The Two Sessions Were More Than Half &Nbsp; Some Of The Funds Were Waiting For The Opportunity.

In March, "two sessions" as scheduled, the "two sessions" market is also high hopes for many investors.

Before the "two sessions", the fund has already increased considerably, and the layout has been made ahead of schedule.

However, statistics show that in the "two sessions" process more than half of the occasion, the situation of fund lighten is very obvious.

Analysts believe that some funds may have made profits.

The fund sees Ping March quotations.

Statistics show that in the 17 years since 1995, the A share market showed a "12 rise and 5 fall" during the "two sessions". The probability of rise was more than 70%. The 10 days after the two sessions ended as "13 rises and 4 falls".

The above data indicate that the market will be more likely to rise in March.

Before the "two sessions", the fund has already begun to intervene in advance.

The monitoring data of a number of brokerage firms show that since the end of 2 months, the movements of partial stock funds have been very obvious, and the positions have also entered a historical high position.

Haitong Securities (600837, stock bar) provides the results of the calculation also shows that in February 17th ~3 1, the stock mixed fund stock positions on a simple average of 82.59%, a high level since 2006.

At the same time, after the Shanghai stock index returned to 2400 points, its resistance increased even more, and it was hard to exceed 2500 points.

The fund looks at the market in March.

"We judged that the market was more vibrant in March, and the rebound since the beginning of the year was not large enough.

The 2100 point is the bottom that we all recognize. "

A fund manager of a fund company in Shanghai said.

The chief investment officer of a joint venture fund company also gave a similar view: the market has been in a state of industrial rotation, and the market for unoptimistic performance of enterprises is also expected.

The market is likely to maintain a period of concussion in the future.

Some funds are waiting for the opportunity to reduce their positions.

Recently, the fund's cash dividend is very common.

Since the current round of rebound, some funds have reduced their positions in the concussion, and the proceeds have been put to the books.

However, a small number of fund managers took the opportunity to absorb the cargo layout.

"As far as I know, some funds have indeed reduced their positions, and the target of reducing their positions is mainly the industries with relatively strong resources recently.

Some funds are bought, mainly concentrated on underestimating the value of varieties.

The joint venture fund company said.

A researcher from a fund company in Shenzhen admitted that the investment ideas in the industry are different now. They can be roughly divided into three categories: the first is to maintain high positions in the long term; the lower ones are mainly from those with heavier positions; moreover, after the bounced funds of the market rebound, they will naturally reduce their positions.

"This is the sequel left over last year. We are all afraid of the market now.

It will take some time to improve the basic level of the enterprise, and the relaxation of monetary policy needs to wait. After the market returns to 2500 points, it is obviously insurmountable.

If the market swings, there is a good investment opportunity.

This market is very pessimistic, find out a lot of pessimistic data, some people are more optimistic.

An investment researcher from a medium-sized fund company in Shanghai said.

But there are also fund managers who say they do not agree with the fund's cut off position.

Looking ahead, the market has entered a balanced market and is no longer a declining market.

This week, the public information of Shanghai and Shenzhen two cities also sent out signals that funds and other agencies were not active.

Data show that of the more than 100 stocks listed above, only more than 20 of the top five stock trading institutions appeared, and most of them were sellers.

Pay attention to the economic adjustment of the "two sessions"

The fund's vision for the future now relies more on Prime Minister Wen Jiabao's work report in March 5th.

Wen Jiabao, premier of the State Council, made a report on the work of the five session of the eleven National People's Congress on 5 March. He proposed that the gross domestic product (GDP) in 2012 will increase by 7.5%, down 0.5 percentage points from last year.

The slightly lowered GDP growth target and the renewed mention of the "pformation of the economic development mode" have made emerging industries once again become the focus of the market.

The industry was once the fund's most sought after product.

What is impressive is that Guo Shuqing, chairman of the securities and Futures Commission, publicly hoped to underestimate the investment value of blue chips.

Under the background of the decline in corporate profits, the two seemingly contradictory investment directions have given fund managers a decisive decision on the investment layout.

In addition, the work report said that the expected increase in consumer prices (CPI) is controlled at around 4% this year.

Overall, from this report, we can see that the government is still worried about inflation, and the target of CPI is about 4% higher than in previous years.

On the other hand, GDP is slightly lower.

