China Post Core Growth Equity Fund Analysis Report August 2007 10 17:33 Sina Finance
China galaxy Securities Co., Ltd. Research Center Wang Qunhang
abstract
According to china galaxy Securities Co., Ltd. Fund Research Center "China Securities Investment Fund Industry Statistical Analysis Report", as of June 30, 2007, China Post Venture Fund Management Company managed 8.867 billion funds, with total assets of 1 6.263 billion yuan, accounting for 0.9% of the market, ranking 32nd among 57 fund companies in the industry.
The company has not made a big leap in the segmentation and positioning of stock fund products, and continues to design products around the concept of "core". From the first fund-China Post Core Optimization to the new fund-China Post Core Growth, both funds belong to the "core" series. The investment philosophy of these two funds is almost the same.
Part I Product Introduction
Fund Name: China Post Core Growth Equity Fund
Sales outlets: china galaxy Securities, etc.
Custody Bank: Agricultural Bank of China
Issue date: August 65438+3 to August 24, 2007.
Raising scale: 654.38+0.5 billion copies.
Scale control measures: confirmation of the proportion of doomsday subscription applications
Management ratio: 1.50%
Custody rate: 0.25%
Subscription rate:
Subscription amount m
Subscription rate
M < 1 ten thousand yuan 1.20%
1 10,000 yuan ≤ m < 2 million yuan 1.00%
2 million yuan ≤ m < 5 million yuan 0.60%
00 million yuan 1000 yuan each.
Redemption fee:
Holding period interest rate
1 0.5% in a year
1 year (inclusive) -2 years 0.25%
More than 2 years (inclusive) 0
Investment objective: The Fund is positioned as an active stock investment fund. For the purpose of pursuing long-term capital appreciation, we will focus on investing in industries and enterprises with core competitiveness and sustainable growth, share the fruits of rapid economic growth in China, and realize long-term stable appreciation of fund assets under the premise of fully controlling risks.
Investment concept: Only enterprises with core competitiveness can have the ability of sustainable growth, and then obtain competitive premium. Enterprises with sustainable growth ability can bring high growth premium, and then bring long-term capital appreciation. Only by paying attention to the growth quality and comprehensive management ability of enterprises can we accurately tap the core value of the company, reduce the investment risk and ensure the stable appreciation of fund assets with good risk control.
Investment strategy: The Fund fully embodies the main line of combining "core" and "growth" in its investment strategy.
Asset allocation ratio: stock assets account for 60%-95% of the fund assets, and bonds, warrants, short-term financial instruments and other financial instruments allowed by the CSRC account for 0%-40% of the fund assets. More than 80% of the fund's stock assets are invested in stocks with two main lines: "core" and "growth".
Asset allocation strategy: The Fund mainly adopts the "top-down" investment method in the process of constructing and managing the investment portfolio. By analyzing the prosperity difference between the upstream and downstream industrial chains, the supply and demand situation and the change of transmission mechanism, the researchers focus on selecting high-quality enterprises or stocks with outstanding sustained growth. Through the analysis of macro-economy, finance and currency, industrial prosperity and other operating conditions and policies, the industry judgment is revised, asset allocation and portfolio construction are carried out in combination with the securities market situation, and the asset allocation ratio is adjusted in time according to the changes of the above factors. The Fund will continue to conduct regular and irregular portfolio review and risk monitoring, and make corresponding adjustments in time.
Stock investment strategy: in the selected industries, choose those enterprises with obvious competitive advantages, strong sustainable growth ability and excellent quality.
Time limit for opening positions: within six months from the effective date of the fund contract.
Risk-return characteristics: The Fund is a stock fund with the characteristics of high risk and high return. Generally speaking, its risks and benefits are higher than those of money funds, bond funds and hybrid funds.
Performance benchmark: Shanghai and Shenzhen 300 (472 1. 192, -5.49, -0. 12%) index ×80%+ China debt total index ×20%.
Fund Manager: Mr. Xu Peng, bachelor and master in economics, with 10 years of securities investment experience. He used to be the general manager of investment banking department and investment department of Hong Kong and Macao Securities, assistant to fund manager of Yin Hua Fund Management Co., Ltd., general manager and investment director of entrusted wealth management department of Huaxia Securities, and now he is the investment director of China Post Venture Fund Management Co., Ltd. and the fund manager of China Post Core Growth Stock Securities Investment Fund.
Income distribution policy: Fund income distribution shall not exceed 12 times a year; The proportion of each fund income distribution shall not be less than 60% of the realized net income of the fund.
The above contents are extracted from the prospectus and issuance announcement of the Fund.
The second part is comprehensive analysis.
First, the company background analysis
China Post Venture Fund Management Co., Ltd. was established on May 8, 2006 with a registered capital of RMB 6,543.8 billion. The company is headquartered in Beijing. At present, the company has four shareholders, namely, Capital Securities Co., Ltd., State Post Bureau, Beijing Changan Investment Co., Ltd. and Zhongtai Credit Guarantee Co., Ltd., with shareholding ratios of 28%, 24%, 24% and 24% respectively.
