per share profits of $mineral resources

Actual controller, inject value 10.7 per share profits of $mineral resources:
Actual controller angang group, will saddle thousand mining and Carla pull two quality assets and company profitability poor steel assets to ensure the replacement, April 25 to 29 secondary cash option (10.46 yuan) were not exercise.
Through calculation, saddle per thousand ores and Carla pull respectively for 7.6 yuanhe value of $10.7 3 yuan.
Assets displacement is tactics, but also a strategy, the company is about to enter vanadium, titanium "harvest" : comb in recent years the company strategy development and assets operation, can be divided into four words: "big vanadium and titanium industry". This not only bottom-up accord to company's own resources technology advantages, is also a top-down state policies of natural selection.
The company do big vanadium titanium superiority, alone the lack of funds. So from the "three-in-one" in 2007, the company began in more investment into the vanadium and titanium industry, also began a series of capital operation. Currently vanadium, titanium business part has entered the Lord, but the harvest harvest is mainly concentrated in waves will rise over the next two years.
The harvest of vanadium and titanium company not only embodies in performance doubled, but also the resource control:
The price rise the titanium product quantity is added to ensure 100% above a compound rate of future earnings. At the same time the company grasp our 95% titaniferous resources, there is no doubt that is the biggest beneficiaries of titanium industry development.
The company has been a leader in vanadium r&d status. At the same time the company controls nearly half the vanadium resources in China, and its holding company also in the monopoly of vanadium supply, 70% more have no will become great development of vanadium MBT Fumba. industry "pilot".
Vanadium and titanium: now reflect a country's strength, the future will directly determine a national strength:
Ti is "future metal", its not only reflect a nation in the airline military etc of high-tech field strength, also fully reflected a country in economic actual field level (through the paint), the future inevitable development.
Vanadium, not only directly determine a country the construction quality, more will be the fourth industrial revolution - new energy revolution's biggest bottleneck offers a solution. This means that the future of the first successful commercialization vanadiumMBT Kamba battery state, will become the world a new round of long-term economic "leadership eldest brother".
Fairy "vanadium", no extremely "titanium" and "buy" rating, the first target price of 23:
Fairy "vanadium", for the new energy development bottlenecks, and provides the solutions in the company's value ability also the big development vanadium and titanium industry in the extreme "titanium" ever.
We expect the company of ore vanadium and titanium industry resources original part 3.5mbt uk sale RMB per share value per share, vanadium and titanium industry for the first target value, and considering the nine yuan profit dish with the second cash option equity registers day nears has finished, selling to "buy" rating, the first target price of 23. (everbright securities)

also said gao hua securities market external

Continuous Orient securities and the launch report, also said gao hua securities market external expansion promising songcheng shares the huge potential. Among them, the Orient securities "tianya everbrighten city" in sanya is expected to start in 2012, MBT Fumba. while in hainan middle exemption "policy stimulus" islands, the future is expected to sanya tourism person-times conservative estimate will substantially increase the project 2012 will attract tourists 400,000, 120 yuan per capita effective fares, a new company income project 4800 yuan. In addition, still in its quarterly songcheng shares, the future will emphasize in the domestic first tourist destination through investment or purchase staged several machines market influence way bigger tourism culture, performing arts business model to achieve the company further copying and expansionmbt uk sale of the market and have huge for imaginary space. The above two brokerages are given the "buy" rating.

Besides songcheng shares, wide concern and lijiang tourism (there were five 002033), recent home to the stock brokers out the olive branch. Among them, the first venture in lijiang tourism acting this "cable + unique combination of double sword," business model is very promising.

The first venture forward, firstly, grind quote yulong lijiang tourism is the monopoly operator, cable service after completion of cableway transformation, large current capacity increased 3 times, to 1,200 people/hour, this effectively promoted assets effectiveness and tourists around efficiency, make one day become possible. Two gambol cableway The first venture is expected, 2011 3 aerial ropeway tourists will refresh historic highs, the income scale year-on-year growth of 95%; The tourists into cable take rate is expected to over 100% in 2013, 8 years MBT Kamba of cableway not change in 2012 return ticket prices may rise, upward rate in appeared around 20%.

In addition, impression · lijiang is the most excellent snow-capped mountains the ac mastery of assets in 2009, one of its more than 74 million yuan, lijiang tourism will be injected new profit growth point, its as classic tourist routes, and an important part of the xixi everglade attendances, individual performances are still specific gravity and effective fares scope to raise.Christian Louboutin Evening Sale, The first venture is expected to increase attendance in 2011 will scale than 75% and income 2 billion yuan, holding 51% of equity income more than 4,000 yuan contribution. Based on this, the first venture give lijiang tourism 41 ~ 43 yuan target price for the company, and long-term and stable development, give "strongly recommend" rating.

But also mount emei 000888), phase A (it is 600837) and (haitong securities people's livelihood securities.

Haitong securities think, emeishan already the number of visitors from A low in 2008, and fully out of the traffic conditions to improve, the data will also under stable growth. In addition, since the last 6.164million adjust to spare, and is now three years with prices conditions, also will cable arrive in 2012. Time window prices Under various expected, haitong securities expects the shares its 2011 earnings per share for 0.55 yuan, profit growth to about 15%, operating current share price relatively reasonable, considering the future more, give "catalystTory Burch Sandals, immediately" rating.

In addition to the individual stocks outside, another 3 only nominated 3 only tourism shares dad-will combing weapon, including brokers of capital securities "recommend" 000978), guilin's tourism (joint chanted "buy" huatai of CITS (601888), tory burch online and days despite secretly "immediately" congenial 000802 tourism (Beijing).

Many factors affect audit schedule

He said, in "deregulation, strengthening the supervision of" MBT Fanaka principle, regulators have been in optimizing the approval process, but the length of time, audit procedures mainly depends on the speed of the enterprise reply feedback. As for the specific time, each enterprise is different, there may soon may also slow down a bit.
The chief says, from the current practice, gem watch from the cycle of accepting to issue for four months, affects the normal review progress main there are several important matters: a report is to take cues, currently require mbt shoes usa verification report from rivals mainly related to patent reports, financial information report; 2 it is must answer very seriously, a lot of feedback is may be inform against problem; A third is enterprise centralized declaration, wait in line when there. Meeting
The chief advice, issuers and the sponsor to shorten the audit time, hope sponsors get feedback after the initiative and the personnel communication, avoid by all means of many many times feedback, avoid by all means is squeezed on MBT Shuguli communication, feedback to reach the designated position, in principle, don't verbally feedback.
He also suggested that, feedback comments should be answered the question for don't have complete, secondary feedback. For audit save time, feedback comments can partial implement, such as requirements of the government not to subordinate supplement, can will other opinion first reply.

attention red tourism gold phased theme investment

Editor's note: on April 27, 2011, the 2011 tour green book of Chinese press conference held at the Chinese academy of social sciences lecture hall, and based on the 2011 is China's "year of 1025" planning to start, the book in China during the 11th five-year Tory Burch Handbags plan phase analysis of tourism development is especially noticeable. For investors will make some hints. Tourism sector

【 agencies view 】

Tourism market boom is still brokers suggest the nuggets tourism sector
Cathay Pacific prosperous country people safe: second quarter investment consumption concept
Orient securities: short-term profits element constantly continue ultra matches the tourism shares
Central China securities: tourism industry ZhengDangShi chun nuanhua leaves
Tourism industry: regional strongly, theme highlights recommend 6 shares
Countries securities: attention red tourism gold phased theme investment opportunities
Hongyuan securities: in the second quarter of 2011 tourist hotel industry Christian Louboutin Evening Sale, investment strategy
Bohai securities: tourist season comes, regional strongly, theme highlights

