Gem Has Been Reduced In The Two Quarter Will Still Be A Shock Situation.

< p > > the world's < a target= "_blank" href= "http://www.91se91.com/" > clothing < /a > a target= "_blank" href= "_blank".

< /p >

Before P, Celestica, galaxy, Xinhua, merchants, Xincheng, TEDA Hongli, and Bank of China launched the first quarterly report.

Quarterly reports show that the enthusiasm of the public offering fund for the a href= "http://www.91se91.com/news/index_s.asp" > gem < /a > has been ebbed away, and it is optimistic about the blue chips that underestimate the value.

From the point of view of the structure of positions, most of the funds increased the allocation of medicine, automobile, environmental protection and TMT industries, and reduced the earlier rising financial stocks and the liquor stocks affected by the policies.

Funds generally believe that the two quarter of the market will remain volatile and structural market.

< /p >

< p > < strong > balance treasure scale broken 540 billion < /strong > < /p >.

< p > WIND statistics show that as at the end of the first quarter, Celestica fund management company ranked first in the management scale of 553 billion 600 million yuan.

Although smoothly promoted to the public sector, "one brother", its main source of scale still comes from Tianhong Zeng Li Bao, which is connected with the balance of treasure.

The Chinese fund and the Harvest Fund followed closely, and the management scale reached 227 billion 900 million yuan and 169 billion 300 million yuan respectively, and the South and Yi Fang Da Fund ranked the top five.

< /p >

< p > a quarterly report shows that the cumulative purchase of balance treasure in the first quarter amounted to 929 billion 783 million yuan, and the total redemption was 573 billion 850 million yuan. At the end of the first quarter, the total scale was 541 billion 275 million yuan, an increase of 1.92 times over the end of last year. The first quarter yield was 1.4663%, and the profit reached 5 billion 709 million yuan. From the establishment date to March 31st, the total realized income of the company was 7 billion 500 million yuan.

From a vertical comparison, the average annual yield of the balance treasure was 4.9% from the date of establishment to the end of 2013; the average annualized rate of return was 5.2% as of March 31st this year, which was higher than the previous performance of the IMF.

Horizontal comparison, as of March 31st, the balance of treasure since its inception, the per capita gross income of 430 yuan, has been ranked among the IMF.

< /p >

< p > there are market rumors that the four major banks have adjusted the agreement deposit policy of the balance treasure, but according to the bank deposit and settlement reserve funds allocated by the Celestica Zeng Li Bao monetary fund, the total share is still above 90%, a slight increase from the end of last year, and a decrease in bond positions in the first quarter.

However, since March, the 7 year yield of the balance treasure has declined rapidly, and the annual yield of the 7 day is about 5.2%.

< /p >

< p > < strong > fund position increased or decreased < /strong > < /p >

< p > despite the recent disclosure of the annual report, many fund companies have changed their shareholding structure, and the new stocks and stock holdings have become the focus of the market.

< /p >

< p > from a quarterly report, the increase and decrease positions of various fund companies are different.

The galaxy fund, which has always been optimistic about growth stocks, has 9 active equity funds at the end of the first quarter, with an average stock position of 73.97%, down 5.46% from the end of last year.

While the new fund of blue chip stocks has been added, 9 of its active equity funds ended at the end of the first quarter with an average position of 68.49%, a slight increase of 0.95% over the beginning of the year.

< /p >

< p > from the perspective of industry allocation, the organization is selling the obvious growth stocks of the valuation bubble and turning to blue chips that underestimate the value.

Such as the galaxy growth fund has substantially adjusted the allocation of shares and proportion, reduced the environmental protection, food and other sectors, significantly increased the medical and medical services sector.

Xinhua trend fund is heavily loaded with Sinopec [-0.38% Capital Research Report], and SAIC [-1.39% Capital Research Report] and other blue chip stocks.

< /p >

< p > WIND data show that at present, the fund holds the largest share of the manufacturing industry, with a market value of 9 billion 937 million yuan, followed by information pmission, software and information technology services.