According to china galaxy Securities Co., Ltd. Fund Research Center "China Securities Investment Fund Industry Statistical Analysis Report", as of June 30, 2007, China Post Venture Fund Management Company managed 8.867 billion funds, with total assets of 1 6.263 billion yuan, accounting for 0.9% of the market, ranking 32nd among 57 fund companies in the industry.
China Post Core Selection is the first fund under China Post Venture Fund Management Company, which was established on September 28th, 2006 with a scale of 654.38+58.8 million. According to the statistical data as of August 3, 2007, the cumulative net growth rate of the fund since its establishment is 247.48%. After less than a year of operation, it has brought more than four times the income to investors, and it has also returned investors well.
Table 1: Summary of Fund Performance of China Post Fund Management Company
Source: (1) Fund Research Center of china galaxy Securities Co., Ltd.; (2) Deadline for statistics: August 3, 2007; (3) Publication date: china securities journal, August 6, 2007.
Second, the new product analysis
According to the rules of fund classification system of Fund Research Center of china galaxy Securities Co., Ltd., we set that the first-level classification of China Post's core growth fund belongs to stock funds, the second-level classification belongs to stock funds, and the third-level classification belongs to standard stock funds. The asset allocation ratio of the Fund is set as follows: stock assets account for 60%-95% of the fund assets, and bonds, warrants, short-term financial instruments and other financial instruments allowed by China Securities Regulatory Commission account for 0%-40% of the fund assets.
For this new product, we can pay attention to the following four aspects:
First, the bull market in the stock market is still at a new high, and equity funds have gained rich investment returns in this good basic market. According to the statistics of Fund Research Center of china galaxy Securities Co., Ltd., in 2006, the average net growth rate of equity funds was121.41%; As of August 3, 2007, the average net growth rate of equity funds this year is 97.33%. Such brilliant achievements have greatly improved the position of stock funds in the eyes of investors. At the end of 2005, there were 63 equity funds in the market with a net asset value of 85.498 billion yuan. On June 30, 2007, the number of equity funds has increased to 1 19, and the net asset value has increased to 878.627 billion yuan. After a year and a half of bull market development, the number of equity funds increased by 88.89% and the net asset value increased by 927.66%. This situation shows that equity fund is the most popular fund category in the market at present. Among the 1 1 funds in the current market, equity funds account for 48.84% of the net assets of all open-end funds, which is the largest fund category in the current market.
Second, China Post Venture Fund Management Company, as a new fund management company, has its own unique fund product line development strategy. (1) The company keeps up with the development trend of the basic market. At present, only high-risk and high-yield stock funds are the development direction, and we are committed to making a good class of fund products. (2) The former products have good investment performance, which further strengthens the confidence of the company to continue to show its own advantages in stock investment management. (3) Not only that, the company has not made a big leap in the segmentation and positioning of stock fund products, and continues to design products around the concept of "core". From the first fund-China Post Core Optimization to the new fund-China Post Core Growth, both funds belong to the "core" series. The investment philosophy of these two funds is almost the same.
The investment concept of China Post's core optimization is: "On the basis of adhering to and deepening the concept of value investment, through professional research and analysis, actively explore industries and companies with core competitive advantages, stable growth prospects and intrinsic value. Specifically, the concept contains the following meanings: (1) Under the background of global economic growth and global economic integration, China's economy has gained a growing source of power, and in this process, various industries have shown a trend of alternating prosperity. Through professional research and analysis, we strive to grasp the boom cycle of various industries and maximize the investment value of advantageous industries and companies with core competitive advantages. (2) The intrinsic value of a company is the basis of investment. With the comprehensive promotion and smooth completion of the share-trading reform, the institutional obstacles that plague China's capital market have been eliminated, the corporate governance structure of listed companies will be substantially improved, the operating performance will be significantly improved, and finally it will be fully reflected in the company value, and the investment value of listed companies will be highlighted. (3) The sustained, stable and rapid growth of China's economy will obviously benefit enterprises as microeconomic entities. In fact, some listed companies have shown good growth. Investing in these growth stocks can share the fruits of China's rapid economic growth to the greatest extent. (4) At the same time, gain information advantages through professional research, fully tap the opportunities in the incompletely effective characteristics of the securities market, and obtain higher return on investment through proactive investment. " .