【 stocks nods eyeball 】

CITS: policy slightly better than expected to join strong buying list
Beijing tourism: "ecological jingxi" new card to introduce strategy investors
Quanjude (002186) : the company continued expansion set up shop in 2013 total to 100
Cyts Tours: scenic spot development is key, long-term investment value but period
Beijing capital tourism shares: nanshan tickets into certain, asset injection process but period
A: raise, emeishan cableway tourists growth driven growth performance carts
Guilin tourism: core assets, accelerate the management ideas flexible steering
Xian diet: meet food as the core of marketization output stages
Tibet tourism: Tibet originator future scenic resources
Three special aerial ropeway: scenic spot to release nurser performance
Tourism plate or meet trading opportunities brokers bet only 6 stocks
Tourism market "birth without notice", give a hot wheels moving market injected with a stream of fresh blood. As "51" coming, travel plate finally also began moving restlessly, according to estimates, thirteen of this week about tourism shares report, Christian Louboutin Evening Sale, rating is all upbeat. Interestingly, the reporter was paging through these research, found that most strike not get brokers favored the yunnan travel (jumped Friday 002059), but the "silent" songcheng shares (300144).
Nine brokers valued songcheng shares
In tourism shares, songcheng shares is undoubtedly brokers at the center of attention, the stock sincetory burch online last week was one phase several brokers. After a rough statistics, the two weeks were nine brokers successively and given the corresponding report issued by the majority of the "buy" rating, even gao hua securities and Orient securities brokers like two CheLunZhan also recommended repeatedly.
Shanxi securities (002500) in a detailed investigation of songcheng shares after, for the first time to its rating and is given a "buy". The brokers in research in understanding arrives, although sanya historic sentiment is expected to release date in 2012 below expectations, but shares build hangzhou songcheng nor in leisure expo sentiment will before July 1, 2011 launch, it will give the hangzhou parks have certain opportunities for development.
According to the estimate of shanxi securities held in leisure expo, the accurate positioning and hangzhou Tory Burch Sandals, paradise premise, 2011 tourist quantity in 2010 will be the basis of thousands, and hangzhou has increased an average daily show emotion five or six games in 2010, higher than the average level of performance 3.66 field, the average rate is as high as 75% ~ 80%.

Listen to brokers in the strongest note "two"

According to estimates upward inquiry report this week, for the first time, fifty copies of the 122 originals, covering 17 of the cut ratings. In these research report, lurk behind many empty pie in the sniper, precision, let us count once this week two Pope "most" brokers.
This week's "shout empty" from the following securities analysts HePing strongest note warning "withdrawal" dove 002399), sea pury (haitong securities analysts 1983, LuYuanYuan emergency drop shanghui 000895), and development (built cast analysts ZhangChaoHui citic first rating will "reduce held" appear changzheng electric (600112).
Since Monday unveiled the purui is very ugly, and a quarterly by investors "voting with their feet." Nations HePing pigeons in securities gold analyst analyzed after the report points out that the company's sales, leading to the company's plunge in 2010 is the major reason for the purchase of heparin crude products prices are high, and downstream of the heparin sodium prices have dropped sharply lower gross margin, therefore year-on-year 14.65 of a percentage point to 28.94%. In addition, originally collected by market infinite expected vote is Christian Louboutin Evening Sale, delayed new capacity by 2012 and July release, the far left to below expectations, and also have risen from 2011 to 2012 performance under pressure.
In this context, the nations on Tuesday was the first time the securities issued the cut rating to "callback" research from the newspaper, and reported on Friday after the issue to grind the closing, fell - 25.22% cumulative purui, become the strongest note see empty this week. And in changzheng electric remit development and research of the cumulative decline after report issued respectively - 19.3%of and - 15.1%.
This week, "shouted the strongest note from the rose" LiuGuWei securities analysts following the first "recommend" ambitions 600122), malign high-tech (securities analyst zhang radium, MaHeng promising days sheng 300169), new material (ChenLiang huabao bird'sTory Burch Sandals, securities analysts and to "buy" rating of jiangte motor (002176).
Following the investigation in after the securities that unfolds after the highlight of high-tech future growth mainly embodied in uniting the internal strength after deep stores, and network break the chain leading mean gross margin level of its overall present back, quantity and price of its development trend JiSheng electrical contractor comprehensive sends force, and the latter is not as parallel channels of supplement, but use of existing entity store and supply chain system advantage to realize new profit, value growth. Following securities expects the company 2011 earnings per share for average yuan, given six months target price of $18.5 and "recommend" rating.
Like was "call" same, ambitions in get following tech center on April 18, securities, stock soartory burch online after he recommended reached 21.14%; cumulative rises And the other two tickets is opened, new material and heaven sheng jiangte motor 11.98% and cumulative increase 11.73% respectively.

weak city good ushered in

CSRC emergency rumor deny expansion "hit dish"

The fed policy unchanged in equities gen 3 years to new highs

Five bank profit increase more than 3 percent

Small and medium plate last year more than 30% earnings increase gem

【 still has four bad shadow 】

Quarterly mask-off shadow haunt a-share

"51" interest rate hikes guess bad a-share

NDRC preparation "51" housing store to room enterprises or into the profits target

Period refers to the topix index ten even Yin serious distortion

【 disk analysis 】

Bad rumours "Fried fall" B a-shares "accompany behead" by four even Yin

Pass is in jeopardy. 29 points

Money is not high enthusiasm is still comes

【 indication of judge 】

Four renowned institutions predictiontory burch online Thursday market movements

Fund inflows index stocks adjustment space should be limited

Grail broken bits fell medium-term trends reverse

Short-term adjustment don't change the long-term optimistic

CSRC emergency rumor deny expansion "hit dish"

Promote marketization reform issue system

For securities issuance examination speed rapid increase of expansion "hit dish" rumours, the CSRC in charge of relevant departments 27 told China securities market reporter, this is completely misunderstood. Securities issuance examination work orderly propulsion, perfect the issuance system, improve the degree of marketization is CSRC has been direction, and not trying to improve the issuance examination speed rapid expansion.

He stressed that currently issuance conditions and approval procedures to the public already full, the CSRC no internal mastery of the standard and conditions, the more won't go to control stock market fluctuations.

Improve issue system the degree of marketization

Media reports said the initial audit time slash, accept to issue or just half a year, this is some investors understand for CSRC "hit dish". The chief explanation says, for years, in order to improve the supervision level and the degree Christian Louboutin Evening Sale, of marketization as the goal, gradual reform and perfect the issuance system is always CSRC emphases.

He said, the work is approved securities issuance of securities laws and regulations give administrative licensing function, the CSRC has been lawfully administration, strict audit procedures in accordance with legal procedures and standards, the issuance examination responsibility, pay attention to the performance transparent and enforcement fairness.

From the issuance examination and verification procedures look, CSRC taken pipelining audit report way -- enterprise application documents and CSRC starting after receiving the application documents, make within 5 working days whether or not to accept the decision. CSRC official acceptance application documents to the related functional departments, the publisher of the application documents, and puts forward some preliminary examination feedback. Issuers and the sponsor feedback, according to CSRC will respond, if necessary, the CSRC will second feedback.Tory Burch Sandals, After starting the issuance examination committee for review of the issuer, CSRC shall issue application shall be made the decision of approval or disapproval shall be issued, and relevant document. The issuer approval from the CSRC within six months from the date of issuance of stocks; More than six months unissued, the approval document shall be invalid, by CSRC again approval rear can issue.

market rumours write-downs to impose capital gains tax

Bad rumours "Fried fall" B a-shares "accompany behead" by four even Yin
Yesterday (April 27), in the grail was already down for 3 consecutive days under the background of the expected rebound, investors in fast-changing, however, eventually but afternoon composite index were four even Yin. Speculation by multiple bad B shares markets yesterday, dragged down by first launched diving, B shares index plunged 7.5%, also once directly drag a-share market plunged in the afternoon.
Analytic personage points out, cause the vibrations substantially yesterday market are the main factors which caused many bad rumours raid.
B shares diving cause rebound failure. Market
Tuesday (26 April) after the markets closed, investors to the expected rebound developed grail enhanced, so yesterday morning, market present high jump empty open situation. The Shanghai index 2954.22 points with high open, gradually concussion uplink, after rising 2960.18 points to the plate.
However, B shares market yesterday afternoon with gradually increasing, especially in fall when, after 14 B shares index suddenly plunge, just 20 minutes, more than 10, crash 7.5% only B shares encounter drop stop, this directly drag a-share market, the Shanghai index fell rapidly once 2907 point 30 points to drop nearby. B shares index plunged to 14 didn't appear when 19 points, A shares rebounded reason more late to 14 didn't appear when 44 points with rebound. Eventually the Shanghai index fell 13.57 point, drop 0.46%. Shanghai yesterday from volume, volume and see only on Tuesday rather, clinch a deal 1165 billion yuan. So, the Shanghai index has already suffered since last Friday, four even Yin.
Four bad speculation without spectrum dense bombing most
Originally, but axon market is expected to rebound by B shares tumbled, MBT Fanaka remarkably, the day yesterday, bad rumours and mainly concentrated bombing in B shares market.
Bad, is an international board launched one of the calls, and up is rumored to have more international board, and the draft released or future international giant HSBC, this makes currently listed in Shanghai B shares market, so big discounts by charm of foreign selling; Bad another, is the speculation says the fed QE2 (second round to end quantitative looser monetary policy), then led to the American funds from overseas aggressively evacuated; Third, market rumours write-downs to impose capital gains tax; The four, "write-downs mbt shoes usa may holiday will open again, raising interest rates to the window. It is reported that the central bank may again on May 2, rates or announced to raise deposit reserve rate, the more heavy market speculation concern.
Clearly, yesterday's multiple bad rumours, constitutes a weapon to the market, but the huge what rumours have substantial impact on what rumours and, without spectrum?
The big securities research institute LiDaXiao in accepting the daily economic news reporter interviews that, yesterday's bad rumours majority lack, especially according to imposing a capital gains tax speculation in the current, MBT Sawa more remote possibility. But the market in rumours quashing apparent next appear, proved again that area of 3000 pressure. Meanwhile, high valuations varieties of risk have begun to show, so market outlook need very carefully.
Indication of average daily line support test 60 yesterday, Shanghai obvious end city rise, the Shanghai composite index in 60 barrel eventually average above the line. Analysts, on average 60 can constitute grail line later will determine effectively support to market. Shanghai a private fund investment manager said that at present market movements before National Day holiday with somewhat similar to last year. In late September last year, after the narrow after repeated grail concussion average index, 60 line on form apparent support, the stock index never fell below this important averages. And the National Day holiday, a wave after strong rally quickly spread. At present, the market average 60 dip again, if can rapidly line position, then indication of digestive write-downs are expected to enjoy a wave of powerful rally. But if the before and after the may holiday, such as raising interest rates, and 60 cash bad news daily line is also declared fort, is grail indication facing larger MBT Shuguli advised investors to temporarily patient difficulties, watching.

