In China stock market, whether to hold stocks or cash in the New Year is a "cliche". However, under the background of bull market and "bubble dispute", this topic still affects the nerves of small and medium-sized investors. The recent ups and downs in the fund market and the accelerated appreciation of the renminbi have made many people extend their perspective from stocks to funds and foreign currencies. For many readers, selling these assets is really a problem. Stock short position? Experts suggest that if you believe in bull market, there is no need to have a short New Year. If investors have already made rich profits in the fields of finance and real estate in the early stage, they can properly consider quitting and leaving behind their burdens for safety; The overall listing will become the investment theme this year. Investors can focus on stocks with related themes, and at the same time pay attention to stocks in the military, consumption and energy sectors. The bull market pattern remains unchanged. "I think investors can hold some stocks for the New Year." Ran Lan, general manager of Jinyuan Securities Shenzhen Investment Wealth Management Center, said that before the Spring Festival, there was a signal of policy tightening in the market. I believe that there will be various tightening policies after the holiday, but these will not affect the pattern of the big bull market. "Under this premise, investors should hold the stock varieties in their hands with a steady attitude." Recently, the China Banking Regulatory Commission issued the Notice on Further Preventing Risks Related to Business Exchanges between Banking Financial Institutions and Securities Companies, prohibiting credit funds from being misappropriated into the market. If illegal loans are found, banks should take full responsibility. According to relevant sources, the inspection will be carried out in an all-round way after the Spring Festival, and housing mortgage loans will become the focus of inspection. Some people associate this statement with the recent "thrilling" decline in the stock market. "As an investor, whether it is a professional institution or an individual, it is very important to think objectively and comprehensively without being influenced by market sentiment. A big rise does not mean a bubble, and a decline does not necessarily bring value. " Southern fund related researchers said that a large amount of funds entered the stock market in the early stage, which made A shares rise rapidly in a short period of time, thus improving the valuation level, and also accumulated some irrational elements in a short period of time, which led to adjustment. Ran Lan believes that the emergence of the tightening signal makes the color of the market game more vivid. On the one hand, domestic and overseas funds are very concerned about the mainland A-share market in China. Under the expectation that RMB will continue to appreciate, the net inflow is still greater than the net outflow, although the speed of capital inflow into A shares is sometimes slow and sometimes fast. On the other hand, some time ago, "hot money" robbed the market index stocks too fiercely, resulting in a relatively high stock index. Therefore, the management must introduce control measures and keep an eye on the most vulnerable links in the whole chain, including investigating the misappropriation of credit funds and personal loans entering the market. "The huge amount of money and the game between the two forces of management made the stock market in 2007 in a state of mutual involvement. Under the mutual involvement are fluctuations and shocks, but what I want to say is that this can't change the trend of the bull market. " Before the stock selection, Liang Feng, director of the stock investment department of CITIC Fund, said in an interview with the media that the current adjustment process of the stock market is rational and also a phased need under the development of the bull market. Weighted index stocks such as finance and real estate have been adjusted before the broader market, and there is not much room for the broader market index to continue to decline. Ran Lan also believes that if it is a bull market that lasted for 3-5 years from last year, then the Spring Festival in 2007 belongs to the "second stage" of this big bull market, that is, "the market will form a big box, and the whole range will move up, and there will be no unilateral rise last year". He said that the whole first stage of this bull market was very incisive in 2006. The first stage is the process of subverting investors' bear market thinking. "When the stock index reached 1800 and 1900, many investors were still worried that the stock index was too high and uneasy, but when it broke through 2000 points, everyone believed that the stock market had turned bullish." Regarding the specific operation of investors, Ran Lan believes that from the general characteristics, because the bull market space is large enough, if investors have made rich profits in the financial and real estate sectors in the early stage, they can properly consider withdrawing and leaving their bags for safety; The overall listing will become the investment theme this year, and investors can focus on stocks with related themes. As for the industries and fields of investment, Ran Lan said that the military industry is the first to be favored, because it has the guarantee of monopoly profits. Secondly, the consumption sector, because consumption can accelerate the future economic development, and food and beverage are the first to promote consumer listed companies. Finally, the energy and resources sector, because energy will become more and more scarce in the future, and the price in the market will become more and more expensive. This sector has been speculated for some time before, so it is necessary to tap companies with medium and long-term value in this sector in the future. "If we regard this round as a big bull market in 3-5 years, as long as the varieties in our hands are not too bad, they will all rise." He added. Redeem the fund? Experts suggest that blindly chasing up and down is contrary to the fund investment method. Since 2004, the net value of equity funds has experienced great fluctuations. Looking back now, those who benefited the most were those who dared to firmly grasp it. At present, investors can pay attention to excellent and high-priced funds, new funds and quasi-new funds; Some citizens with too much investment funds and overweight positions can also take advantage of the opportunity of rebounding years ago to moderately lighten their positions. After the crazy subscription, the fund industry encountered the dilemma of "crazy redemption", and the game of chasing up and down was once again staged in the fund market. On June 365438+1October 3 1 day, the Shanghai and Shenzhen stock indexes fluctuated sharply and then turned down, setting the biggest decline since June 1999. In front of the bank counter that has been crowded with applicants for funds in the past few months, there have been sudden complaints about redemption in recent days. Mr. Qu, who works in a pharmaceutical company in Shanghai, is very regretful. On June 29th, 65438, a friend asked him to redeem the Guangfa Strategy Optimization Fund in his hand. But because he was