We already released statistics of the annual report 17 home

Report the:

Domestic per capita spending remains boost space, focus on quality Tory burch outlet small scenic spot. We are still bullish on domestic travel, particularly bullish on the core city circle surrounding 2-3 hour traffic circle the growth, such small kei chan in significant benefits scenic area will ZiJiaYou, the rise of short swim; Meanwhile attention brought its surrounding traffic improved BaoFaShi growth in the number of urban tourism.

International tourism demand or stabilize, Japanese, Korean tourist arrivals growth is slowing. Recent regional situation by the world local unsteady and earthquakes, tsunamis, nuclear leakage and other natural disaster effects, we think that international tourism demand or stabilize in the second quarter, is expected to outbound tend to be insipid. From 2011 1 Tory Burch Flats Sale, - February data to see, the Japanese tourist arrivals 1.95%, whatever number year-on-year drop from the base or growth, inbound market scale still see low operation interval.

Second quarter valued scenic spot sub industries. We already released statistics of the annual report 17 home. 9 home of listed corporations were realized scenic 21.86% year-on-year revenue; Realize 3.02 billion yuan net year-on-year, 45.19%; Four hotels were of listed companies realize revenue year-on-year growth of 24.5%; Jinjiang shares realize 39.25% revenues year-on-year growth; Three companies catering enterprises revenue 14.04% year-on-year. Combined with revenue scale, gross margin, net interest rates, and the trend of change at the stage of the tourism industry, we think the sub industries investment opportunity sorting is as follows: the scenic area, the integrated Tory burch outlet enterprise, economy hotel, restaurant, hotel industry.

Attention related mark catalyst is expected to cash. With the arrival of the tourist season, we prefer emeishan, huangshan, guilin, etc have spring enjoy flower of the scenic spot theme enterprises, but also is expected in the second quarter attention catalyst cash related targets. We emphatically recommended emeishan (traffic improved + net interest rates ascending), xian diet (positive re-vitalization of assets, deep time-honored brand + expo opening close soon), CITS (officially adopted countrymen may outlying islands duty-free, performance is expected to exceed expectations), guilin tourism (the longji zhuang ethnic terrace, small scenic spot mark longsheng springs growth).

oth the external cause a large release liquidity

In march, the CPI inflation is growing at 5.4% and internal: both the external cause a large release liquidity, external U.S. dollar, with inflows into the emerging countries; Meanwhile crude oil, metal commodity prices even higher inflation, input type innovation more serious; Internal lewis inflection point coming, Labour costs rise, income forced to raise, the overall price hikes. We believe that, Tory Burch Sandals Sale, even if the management through monetary policy and administrative intervention to regulation, the overall price level to maintain high this year trend of very difficult to change, high CPI will be in long-term future existence.

"1025" plan finalized by "big spending in the past," lead is difficult to imagine. Christian Louboutin Evening Sale, China's economic three carriages "investment, exports, consumption, consumption has been ranked last in 2009, with the government invest big four trillion yuan, investment has reached its maximum; Along with the RMB continue to rise and Labour costs rise, export to maintain the fast growth increased difficulty; While China has a global 1/4 of the population, along with the national economic strength increases and national income increase, consumer upgrades and increase will be the main driving force of economic boost China's.

As a consumer standpoint, medicine, retail industry, electrical appliances, food, travel, clothing maintained the growth of certainty. Judging from the 2010 annual report of the listed company, the average growth -- 30% in 25%, but part of the consumer stocks in the past few years have been TunBing, therefore, the organization has been higher overall p. In the first quarter of this year due to the rise of blue-chip big capitalization, funds, consumer stock signs appear metastasis appeared collective drop, average cut at 20%, run lost stock index. But such transfer has investment opportunities, with the arrival of the second quarter, 51, the Mid-Autumn festival, the National Day, New Year's day, consumption industry investment opportunity is coming again.

Maintain high inflation, beating the CPI is today the ideal, all investors are seeking brand of consumption enterprise, will ensure stable prices space and effective capacity expansion, this enterprise is worth us long-term investments. Tory Burch Flats, Remembering the past decade of maotai, yunnan white drug-powder (000538), DongA donkey-hide gelatine (000423) such brands, their growth is the enterprise with Chinese economic and population income synchronization, investment such enterprise overnight, but may be difficult to secure and stable good wealth of Daniel, these enterprises run win CPI is one of the best investment mark.

