A-Share Monthly Portfolio:Investment Portfolio Report of June 2016-Maintain a steady and moderate style with a preference for small-cap stocks
摘要: Rateofreturn.Therateofreturnontheportfolioof10goldenstocksrecommendedbyGalaxySecuritiesinMay2016was0
Rate of return. The rate of return on the portfolio of 10 golden stocks recommended by Galaxy Securities in May 2016 was 0.3%, 0.11ppt lower than that of the CSI300 Index. From Jan to May 2016, the cumulative return on the monthly portfolios of Galaxy Securities was -2.7%, 12.34ppt higher than that of the CSI300 Index. From Jan 2013 to end-May 2016, the monthly cumulative return of golden stocks of Galaxy Securities was 331%, 305ppt higher than that of the CSI300 Index and also significantly higher than the 196% rise in the ChiNext Index.
Outlook for June. Expectations are high for the FED to increase the interest rate, and a rise in the US dollar index (USDX) may put pressure on the RMB exchange rate, but domestic factors are still the dominant influence on the markets. The economic recovery trend is weakening, but the policy focus is on reform because of the relatively stable economic environment. If supply-side reform is strongly promoted, investor confidence will be enhanced even if there is a short-term influence on the economic growth rate, as long as there is no systemic financial risk. Monetary policy will focus on stability and on maintaining reasonable and sufficient liquidity, though special care should be paid to fluctuation in the exchange rate and rising credit risk. Whether Shenzhen-Hong Kong Stock Connect will be launched and A shares will be included in the MSCI Index is an influencing factor in the market; high expectations of the inclusion have led to recent gains in A share equities. At the market level, prices have remained within a very narrow range for three consecutive weeks, indicating prudent investor sentiment and a possible change in market direction after the severe decline in 2015, which may lead to fluctuation in the stock index. Investment style should be moderate and stable, focusing on growth and cyclical factors.
· June portfolio (industries). The June portfolio includes 2 machinery and military industry stocks, 1 petrochemical stock, 1 non-ferrous metal stock, 2 electronics stocks, 1 computer stock, 1 electrical equipment and new energy stock, 1 light industrial manufacturing stock, and 1 social service stock.
· June portfolio (companies): Changshan Textile (000158.CH), Chenming Paper (000488.CH), DMEGC (002056.CH), Dinghan Technology (300011.CH), GTIG (002091.CH), HBP (002554.CH), Huajin Chemical (000059.CH), Tibet Summit (600338.CH), Tri-Ring Group (300408.CH) and UTS Travel (002707.CH).
CH,Juneportfolio,Rateofreturn,Therateofreturnontheportfolioof10goldenstocksrec,0.11