The investment philosophy of China Post's core growth is: "Only enterprises with core competitiveness can have the ability of sustainable growth, and then obtain a competitive premium. Enterprises with sustainable growth ability can bring high growth premium, and then bring long-term capital appreciation. Only by paying attention to the growth quality and comprehensive management ability of enterprises can we accurately tap the core value of the company, reduce the investment risk and ensure the stable appreciation of fund assets with good risk control. Specifically, the concept contains the following meanings: (1) Under the background of global economic growth and global economic integration, with the continuous improvement of China's national competitiveness, China has begun the process of re-emerging as a big country. In this process, some advantageous industries go abroad and enter the ranks of global competition. Through professional research and analysis, we strive to grasp the boom cycle of various industries and maximize the investment value of companies with high-speed growth ability in such leading industries with sustainable growth prospects. (2) The intrinsic value of a company with sustainable growth ability is the basis of investment. With the successful completion of the share-trading reform, the micro-foundation of China's capital market has been fundamentally improved. Positive factors such as substantial improvement of corporate governance structure and obvious improvement of operating performance of listed companies will eventually be fully reflected in the company value, and the long-term investment value of listed companies with sustainable growth capacity will be highlighted. (3) With the arrival of stock index futures in 2007, the blue-chip heavyweights in the market have added the function of a new financial hedging tool. At the same time, the blue-chip heavyweights in the market are basically leading enterprises in various industries, and they have become the direct representatives and beneficiaries of China's economic prosperity and industry prosperity. Among them, the long-term investment value of companies with good sustainable growth will be fully reflected in the future. (4) The sustained, stable and rapid growth of China's economy will obviously benefit enterprises as microeconomic entities. In fact, some listed companies have shown good growth. Investing in these growth stocks can share the fruits of China's rapid economic growth to the greatest extent. (5) At the same time, we can gain information advantages through professional research, fully tap the opportunities in the incompletely effective characteristics of the securities market, and obtain higher return on investment through active investment.
It is not surprising that such almost the same investment idea appears, because the interval between the birth of these two products is not long, and the fundamental situation of China stock market has not changed substantially. The basic idea for guiding investment is the essence refined by the market through years of experience, which is similar to "truth" and has a broader guiding role.
Third, because the concept is similar, the investment strategy of this fund also has more overlap. (1) The overall investment strategy of China Post's core value is: "The fund fully embodies the main line of combining' core' and' optimization' in its investment strategy." The overall investment strategy of China Post's core growth is: "The fund fully embodies the main line of combining' core' and' growth' in its investment strategy." (2) The understanding of the concept of "core" is completely consistent between the two funds: "core" includes the company's core trend and core competitive advantage. Through top-down research, from the macro-economic and industrial policy trends, industry cycle and prosperity changes, market trends and so on. , find the core driving factors to promote the evolution of macroeconomic and industrial policies, industries and markets, and grasp the future trends of the above aspects; At the same time, it emphasizes the need to identify the core competitive elements of the company, grasp the core competitive advantages of the company from the aspects of corporate governance, corporate strategy and comparative advantages, and strive to dig out far-sighted companies with core competitiveness. "
At this point, we can clearly see that the previous funds paid more attention to "optimization", which is an optimization in a broad sense. The latter fund seems to subdivide the focus of optimization and pay more attention to "growth", which is the core of optimization, so it can be regarded as growth funds. This product positioning method has its theoretical basis, because with the rapid economic growth in China and the process of system transition and marketization, the market prospects such as industrial upgrading, diversified consumption and accelerated urbanization make more enterprises face high growth opportunities, and investment in growth stocks is expected to better share the fruits of China's economic development. On the one hand, high-growth companies will be given higher valuation premium and imagination space because of their growth; On the other hand, growth companies also benefit from their own growth and quickly become the industry leader, thus giving investors more confidence.
Fourthly, Mr Xu Peng, the fund manager, has profound research background and rich investment management experience. He is currently the investment director of China Post Venture Capital Management Co., Ltd., and his contribution is partly due to the brilliant performance of the company's first fund. Therefore, his management of this new fund should bring better income expectations to investors.
Third, risk warning.
1. The past performance of the fund cannot predict its future performance. The performance of other funds managed by the fund manager does not constitute a guarantee for the performance of the new fund.
2. This fund mainly invests in the stock market, which is risky, and so is this fund.
3. Before making an investment decision, investors should carefully read the prospectus, issuance announcement and fund contract of the Fund.
The third part is the comprehensive star rating.
According to the statistics of china galaxy Securities Fund Research Center's comprehensive evaluation system for new fund products, the comprehensive evaluation results of China Post's core growth fund are as follows:
Table 2: New Product Star Rating Table
-Evaluate the results of project evaluation.
Basic market expectation of new products ★★★★★★★
Charge standard ★★★★
Innovation degree ★★★★
Fund manager's fund performance is zero.
No fund manager
Note: (1) The data source is the Fund Research Center of china galaxy Securities Co., Ltd.; (2) Deadline for statistics: August 3, 2007; (3) Publication date: china securities journal, August 6, 2007. (4) The performance star rating of its funds is based on one-year performance. Due to the late establishment of the company, it is limited to the performance star rating rules of open-end funds in the Fund Research Center of china galaxy Securities Co., Ltd., and its related evaluation is temporarily "None".