Shorting kinetic energy has released

Overnight us stocks innovation by high impact, plus market after continuous winners, shortingChristian Louboutin Evening Sale, kinetic energy, yesterday morning session has released two city high jump slightly open, empty in finance, petrochemical, coal, cement and other blue-chip varieties lead bottom, index, but quickly pull litre in rush and then high pressure cast dish slow shocks to the downside. Afternoon grail concussion, two weak after maintaining market in B shares slump, appear under the influence of a wave of plunge quotations. End dish in power sectors such as pull up along the narrow, drop two cities, to closing by Yin line barrel.

Look from technology form, grail has continuous accept out four root Yin line, greatly released zuokong kinetic energy, small periodic technical indicators observation has formed 30 minutes bottom structure. The structure will deviate from market to appear short-term technical support rebound.

Operation Suggestions remain cautious and continue to focus on fundamentals are more Tory Burch Flats, advantage of support blue-chip stocks and benefit from the aviation faster appreciation of the renminbi, new sectors such as low attention already end share the mid-term adjustment should be pharmaceutical, textile and clothing and winemaking etc. Consumer industry opportunities

Open-source securities

Market weak form apparent

On Tuesday, the market plunges below averages support and euramerican market under the influence of unilateral rise, yesterday market highs, continue to shock downside, lowest dip in near 2910 rise. Blue-chip weight shares have signs stabilising winners, but stocks doing not decreased, the Shanghai index downward, continuation adjustment final continue pattern. Plate, 50 industry plate cement, textile machinery, financial, papermaking, electric power industry GongPan barrel, printing and packaging, bicycle industry precede, statistical results fall only 5 home industry rise.

Yesterday financials to index fell space formed certain inhibition, display market still has some funds for offerings action. While previous hot theme shares fall yesterday appear larger, dickon pharmaceutical (600466) is to drop stop barrel, tory burch online has greatly affected market popularity, and the market calorimeter and not shrinking, also hints panic cast dish is still appear constantly.

Take market weight larger non-ferrous, biological pharmacy, real estate, steel also continue to sustain concussion fall, and the steel plate forms in lai steel 600102) and real estate shares (plate zhongtian city cast (000540) drop stop. The disk of a slight window still belong to defense sector such as finance, papermaking, electric power, market weak form apparent. The main do future market power such as non-ferrous, real estate empty if they can't, the reason such as the record low of probability tanabe index also increase gradually. At present market is not very good trading sexual opportunities, so that keep light warehouse or empty camalig wait-and-see should be preferred solution.

Nations HuangXueJun points out

Nations HuangXueJun points out, the securities strategy researchers compared to published listed companies, annual reports and quarterly earnings 2010 found the company occupied 95%, and to the proportion year to the first quarter fell to 79%; In addition, the enterprise cash flow appear slipping substantially by Tuesday, published quarterly in listed companies the 1818-1820, 123 companies cash flow shown negative growth.Christian Louboutin Evening Sale, Listed company a quarterly sharply lower than expected for the enterprise and has sparked concern macroeconomic fundamentals.

HuangXueJun think part of first quarter results, as expected, "quarterly price" become is full of DeLeiZhen, although performance trap bank stocks is not good, but since the Spring Festival published quarterly earnings prices may have in this week is ending. Due to the fast rhythm of issuance of shares, still, gem of the second new could face further valuation regression. But Banks still robust, the bulk Tory Burch Flats, lots stock performance market also won't appear trend decline movements.

Wide hair negotiable securities (000776) that have fundamentals, policy in under pressure, the cabinet and the funds support valuations Shanghai index structure, will stand around 27 - the interval operation, 31 points is worth looking forward to structural opportunity. Which can bring super expected cycle breeds and can fully benefit from the reform of income distribution system will become the bigtory burch online consumer industry investment lines

early yesterday both high open in cement

On Wednesday, quarterly reports of listed companies face haunt a-share shadow, plus B shares the Shanghai and Christian Louboutin Evening Sale, shenzhen stock index afternoon diving both main charge out four even Yin.

Shenzhen index, early yesterday both high open in cement, papermaking, dish of coal, petroleum, brewing under the impetus for sectors such as rebounded, but pull litre didn't get volume to cooperate, index dropped back again, afternoon B shares index diving again, sensitive nerve stimulation of the market, in pannikin, winners of panic again dragged down index closed out four even Yin. At closing, the Shanghai index fell 13.57 2925.41 points, newspaper, drop 0.46% point; 12358.88 points, ChengZhi quote shenzhen 0.72% 89.60 point, drop fell. Small and medium plate means and gem refers to drop respectively 0.94% and 1.64, B shares index plunged 5.33%.