29 points and 3000 mark

Stock index by four even Yin one touch way, 29 points and 3000 mark, now 29 points integer became perilous. Although yesterday end dish some copy bottom fund intervention, but signs of short-term movements still difficult to optimistic market. Small cap stocks plunged in blue-chip stocks and the weight of attack on fatigue contusing badly market confidence, so, despite the rapid decline in existing technical rebound after the market demand, but the market did not show obvious rebound intend, expected short-term a-share MBT Fanaka will still continue downtrend.

In pannikin plunge drag grail to the downside

Market to change the style of doing much power fail cause overall failure. Performance malaises continue to push small board, high pressure, plus high valuations gem grade sent shares performance risk overall released, more big market adjustment pressure. 2010 annual report released this week is a quarterly and 2011 performance last week, also is the concentrated debut performance of poor strands of recent time, and this was the theme shares hit a storm very heavy. The last few trading day from view, stocks market performance, including universal tumbled by theme shares and in pannikin particularly serious, capital of large-scale outflow make these varieties suffered heavy MBT Sawa defeat, in pannikin peremptory became market the worst-hit areas.

When the performance of listed companies than expected growth when frustrated, stocks low-growth firms already is rapidly disappearing, beautiful aura of the myth of the changes as lies, even when the bubble burst in its stock price also is in rapid reaction, stocks will by original song type all the evolution of loneliness and soaring fall difficult to resist. From the disk look, mbt shoes usa gem index has approximation of the last October 18, historically low, medium and small board index declines, and become more fierce and a powerful market declines impetus.

Liquidity shortage

The attack on weight strands fatigue

When the grail impact 3,000 points, had previously been market the grail failed to have great expectations, leading role play repair although be weighted stock valuations of chance, but liquidity staged the shortage will make weight bearing drive index continue to shares uplink burden. From January to see, rallies this round a-share market has been in moderate volume that state, this has never been incremental capital market, but only on the participation of operation of stock fund only in the way local market trade sex opportunity formed.

As the market's most popular basic bank and performing it, these two plates schooling. In the country the control power enhancing estate repeatedly circumstance, industry in low valuations advantage tighten, earnings growth expected liquid under the background of increasing uncertainty also appear relatively reluctantly, thus make the confidence of the market for weight shares has not established, capital operation a distinctly short game properties. But the limited funds can only choose between each plate back and forth in the works, when plate continuous turning make much power in constant consumption gradually, after the failure of market power also rose liters unsustainable.

Corrections

Judging from time level this weekend, "51" little holiday comes rumors, higher interest rates to let the market weak of mental state, and weak background write-downs rumours apparently appear amplification effect, adding to the market declines. Due to holidays has almost become the central bank raised interest rates from Christmas, law, after the Spring Festival, to the tomb-sweeping day, is the central bank raised interest rates in recent times, therefore, the date, the inertia, market increased thinking for the may holiday raise interest rates to further tightening liquidity expectations. So far, the first half of this year is severe, the CPI inflation situation high, April inflation data are expected to remain to be optimistic, data supportive situation is changing, so hard short-term still central bank raised interest rates again and RRR hikes objective conditions are still fully. Although the move after a series of tightening of market impact liquidity is limited, but the cumulative effect of tightening policy are not to be ignored, and that only exacerbate the tense situation, market funds will also increase the production cost pressure of small and medium-sized enterprises.

Technology, in short, after continuous drop anytime grail may appear super fell rebound. However, considering the market confidence is down sharply, in the short term recovery is unlikely, besides amid news surface is still uncertain, therefore, short-term declines reerse is unlikely. Market two trading days before the opportunity to have the too big, still expected to give priority to with weak concussion. Operation, suggest remain cautious and control positions.

Tourism shares into eruption season

Tourism sector continued to rise on Friday, market yunnan travel harden, CITS, Tibet tourism (600749) 5.67% 5.59% respectively, rose. Data shows main funds massive inflow tourism sector. Tourism sector's strong and drive hotel, airline trend up well.

Analysis indicates that in the big consumer background and short-term positives influence, the industry boom were undermined rallies, prompted tourism sector are still ZhongChangXian chance late uplink space.

As the May Day holiday and China tourism approaching, tourism sector also about to embark on short-term market outbreaks season. Recent hainan islands and yunnan bridgehead exemption policy and planning of the news further release industry development potential, not only drive aviation transportation, hotel business, general merchandise, etc. The company performance better off, related the stocks of a listed company held by heat.

Orient securities analysis thinks, the high-speed development of the tourism industry is in the doldrums, scenic area will be the core of travel big development carrier, brand chain economy hotel future growth potential is tremendous. Just valuations in historical concerned, however, the overall valuations low, 2011 30 to 35 times dynamic p/e ratio since 2006, far below the average of the 52 times. In the short term, expected continued catalyst will remain market popularity, suggested in the second quarter of ultra matches the tourism sector.

Attention materiality benefit

Select tourism sector stocks should pay attention to identify the company's main business, pay attention to its various business than and growth of passenger flow, pay attention to the tourist season for its achievement materiality benefit. Data shows, lijiang tourism for tourism, real estate, though hotel, transportation, food and beverage, etc, but its industrial investment construction main source of income is passenger aerial ropeway transportation service and hotel service, business last year by the relatively single, cableway influence incomes, profit drop transformation over 70%.

Minsheng securities analysis, lijiang airport upgrades, company rises in lijiang items have impressed may, hotel management is expected to significantly improve, bridgeheads planning etc will be the company's share price catalyst. In the second quarter of the effect of large capacity expansion cableway will get fully manifests, is expected to bring more than 13.5 million above the profit increase. Expected 2011 to 2012 following the EPS of $1.13, maintain and target price this year, corresponding augusts yuan for 40 times PE.

And by ", lijiang tourism wastelands.she as strategic concept boost, yesterday yunnan travel charge harden to draw a root 14.74 closed at $changyang county lines per share. Although yunnan tourism dozen "tourism shares" banner, but its main operating income not from tourism, but sales of commercial property, 2010 sales of commercial property business accounted for its operating income 74.34%, as the government tourism business operations accounted for only household questionnaire survey.

Data shows, the government has annual losses, business prospects is not very optimistic, in the tourist season approaching, yunnan tourism "tourism + estate" mode will be limited benefit degree fear.

Tibet tourism yesterday rose, closing at 5.59% 17.18 yuan/shares. mbt shoes usa It's been shown that Tibet tourism of the net profit growth faster, and analysis on the future of the company think predication and growth is stronger.

Be careful quarterly performance "suddenly turn hostile"

Due to the present in the a-share market is strong market, most investors prefer performance is good, can continue to profit stocks. But recent annual reports and quarterly with continuous disclosure, MBT Fanaka investors should be careful performance "suddenly turn hostile" stocks.

