Zhang Yan Min intermediation Fund: market multiple positive is superimposed

Updated: October 20, 2015  Views: 44

□ reporter Huang

October 19 morning, the National Bureau of Statistics released 2015 third quarter economic data: China in the first three quarters of GDP growth of 6.9%, which is China's economic growth fell below 7 percent for the first time since 2009 a quarter of this. , Zhang Yan Min three power facility transition fund manager, said in destocking, under the background of weaker external demand, the economy remains vulnerable kinetic chain, the fourth quarter is difficult to see relatively strong recovery, the economic situation is best made by stimulus GDP remained at 6% -7% level. With the continued loose monetary policy expectations, the market multiple positive factors are superimposed, the fourth quarter will be relatively active stock market trading.

Zhang Yan Min believes that although the September credit positive, but did not timely reflected in the real economy effects, power generation and rail cargo turnover showed the economy is still in the bottom of the kinetic energy in order to hedge the economic downturn, the end of September introduced a car tax incentives and housing Mortgage convenient policy, 'expects steady growth then there are other policies, such as co-ordinating the use of the stock of financial funds, issuing policy bank financial bonds and other infrastructure projects.'

For A shares, Zhang Yan Min said in destocking, under the background of weaker external demand, the economy remains vulnerable kinetic chain, the fourth quarter is difficult to see relatively strong recovery, but accompanied by a continued easing of monetary policy is expected, the fourth quarter of the stock market Trading will be relatively active. With volume steadily uplifting theme chance after another, follow-up should focus on outside capital into the rhythm.

'The current market multiple positive factors are superimposed.' Zhang Yan Min said, the first is market liquidity easing, the recent 10-year bond yields hit a five-year low level, showing that the current market cost of capital is low, so at this stage presents shares double bonds cattle pattern. agency expects year the central bank [microblogging] there will be a rate cut drop quasi expected outlook funds face is still loose, and secondly, 'Thirteen Five' plan forthcoming, expected in the fourth quarter around 'Thirteen Five' plan will be a series of Topic investment opportunities out.

However, Zhang Yan Min that, A shares are still faced with high earnings. Current A-share overall valuation is still 16 times higher than the historical average. Global stock markets were in a downward path, relative valuation of A shares is still the world's major financial markets the most expensive market outlook may concern 'Thirteen Five' plan, state enterprise reform, industry-than-expected quarterly results and Peoples innovative investment opportunities.


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