Funds continue net outflows situation, but total net outflows appeared to atrophy. According to the big money flow statistics, yesterday a-share market 61.5 billion total net outflow funds before yuan, A reduction of nearly 30% A trading day. Non-ferrous metal plate for a third consecutive trading day net outflows, high amount of top net outflows 5.74 billion; More recently, the real estate sector performance instability yesterday net outflows funds to evacuate, a billion yuan, in second place; Secondly separately for chemical fiber, medicine, motor vehicles, machinery plate, net outflow in 4 billion to 4.8 billion yuan between; Bank kind, electric power, paper printing, winemaking food four plates net inflows, Tory Burch Flats, but realize funds, which are not the scale of the bank sector also only preeminent net inflows 120 million yuan.

As a listed company annual and quarterly close, listed companies disclose the operation situation surface. High valuation of the gem, small and medium plate company performance compared with the mainboard speed is not advantage, part of the small and medium-sized market value as expected performance by selling consecutive kill cheapen individual stocks.

It also leads to the main index trends appear differentiation, obviously, this week in three day Shanghai index, small and medium-sized board refers to the cumulative fall respectively, gem refers to 3.62%, 6.18%, 2.83% respectively, gem refers to run lose tory burch online market other index significantly.

"Banks, cement, resource" 1 can't be little

 

And if the vision to expand the fund of an ancient name for China, the whole team is the thoughtway abnormal Tory Burch Heels Sale, clearly - which is bringing cycle strands, especially bank stocks, cement stocks and resource shares.

 

The quarter on quarter huaxia overall holdings and compared, can find, ranking top stock change is the biggest is cycle strands of whole location uplift, as well as mechanical equipment and electronic industry open cuts.

 

What quarter, seeking the limelight of "lai treasure strength dongfang electric, cnooc high-tech, served QianChao, China north of gearwheel device, universal car" stocks have been gradually exit the whole of fund of an ancient name for open combination.Tory Burch Handbags Sale,And the construction bank, China merchants bank, conch cement, and technology, pangang vanadium titanium stocks becomes fund of an ancient name for more than one fund under the cross position focus.

 

Especially with conch cement, jidong cement as a representative of cement stocks and with construction bank as a representative of many more become huaxia bank shares the key position large funds. With the corresponding, both what industry for 2011 are the best before the first quarter among five industries. China's industry is evidenced the allocation capability.

 

Other funds: to cycle shares attitude differentiation

 

This view is not for Chinese industries, instead, and widely recognized by the people criticize economic. Such as the quarterly reports published today has many fund under error that sooner or later the limelight, growth stock will return.

 

Error strategy fund in quarterly, "said of the macroeconomic situation uncertainty made it difficult for us to make clear configuration strategy,Tory burch outlet but bottom-up carefully selected stocks is our long-term investment method." The fund that with urbanization and obvious benefit Midwest business enterprise, and have long-term growth potential pharmaceutical sectors such as attractive began to add, will choose some of these varieties firm hold.

 

Long letter fund manager is more showy aodelaisi inc, "said buying aggressively timing may have come".

low stock harden steel shares rose to precede

A day earlier, two city volume nearly unchanged increased, low stock harden steel shares rose to precede, some fund heavy warehouse shares dropped sharply.

Shanghai public information is the first increase in 600894), injure shares (ambitions 600122) Tory Burch Heels Sale, and China high-tech (600007 guomao (). High tech unfolds, except authority sends turn seal harden, public information in the display minmetals securities shenzhen gold and road entrance business large single intervention, liquidity, short line IT chain leading concern. China itc, public information display inflows involvement, the main commercial real estate lease, not rise, not exclude BuZhang opportunity, short term liquidity mining is advisable.

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Shanghai fall before the hainan in coconut island (600238), quarterly not beautiful, share price low open seats at low walk,Tory burch outlet special seats sell. Institutions Enterprise 600511), shares (published quarterly, put huge amount fell, three seats institutions, fund sold special seats, to evade tone warehouse signs.

Wednesday intervention with faith in Tibet

Shenzhen exchanges in the increase in public information before 000717), songshan (shaoguan public information display following its three sales of securities sold sharply, inflows to hype, 1.2142 advisable. Sichuan jiuzhou (000801), continuous two days,Christian Louboutin Boots Sale, public information displays, harden barrel Wednesday intervention with faith in Tibet the securities hangzhou tianmu road, and large single sold yesterday 000776) liquidity wide hair negotiable securities (still in intervention in liaoyang, minzhu road business attention. Short

Shenzhen exchanges a decline of 20% is continuously developing (000895), remit the stock after the resumption of continuous drop stop, yesterday, public information display institutions reason four seats intervention, special seats sold five seats, lean lean, pure event performance damaged yesterday, heavy warehouse stock fund does not exclude the fund self-rescue may trend, to evade.

