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北京赛车PK10计划网:Qiu Dong Rong, a HSBC Jin Xin hold up its stock selection strategy any mystery?

时间:2018/1/25 19:40:28  作者:  来源:  浏览:0  评论:0
内容摘要: For the vast majority of people, predicting market trends is difficult in the long term, with sustainability and reproducibility worrisome....

For the vast majority of people, predicting market trends is difficult in the long term, with sustainability and reproducibility worrisome.

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I observed Xingquan Social Responsibility, Fuguo Tianhui and HSBC Jinxin Market and other funds found that the three fund managers tend to dilute the timing, holding about 90% of the stock positions all year round, without exception, they are heavily loaded with high quality Individual stocks, so that fund net are crossing the bull.

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Hai Tong Securities Analysis found that although the long-term annualized return rate of the stock market is positive, the PE in most markets does not have very high or even negative growth. Therefore, if the stock index as a dependent variable, statistics, the stock index rose in PE and EPS these two independent variables contribution.

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It can be seen that in the long run, most of the market increases are contributed by EPS (ie, profitability).

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PE and EPS Market Growth by Market:

\n?In other words, pay attention to the fundamentals of the method of investment stocks, to obtain long-term steady earnings. The logic of value investment can be summed up as "cheaper to buy good goods", PB-ROE strategy is to practice the specific method of operation of this concept, HSBC Jin Xin market and HSBC Jinxin dual-core strategy fund fund manager Jiudong Dong will this strategy Play to the extreme.

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Information shows that Mr. Qiu Dongrong joined in September 2010 HSBC Jinxin Fund Management Co., Ltd., Previously researcher and senior researcher in stock industry. September 16, 2014 as the fund manager of HSBC Jin credit market, belonging to equity fund 7 _ 89456 _ 27_ 65473_ 9, November 26, 2014 serving HSBC Jinxin dual-core strategy, is a hybrid funds .

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北京赛车PK10计划网:Qiu_Dong_Rong,_a_HSBC_Jin_Xin_hold_up_its_stock_selection_strategy_any_mystery?

(fengjinxin market cumulative return charts; Deadline: January 22, 2018)

北京赛车PK10计划网:Qiu_Dong_Rong,_a_HSBC_Jin_Xin_hold_up_its_stock_selection_strategy_any_mystery?

(fengjinxin dual-core Strategy Fund cumulative return charts; Deadline: January 22, 2018)

in Qiu Dongrong as After the fund manager, HSBC Jinxin broader market changed the downturn in the past trend, Diego record highs. Because the HSBC Jinxin tape and HSBC Jinxin dual-core strategy is the application of PB-ROE strategy, positions are almost the same, so the trend is relatively similar.

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Facts have proved that this strategy is almost applied to any market, since the manager since assuming the HSBC Jin credit market annualized positive returns in the growth stocks took off in 2015 HSBC Jin letter market made 35% of the proceeds, the broader market blue-chip Favored by 2017, the fund has made 28% of the proceeds.

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北京赛车PK10计划网:Qiu_Dong_Rong,_a_HSBC_Jin_Xin_hold_up_its_stock_selection_strategy_any_mystery?

Although the positions of the two funds are basically the same, the performance is slightly different, mainly due to the positions.

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The HSBC Jinxin market is a stock fund, it must ensure that more than 80% of the stock positions. The HSBC Jinxin dual-core fund is a hybrid fund, the position is very flexible, due to the second quarter and third quarter of 2015 retained only 60% of the stock positions, so the year earnings higher. And because of the low average position in 2017, it will have a slightly lower revenue in 2017.

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HSBC Jinxin describes its PB-ROE strategy like this:

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The Fund fully draws on HSBC's investment philosophy and technology. Based on the specific characteristics of China's capital market, the fund introduces the "Profitability-Valuation" investment strategy of the Group, which has successfully operated in overseas markets.

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Through basic research, we think: (1) The Chinese market is a weak and effective market. Inefficiencies stem from the lack of investment vehicles and the nature and limitations of their developing countries. (2) We believe the Chinese market is growth-driven and will be driven by the return on the stock market. However, there is a phenomenon of wrong pricing. (3) Bottom-up managers have the resources to effectively capture the wrong pricing and increase the likelihood of sustainable outstanding performance.

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The "Profitability-Valuation" used by the Fund is a two-dimensional concept (the valuation dimension represented by PB, PE and EV and the profitability dimension represented by EBIT and ROE), which respectively reflect the company's valuation (valuation dimension ) And reflect the company's profitability (profitability dimension). Fund managers strive to comply with strict investment discipline, these two dimensions selected under the high profit undervalued investment targets form the core stock pool.

\n?How to understand this strategy?

