How can investors cope with the release of restricted shares brought about by the release of stock prices fell? I think in the institutions of the market confidence began to become optimistic at the time, small and medium-cap release stocks for institutions is not a risk, but an opportunity for institutional intervention. According to fund insiders: some high-quality small stocks due to small liquidity, daily turnover is very low, so it is difficult for institutions to get a sufficient amount of chips. Although some shareholders of the release of shares sold a strong will, but the fund out of the valuation of listed companies, growth grasp, the willingness to buy stronger.
Goldwind Science and Technology on December 26, 2008, the release of shares listed on the day, Shenzhen, a fund company investment director of the fund managed to buy against the market, the stock also rose in the afternoon before the close. "We were out of both the industry and the company's judgment, that the stock is worth buying." Intervened in Goldwind's investment director of the fund company told the media. Goldwind is said to have risen more than 130 percent in the five months since the restricted shares were listed.
In fact, the small and mid-cap release of stocks triggered by the release of stocks fell in volume, but rather the fund to grab the opportunity to pay. In addition, the economy is slowing to recover in 2013, and the recovery in performance of most of the unblocked companies should be able to offset the impact of the decline in the stock index. Investors are advised to take advantage of the Harvest CSI 500 Index Fund to participate in small and mid-cap investments. CSI 500 as a representative index of small and mid-cap stocks in Shanghai and Shenzhen, comprehensively reflecting the overall situation of small-cap companies in the Shanghai and Shenzhen stock markets, the CSI 500 is more resistant to downturns during the economic downturn, and also has better performance during economic recovery and prosperity. According to statistics, December 4 last year to January 7 this year, the CSI 500 index cumulative gain of 19.6%, outperforming the broader market.
The Harvest CSI 500 ETF index fund, which is in the process of being launched, is a quicker and lower-cost way to gain exposure to the CSI 500. The product's rate is the lowest among funds of the same type issued during the same period, at 1,000 yuan per transaction for 1 million shares or more, while other funds of the same type usually require more than 5 million yuan to enjoy the one-bite discount.
From Jan. 28 to Jan. 31, the Harvest CSI 500 ETF fund will offer retail investors a good opportunity to exchange their shares for ETF shares. During this period, investors who hold more than 1,000 shares of CSI 500 Index constituent stocks and announced alternative constituent stocks are eligible to participate in the stock-for-stock exchange program for the Harvest CSI 500 ETF. Investors only need to prepare enough subscription stocks and go to the agent sales outlets for subscription procedures during the above period.
It is recommended to exchange the following types of stocks for the Harvest CSI 500 ETF.
1. Stocks with persistent losses or significant downturns in performance.
When holding stocks with significant performance decline or even sustained losses, investors need to comprehensively analyze the reasons for the performance decline in light of the current macroeconomy, individual stock fundamentals and other factors. At the right time, investors can choose to sell them to stop the loss, or they can first exchange them for ETF shares and then redeem or sell them at the right time. Compared with these two methods, the second method (switching) not only adjusts asset allocation, but also avoids the possibility of selling a large number of shares in the secondary market triggering greater downward pressure in the short term, which may result in unnecessary losses. In terms of net profit year-on-year growth rate data for the third quarter of 2012, the CSI 500 index performance continued to lose or decline in the highest degree of the top 30 constituent stocks as shown in the table below. Among them, 9 stocks such as Valin Iron and Steel, Zhuyi Group, Fujian South Paper, etc. losses expanded; Yunwei shares, Castle Peak Paper, Kelilong, Tiantong shares, aerospace electromechanical and other stocks performance has declined significantly. For these performance decline obvious stocks, investors can pay attention in the process of exchange.
1,
Stock Code Stock Name Net Profit Growth Rate (%) Stock Code Stock Name Net Profit Growth Rate (%)
Table 1 CSI 500 index constituents in the performance decline in the largest 30 stocks
000932 Valin Iron and Steel loss expansion 600184 photoelectricity shares -327.50%
600961 Zhuye Group Loss Expanded 002386 Tianyuan Group -294.70%
600163 Fujian Nanpaper Loss Expanded 000652 TEDA -292.68%
600737 COFCO Tunhe Loss Expanded 000959 Shougang Share -289.30%
600069 Silver Pigeon Investments Loss Expanded 600683 Jingtou Yintai -245.84%
600747 Dalian Holdings Loss Expanded 601519 Dazhi -245.05%
000510 Jinlu Group Loss Expanded 000918 Jiakaicheng -235.34%
600162 Xiangjiang Holding Loss Expanded 600537 Yijin Photoelectric -227.41%
600737 COFCO Tunhe Loss Expanded 227.41%
000627 Tianmao Group's Loss Expanded 600810 Shenma -224.09%
600725 Yunwei -2758.82% 000829 Tianyin -207.97%
600103 Castle Peak Paper -995.93% 600586 Jinjing Technology -200.97%
600162 Xiangjiang Holding's Loss Expanded 000918 Jiakai City -235.34%
600162 Xiangjiang Holdings' Loss Expanded 200.97%
600478 KeLiYuan -652.25% 600339 Tianli Hi-Tech - 196.52%
600330 Tiantong -543.61% 000822 Shandong Haihua - 194.88%
600151 Aerospace Electromechanical -441.26% 600866 Xinghu Science and Technology - 186.75%
600103 Aoyue Paper -995.93 186.75%
600220 Jiangsu Sunshine -342.21% 000911 Nanning Sugar -185.36%
Data source: Tianshang Investment Analytics System
Note: The net profit growth rate is the year-on-year data of the 3rd quarter of 2012
2. Relatively higher valued constituents. The stocks selected for the CSI 500 Index are mostly listed companies with excellent performance, good liquidity and representativeness among small-cap stocks. However, in the sample stocks, due to the large number of stocks, there may also exist some stocks with higher relative valuation. Under the current market environment, stocks with higher relative valuations are subject to greater downward pressure and higher risks. In order to minimize the risk, investors may consider switching to ETFs for these higher valued stocks. the table below shows some of the higher valued stocks compared to their respective sectors, which investors may pay attention to.