Taken together, with a disclosure of the quarterly reports, some bad results by the fund heavy warehouse strands of selling, Tory burch outlet investors fund should try to circumvent such varieties.

Causes the stock shares: opening soon firmly sealed harden, public information display inflows countries 000728) securities ($Shanghai hongqiao road sales nearly 100 million fund intervention, and AnRi shares asset replacement, achievement is facing revaluation, quarterly, do not eliminate to be disclosed in advance, short line layout liquidity concerns.

Zhejiang earthquake yuan (000705) : the stock by the eu announced subsidiary drugs authentication,Tory Burch Sandals,peatlands sealing harden, public information display a mat institutions dedicated seats and capital securities shenzhen gold ore large single intervention in the entrance, drug authentication, sales can period by facing revaluation, performance, agencies participate, deserving of attention.

WangYaWei quarter continue to keep a high position strategy

Last night, fund of an ancient name for a quarterly its funds 2011 all disclosure, "one elder brother" WangYaWei fund this year choose a strategy to exposure. According to fund of an ancient name for a quarterly reports released last night, Tory Burch Flip Flops Sale, WangYaWei quarter continue to keep a high position strategy. The combination varieties, its a modest adjustments of the top 10 heavy warehouse shares also appeared greater adjustment. He says, the second quarter before rising stock index is expected to be a promising, will continue to lower valuations blue chip, with property may also welcomed investment opportunities.

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Take a higher position operation strategy

For Chinese market and Chinese strategy WangYaWei quarter, Tory Burch Handbags Sale, two funds, are adopted to remain higher up the operation strategy for combination a modest adjustments do varieties. Two funds have reduced concentration to increase the flexibility of operation and reduce the varieties of defensive, the more inclined to choose offensive stocks. In China the operation, the bond strategy continue to increase, the investment of convertible bonds offensive improved. Combined

Broad remit shares (600256) is still two fund holdings most stocks, and two funds have analyses the influential sharply.Tory burch outlet Ending March 31, 31.5 million shares held huaxia grail huaxia strategy will hold the 1274 million shares, accounting for up to 9.07% and 9.08% than respectively. Late last year the holdings than 18 million shares and the 780 million shares had improved greatly, this shares recent performance is good. For once for its brought doubled earnings JinYu (600086), east WangYaWei again in the first quarter, the stock immediately leapt two funds in second, but heavy warehouse strands finalists.

Shandong HaiHua (000822), baosteel shares (600019) in WangYaWei value, all in the first quarter was for new into two fund 10 heavy warehouse stock list stocks. Among them, the Chinese market, Chinese strategy HaiHua 3210 million respectively hold shandong 11.9 million shares,Tory burch outlet shares and the share prices since the beginning, since the start of ending March 31, enter 33.77% accumulated rise since April. Keep good apparently still And baosteel is relatively common shares trends, since 14.87% early rise only.

WangYaWei quarter continue to keep a high position strategy

Last night, fund of an ancient name for a quarterly its funds 2011 all disclosure, "one elder brother" WangYaWei fund this year choose a strategy to exposure. According to fund of an ancient name for a quarterly reports released last night, Tory Burch Flats Sale, WangYaWei quarter continue to keep a high position strategy. The combination varieties, its a modest adjustments of the top 10 heavy warehouse shares also appeared greater adjustment. He says, the second quarter before rising stock index is expected to be a promising, will continue to lower valuations blue chip, with property may also welcomed investment opportunities.

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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
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[BBS] disorderly city base civilian credible?
Take a higher position operation strategy

For Chinese market and Chinese strategy WangYaWei quarter, two funds, are adopted to remain higher up the operation strategy for combination a modest adjustments do varieties. Two funds have reduced concentration to increase the flexibility of operation and reduce the varieties of defensive, the more inclined to choose offensive stocks. In China the operation, the bond strategy continue to increase, Tory Burch Boots Sale,the investment of convertible bonds offensive improved. Combined

Broad remit shares (600256) is still two fund holdings most stocks, and two funds have analyses the influential sharply. Ending March 31, 31.5 million shares held huaxia grail huaxia strategy will hold the 1274 million shares, accounting for up to 9.07% and 9.08% than respectively. Late last year the holdings than 18 million shares and the 780 million shares had improved greatly, this shares recent performance is good. For once for its brought doubled earnings JinYu (600086), east WangYaWei again in the first quarter, the stock immediately leapt two funds in second, but heavy warehouse strands finalists.

Shandong HaiHua (000822), baosteel shares (600019) in WangYaWei value, all in the first quarter was for new into two fund 10 heavy warehouse stock list stocks. Among them, the Chinese market, Chinese strategy HaiHua 3210 million respectively hold shandong 11.9 million shares, shares and the share prices since the beginning, since the start of ending March 31, enter 33.77% accumulated rise since April. Keep good apparently still And baosteel is relatively common shares trends, since 14.87% early rise only.