At the end of last year, the ranking was manufacturing, finance and information pmission, software and information technology services.

From a quarterly fund data released, the current largest shareholding is Beichen industrial [-0.37% Fund Research Report], Pathfinder [1.80% Capital Research Report] and the national investment [-1.49% Fund Research Report].

The fund was heavily sold by Changan automotive [-1.93% fund research report, Guangming dairy [-3.02% Capital Research Report] and sun lighting [-1.38% Funds Research Report], Sinopec, Zheng He equity [-0.45% Capital Research Report], Shanghai Pudong Development Bank [0.31% Capital Research Report] was the largest number of fund holdings.

< /p >

"P", while reducing the configuration of the gem, some of the fund has turned to the most beloved pharmaceutical sector.

A quarterly report shows that at the end of last year, it was the second largest heavyweight stock in search of special [-1.37% fund research report, and the Pathfinder disappeared. Instead, it was replaced by two pharmaceutical stocks, two Heron medicine [-0.05% fund research report, and the red sun pharmaceutical [-0.27% Fund Research Report.

< /p >

< p > Huatai berry value growth [0.36%] fund last year's fourth quarter of the ten heavy warehouse investment real estate [-3.06% Funds Research Report] and Poly Real Estate [-1.17% Fund Research Report], in the first quarter of the East China Pharmaceutical [1.68% Fund Research Report and Heng Rui medicine [-0.29% Fund Research Report] successfully replaced.

At the end of the first quarter of the fund, there were seven pharmaceutical stocks, accounting for nearly 30% of the net value of the fund. There were seven pharmaceutical stocks.

< /p >

HSBC Jinxin low carbon Pioneer stock [0.67%] fund in the first quarter also chose to add medicine, reduce financial and real estate stocks, Hongshi pharmaceutical, Yunnan Baiyao and other pharmaceutical stocks became new favorites in the first quarter of P.

In addition, Celestica selection also substantially increased the medical and health services sector stocks, the first quarter of the fund's top ten heavily loaded stocks, 6 from the pharmaceutical sector, of which the first and second heavyweight stocks are dragon power bio, Yu Heng pharmaceutical, the two stock allocation positions are over 7%, the other four are Ren Fu pharmaceutical, Tongrentang, Changshan pharmaceutical and Le Pu medical.

< /p >

< p > industry insiders say that some recent policies are beneficial to blue chips, such as preferential stock policy and interoperability between Shanghai and Hong Kong stock market. The market style is changing, the gem is going down, the blue chips are fixed, the price difference between the gem and the motherboard is narrowed, this situation will continue for a period of time.

< /p >

< p > < strong > the divergence of views on market opportunities is aggravated < /strong > < /p >.

< p > Fund believes that the two quarter a href= "http://www.91se91.com/news/index_cj.asp" > stock market < /a > will continue to show a concussion trend, the valuation division of the plate will aggravate, and the research capability of fund stocks will be higher.

The galaxy theme Fund said that although the reform entered the "deep water area", but in a longer time span, the trend of pformation is clear, and the market is still in the good fundamentals of the reform of technology innovation plus the dividend reform.

Looking forward to the two quarter, Xinhua preferred consumption Fund believes that there will be obvious opportunities to underestimate the value of blue chips, and the risk of growth stocks' bubble burst is worth vigilance.

Xinhua flexible theme Fund believes that the two quarter's opportunities are mainly from the wrong stocks in the fall, overvalued blue chips, and the stocks that have benefited from the economic pformation.

Xinhua Industry rotation Fund believes that the gem valuation has reached a historical high point, and there are great risks.

< /p >

< p > the Celestica Select Fund believes that the factors such as quantitative easing, a href= "http://www.91se91.com/news/index_q.asp", policy < /a > Exit and other factors have a negative impact on the macro-economy. We expect the economy to go further down in the two quarter.

In the expectation of steady growth, blue chip stocks may have staged performance, but in the medium term, growth stocks will still be the main theme. Companies that truly have core competitiveness and performance will be able to perform throughout the year.

< /p >