Reporter discovery in the tourism sector also have such stocks, MBT Sawa guilin tourism 2010 7044.15 million yuan, profit, and 104.70% year-on-year growth in the first quarter of this year forecast instantly "suddenly turn hostile" performance, guilin tourism achievements, according to the forecast is expected to net losses in the first quarter, 16 million ~ rmb17.00 million in the first quarter of guilin's tourism is mainly its lijiang great falls about 669 yuan hotel losses year-earlier period losses 3.42 million yuan, continue to expand, loss. April 14, guilin tourism achievements news, advance kui, share prices plunged in open quotation drop, eventually closing at homeopathic 13.42 yuan/shares, a decline of - 4.07%, prophase four even Yang movements are broken.

By April 22 closing, tourism sector still has some ten stocks has not released first quarter results, some stocks 2010 annual also have yet to be announced, investors should be carefully whether there will be stocks appear performance "suddenly turn hostile" situation.

2010 national grid company

Market 2011 SGC expects continued stable growth. 2010 national grid company and signed the contract, currently.347 billion yuan still did not confirm the scale in the income producing 6,100 thousand yuan. Although 2010 revenue recognition WangDa order is countries the peak, but the following three factors will ensure that the company's sales income from priorities in 2011 remain stable and slightly growth: SGERP engineering to SGC intensive and deepen the application is given priority to, from investment than before, will not have an apparent decline in general average level two years before the equivalent of about 70 percent; The 2011 company will begin charging software system maintenance service, we estimate that amount may be in more than 50 million; Rural reconstruction will launch a huge market demand, expand the overall scale of power market at present.

The 2011 business focus turned to power the market. In addition to the outside, financial software in asset management, supply chain, etc have mature solution. The 2011 company business focus turned to power generation, we think the market in 2011 generation producers sales will have more rapid growth, while under the influence of scattered clients structure, sales rate may rise further.

Give "buy" investment rating. According to the current company's latest 2.60 billion equity, not consider HKV mainly annual income, we forecast real estate 2011 the 2011-2013 respectively the fully diluted EPS for 0.94 yuan, 1.31 yuanhe 1.87 yuan, corresponding to the 2011-2013 respectively for 26 times dynamic p/e ratio, 18 times and 13 times. Give "buy" rating, according to the investment in 2011 to 30 times PE, 12 months reasonable target of 28.2 yuan.

Risk warning: electric power industry signed new orders below expectations risk; Core staffs loss risk. (wide hair negotiable securities (000776))

Wuhan ZhongBai (the 000759) : performance slightly below expectations increasing

By 1Q2011, company outlets, including ZhongBai reached 702 family home, ZhongBai 163 storage supermarket and surface, department stores and supermarkets 534 family home. Single quarter of 23 new outlets the families, with the storage supermarket increase nine, convenience supermarket 14 home. The company currently remain stable and development of denotation, we believe the faster speed as the 2011 August company of the logistics distribution center construction investment is used, will effectively support company, which further extension expansion must adhere to the further expansion of the supermarket formats scale effect. Report period year-on-year rise, the company integrated c.m 30k percentage point to 18.62%, largely due to the continuation of the products 1Q2011 brought in proportion improve straight gross margin, we think with future ascension, and the expansion of the scale of higher margin of good help BianMinDian speeding up, c.m still have improve space.

Artificially, rental costs rise, during 1Q2011 MBT Fanaka significant 0.46 percentage points

During the period, our company 1Q2011 rise faster, achieve significant 14.67% year-on-year increase 0.46 percentage points. Including sales/management/financial fee for 11.14% / 3.35% / year-on-year change respectively, predictive within 0.7-0.85 / - 0.35 / - 0.07 percentage points. Company sales rate have relatively substantially rise, the main reason is the employee wages, welfare increased labor costs and higher overheated personnel loss also resulted in recruitment, training input costs increased. In addition, the new open stores rent rises also increased company rents cost pressures. And the company is mainly due to financial costs decline in February 2010 to raise funds, get the match has won more interest income cause.

We think CPI high cost pressure after transmission to the MBT Sawa supermarket now gradually listed companies, this is a gradual process, so future appeared during the present condition should be significant slow rise.

Maintain increasing rating: we maintain company 2011-13 years EPS respectively 0.46/0.58/0.75 yuan in 2010, the forecast for the next three years, CAGR26.7 % base price target for six months 13.80 yuan, corresponding 2011 30 mbt shoes usa times price-earnings ratios of main business. Because at present, the company is still in the extension expansion, the future high-speed period second venture will lead to short-term profit ability is weak, and the supermarket sector overall face higher labor costs double pressure with store rent rises. In the present retail sector have band during sexual rebound opportunity, we don't recommend beta values smaller supermarket plate as rob rebound varieties, maintain increasing rating. (everbright securities TangJiaRui)

big adjustment inoculation big opportunity

Reiterated core investment logic: big adjustment inoculation big opportunity. Last year the company has experienced strategic adjustment, development strategy of the four by "1 + 4 + 1" adjustment for "two wheel drive, Japan, innovation management, spanning development", the company level for huadian group raised secondary unit, with Chinese electricity 601179) cooperation, plus (the company's extensive technical reserves and constantly optimize the management structure, guodian south since entering the great-leap-forward development. 2010 performance than expected initial display strategy transformation effect, the nextMBT Fanaka few years the company is expected to remain more than 40% of the strategic adjustment of the compound rate, the big opportunities conceived.
A quarterly off-season features, with annual can still high growth. The 2011 quarter, to achieve the company income 4 billion, up 11%, realize the negative net 191 million yuan, 45.24% year-on-year, realize the negative net attributable to the parent company owners 2.13million year-on-year growth of 3.9 percent, earnings per share for 0.007 yuan. By a second equipment enterprises, the company is the traditional slack in the first quarter, with a quarterly off-season features new receive orders because last year in recent years, expected annual peak can still keep high growth.
Comprehensive c.m a high rate level also higher MBT Sawa gross margin, quarter for 30.4%, comprehensive higher than last year's 27.98%, explain the company product structure and process control the optimization effect is obvious, product comprehensive profitability is good. Quarter sales rate for 17.48%, management fee, due to 17.29% cardinal relatively low income, making higher level relative in significant.
Management fee of high is mainly from the original company operating mode of the branch (division) model into a parent and subsidiary companies mode and increase scope of consolidated financial statements. Financial use rate is also 7.61%, higher level, the company issued 7 billion short review securities, adopt various financing means to reduce the financial costs.
5 billion invested in construction of jiangning) since (south guodian intelligent grid industrial park. Guodian south jiangning) intelligent grid since (industrial land area, planning to about 319 mu, and building area is about 23.9 million m2, the project total investment is expected to 500 million yuan. After the completion of the project will mainly devotes to develop intelligent power system, intelligent power system, intelligent substation system and other smart grid equipment, and information security, content online, reactive compensation, new energy access system of new industries. Expected 2014 can realize operating income (not including tax) 24 million yuan RMB, the investment capital is recovered in a 520 (including 2 years construction), financial internal rate of return for 29.41% increased).
Add endowment south since colin company. The south since will hold power meters (55%) equity assets expected shares (in real 6.7 million evaluations shall prevail) and cash to colin company 3,730 yuan endowment. Colin company is a wholly-owned subsidiary, south since the main business of urban sewage treatment and industrial wastewater treatment projects, analyze instrumentation sales etc. Expected 2012 sales income may receive 1.213 billion yuan, financial internal rate of return for 20.21%, dynamic investment payback period is 4.21 years.
Maintain buy rating, target price of $40. We maintain the earnings, mbt shoes usa expected 11 years respectively - 13 years EPS 0.62 for $1.50 and 1.01, 2010-2013, expected for four consecutive years, giving more than 50% compound growth after the 2012 diluted 40 times PE, corresponding target price of 40 yuan, maintain company buy rating. 10 years of PS is only 3.71, industry average PS 11.5, value is low, and net profit exists improved market space.
Share price catalyst: intelligent grid, new energy, energy efficiency, out of stock policy (ZouHui) Orient securities institute