ST ShanJiao is one of the winners WangYaWei pressure, statistics show that the stock has reached this year 46.8 rise. This stock although failed to enter Chinese market top 10 holdings lists, but in China, ranked ninth strategy rose compared with the 2010 annual number of shares has not changed. According to WangYaWei consistent operation idea, may also not huaxia grail of its reducing the holdings. According to the annual data, two funds hold the strands of about 16 million shares on schedule.

It is worth noting WangYaWei investment also not barnes&noble.com victory, since last year GuangZheng steel structure (the intervention 002524), level of hongdu ing year to the first quarter 600316 airlines () etc, have been in did not bring excess profits trend. In the fourth quarter of last term 000090), deep tian jian (also not satisfactory, movements last November 9, and fresh record highs this year began to decline, February also dipped below half year line. And in the first quarter of huaxia grail still the influential, holding to 500 million shares.

Bank shares sharply reducing their holdings

From the beginning has been WangYaWei hold a lot of bank stocks, but these stock to fund net value did not bring added value.Tory burch outlet In the fourth quarter last year, from start to construction bank (WangYaWei, industrial and commercial bank of China (remnant) 601398) were greatly reduce their holdings of bank of communications (, 601328), everbright bank (the 601818) immediately. And in the first quarter of this year saw WangYaWei bank stocks has almost vanished from the warehouse, currently remains only in Chinese strategy of them hold traffic bank compared with million shares, without any change ownership annual reports.

For the second quarter WangYaWei believe that with the international trend of the rise in oil prices, input increasing inflationary pressures, but cause domestic inflation short-term factors will be strong administrative measures to effectively control dissolve, without causing inflation. Stocks in the listed company of good results, is expected to be driven by rising slightly. The second quarter represented by bank valued lower valuations qualified blue chip stocks; If not issued tougher measures to even policy of real estate, adjust fully relax somewhat the words of the real estate stocks will have a larger rise space. This fund will be "bottom-up" seeking investment variety, to optimize and actively grasp investment opportunities.

especially bank stocks, cement stocks and resource shares

"Banks, cement, resource" 1 can't be little

And if the vision to expand the fund of an ancient name for China,Christian Louboutin Boots Sale, the whole team is the thoughtway abnormal clearly - which is bringing cycle strands, especially bank stocks, cement stocks and resource shares.

The quarter on quarter huaxia overall holdings and compared, can find, ranking top stock change is the biggest is cycle strands ofTory burch outlet whole location uplift, as well as mechanical equipment and electronic industry open cuts.

What quarter, seeking the limelight of "lai treasure strength dongfang electric, cnooc high-tech, served QianChao, China north of gearwheel device, universal car" stocks have been gradually exit the whole of fund of an ancient name for open combination. And the construction bank, China merchants bank, conch cement, and technology,Tory Burch Flip Flops Sale, pangang vanadium titanium stocks becomes fund of an ancient name for more than one fund under the cross position focus.

the two funds in the top 10 heavy warehouse strands

This year's a quarterly WangYaWei in recent years is probably the most clear "" opinion a.

In the Chinese market, released today in a quarterly huaxia strategy, "said WangYaWei clear,
Christian Louboutin Evening ,promising to bank as a representative of low valuations qualified blue chip stocks"; WangYaWei still further says, if not issued tougher measures to even policy of real estate, adjust fully relax somewhat the words of the real estate stocks will have a larger rise space.

And in the october-december quarter combination, real estate stocks also really become WangYaWei heavy warehouse industries. Tory burch outlet By the end of the first quarter, Chinese real estate stock market 18.79%, the proportion of huaxia strategy to the real estate stock allocation proportion reaching for the industry average, about makes the allocation capability of nine times. But the two funds in the top 10 heavy warehouse strands, no real estate stocks figure.

In addition, huaxia bank stocks in the market has not less than 10 points configuration, the main traffic bank in collocation points at the end of the season, but the bank shares WangYaWei reduced their configuration, the last quarter of construction bank, holding commercial bank and everbright bank stocks such as. All seems a year ago, in a repeat of WangYaWei copied bank shares early in the market, and the overall view of turn good shots large Banks, gradually to sell.

"Banks, cement, resource" 1 can't be little

And if the vision to expand the fund of an ancient name for China, the whole team is the thoughtway abnormalChristian Louboutin Pumps, clearly - which is bringing cycle strands, especially bank stocks, cement stocks and resource shares.