too busy at work, the stock market fell again and again. By the end of last week, the loss of high net worth had reached 10%. Late redemption is not as good as early redemption, and crazy fund sales have finally caused bad results. From 65438+1October 3 1 the stock market plummeted to February 6 when the management approved the new fund to support the market. In terms of industry, the average daily redemption of equity funds is nearly10 billion. Funds are long-term investment financial products, but an unavoidable question is, when others are short-sighted, will they become victims of sticking to the long-term investment concept? In this regard, E Fund Marketing Department said that since 2004, the net value of equity funds has fluctuated greatly. In retrospect, the investors who benefited the most were those who dared to hold on to it. "Maybe at some point, the choice of selling is right, but when will you buy it back? The bull market has ups and downs. In the process of repeating this choice, who can guarantee that every judgment is correct? " For the citizens who have not redeemed the fund, it is not an ideal choice to redeem the fund now. Yu Shanhui, head of fund research department of Tianxiang Investment Consulting Co., Ltd., said that this week, the CSRC began to issue approvals to several new funds. It is expected that after the holiday, the market capital supply will be more sufficient, and it should be a wise choice for investors to choose positions for the New Year. Shareholders can pay attention to those stocks that have been heavily held by many funds and have fallen sharply in the near future, while the basic people can choose some high-priced funds with good past performance, such as Guangfa Jufu, Shangtou China Advantage Fund and E Fund's strategic growth. At present, the market has entered an oscillating stage. Due to the positive growth of the new fund or the E Fund, the net value of the new fund or the E Fund has dropped to 65,438+a "quasi-new fund" close to 0 yuan. Because the position is relatively light, the sharp drop provides a good opportunity to open a position, and the basic people can also pay attention to it. And some people who invest too much money and have overweight positions can also take advantage of the opportunity of rebounding years ago to moderately lighten their positions. Selling foreign currency? Experts suggest that whether individuals settle foreign exchange varies from person to person. If you have plans to study abroad or travel, you don't have to rush to settle foreign exchange. You can continue to hold "hard" currencies such as the euro and the pound, but you should be cautious when holding Hong Kong dollars, Canadian dollars and Australian dollars. Ready to continue to hold Hong Kong dollars and US dollars, you may wish to choose short-term investments such as speculating in foreign exchange and gold to preserve and increase value. Last Friday, Ms. Zhang of Guangzhou, after careful consideration, reluctantly settled foreign exchange and converted the 1 10,000 US dollars held for nearly three years into RMB. "I bought more than 8 yuan at that time, and now I sell more than 7 yuan, and I have lost thousands of dollars." Ms. Zhang told reporters helplessly. Since 2007, the appreciation of RMB against the US dollar seems to be more violent. From 7.7806 yuan at the beginning of the year to February 8, the intraday record reached 7.746 1 yuan. Based on this calculation, the appreciation of RMB has reached 0.75% in the first month of 2007, and experts predict that it is expected to exceed 5% for the whole year. This makes many foreign currency holders feel confused and uneasy: how to manage foreign currency assets under the expectation of RMB appreciation? Whether to purchase foreign exchange varies from person to person. On February 1, China's "Detailed Rules for the Implementation of the Individual Foreign Exchange Management Law" was officially implemented, and the annual amount of foreign exchange purchased by individuals was increased from 20,000 US dollars to 50,000 US dollars, which greatly increased the foreign exchange "ammunition" in the hands of investors. Recently, the reporter visited several banks in Guangzhou and learned that although the Spring Festival is approaching, due to the accelerated pace of RMB appreciation, the foreign exchange purchase market is still "calm" and the number of people who choose to settle foreign exchange has increased. Previously, because the interest rate of US dollar deposits was much higher than that of RMB in the same period, many people were not in a hurry to settle foreign exchange, but now the situation is reversed. According to experts' calculations, the current one-year spread of local and foreign currency financial instruments is about 2.4%, with an average of about 0.2% per month, which is far less than the appreciation of RMB of 0.75% in the last month, which means that if you continue to hold US dollars, you will lose money. However, Ms. Liu, a financial planner in the personal finance department of Guangdong Branch of Bank of China, believes that whether individuals settle foreign exchange or not depends on different people. During the Spring Festival, many people plan to travel abroad, and some people's children want to study abroad. These groups don't have to think too much about the impact of appreciation expectations, and should keep foreign currency. However, those who have relatively small amounts of Hong Kong dollars or US dollars in their hands and have no need to go abroad should settle foreign exchange as soon as possible. Might as well configure some "hard currency". In the current foreign exchange market, although RMB is more popular than foreign currency, financial professionals remind that ordinary people have a misunderstanding about foreign currency, that is, they think that all foreign currencies are depreciating, but this is not the case. Insiders told reporters that under China's current exchange rate system, only when the exchange rate increase of non-US dollar currencies against the US dollar is lower than the depreciation of the US dollar against the RMB will depreciation occur. At present, the above phenomenon has not appeared in non-US dollar currencies such as euro and pound. Therefore, people can continue to hold "hard" currencies such as the euro and the pound, but be cautious about Hong Kong dollars, Canadian dollars and Australian dollars. Foreign exchange management should be short-term. "If you are prepared to continue to hold Hong Kong dollars and US dollars, you may wish to choose short-term investments such as speculative foreign exchange and speculative gold to preserve and increase value." Ms. Liu, a financial planner in China Bank, believes that the short-term financial management in Hong Kong dollars that banks are constantly introducing can be the first choice for holders of Hong Kong dollars. It is understood that at present, the annual interest rate of RMB half-year deposits is 2.25%, and that of HK$ 2.5%, while the income from HK$ half-year wealth management is mostly between 3.7% and 4%, which still has investment value and can hedge the risk of RMB appreciation to some extent. Financial experts suggest that at present, it is best to choose short-term products within six months for foreign exchange financing.