The pharmaceutical industry

TianShiLi quarter net profit attributable to the parent company owners 22.3 billion, MBT Kisumu2 a year-on-year growth 138.79%, corresponding EPS to 0.31 yuan.
Investment points:
1 quarter operating performance relatively good. This year 1-3 months to achieve the company revenue reached 1.373 billion, an increase of 38.13%; The net profit attributable to the parent company owners 22.3 billion, 138.79% year-on-year. Sell tianjin business remit deduction about 627 million shares, net profit after-tax net income factors about 45%, sales year-on-year rise, and significant financial expenses drastically reduced; .. The pharmaceutical industry, business growth, are obviously ascension. Pharmaceutical industry, quarter leading varieties in basic-level demand dropping compound danshen authentication driven with the FDA peatlands and is expected to reach a value of about 20% MBT Fumba growth in global, 11 end will start FDA3 stage clinical trials. Second-line products, raise serum brain particles, water LinJia and yiqi complex veins is a fast growth of plenty licensing injection, etc, the next three quarters will keep growing rapidly. Pharmaceutical business is expected to more than 40 percent year-on-year growth in gross margins remain stable; .. Flu vaccine may be expected as the second half new contribution income. Treatment mild-to-moderate cerebral infarction of salvia miltiorrhiza polyphenols acid and used for acute st-segment elevation myocardial infarction urokinase recombinant human has won the administration's approval before the new drugs, expected in August 7 - urokinase through GMP acceptance, and the unit flu vaccine, which is expected to three new product will soon start selling; the second half Maintain strongly recommend rating. Compound danshen pill that future will continue to benefit from the FDA, raise serum authentication promote brain particles second-line product rapid growth not decreased, product is about to begin harvest, group chemical medicine assets, such as injection may further determines the growth prospects. We expect the company 11-13 years of EPS 1.59 1.32, respectively, compared with $1.95 respectively, 20% and 23% growth 51%, maintain the strongly recommend investment rating.
Risk hint: compound danshen dropping very big, company's overall performance cardinal maintain mbt shoes uk high growth has the certain difficulty. (

shanghui development after

Two consecutive "a word" stop, shanghui development (after 000895) finally wait to bold copy on the bottom of the funds. Yesterday, shanghui development potential of the cease drop stop, closing at a session of micro fall on 0.38%. Round-the-clock change hands, mbt shoes sale clinch a deal amount up to 34 astonishing in billion yuan, the shenzhen two city and the flow of more than 9% chips easy advocate.

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Huge deal between agencies, is behind for different operation. Remit Released in MBT Panda after-hours trading shenzhen public information display, April 19th to April 21st, shanghui development before the total amount of five buy four seats for institutions dedicated seats, aggregate net buying amount 6.4 billion yuan.

But more than sell bought. The data shows, shenzhen in some institutions margin at the same time, there are some institutions but fled cries. 19 to 21 daytime, shanghui development of top five seats in total sold are orgnaization, net selling amount 13.3 billion yuan as. Among them, the maximum amount of net selling a institutions seats sweeping "sale" shanghui 6.3 billion yuan, the amount equivalent to sell buy institutions seats four combined.

Shuanghui development of the price in three day in about 60 yuan, 6.3 billion yuan of selling amount equivalent to 100 million shares. Shuanghui development in March 2010, Numbers of holdings inc. shows the number of nearly 1,000 shares have industrial trends fund organization, fine fruit dovish 1294 million shares fund 1227 million shares, industrial global vision fund 1015 million shares, debbi Ann stock (love base, net, information) fund 995 million shares, bo theme when fund 8.8 million shares, etc. Industry insiders accordingly guessing, sale in the institutions of the fund.

Of course, buying fund also has a buy reasons. "After two successive company considered crude,MBT Staka shanghui share price has dropped from the value, so the resolute choice margin." A heavy storehouse of fund holding shanghui development because insiders told reporters yesterday, share prices sharply lower early plate to remit goes high, its open part margin chips have to earn money.

See more decentralized shanghui research report, not a few. Securities says, shanghui present an actual controlling shares are already approaching $56's offer, continue to crash is unlikely.

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But, for the second quarter a-share pessimistic fund managers who wished also.

Fund manager LiuWenJun mechanism to growth, said clearly for the second quarter cautious about the stock market.mbt shoes sale "Policy tightening the tone in the second quarter may not change, market ascendant space is limited, may last concussion pattern."

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Theme fund comeback is good indicated that represent the new fund outside the capital, such as are issued XingQuan green fund, the vice general manager, said they XuTianShu emerging industries more attention, mbt sandals sale with special focus on the environment of green investment has increasingly become an important concern for responsible investment direction, green investment will attract more and more attention of institutional investors.

The current economic transition period of time, "under 1025" on energy conservation and environmental protection, new material, new energy and otherwise emerging industries constitute 8% rise in GDP, which means 2015 emerging industry about 4.3 trillion yuan added.

Joint venture fund favored bond market opportunities

he announced that the company

Sino-us joint of the yankees dexin lightstar bulletin, he announced that the company Chinese shareholder everbright securities (601788) to foreign shareholders protect dexin investment management limited company transfer everbright protect dexin 12% stake. After the completion of the assignment, the parties shareholder shareholding modification for everbright securities holding 55 percent of the shares,mbt shoes sale protect dexin hold 45% of the shares, the company is issued everbright protect dexin credit add benefit bond fund.

Fund manager LiuXin said. "in addition to credit debt 2011 investment value,mbt sandals sale he remains optimistic that the short term credit debt existing investment opportunities, structural with periodical long term credit debt is expected to usher in golden decade". Based on "adjusting structure, promote transformation", the probability of future intensive interest rate hikes, the country will adopt less means greater diversity of macroeconomic controls, rather than rely on monetary policy, this is the bond market provides investment environment.

Finally based on base civilian character, cathay Pacific prosperous country people safe, MBT Habari, analysts say, rapid expansion in icbc geomantic turn by turns, performance persistent became worse, investment style is also, ordinary investors seriously relies on personal strength pick up good foundation is never easy, FOF type brokers financial product has the best tool to fund investment. Brokers on the market at present, more than 30 FOF only benefit "become" king FOF faction performers and anti-risk ability the strongest. Its annual report showed heavy warehouse holdings of Chinese businessman shengshi growth (love base, net, information), Chinese businessman dynamic alpha (love base, net, information), debbi Ann flexible configuration (love base, net, information), income was 38%, 25%, respectively by 16%.

stocks line no less active degrees

Yesterday in "who carried car"? Soros suspected

"From a quarter on time look, most of the company strategy is concussion uplink, gradually eliminate the sharp downside risk to begin gradually after positions." 71 said that although history is high positions against index fund, from operating Angle also represented the fund manager is valued hind, if not heavy warehouse, but who is the rise yesterday in "lift car"?

The mysterious incremental funds, considered A 71 May come from two aspects, one is the property of tightening measures should make capital gradually into A shares, this part believe there is A trillion above. On the other hand, yuan appreciation speed, broken 6.53 amounted to record highs, will also allow international hot money tether in a-share market. "Not recently, soros, a news said Rogers of those big shots mbt shoes sale are bullish on the Chinese market?"

To buy shares now 32 again carefully selected consumer sector

"Market shake up 19 points, differentiation will continue." Haitong securities (600837) zhongshan 3 road analysts YuanHao tells a reporter, steel shares rise continuously, brokers shares rallied all showed that market inner do as much energy remains relatively good level. Now investors can underestimate index, actively do more than a stock, along with the market, in the middle of the second quarter are expected to index will reach to 3,200 point first, when investors should partial cautious, completes the defensive strategy. Breed of continuous adjustment, MBT Fumba. Suggestions on the big spending two quarter attention.

Another chongqing private personage laojin had also noted in a star trend K line meaning, proper control of reason, avoid chase high position can, need not too panic. Yesterday he told reporters, grail attack on small Yang, but in five, 10, pressure rendezvous place,mbt sandals sale stocks line no less active degrees, harden far above drop stop number techniques. Laojin think, short term hope grail not immediately attack on probability changyang county, was more likely or shock after gaining continue to go up. Anyhow strategies do more than give priority to. Stocks can the big consumer attention chongqing plate futong jun pavilion, pharmaceutical stocks

before chief in several brokers securities issued by report

Fund more than 88%, history position had several already plunged 90% position yesterday rose 19 points... Unknown capital listed

Fund 88% of position, has been reached that is big market drops! 2009 July 29, last November 12 are fulfilled. "88 spell" power is a more fierce. Yesterday, the fund of the latest data out of position, quarter 11 fund position reached 90%. Don't be afraid, mbt shoes sale Dan didn't fall yesterday not rose 19 point yet, is "88 spell" failure, there are still unknown to a-share funds in March.

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9 don't fall into position is worth good research

"Usually fund positions upon reaching 88%, means that its holdings, a already approximation cap funds available because fund much for the market outlook; 2 it is fund, this is often consistent optimistic." the precursors plunged Contrast the statistical data and the disk performance, chongqing jun kai private would wonder 71. "Fund positions achieves 90 unexpectedly become normal! MBT Kisumu2, It's new problem worthy of study."

