Investment strategy under the linkage of stock period

Gold is the most sensitive to inflation expectations of metals, copper is the most fundamental industrial metals, the two trends represent the trend of the entire non-ferrous metal plate. Gold prices are on the soar. Not highest, only higher.　　Gold prices soared from September this year to a 1000 dollar/ounce and 1100-ounce two mark, up to November 12, up to 1122.62 dollars/ounce, compared with a sharp slump in steel prices. Wang Zhou, deputy general manager of the Shanghai Medium-term Research and development department, said that in the course of soaring gold prices, the central Bank of India to buy gold and other a series of positive played a direct role in promoting. In early November this year, the RBI announced that it had bought 200 tonnes of gold from the International Monetary Fund, the equivalent of half of the IMF's previously announced Sell-off. The average price of these gold is above 1040 dollars/ounce.　　The RBI's buying behavior has certainly encouraged other countries to diversify their reserves. Meanwhile, gold is denominated in dollars, and the continued depreciation of the dollar is the basis for rising gold prices. America's double deficit and easy monetary policy are the internal impetus of the weakening of the dollar, the orderly and not rapid devaluation of the dollar will not have a significant impact on the international economy and financial market, but it is beneficial to the U.S. international trade and easing the U.S. debt crisis, obviously in the current economic weakness of the United States.　　As a result, any rebound in the current dollar depreciation is likely to be a temporary adjustment, and the future weak dollar will continue to underpin gold prices. According to the century Securities study, the most sensitive to inflation expectations is gold. Historically, gold prices have generally reacted in advance to inflation. A more famous example consists of 1974-1975 years and 1979-1980 years. These two periods for the past 30 years the highest period of inflation in the United States.　　With inflation rising, gold prices have risen sharply. The financial crisis, the world's major central banks have cut interest rates. At the same time, the central banks also adopted quantitative easing of monetary policy, these policies in the short-term stimulus to the economy is obvious, but also bring a lot of side effects, one of them is inflation.　　Although the emergence of inflation requires a process, because the market always reflects expectations, so in the "uncertain" background, gold prices will remain high.　　Fan Haibo Securities analyst, said that the weak dollar and inflation expectations is undoubtedly a factor in the strength of gold, but the increase in Chinese gold investment channels and varieties, Chinese people's enthusiasm for gold investment is the global gold market emerging important investment force, China's strength in the four quarter to further promote gold prices. From the supply and demand side, since 1997, the world's gold supply has been hovering up and down 4000 tons. This is mainly due to the slow growth in the production of mineral gold, the main part of the gold supply.　　In particular since 2001, although gold prices have risen steadily, the production of mineral gold has continued to slump. In terms of financial attributes, the CPI and PPI of the world's major economies have reversed their first-half declines since the second half of 2009.Trend, starting to rebound, the likelihood of inflation starting to increase, which is expected to continue into the middle of next year, so the gold rally at least until next year. In the background of maintaining strong gold prices, gold, Shandong Gold, purple gold, and other golden stocks, such as the high level of innovation.　　Among them, Shandong Gold since last September's rise has reached 400%, as of November 10 the reinstatement price as high as 370 yuan/share, already far beyond the last round of the bull market highs.　　Copper led to the rise of colored varieties, the fund sought after the leading shares. Although in terms of financial attributes, copper is less than gold, but in the context of inflation, copper is also the pursuit of large funds.　　Many organizations and even individuals have been hoarding copper and other coloured varieties as a means of dealing with inflation. "Copper is the best industrial metal in fundamentals. "Citic Securities researcher Li Yanyang said.　　He said that since February this year, the global copper supply and demand continued to be in a pattern of shortages, copper price trend is the future trend of basic metal prices vane. In non-ferrous metals, copper is the most popular, first with the supply and demand situation. According to the Century Securities research, China's copper supply and demand gap is huge. China's copper consumption amounted to 4.74 million tonnes in 07, accounting for 26% of the world's total consumption.　　China's copper consumption amounted to 5.01 million tonnes in 2008, accounting for 28% of the world's total consumption. From the supply point of view, China's copper mines due to the number and reserves of small, copper production required copper concentrate nearly 60% of the need to import from abroad. And the foreign copper mine concentration degree is high, the top 5 manufacturers accounted for 43.5%, the top 10 manufacturers accounted for up to 60%, so the production cut off the role of copper price is most obvious.　　This makes China's bargaining power weaker and prices controlled.　　In the downstream demand, China's copper demand is mainly used in electricity, home appliances and other fields, especially China's efforts to invest in the grid to make copper demand better than other basic metals, so that copper has been the longest and fastest rebound in the variety. Earlier this year, the London Metal Exchange three-month copper price in the vicinity of 3200 U.S. dollars/ton, to November this year, has risen to 6500 U.S. dollars/ton near, up more than one times.　　With the international copper price rise basically synchronized, the Shanghai Futures Exchange copper price also from the beginning of 25000 yuan/ton near, up to now 51000 yuan/ton nearby, the increase also amounted to more than one times. The change in copper prices will have a significant impact on copper stock prices, and copper company share price changes more greatly.　　Lin, an analyst at Dongxing Securities, pointed out that the price of copper is determined by performance and valuation, the performance trend and the trend of copper prices are significantly correlated, so copper price is the basis for analysis of stock prices, solve the problem of copper prices, it solves the stock price problem. Since this year, Jiangxi Copper, Yunnan Copper, tongling nonferrous metals and other copper companies have risen three or four times times.　　In Jiangxi Copper, for example, the company's share price has risen from less than 11 yuan in the beginning of the year to around 40 yuan in November. In copper industry stocks, Jiangxi Copper industry is a veritable leader. Resource advantage is obviously the most important reason for investors to optimistic about Jiangxi copper industry. Century securities analysis, as of 08At last, the copper resource reserves of Jiangxi Copper industry are 15.21 million tons, gold is 405 tons, silver is 9098 tons and molybdenum 277,000 tons.　　The associated sulfur is 103.9 million tons. From the view of resource reserves, copper resources in Jiangxi province is 5 times times the copper industry in Yunnan, gold reserves are twice times the gold in Shandong, according to the 08 159,000 tons of copper concentrate and 5 tons of gold production calculation, resource protection for nearly 100 years. Performance on the copper industry, the sensitivity of the copper industry per change of 1000 yuan/ton, affecting the performance of about 3 points. In the context of the gradual economic recovery and the continued deepening of resource-currency attributes, the company's trend investment opportunities have attracted many institutions ' investment interests.　　GF Fund, Jianxin Fund, China Life and other major institutional investors are heavy warehouse holdings. (other than indicated in this chart, the other are from Galaxy Securities)