2,700 points above the choice: Public offering funds betting large blue-chip gradually become a consensus?

Mr. Wang, a fund manager at a Southern fund company, recently worried about what to buy.　　The second fund he managed was set up in the two quarter of this year, and in a telephone conversation with friends, he complained that "I don't know what to buy Now". Last year four quarter to this year two quarters, the market in the institutional concussion city's forecast unceasingly to attack, the new energy rose many, the medium and small-sized plate rose many, the nonferrous metals stock rose Many, the group stock's valuation level is madly surpasses the 6124 high level.　　There seems to be few options left for the new fund near 2,700. Over the same period, 73 new funds (including the ABC of bond funds) have entered the market and are entering the market this year.　　Faced with the confusion of buying is obviously not only Mr. Wang alone. "Cheap and much" of the big Blue chip is becoming part of the fund managers when the downward chase of new hot spots. And since the beginning of the year, to finance, real estate as the representative of the big blue-chip, in the industry to warm even recovery of the expected to have been some of the fund's super favor. HSBC Jin letter chief investment official Lin Tong said, the current small and medium-sized stock risk is high, the market is relatively healthy blue chip valuation. "More importantly, in the midst of the global economic crisis, if China can take the lead in recovery, the big blue-chip companies will be the backbone of China's fast growing economy."　　"Set up 2008 years since the largest scale of the long Sheng-ching, with 14.6 billion heavily invested in the first investment is also the Yangtze River Power, China Shenhua, China Unicom and other blue-chip.　　is the blue-chip era of public offering funds coming back?　　The new fund array HSBC Jin Xin Market blue-chip and changqing is not blue-chip raiders in the lonely. According to wind information statistics show that this year, the market has a total of 50 funds (including the bond fund ABC) to raise a total of up to 93.531 billion yuan, of which 27 are stock and hybrid funds, 3 only for the Shanghai and Shenzhen 300 index funds.　　And HSBC Jin Xin, like the blue-chip, this year March and April each has a blue chip as the object of the new fund set up. This includes the largest-ever celebration since 2008.　　In addition to considering the pricing strategy for the first day of the IPO, long Shengtong's industry options can basically reflect the attitude of the new fund. Long Shengtong's recruitment instructions show that the key pillar industries in national economic growth, the dominant industries supported by national policies, and the industries that are affected by the favorable factors of macroeconomic operation at home and abroad are the key investment industries.　　In the current market environment, "Tiegangki" as well as real estate, automobile and other strong cycle industry is undoubtedly its focus on the allocation of objects. Its subsequent release of the "Listing transaction bulletin" shows that 7 days after the establishment of May 12, on May 19, the Changqing-kyung-Ching adopted a cautious position strategy to invest only 0.92% of 14.6 billion of its assets in the market, and up to 4 of the top 10 stocks in its positions, including the Yangtze power, China Unicom, state-invested power, Bank of communications and so on. At the beginning of the opening,Long Shengtong on the big blue chip showed great enthusiasm.　　And from the new fund is being released, 23 funds in addition to four bond funds (including ABC) outside the equity fund, including the HSBC Jin Xin Blue chip, many funds have chosen to take the lead from the economic recovery expected to rise in the industry as the direction of investment. Fund researchers say the real estate, automotive and equipment industries are now the most widely accepted recovery sectors in the market, benefiting from stimulus policies and consumer warming.　　245 of the big blue chip tickets, a large part of it is in these industries. The wah-Fu Value Growth Fund, issued on May 25, says it will focus on recovery and undervalued stocks as they prepare for a warming market.　　Tire, the proposed fund manager, told the newspaper that the current market conditions and prospects for future economic recovery made blue chips an important investment target. China's first tracking index fund's passive investment targets are largely blue-chip stocks. He Renko, the fund manager of the Shanghai Composite Index, said the fund would take a "key sampling + stratified sampling" method to take stock of the top 80% of the total market value.　　About 120 stocks will become the key investment target for the major market stock sampling.　　And the Shanghai Composite is concentrated on the Chinese stock market in the large market capitalisation companies. Blue-chip strategy logic "if the Chinese economy first recovers, the first up must be a large blue chip." This is true of every country. Li Xuanjin, general manager of HSBC Jin Xin Fund company, said in an interview with our correspondent.　　Although Li Xuanjin stressed that the issuance of the HSBC fund large blue-chip funds is largely to improve the company's product line, for the asset allocation needs of investors to provide more options, but this is the minimum position of up to 85%, more than 80% of the assets will be invested in the market for blue-chip stocks of the fund, its bullish blue-chip logic has reference value. China's economic recovery is expected to be the background of the Fund's move to the blue chip.　　While many agencies say it will take time to look at the direction of China's economy, the variety of economic data that has been released continues to provoke enthusiasm for fund investment. Earlier, China's industrial growth rate in March from 1-February 3.8% to 8.3%,pmi continued to rebound, April has risen to 53.5%, the fifth consecutive month to rebound. Reports from listed companies are also becoming more attractive.　　According to statistics, all 1624 listed companies to achieve a total of one quarterly share of the parent company's shareholders net profit of 203.76 billion yuan, although still falling, but compared with 2008 years, the chain significantly increased by 4.5 times times. Minsheng Silver Fund said that, from the first quarter of investment, consumption and export growth, indicating a macro-warming trend, at the same time the micro-level corporate profit chain also has a significant increase.　　The essence of the stock market adjustment is style switching, and it is an important strategy to take advantage of the adjustment to attract blue-chip tickets. The IPO, which was unexpectedly restarted, was considered by the fund to be largely unlikely to pose a threat to market movements. Hou Ming-fu, deputy general manager for overseas investment at Morgan Stanley, thinks an IPO alone is notWill change the money-easing situation, so it's just a short episode. It does not change a trend in the market.　　Chengjian, director of research at Wah Fu Fund, said that the current market was not short of liquidity in relation to the financing needs arising from the IPO restart, and the second was the supporting role of the economy to good expectations in the medium term. Another reason for the fund's shift to the blue-chip market is its low valuations. Wind information statistics show that May 25, the broad-blue chip market, the overall price-earnings ratio of 19.68 times times. In mid-May, the overall P/e ratio of the middle-and small-cap stocks had reached 36.88 times and 42.01 times times respectively.　　In the eyes of many fund managers, the blue-chip market is indeed a "bargain".　　HSBC Jin letter chief investment official Lin Tong, said, in small and medium stock valuations on the premise, from hot subject stock speculation in the withdrawal of funds, if continue to look for new profit opportunities, performance excellent large blue-chip varieties will be discovered is logical. However, there are market concerns is that the broad-blue-chip valuation of the depression if it is quickly filled up, small and medium-sized disk Madness will be staged again? A Shanghai fund company research director privately told reporters that the current blue-chip rising also has an inflationary expectation in its role, such as real estate stocks, in addition to the support of some rigid demand, inflation expectations also occupy the first real estate recovery of the important role.　　So before inflation comes, asset markets will continue to go up and valuations will not be a big problem. And from the current fund positions market value and blue chip market value, as of May 25 this year, the market of blue-chip market value of up to 440.2 billion yuan, the same period of fund positions market value of 718.5 billion yuan, and at the end of last year many funds have been in the real estate and financial industry began to match. The old swap may be a way for some funds to meet blue-chip storms. Industry insiders said, so the fund troops blue-chip may be a longer continuous process.