Stock Code Stock Name P/E P/B Industry P/E
600435 Northern Navigation 1368.75 2.69 17.94
002129 Zhonghuan 3085.44 5.39 41.41
000503 Haihong 1627.23 6.17 25.45
600198 Datang Power Co. p>600198 Datang Telecom 2136.78 9.98 44.89
600311 Ronghua Industry 810.92 5.83 18.36
000518 Sihuan Biological 924.26 5.31 27.14
600428 COSCO Shipping 538.78 0.97 16.3
600416 Xiangdian 450.68 1.37 17.94
600963 Yueyang Linpaper 1032.34 0.72 44.26
600287 Jiangsu Shuntian 425.8 2.91 22.72
600268 Guodian Nansi 324.64 1.59 17.94
600387 Haiyue 271.58 3.06 16.3
002305 Nanguozhuangye 342.18 3.32 21.89
000975 Sciencetown 345.69 6.92 24.9
600337 Meco 306.99 1.33 22.72
CSCE500 Index 28.44 2.08 --
Data source: Tianshang Investment Analytics System
Note: P/E and P/B in the above table are the data as of December 17, 2012; the current profit of the stocks indicated by "-" is negative; the relative valuation is measured by the ratio of the stock's price-earnings ratio to the price-earnings ratio of the industry in which it operates. to measure.
3, the previous rise is too high and rising weak, no performance in the previous period, the stock price stagnation of the stock. For the previous rise in the stock, investors need to consider whether the price-earnings ratio is reasonable, whether there is real performance support and thematic themes, whether it also has the power to continue to rise. For stocks that have risen less in the previous period, investors need to consider the reasons for their underperformance, whether they are undervalued or their investment value is not obvious in the current period of time. The table below lists the top 5 constituents with the highest and lowest gains since the fourth quarter of 2012 as of December 17 for investors' reference.
The top 5 CSI 500 constituents with the highest and lowest gains in the previous period
Stock Code Stock Name Stage Gain P/E Stock Code Stock Name Stage Gain P/E
600223 Lushang Property 49.58% 80.36 002638 Qinshang Optoelectronics -36.32% 28.58
600748 SIIC 47.69% 10.18 002326 Yongtai Technology -31.63% 34.83
600510 Black Peony 46.28% 15.84 600702 Tuopai Shede -28.24% 23.19
000631 Shunfa Hengye 43.13% 12.39 002065 Donghua Software -27.68% 18.85
600223 Lushang Property 49.58% 80.36 002638 Qinshang Photoelectric 27.68% 18.85
600184 photoelectricity shares 38.96% - 600633 zhejiang newspaper media -26.46% 21.33
Data source: tianshang investment analysis system
Note: P/E is the data of December 17, 2012
4, higher risk stocks. For investors who have the need to downgrade the risk of their original portfolios, they can take advantage of the highly diversified nature of the constituents of the underlying index of the ETF and switch the constituents with higher systematic risk to an ETF with a basket of stocks to diversify the risk. The table below lists the 30 constituents with the highest beta coefficients for investors' reference.
Stock Code Stock Name Beta Coefficient Standard Deviation Stock Code Stock Name Beta Coefficient Standard Deviation
601388 Yiqiu Resources 1.89 0.03 600326 Tibet Skyway 1.59 0.03
002648 Satellite Petrochemicals 1.80 0.03 600231 Lingang Steel 1.57 0.03
000962 Oriental Tantalum 1.67 0.03 000762 Tibet Mining 1.57 0.03
000612 Jiaozuo Wanfang 1.67 0.03 600078 Clarifying Star 1.57 0.03
601677 Mintai Aluminum 1.66 0.03 000951 China National Heavy Duty Truck 1.56 0.03
601908 京运通 1.64 0.03 000655 金岭矿业 1.56 0.03
603000 人民网 1.64 0.03 600773 西藏城投 1.56 0.03
000680 山推股份 1.63 0.03 601636 旗滨集团 1.56 0.03
600888 Xinjiang Zhonghe 1.61 0.03 600537 billion crystal photoelectric 1.55 0.04
002646 Qingdao barley wine 1.61 0.03 600117 Xining Special Steel 1.54 0.03
002506 Chaori sun 1.61 0.03 600141 Xingfa Group 1.54 0.03
002663 普邦园林 1.61 0.03 600704 物产中大 1.54 0.03
601311 骆驼股份 1.60 0.03 600961 株冶集团 1.54 0.03
601011 宝泰隆 1.59 0.02 601608 中信重工 1.53 0.03
601519 Dazhi 1.59 0.03 000755 Shanxi Sanwei 1.53 0.03
Data source: Tianshang Investment Analysis System
Note: The statistical interval is the last 3 years (December 17, 2012 is the cut-off date).