.
star map
How to allocate individual pension funds to provide for the aged?
Although equity funds have more prominent value in terms of medium - and long-term allocation, they have greater volatility. For pension investment, the security position is higher than the income. China's FOF funds have been designed for pension since their birth, so they naturally have investment advantages.
Sun Binbin
Sun Binbin: How about the recent situation of monetary funds?
Flexibly adjust the position proportion, leverage and portfolio duration in the market shock, reasonably choose the time, reasonably operate the reverse repo and CD yield at the end of the month and quarter, optimize the portfolio duration and maintain certain leverage, which is expected to increase returns.
China Europe Fund: actively promote the development of personal pension and help the construction of pension security system
The current system design of individual pension has fully possessed the characteristics of the success of the third pillar, such as voluntary participation, account system, accumulation system, market-oriented operation, tax incentives, and individual independent investment choices. It can respect the diversification and differentiation of individual pension, fully mobilize the enthusiasm of individuals to participate and give full play to banks
The utility of insurance companies, fund companies and other market entities in serving individual pension business.
Lupin
Lu Ping: Allocation of major categories of assets in the downward cycle of PPI-CPI scissors
The scissors difference in this round continued to grow. In October, the PPI hit a new high in the year. In November, the PPI began to turn, and the scissors difference with CPI peaked and fell back. The subsequent probability continued to converge.
We think it is more meaningful to learn from the performance of the stock market in the downward phase of PPI-CPI from February 2020/4, 2017. It is suggested to focus on the growth and consumption styles.
Lupin
Lu Ping: Research on the timely selection of the impact of supply side reform policy
Will the supply side reform under "carbon peak and carbon neutrality" boost economic growth?
It can be seen from the cases of the United States and Japan, two developed countries, that in the face of internal and external problems, the supply side reform has successfully achieved national economic transformation and take-off again.
Lupin
Lu Ping: Is the real estate cycle still going on?
We expect that the future policy will loosen supply and not demand. On the one hand, the supply side real estate enterprises will fine tune their financing to ease their funding difficulties;
On the other hand, the demand side insisted on "housing without speculation" and strengthened expectation management.
In general, the industry cycle of real estate has a longer and smoother time span.
Chen Qi
China EU Wealth Interprets the Third Quarterly Report of Equity Fund: The total number increases and the scale decreases, and medicine returns to the largest position
The year 2021 is almost over. It's time to review this year's investment and plan for next year.
How long will the current volatile market last?
Which industries and directions will have more investment opportunities next year?
Recently, the public funds have completed the disclosure of the third quarterly report.
We try to find some clues from the change trend of the size and allocation direction of the overall equity funds.
Lupin
Luping: Can the traditional industry achieve "Maotaization"?
The traditional industry represented by steel can usher in the improvement of industry fundamentals for a period of time after the implementation of the policy of improving industry concentration.
However, due to the lack of strong logic such as brand barriers, price difference between ex factory price and wholesale price of industrial standard products, the traditional industry with strong cycle after the harvest of "M&A dividend" still faces cyclical fluctuations in performance, and the trend of enterprises in the industry will usher in differentiation after the end of "M&A dividend".
Lupin
Lu Ping: The price of pigs has entered the cold winter, and cost reduction and efficiency increase have become the main theme of the industry
In the future, in the case of long-term bottom grinding of pig prices, the leading enterprises are expected to obtain periodic excess profits in the downward cycle by reducing costs and improving efficiency. At the same time, after some small and medium-sized farmers accelerate clearing out of the industry due to serious losses and capital chain rupture, they will follow the trend to supplement capacity vacancies and further increase market share,
It is suggested to continue to pay attention to the realization degree of cost improvement of leading enterprises.
Lupin
Lu Ping: What does PPI buy down the road?
We found that after the previous sharp rise in PPI, the raw material cost index of household appliances will also rise significantly, and the factory price of household appliances will rise subsequently.
In the next period of PPI, the raw material cost index of household appliances dropped rapidly, while the factory price of household appliances was sticky, which promoted the profitability of household appliance enterprises to improve.
Chen Qi
CEIBS Wealth: Heavyweight Depth!
Market analysis and investment outlook in the fourth quarter
At present, the market demand is slowing down, while the impact of rising cost end prices on profitability is gradually emerging, while domestic policies will remain stable in the context of stable growth, and China US relations usher in a phased easing to improve market risk appetite. The A-share market probability is still in a range of fluctuations from top to bottom, and the industry is still dominated by structural performance.
Chen Qi
CEIBS Wealth: Is Hong Kong Stock Market an Opportunity or a Risk after the Collapse?
From the historical data alone, we have counted the performance of the Hang Seng Index and Hong Kong Stock Connect before and after the National Day holiday over the years, showing a relatively obvious calendar day effect, which usually shows a trend of pre holiday callback and post holiday repair.
From the perspective of valuation, after this round of adjustment, the current valuation level of Hong Kong shares is close to one time of the standard deviation of the mean value, and the risk is further released, which is much more cost-effective than at the beginning of the year.
Chen Qi
CEIBS Wealth: "Mao Index" vs "Ning Portfolio", which is more PICK for public funds?
From the trend of this year, after the Spring Festival market correction, the "Mao Index" and "Ning Combination" market differentiation.
The change of the position of public funds: in the first half of the year, the collective increased allocation of Ning portfolio and decreased allocation of Mao index.
Chen Qi
CEIBS Wealth: What was the success of "fixed income+" in the first half of the year?
Here comes the conclusion
By the end of the second quarter, the scale of the whole market's secondary bond base had totaled 531.9 billion yuan, an increase of about 8.7% over the first quarter, and the partial debt hybrid fund had totaled 876.5 billion yuan, an increase of 22.5% over the first quarter.
The scale of convertible bonds was 36.9 billion yuan, up 30.9% from the end of the first quarter of this year.
Chen Qi
China EU Wealth Analytics Equity Fund's second quarter report data: the growth style returns to new energy and other boom tracks are the most popular
By the end of the second quarter, there were 1866 equity funds (ordinary equity funds+partial equity hybrid funds), an increase of 178 compared with the end of the first quarter, with a total size of 4.2 trillion yuan, up 634.549 billion yuan month on month. Both the number and size of equity funds increased significantly compared with the first quarter.
Lupin
Lu Ping: "Carbon neutrality" is a long-term and comprehensive economic and energy restructuring
This round of production restriction is a short-term stage serving the long-term goal of "carbon neutrality", which will focus on structural adjustment. In 2016, the supply side reform was mainly the policy of total volume pressure drop, and the effect of structural optimization was not obvious.
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