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Return on equity (ROE), is the percentage of net profit to shareholders' equity. It explains the ability of listed companies to make profit by using the net assets of the unit, which helps investors make a correct judgment on the future profitability of listed companies. The higher the indicator value, the higher the return on investment.

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P / B (PB) The ratio of stock market price to net assets per share. The lower the theoretical net book value, the higher the investment value. On the contrary, the investment value is smaller. However, in judging the value of investment, we must also consider the prevailing market conditions as well as the company's operating conditions, profitability and other factors. The market price of high-quality stocks are more than the net assets per share many, in general, the book value of 3 can establish a better corporate image.

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ROE and P / B are more important indicators of investment analysis. However, it is not enough to consider one of the indexes separately. If only the stocks with high ROE are concerned, the return on high net assets is usually accompanied by High valuations; Looking for stocks with a low net book value, while low book value listed companies have many unsatisfactory results, look cheap, but buying may go through a huge loss.

\n?Taking both into account, those stocks with high net book prices but high profitability, as well as those with under-performing profit but under-valued but undervalued, have the chance to be found in the portfolio.

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Analysis of HSBC Jinxin tape positions can be found at the beginning of its takeover, through the PB-ROE strategy selected stocks to bank shares majority.

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北京赛车PK10计划网:Qiu_Dong_Rong,_a_HSBC_Jin_Xin_hold_up_its_stock_selection_strategy_any_mystery?

At that time, SPDB and Industrial Bank PB were all about 0.8 times. The PB of ICBC and China Merchants Bank were about 0.9 times, and their return on net assets both exceeded 10%. That is to say, under similar ROE levels, fund managers ruled out ABC and CCB, which have higher valuation levels. On the other hand, the valuation made some forbearance, then a higher ROE Gree and Ping An China , also successfully selected.

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北京赛车PK10计划网:Qiu_Dong_Rong,_a_HSBC_Jin_Xin_hold_up_its_stock_selection_strategy_any_mystery?

It can be seen that when Qiu Dongrong just took over HSBC Jinxin market, he strictly implemented this strategy. Facts have proved that time never fails to think too much, but simply according to a good strategy to work hard people.

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When PB is low, it tends to be at the bottom of the industry cycle with the exit of industrial capital and the improvement of supply and demand relations. Profit valuation tends to double up thereafter. This is reflected in the management of the HSBC Jinxin Fund Management Fund in 2016 and HSBC Jinxin dual-core strategy fund overweight a lot of cyclical stocks, and has made quite good gains. Sinopec and Beixin Building Materials It has been held for two years and achieved 33% and 95% revenue respectively.

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北京赛车PK10计划网:Qiu_Dong_Rong,_a_HSBC_Jin_Xin_hold_up_its_stock_selection_strategy_any_mystery?

At the time, the market was pessimistic about these cyclical stocks. With the go-ahead, there has been a trending recovery of PPI. The ROEs of cyclical industries have been continuously improving, but their prices are very cheap.

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It is precisely the valuation of a serious departure from the value of, Chiu Tung Wing firmly believe the entire industry is likely to usher in the near future worth the repair. The final result is the same as he expected.

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It can be seen that the PB-ROE strategy does not set a specific value range for both. While implementing the bottom-up quantitative stock selection strategy, it must be complemented by an in-depth examination of the company fundamentals in order to Help to well avoid the risk of individual stocks, mining stocks have real potential than expected.

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from the latest 2017 4 quarterly view, fund managers still foresight layout of the Industrial and Commercial Bank, Industrial Bank, Huaxia Bank and Agricultural Bank , accurate understanding of the bank in 2018 to the stock market.

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In addition, there are two positions in the small board stocks, namely, Double Star new material and Guangdong Province, shares . The stock price both for a long time in the downlink channel, the current price of 6 and 5 or so, there is no coverage of brokerage research.

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This also confirms the Qiu Dongrong said, the object of value investing should not be just a good company, bad companies can also be valuable, the key lies in the current price.

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北京赛车PK10计划网:Qiu_Dong_Rong,_a_HSBC_Jin_Xin_hold_up_its_stock_selection_strategy_any_mystery?

Over the past year, HSBC Jin credit broader market Aalpha higher than similar, the largest retracement lower than similar. Also shows that, according to the PB to the valuation, the market is the most stingy way, reflecting a fall protection ideas, and PB and ROE to do a ratio, you can achieve both offensive and defensive.

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北京赛车PK10计划网:Qiu_Dong_Rong,_a_HSBC_Jin_Xin_hold_up_its_stock_selection_strategy_any_mystery?

Price will deviate from the value again and again, and some companies have been underestimated enough. This creates opportunities for the PB-ROE strategy. These opportunities bring the rise of individual stocks and finally the performance of the fund. At the same time, this also provides some ideas for our own stock selection.


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