Chen Jinquan, manager of Xingquan green fund, said the report showed the government's determination to pform.

At the same time, it also follows the law of economic development.

He said,

"Two sessions" still show the government's concern and attention to inflation, and the government's confidence in restructuring is still very strong.

Shenzhen's former researchers said.

Chen Jian, manager of the southern ingredient selection fund, believes that at present, the A shares lack the impact of reversing the underlying fundamentals or policies, but at the same time, the economic and corporate profits lack upward elasticity. Therefore, it is necessary to choose stocks from the medium term. Starting from the industry with the industry boom at the bottom and having defensive and strong resilience, the real estate and automobile categories are worth looking forward to; meanwhile, we should pay attention to the policy orientation during the "two sessions".

Qi Fupeng, a fund manager of UBS's growth optimization (121008, fund), believes that after the "two sessions" and the "two sessions", it is worth looking forward to a series of policies focusing on accelerating the upgrading of industrial structure, fostering strategic emerging industries, and Fostering China's new leading industries with competitive advantages and encouraging innovation.

In recent years, the sustained rise in international oil prices and the turmoil in the international situation will further stimulate discussions on the development of energy saving and environmental protection industries and control of "two high and one capital" industrial scale and other related issues during the "two sessions".

"However, new industries such as energy conservation and environmental protection still need time. In the case of declining corporate profits, they are more optimistic about investment opportunities such as property and so on."

A fund manager of a fund company in Beijing said.

Previously, the Shen Wan Ling trust fund also believed that with the convening of the "two sessions", the thematic investment related to the "two sessions" would be worthy of attention, such as medical treatment, pportation and so on. For the communications industry, we should pay close attention to the discussions during the "two sessions" and after the meeting.

After the end of thematic opportunities, future investment opportunities will gradually shift to valuations and fundamentals.

Fund positions

Fund operation differentiation overall position decline

This week, the position of the fund has been reversed, and the momentum of the two weeks' increase has been seriously divided. Quite a few of them started to reduce their positions earlier.

According to the data from the research center of the San Sheng fund research center, the average position of the fund in the partial stock market this week dropped significantly compared with the previous week.

As of March 8th, the weighted average position of the active equity fund was 81.8%, down 1.95 percentage points from the previous week; the weighted average position of the mixed equity fund was 77.31%, which was 0.29 percentage points lower than that of the previous week; and the weighted average position of the hybrid fund was 69.33%, which was 1.51 percentage points lower than that of the previous week.

During the calculation period, the Shanghai and Shenzhen 300 index closed down, so the stock and mixed funds were more active.

In some cases, monitoring data show that the trend of stock positions in other non fund investment funds this week is contrary to the equity fund.

The weighted average position of the guaranteed fund is 5.23%, an increase of 0.47 percentage points compared to the previous week; the weighted average stock position of bond funds is 7.98%, which is 1.83 percentage points higher than that of the previous week; the weighted average position of the mixed debt fund is 26.54%, which is 1.4 percentage points higher than that of the previous week.

In the A share market with continuous shocks, the operation of funds has been significantly differentiated. Many funds continue to increase their positions in the first two weeks, but the increase in the number of positions has made the average position clear.

After deducting the change of passive positions, the 123 funds increased their holdings by more than 2%, of which 45 funds took up more than 5%.

The number of lighten up funds increased significantly, and the 194 funds took the initiative to reduce their positions by more than 2%, of which 92 funds took the initiative to reduce their positions by more than 5%.

From the perspective of a specific fund company, the large fund company's China summer fund has reduced its position significantly, and many of its stock funds have been reduced by more than 5%, which seems to confirm that it is a judgement of the rally's stage market.

The southern option and the southern growth of the southern option fund also chose to reduce their positions substantially, showing caution in the short-term market.

On the contrary, the light store fund of Bo Shi and Yi Fang Da increased substantially.

The funds of small and medium-sized companies such as Nong Yin Hui Li, Dongfang, Yinhe and Tai Xin are significantly reduced.

about

In fact, the CPI released in February this week is slightly lower than market expectations, providing support for a slight rebound in the latter half of the week.

From the perspective of fund operation, after the first two weeks of the fund's accession to the additional positions, the sharp fall of the stock market this week has shaken the confidence of the fund.

While the positions are still at a low level, the funds are lagging behind to join the additional positions, choosing to move the positions closer to the average level.