Last week to lighten up 2,600 points above the fund to do the band

Into the two quarter, a-share from 2,400 points all the way up to 2,600 points above, the market style from the subject and lower prices to the blue-chip stocks.　　At this stage, although the major fund companies are still very optimistic, some fund companies even see 3,000 points up and down, including the financial, real estate industry has become almost the most optimistic about the "baby".　　However, it is noteworthy that the previous continued to be added to the funds, in the last week, after the choice to lighten up, this week again to the opening, facing the 2,600 point of contention, the Fund's band operation of the idea has emerged. Band Operation Ideas obviously last week, the fund chose to lighten up, so this week to push the index back to 2,600 of the main force again who?　　The answer is also the fund. As of May 14, the average position of the fund with the main investment direction rose more markedly, according to the research Center for the Trust Fund.　　The average position of a stock fund is 82.2%, up 3.02% from May 7; the average position of the mixed-stock fund is 76.24%, which is 2.88% higher than May 7; the average position of the mixed fund is 64.51%, which is 3.32% higher than May 7.　　The Shanghai and Shenzhen 300 index rose 0.85% in the period of calculation, after deducting the effect of passive augmentation, the average active increase of three types of partial stock funds exceeded 2.5%. This group of data has been undisputed, the return of the king of the blue chips, and the Fund closely related.　　This leads directly to the market's "19 phenomenon" this week. However, it is noteworthy that from this week's changes in the fund's position, in the market later this week, while the rebound again, a considerable number of funds chose to increase the operation of the warehouse, which also makes the fund average position rise more obvious.　　From the general downgrade of last week's position to the pick-up in this week's position, the idea of a band operation is still mainstream. Industry insiders pointed out that, although after the continuous rise and position adjustment, the Fund generally maintain a high position, the position strategy seems to be fully turned to bull mentality.　　But overall, in the first two weeks of May, the fund short-term band sexual operation is obvious, in the direction of the choice of position adjustment is not blindly moving.　　Fund differentiation quietly appears although the fund opted for a general opening this week, there is no denying that the differences within the fund this week remain relatively clear. The Trust Fund Research Center data shows that this week 181 fund initiative to increase the margin of more than 2%, of which the active increase of more than 5% of the fund has 108.　　And more than 2% of the fund to reduce the number of funds reduced to 55, the initiative to increase the number of more than 5% funds have 28. From specific funds and fund companies, this week's position strategy differences and differences are also quite clear. Most fund companies have opted for some degree of overweight. Higher positions Everbright, Hui Fu, silver and other fund companies continue to maintain the operation. Guangdong, Wah Fu, Huaxia and other fund companies under the fund positions vary.　　Bao, days of the Department of the Fund this week continued to reduce significantly. Obviously, after a general increase in the position of the fund, facing more than 80% of the high position, or some funds have chosen toCareful。 Financial Real Estate Alliance split recently, the subject of a HI1N1 flu and regional economic policy and other news stimulated by the theme of the show, and finance, real estate has always been a a-share rise of the "launch device."　　However, in this week's financial unit, the bank shares cooled while the brokerage unit heating up, in real estate stocks, small-plate property stocks rose, the market property stocks small rise. Wind statistics show that in the market performance of financial stocks, only the Pufa, Societe Generale and Minsheng three bank stocks in the last 5th, only slightly up to 1.5%, the rest of the banks have fallen.　　and brokerage stocks (including equity brokers shares) have been rising this week, Liaoning into a large (600739, close 27.67 yuan) and Haitong Securities (600837, closing price of 14.23 yuan) this week rose 14.34% and 9.04% respectively. Real estate stocks, this week, nearly 40% of the real estate stocks rose, a line of varieties Vanke a (000002, close to 10.41 yuan) and the Gold Group (600383, closing 16.50 yuan) rose by 5.79% and 17.86% respectively, Poly Real Estate (600048, closing price 22.51 yuan) , Investment real Estate (000024, closing price 29.25 yuan) and Oct A (000069, closing price of 16.58 Yuan) and other first-line real estate varieties appear adjustment situation.　　In addition, about 56% of coal stocks rose this week. Into the two quarter, the real estate industry fundamentals continue to warm up to make most of the fund managers become optimistic, financial, real estate sector from the empty fortress to the many main battle often "bank stocks and real estate stocks 2009 dynamic PE are cheap, and real estate and car sales can be sustained." So, we are very optimistic about this year's property, finance, automobile and coal industries.　　"The fund manager of a fund company in Shenzhen said very positively to reporters. Dong Hongbo, a fund manager at Morgan Stanley, said the fundamentals of the two major sectors of finance and real estate are relatively good, and in the case of banks in finance, for example, current spreads continue to be less risky, while larger loans in the first quarter guarantee both the bank's earnings and, to some extent, its non-performing asset ratios,　　Banks ' upside is more constrained by their larger market capitalisation.　　The rise of the real estate sector has benefited more from its good real estate sales stimulus, where rigid demand has been released, policy-driven, and Chinese property-consumption characteristics are all important drivers. Fund manager more empty now a A-share has come to 2,600 points above the market valuation space can continue to improve? Is liquidity still plentiful? Can the earnings of listed companies grow? Can macroeconomic sustainability be improved?　　In the view of some fund managers, these factors are optimistic.　　Reporter access to Shenzhen Several fund companies recently found that some fund companies still look more, finance, real estate is the fund's most optimistic about the two major sectors. Yifangda Strategy Growth fund manager Liu Zhichi said that, with the macroeconomic outlook gradually clear, a-share market led by the early growth of small stocks and subject-matter stocks under the pressure of a gradual rise in valuation pressures, the market several attempts to switch toOn behalf of the macro-economic market of blue chips failed.　　Market-style switching should depend on liquidity, believing that market liquidity should not be a problem until the economy has fully confirmed the return to normal growth. "We are more optimistic, this year overall at 2,200 to 3,000 point box concussion."　　"A large fund company in Shenzhen, vice president said that the current market valuation may still have room to rise, and two quarters of listed companies will be better earnings." However, in large research institutions, this year has been quite optimistic guotai some cautious that the current share of the rally is similar to the Great Depression after the U.S. stock rally, not more than expected, but the current level of valuation has reached a reasonable level of valuation of the upper limit.　　In the first quarter, the performance of listed companies fell 25% Year-on-year, and the road to recovery will still be tortuous, so 2,500 is a reasonable valuation cap, the market will fall back, the main momentum of the rise in excess of expectations from the financial, real estate sector. "The rebound in the market should be continued, but the more you go up, the more cautious you will be." The market has come this far, and we see that this rally has been dominated by two major factors, one is policy-driven, the other is money-driven. Actually fell to the performance of listed companies, the situation is not very optimistic. Wu Peng, the fund manager of the national security dividend, told reporters that the reported earnings of listed companies, whether in the four quarter of last year or the first quarter of this year, had slipped and not seen much improvement. The future should be more cautious as the focus of market valuations continues to rise.