Statistics show a quarterly, yesterday disclosure of nine fund company, involving the 28 only except two open-end fund, is still in the warehouse period only fund stock positions inadequacy 60% outside, the rest are 26 fund stock positions over 70%. 11 of them only fund stock positions over 90%. Stock positions is highest is Yin yankees lead (love) strategy, net, information at the end MBT Salama, of the first quarter of this fund fund, stock positions, but only 94.07% end up positions 76.36%, quarter nearly 18 percent range.

returns net redemptive rate

Yesterday, the "disturbing" to fund the 000895 remit development (finally shows signs of normal. Following the April 19, after the resumption of for two consecutive drop stop, closing at $62.90 yesterday, drop for only 0.38%.

 

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Previously, the community shengchuan large fund investors holding back the development of heavy storehouse to remit, but there were no authority fund data evidence. Currently the fund a quarterly disclosures unveiled the events of an iceberg.

 

The securities daily fund weekly according to statistics showing wind, as of yesterday, the reporters accessed in the fund already disclosed a quarterly, there are 12 fund in 10 heavy warehouse shares, including dacheng appears to remit development is accounted for only 8 (including 1 for closed-end funds), other four only one for the wide hair negotiable 1 only, changsheng 3 only. The securities daily fund weekly observed, all 11 open-end fund, in addition to the wide hair negotiable strategy selection (love base, net, information), changsheng growth value (love base, net, information) quarter 3.98%, respectively net explain buy outside, the rest 0.77% are only net redemption in September.

 

Last year, four seasons newspaper showed a fund of funds will shanghui development 56 only 10 heavy warehouse shares into. Fund all the shareholding annual disclosure by 2010, shows more than 160 fund holding shanghui development.

 

The securities daily fund weekly according to statistics showing wind, dacheng department 7 fund heavy storehouse, and they are all holding shanghui development net redemptive, total net in redemption rate for 12.28%. Dacheng strengthening revenue net redemptive the highest rate, for 51.66%; The quarter's share of the net to redeem the bonds have released quarterly mixed type ratio for secondary fund 6.07%. And last December 21, shenzhen growth of the newly established 40ETF (love dacheng, net, information), connecting fund net redemption rate in the first quarter for 22.46%.

 

March 16, shanghui development began on April 18, by the suspension, 34 days, mbt shoes sale suspended. According to the end of last year, according to information wind has 164 fund holding shanghui development.

 

The securities daily fund weekly information statistics show, according to wind already unveiled a comparable quarterly reports of 258 fund, 327.98 million copies in the first quarter net redemptive 4.87%, net of redemption rate for;

 

Among them, 80 only common stock fund quarter 118.71 billion of net redemptive for net redemption rate for, 4.39%; 9 only balance mixed fund net 24.51 billion in the first quarter of redemption, net of redemption rate for 3.91% respectively; mbt sandals sale 7 only partial debt hybrid funds 10.49 billion of net redemptive, net of redemption rate of 5.58%; 45 only slant hybrid funds 45.09 billion of net redemptive, net of redemption rate for was 2.78%; 7 only enhance 6.98 index fund net redemption, net of redemption rate billion for 4.49%; 27 only monetary fund net over 84 million copies, redemption rate of net redemption 6.68%; 23 mixed bond-based level 6.05 million net redemptive fund redemption rate of 4.26 percent year on year, net for; 31 only mixed bond-based secondary fund net redemptive for 24.12 million copies, rate of net redemptive 9.61%.

 

And heavy warehouse shanghui development of open-end funds, only 11 except in quarter negotiable strategy optimization and changsheng growth value outside, 9 only net redemptive encountered. Specific perspective, wide hair negotiable strategies optimizing quarter net explain buy rate for 3.98%, changsheng growth value at the end of the first quarter compared 0.0822 billion late last year and only a net explain buy, net explain buy rate for 0.77%. The rest of the development of 9 only retain shanghui, from net redemptive fund share on look, dacheng sunell (love base, net, information) lead fund quarter net redemptive most, for 14.94 million copies; Secondly, changsheng tongde (love base, net, information net redemptive 8.58 million copies), dacheng value growth (love base, net, information) of 715 million in net redemptive, dacheng strategy returns (love base, net, information net redemptive 4.6 million copies).

 

Other four fund in contrast, dacheng core hybrid (love base, net, information net redemptive 1.95 million copies), dacheng strengthening income 146 million copies of net redemptive, dacheng aggressive growth (love base, net, information 0.623 billion of net redemptive), changsheng innovation pioneer (love base, net, information entropy million copies of net redemptive).

 

In addition, last December 21, shenzhen growth of the newly established 40ETF connection fund unparalleled 7.03 million copies in the first quarter encountered the net is redemptive.

 

But look from net redemption rate, in addition to fund JingFu (love base, net, information) MBT Staka outside 11 only (including dacheng 40ETF) fund shenzhen growth, dacheng strengthening the highest rate net earnings for 51.66% redemption.

 

In addition, dacheng strategy for 22.81% returns net redemptive rate 40ETF connection, dacheng shenzhen growth rate of net redemption 22.46%, dacheng sunell leading 19.27%, rate of net redemptive power net redemptive metasynthetic core double 19.04%, changsheng rate of tongde net redemption rate was 9.56%, changsheng innovation pioneer 5.96%, rate of net redemptive unparalleled value growth rate of net redemptive adverse net redemptive, dacheng aggressive growth rate of 11%.

and the company of 56 yuan are very close

After two consecutive "one" the word is drop stop, yesterday shanghui development (000895) peatlands open drop stop board. This stock call auction fell less than 5%, when once after opening down more than 6%, but was quickly pull up, ended just fall 62.9 yuan, Tory burch outlet 0.38%, quote rate of change a hand to clinch a deal, all-day 9.2 33.97 billion yuan, clinch a deal the forehead after June 29, 2007 the 48.09 billion yuan. Although shanghui round-the-clock has been on a green dish operation, but because low open, high to go out in a Posting on K line roots peatlands positive line.

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After our newspaper, reported widely expected if shanghui Christian Louboutin Boots Sale, yesterday continue to drop stop to 56.83 yuan, and the company of 56 yuan are very close, and an offer at this price level will have strong support near, there might be will open drop stop. Therefore, shanghui yesterday's performance also not too abrupt, but pan and not touched drop stop strong still beyond market expectations.

the fund share appear larger

Yin monetary redemptive most

 

In fact, the fund at the end of every year in order to expand the scale and get a good size ranking,,Christian Louboutin Boots Sale, often at the end of the scale of monetary fund assault ascension.

 

And from the above nine fund company's share of its funds rate in the first quarter, the fund share appear larger see falling more for monetary fund, only 8 monetary fund totaling reduced 72.725 million copies of the account for almost half of 151 billion copies.

 

Among them, the mechanism to fund its currency B (love and the mechanism, net, information), by the largest share of the rate of December 31, 2010, this fund share is about 65.489 million copies, March 31 date of 61.558 billion shares decreased, left 3.93 billion copies of 94% fall proportion.

 

Meanwhile, Yin A (love base currency, net, information) share of down about 10.473 billion. By 16.419 billion share about the proceedings, and of ending March 31, its share is about 5.946 million copies 63.785% decline.

 

Collect data shows, wealth, and by the end of last 855.4569 total size for the mechanism to fund than billion yuan, the company of fund of negotiable, ranking eighth 832 million yuan. If the mechanism to fund the year to the first quarter and reduce minus Tory burch outlet the mechanism to fund fund shares, so the total by the end of last less than 800 million yuan, the scale rankings will fall to following behind the fund.

 

In addition, thousand currency (love base, net, information) share 38.002% declines up. March 31, 21.47 million copies of its shares for late last year, compared with reduced 13.16 million copies. Day to day employing currency (love base, net, information) decline of 2.669%, March 31, its share for is 0.155 billion copies.

 

However, there are funds inc. monetary fund share gain growth. Under the vote cast Morgan fund monetary B share increase extent Morgan 12.249%, vote for A rising currency Morgan had 5.942%; Galactic fund its galaxy silver rich monetary A (love base,Tory Burch Flip Flops Sale, net, information) growth rate of 249.218% 1.175 million copies, share for.

