Don t think about the concept of State owned enterprise reform all these 12

Graphics: Pan Yue

Last week the State Council issued the guidelines on deepening the reform of State-owned enterprises, but instead of buying it in the secondary market, instead of a two-day slump. September 16 market improves, but related topics remained mired in loss in the mire of the Fund, nearly a month or 19.61%, hushen 300 index was down to 18.76% over the same period.

Interface news analysis found, currently on the market with "reform of State-owned enterprises" and other similar keyword named fund a total of 14. Excluding recently has just been established, there is no net wave CPA Central reform stock (001626), as well as mixed industrial State-owned enterprises reform has not yet been established (001623), State-owned enterprise reform theme Fund are as follows:

Thematic funds were once State-owned enterprises hit by the market, "money" effect is remarkable. Certificate in the table is the largest in the rich countries on reform of State-owned enterprises index rating (161026), June 30 reached 56.044 billion yuan. Proactive product sizes are between 203 billion yuan, investment is the biggest State-owned enterprise reform themes mixed funds (001403), size 5.355 billion yuan (July 24).

However, State-owned enterprise reform, "effect of making money" is a disappointment: since the founding of the 12 funds on the table, no one today only yields a positive number. Most miserable mix was Chang sheng of State-owned enterprises reform (001239), since its establishment or 46.6%, on September 16 units worth only 0.53 Yuan, almost halved.

Half of the Fund was established in June this year, described as "untimely": haven't enjoyed a bull market gains, a stream into the offer price below sea level, "falling over". 4 of which decrease since the Fund was established in 30%, including two "high disk access" index funds of State-owned enterprise reform index rating (502006) and card index rating of State-owned enterprise reform in the South (160136). Even State-owned enterprise reform, the oldest of index funds are not sharing enough of the bull market returns. Fu Guozhong card index rating of State-owned enterprises reform (161026) was established on December 17 last year, the cumulative yield-13.3%.

Many stock funds also Decliners, including Bo when shares of State-owned enterprises reform (001277), China Everbright prudential shares of State-owned enterprises reform (001047), ICBC shares of State-owned enterprises reform (001008), since the establishment of decreases of-,-31%,-18.59%.

There are also fewer losses in the collapse of the Fund. These net movements are small, presumably taken low position strategy to cope with the market. Reform of State-owned enterprises such as China Merchants theme mixed funds (001403), was founded on June 29, the net duty rate of change within the 1%, always in a State of light warehouse, making it the least losses since the establishment of the Fund in the previous table. Mix into State-owned enterprise reform (000928) from around August 26 light warehouse operations. Explosion accident in August, imports of Tianjin

Some fund managers believe that SOE reform theme looks beautiful but difficult to handle. Currently new documents are not clear enough on the one hand, reform of State-owned enterprises to form consensus. Poor grasp of the subject on the other hand, more difficult by traditional business cycles, the economy, the competitiveness of companies in the industry such as methodology to analyze.

Sinolink securities chief strategist Li Lifeng interface News said that from the perspective of secondary markets, the introduction of this scheme will lead to marked differentiation. "Gains in many State-owned enterprise reform is very big, that will have high value return process. Event actions are, is next to a selection of targets. "

Li Lifeng believes that future most likely out of the differentiation of two groups, one of Central enterprises "large groups of small companies", spearheads second, Guangzhou, Shanghai and other places. "To narrow down the choices, hold to higher".

"Reform of State-owned enterprises will continue to be an important topic. Reform of State-owned enterprises get out and also get out of the market. But the subject is definitely not align up snap down. "As a result, he recommended that investors choose funds, try to choose something really has the ability to invest in proactive product, rather than" package for sale is the subject of "passive index products.