The reason for the integrated non-fund-forming: the "herding effect"?

A August 23 announcement once again focused the public's vision on Flying Integration (002190). SZ). "The company intends to verify the existence of the disclosure of the impact of the company's stock price fluctuations, to avoid the second-tier market fluctuations in order to protect the interests of investors, the company will suspend trading on August 23, 2010." "Today, although the company stock is still in the suspension period, but many careful investors note that when the company's stock price" soaring "behind, there is not a fund around." In fact, although the recent appearance of the company's semi-annual performance has not changed significantly, although the company repeatedly published stock price trading abnormal fluctuations in the announcement, but as the second half of this year's Daniel stock-into the two-level market performance of integrated into the fly is impressive.　　If from the start of the integrated stock price of the June 28 closing close of 11.49 yuan calculation, as of the last trading day before the suspension of August 20, the stock price in just 31 trading days, has risen 212.1%, during which there are 9 trading days is to limit the daily income. Do not see the fund to carefully study into the fly integrated circulation stock shareholder list, as the current a-share market mainstream institutional investors, the Fund group did not have a single in this cattle shares "a cup of soup." In the first two of the top ten circulating stock shareholders, only one institution, Minsheng Securities, bought 320,000 shares in the two quarter of this year, becoming the sixth largest circulating shareholder.　　Even at the end of the first quarter of this year, only AIA and Huatai actively grew this fund ranked among them, but in the two quarter of this year, the Fund has withdrawn from the top ten circulating shares of shareholders. If we go back again, into the fly integration at the end of 2009 and 2009 three quarter of the final two reports of the first ten circulating shareholders in the seats, also did not see the fund, only two private equity funds, namely, the United States and intermediation 1 Investment Fund Trust program, Xin Peng 1 Securities Investment Collection Fund trust once held the unit,　　But by the end of the two quarter of this year, the two "discerning" private equity firms have quietly dropped out of the list. "In the integration of flying, the unit has a military concept, the concept of new energy has its dim positive, and these market hot trends are worth the future long-term observation." "A major brokerage asset management headquarters in the first financial daily interview, said, because this year, the development of military industry information is quite numerous, which makes the market in the hot money often find obvious opportunities." Moreover, "since this year's stock market capital is not too loose overall, which also led to funds easy in the local plate and subject matter in the direction of energy release." According to the person's personal analysis, another recently-similar concept of Hong Du (600316). SH) also performance quite good, and into the fly integration similar, Hongdu Aviation of the top ten circulating shares of the Fund's figure is also very rare, this also to a certain extent exposed the Fund group on the military theme of the overall judgment. In addition, he said, as the current stock of fund companies often from the establishment of the "Pool of stocks" to choose from, there is a fairly complexMiscellaneous and cumbersome process, and as fly integration in the second half of this year when the sudden launch offensive, because the stock price rise too fast, it may make the fund difficult to layout.　　"Blind spot" due to "herding effect"? In fact, according to a few months ago, the performance of integrated into the fly can not be said to be unexpected. Into the fly integrated semi-annual report basic earnings per share of 0.1 yuan per share of net assets of 2.61 yuan, diluted net assets yield of 3.99%.　　At the same time, the company expects 2010 1 ~ September to be attributed to the listed company shareholders of net profit is -5%~20%, that is to say, the company's performance has not changed significantly. However, in the current increasingly popular "lithium battery" led by the concept of new energy, into the fly integrated shares can be described as "entirely justified." The company July 6 published the directional additional announcement related content, becomes the company stock price "soaring" the inducement. Public information shows that the company's targeted collection of funds deducted from the issue of the net amount used to increase the lithium-ion power battery project. The company intends to invest with China Airlines, Yu Feng Investment and its management of investment funds, Hongdu Aviation and China Airlines industry and other investors in the Missile Research Institute of the wholly-owned enterprises in China Airlines lithium to increase capital. Among them, the company intends to increase the amount of lithium to China Airlines 1.02 billion yuan, to achieve the absolute holding of lithium battery, is expected to be the completion of the full increase in the lithium battery about 60% of the equity.　　Disk surface display, it is from the above directional and related companies published on the day, that is July 6, into the integrated stock price to enter the "Cattle stock tour." As for the performance of flight integration, the head of a medium-sized fund company in the south admits that in general, the fund company will not take a high position in the way, the high valuation of the variety of centralized allocation. But in the future whether to participate in the company's directional additional, this also depends on the different agencies on the subject of judgment. In this person's view, the current market, some of the hot spots often have considerable uncertainties, he reluctantly said that some of the hot money is often generated by the local hotspot "timing" is very accurate, "This is the fund group is difficult to see."　　However, the person also said that the future development of military stocks will determine the fund company's operational strategy. Of course, some of the funds interviewed are also showing the frustration of "missing" the integration of flying into the air. A fund manager of a large fund company in Beijing said that since last year, the market share of small and medium value stocks in the A-shares has been very prominent, while the concept of theme stocks also benefit some small and medium funds.　　But in general, if a single stock has no peer involvement, then the chances of other agencies participating are not very large, "it may also be a ' herding effect '." Although many institutions consider the valuation of the integration of flying into a daunting issue, from the public record, even when the stock price is low, the unit has not attracted much attention from mainstream institutional investors. Clearly, this is largely a reflection of institutional investors ' lack of preparation for many topics such as new energy. An East China finance company head told reporters that the current a-share market mainstream institutionsInvestors tend to have a "blind spot" on some hot topics, if a company does not have an attractive feature, it may not be able to involve institutional investors in research and buying, "flying-into-fly integration may be a reflection of the current structure of market investors, and this year's investment is more difficult and has been shown again by the performance of the unit."