 

Insiders said, in addition to expand the scale JiJinWei and earlier this year, because of monetary fund yield significant capital flows, made part of the operation is more stable monetary fund.

the data suggest that the first quarterly

Yesterday, Yin fund company, galactic fund company and xinhua fund company etc nine fund company's first released the Tory burch outlet fund in 2011, the data suggest that the first quarterly reports this year, the fund share loss, lasted since last year old fund share shrink trend.

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The data show that by the end of 2011 on March 31st, the nine fund company's 83 fund,
Tory Burch Handbags Sale,only 19 fund share did not appear decrease. The above 83 fund accumulative total share 1750.886 million copies, approximately compared to December 31, 2010 1901.929 million copies of the three months of 151.043 billion accumulative reduced the ratio of 7.94%.

The industry has been widely sometimes

In fact, this is not the seller was questioned the independence of the research for the first time.,Christian Louboutin Boots Sale, Due to the seller's research report should also service, this leads to internal and external with the other business department, institutional investors and between the listed company and there are different levels of interest relevance. The industry has been widely sometimes institute and investment banking, between the interests of investors and institutions between conveying violations.

The seller and study on difficult diffusion

Due to the seller's research, the domestic various industry chain roots research methods of preciseness, research scope coverage than such many academic research institutions often more professional, broad. But its right to national macro policies, entity economy operation as well as public's influence and discourse still far insufficient.

Citic securities (600030) research director, said: "this has XuGang brokers research is the most expensive research,Tory burch outlet but overflow benefits also too low, public media edition by university scholar, still, government officials and overseas large done." voice occupy While many studies institute interviewed all think, with China's economic strength growth, brokers research institutions influence beyond the capital market, and develop shall be to government and in all sectors of the economy in decision-making.

"The premise is to ensure that research independence." Shenzhen institute of a large state-owned brokers said.

Operation mechanism should change

Compared with the tangle of interests, as brokers in the seller, the buyer wealth management Tory Burch Heels Sale, business rise again coruscate gives the second study of spring. Meanwhile, the Hong Kong market based on the overseas research appears gradually over business.

Cathay Pacific prosperous country people safe

Industry insiders pointed out that under the new situation, the traditional business development mode seller study facing ideas conversion pressure. Cathay Pacific prosperous country people safe, following securities, Shanghai securities and a number of brokers internally gradually construct the buyer wealth management research institute, meet the needs of the business. Meanwhile, following the United Nations ShenYin after several Tory burch outlet brokers such as China international discourse will also begin to seek listed in the target.

"In the next 10 years, should be focused on building the international research team, services in global capital with international standards." The manager said: "because brokers to global macro data involving relatively late, inadequate experience, research on the macro to overseas agencies should also learn."

Overseas institutions to Chinese asset allocation step by step, British and American hedge funds are recruiting China analyst, plus capital output rise ceaselessly, all these efforts for the local agencies to international provides conditions. However,Christian Louboutin Pumps, Tthe real qualitative change RMB internationalization and China depends on capital market opening-up process.

"China's economy is facing the global competition, and see the global economy and capital market trends, cannot predict and judge to China's economic and capital market trend. So, after the financial crisis, we are still not 1t,ory Burch Boots,because no global business, no global competition." XuGang says, "research domestic enterprises, also need to refer to the price in the international market fluctuations, supply and demand in the next 10 years. To get the Chinese and global research discourse right and pricing, only in ascension research levels unremitting efforts, research institutions need reference overseas investment banking operation system, affects domestic funds from international capital to lead

Fund announcement a word express daily

The wind, wave is not flat since it's a seller's market research recently portraiture.

In supervision department began to investigate China 000009), ningbo baoan (joint (600051) related research report, including a false while the companies, malign securities brokers and sing for institutions involved in the alleged 000895) how shanghui development (sacking. Thus,Tory burch outlet the seller research report once again been independence in public.

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Many insiders pointed out that with the seller research problems exposed continually, also portends its operation mode needs to change: on one hand we should serve internally wealth management business;Tory Burch Flats On the other hand, and institutional investors cooperation pattern requires constant reference overseas investment banking operation mechanism and make research to go out.

Independence encounter challenges constantly

As one of the parties, an uproar ChangSunHuaiYu securities institute to securities times reporters yesterday for a doesn't exist, report the cheer the fund may, this company and domestic most fund company there are cooperative relationship.

"With the enlargement, its remit events sales inevitably affected, short term,Christian Louboutin Boots,the company's share price has good performance to this incident. In by gen the largest is the fund company, therefore, the report timely interention for institutional investors, obvious." sing Shanghai institute of a large brokerage executive director said.

at the end of the first quarter

Huaxia grail selected (love base, net, information) increases on the whole to the manufacturing of the configuration proportion, oil, chemical, becoming one of the configuration of plastic proportion by the end of last year rose to about 5 percent of the 10.51% at the end of the first quarter. Metal, nonmetal and medicine, biological products configuration dynamics, a late last year also has the obvious enhancement, mbt shoes sale and to select small increasing machinery, equipment, instrument industry.

Meanwhile, reduces the picture of great financial insurance configuration of the financial market, China is about 10 percent reduced their Chinese strategy, reducing their holdings to exceed 8 percentage points.

Judging from holdings at the end of last year, China grail heavy commercial bank (601398 storehouse shares), MBT Kamba,construction bank (remnant), everbright bank (601818) at the end of the quarter before exit ranks top, and heavy warehouse shares of bank of communications (601328) configuration number remain unchanged.

However, WangYaWei also said represented by bank valued lower valuations qualified blue chip stocks in the quarter, the choice of reduced their financial insurance industry is the reason, or configuration of the combined, improve combination adjustment. "MBT Karibu, " offensive

According to the economic reference reported

1.5 trillion yuan had accumulated balance the national endowment insurance fund, and not to carry out the corresponding mbt shoes sale individual account. Human resources and social security, vice minister of HuXiaoYi April 19 revealed the above message.

 

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According to the economic reference reported, said this was due to HuXiaoYi currently worker individual account mostly empty account. Meanwhile, as the existing accumulation fund, the value in the price level against the background of rapid rise, MBT Fumba. social security fund is essentially shrink and depreciation of the state.

permanent population over the rural population

HuXiaoYi think social security system, China still exist in the absence MBT Kisumu2, of institutional arrangement, the most institutional arrangements of the coverage is still relatively narrow. "1025" will appear town of permanent population over the rural population, social security system structural inflection point three topics, namely needs to confront further unity and cohesion formed over the past 20 years, the social security policy Increased level of overall planning, promotion as soon as possible; adjust function fund Speed up the management system of urban-rural integration, mbt shoes sale decentralized public resources. To this, HuXiaoYi puts forward five countermeasures: first, develop priorities for the system from scratch, lost in the existing social security system based on accelerating remedy system framework of short board; Two, accelerating from narrow to wide progress to expand coverage; Three, from low to high, the gradual increase steadily safeguard level, especially redistribution more should notice to fair principle; Four, determined to close, actively promote from rural and urban areas; Fifth, strengthen basic public service system construction.

The national social security fund board director dai xianglong published March 15, 2010 social security funds achieve investment gains 321 million yuan, the investment yields 4.22%, social security fund managed funds for various billion yuan total size.MBT Kisumu, Dai xianglong said that this year will increase entrust the combination of stock investment, stability and increase the stock investment.

Editorial: JiangHaiFeng) (responsibility
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Fund of an ancient name for China heavy warehouse shares at a glance

1.5 trillion yuan had accumulated balance the national endowment insurance fund, MBT Kisumu2, and not to carry out the corresponding individual account. Human resources and social security, vice minister of HuXiaoYi April 19 revealed the above message.

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23 April only fund secrete strands strengthened themselves
Theme in favour payable to fund small cap
Fund announcement a word express daily
[BBS] disorderly city base civilian credible?
According to the economic reference reported, said this was due to HuXiaoYi MBT Salama, currently worker individual account mostly empty account. Meanwhile, as the existing accumulation fund, the value in the price level against the background of rapid rise, social security fund is essentially shrink and depreciation of the state.

HuXiaoYi think social security system, China still exist in the absence of institutional arrangement, the most institutional arrangements of the coverage is still relatively narrow. "1025" will appear town of permanent population over the rural population, social security system structural inflection point three topics, namely needs to confront further unity and cohesion formed over the past 20 years, the social security policy Increased level of overall planning, promotion as soon as possible; adjust function fund Speed up the management system of urban-rural integration,mbt shoes sale decentralized public resources. To this, HuXiaoYi puts forward five countermeasures: first, develop priorities for the system from scratch, lost in the existing social security system based on accelerating remedy system framework of short board; Two, accelerating from narrow to wide progress to expand coverage; Three, from low to high, the gradual increase steadily safeguard level, especially redistribution more should notice to fair principle; Four, determined to close, actively promote from rural and urban areas; Fifth, strengthen basic public service system construction.

The national social security fund board director dai xianglong published March 15, 2010 social security funds achieve investment gains 321 million yuan, the investment yields 4.22%, social security fund managed funds for various billion yuan total size.mbt sandals sale Dai xianglong said that this year will increase entrust the combination of stock investment, stability and increase the stock investment.

Editorial: JiangHaiFeng) (responsibility
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the fund anthology on craftsmanship is provided alone

Fund secrete shares is always reflect fund is an important index stock selection ability, but also related fund won important source of excess profits. Just above 42 fund secrete strands of overall trends to see, and indeed corroborated the fund anthology on craftsmanship is provided alone.

Preliminary estimates show since April, the above 42 fund average rise, 6.13% combing shares the same significantly run win the Shanghai composite index rose 3.37% respectively. However, not all funds secrete shares all run won the grail. Statistics show that since April, combing beating the grail, accounted for only about 23 shares combing the proportion of shares is about 55%. In this respect, fund secrete strands of internal has emerged severe differentiation.

Since April, the crown of 48.69% blessed art house work, become the cumulative best fund, which makes exclusive indestructible shares held its shares day ouzhi innovation fund net 336 yuan pioneer. Meanwhile, luxuriant 600572 triland bei (family and combing period),mbt shoes sale respectively 33.98% surged shares rise 32.48%, become with second and third alone door strands, and make the sole holds rich days ZengLi hui selected growth and long letter dynamic strategy (love base, net, information) fund 3083 million yuan and were given the book float surplus 1,245 yuan.

It is worth noting, though since April benxi steel plate, but due to rising only 13.58% sole holdings of drop Morgan Chinese dominant position is heavier, the fund of the funds the book float since April has as much as earnings government-wide yuan, MBT Fumba.

every become so far won in secrete strands of most book float surplus fund.

But, in the above fund for related fund contributions indestructible shares at the same time, also have profit to lose some secrete shares in Accra, prompting related fund market in the FuKui embarrassing. For example, zhuzhou smelter group cumulative decline since April, apparently ran the same 9.78% lost market. In this situation, mbt sandals sale the shares held separately error value growth fund already appear since April FuKui 2464 yuan book.

Market personage points out, the fund secrete strands of differentiation, more reveals the funds from the perspective of value stock selection unique, and fund differentiation, may also combing shares in a certain extent prompted fund performance appear differentiation.

current inflation to uplink pattern

Has A quarterly disclosures the a-share perspective, only one fund at the end of the first quarter holding and holding more than 50 million stocks have 42, according to preliminary estimates, only 23 of fund secrete shares since April, driving the market run win more than 42 fund secrete shares the same average rise, make 6.13% dwarfed by the Shanghai composite index rose 3.37% respectively.

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Fund of an ancient name for China heavy warehouse shares at a glance (form)
Bank stocks WangYaWei words and deeds do empty differ
23 April only fund secrete strands strengthened themselves
Theme in favour payable to fund small cap
Fund announcement a word express daily
[BBS] disorderly city base civilian credible?
Preference machinery, chemical industry and medicine

By April 21st, existing 474 listed company released a quarterly reports. With a quarterly disclosures, MBT Salama, fund heavy storehouse in owning stocks gradually emerging. In this in, single fund heavy warehouse hold the most compelling combing strands.

Statistics show that by the end of April 21, only one fund at the end of the first quarter holding and holding more than 50 million shares A shares have 42 only. Just this 42 only see benxi steel plate, combing strands 000761) most fund (consumers, although only vote at the end of the first quarter, Morgan China advantage a fund holding, but its sole holding reached 4653.19 million shares, the proportion of shares of the stock at the end of the first quarter, according to price 6.67% prior to calculate, open market value up to 349 million yuan. MBT Fumba. In addition, error value growth (love base, net, information) fund holdings of zhuzhou smelter group (600961), Yin rich themes (love base, net, information) fund holdings of south 300004), the rich shares (hui growing fund holdings of heaven 600503) and luxuriant family ('s Ann balance (love base, net, information) fund holdings of hainan 600238) coconut island (9 fund secrete strands, its single fund at the end of the first quarter of more than 5000 yuan are open market value, to show that these secrete stock especially favored for funds.

Research personage points out, the above 10 fund holding the biggest secrete strands, single fund average shareholding proportion of its non-tradeable shares more than 3%, display fund overall intervention above the extent of combing shares relatively deep.

Just above 42 fund secrete shares to see, most concentrated in mechanical equipment, chemical industry, medicine and biology,mbt shoes sale etc, and display fund like in machinery, chemical and pharmaceutical biotechnology industries mining secrete shares. Specific perspective, mechanical equipment, chemical and pharmaceutical biotechnology industries respectively the fund secrete strands, only 8 and 10 more than 4, accounted for only 23.81%, respectively 19.05% and 9.52%.

Analysts argue that current inflation to uplink pattern, continuously put forward fund mining secrete strands bigger challenges. By fund secrete strands of concentration of industries to see, the fund is prefer mechanical equipment, chemical industry,mbt sandals sale medicine and biology, should be focusing on mining boom of the ascending one business, to obtain super stocks expected benefits.

Secrete strands of apparent differentiation

landing paper pigment ink

HaoYuKun more think more gas mbt uk sale think more hate a cavity sentiment hate nowhere suddenly teether stare orders in the head of a bed hangs to hold the picture the table a feather duster toward back-hand sweep.
Feng hua hua exemplifies the ground after sweeping hilarious huge coalbed still don't rush out again, the wall of hand turned a pull up under the vice months long painted E embrace sickle to implicate hand was shaking hand arm malicious tore but immediately won't budge.
Originally I do not know when E inspect the door hao month stood silently.
HaoYuKun not only  statues and still clearly see two crystal tears line.
Hao wet with tears E stood on the door suddenly a voice called: don't tear don't tear can't tear! Give me the picture to me!
HaoYuKun froze in under the wall at a loss.
Hao months E but side barking side pounced on a corner taken to a live picture scroll kun hello malicious you: jade pieces I you want? This is my portrait mbt sandals don't should be I shouldn't tear tore it! Don't you henceforth really don't want to see my one eye? Hear HaoYuKun stay put under the wall so called E all-women months since situation not to reveal a scroll hands clasped mega unrepentant die gesture. Vice
Hao months E slowly loosen HaoYuKun picture push hands would wipe the tears of bosom mercilessly continued: jade uncle aunt jiukun with an "they are my mother arranged my marriage plot to attempt. Hello silly! Very good losers sneakingly! Apart from me you will not live? If my dead will you go to make a hunger strike? You broke the pen tore painting? And looking upon death as I am not your best friend is you don't know me. I don't have opposed you painting I just said now to do things with economic mind. You can't stop now. Efforts to draw down! You have a talent has the ability to have painting talent! But you can't always sat in the house painted to draw out draw let's characteristic of the epoch times tide not narcissistic. If I die must remember your picture hope you draw tricks draw results. MBT Wingu never because of I but jiukun waste missed his WuDaoZi not somebody else shout you for your sarcasm is the praise! Are you god my female I don't deserve you all mankind love you since don't know how the light treasure your love? You will have a happy family. Forget me I love you but I would not defiled you!
Hao months as crazy as delusion E incoherent waterfalls. Tears suddenly like
HaoYuKun heart such as certanly but he after all to recognize hao months E unfeeling snapping love that reason never XiangShengXiangKe because they believed the demons taught god says that is just a red herring.
He finally set mind on a sentence: quietly asked E told me why you lying? Let's love where not pure?
Hao E stopped crying on the body by live doorcase suddenly back up a pair of red eyes.
The eyes of red silk a sweep of the past with pretty fantastic and gentle eyes shocking fully.
She half bite lips said quietly: jade jiukun I've told you last night if you sincerely like me please allow me to have a free choice. Can say clear love in this world has? Anyhow I don't want to drill cage also reluctant to let you drill cage! In the cage outside fly let's more comfortable!
Said to answer the question. Legendary recommendations reverse rsquo; t.
HaoYuKun staring at hao E excuse the expression cover on a carry hard to love fire destroyed in slowly again cavity stuffed rekindled.
He finally slowly zhang up a pair of arms.
But under a big HaoYuKun but two arms empty.
Hao month figures E flash abnormal quickly disappeared.
Small studio door just dropped a ray of heartbreaking mbt staka