GF Fund should be cautious before the market rules of good – fund channel freight truck truffe

GF Fund: should be cautious before the market rules of good fund – heavy truck freight channel Mid Autumn Festival market slightly warmer. September 19th to 23, the Shanghai Composite Index rose 1%, the CSI 300 rose 1.1%, the CSI 500 rose 1.5%, the gem index rose 0.6%. Two financial balance increased by $800 million, the stock of $892 billion 800 million. In the industry, leisure services (+3.0%), architectural decoration (+2.9%) and building materials (+2.9%) gainers. The two industry in the restaurant (+7.6%), decoration decoration (+6.9%) and landscape engineering (+4.6%) performance is relatively good. Subject concept, PPP concept catalytic decorative garden (+3.9%) and placards (+3.9%) eye-catching performance index. Recently, more frequent administrative regulation in September 23rd, the national development and Reform Commission held a coal forum, said recently launched the first level of coal response mechanism. In the first level response mechanism, when the price of steam coal rose to 500 yuan per ton will increase by an average of 500 thousand tons. National Development and Reform Commission said that the current rapid rise in coal prices are not based on the market, it is not sustainable. GF fund asset allocation team believes that the NDRC this move highlights the determination of the coal industry to capacity. To the progress of production capacity is less than expected, the recent rise in the price of steam coal has further restricted the progress of production capacity. Therefore, the development and Reform Commission intends to respond to the coal price adjustment mechanism to a reasonable range by three. September 25th, the Nanjing municipal government introduced the main city housing restriction policy, the purchase of a clear policy. In the main urban area, has 1 or more housing units and non city residence households, shall not purchase new housing and second-hand housing; the city residence households have 2 or more housing, not to purchase new housing. In this regard, GF fund asset allocation team to maintain the previous judgment that the government’s objective is to complete the three or four line of the city to the inventory rather than pushing high prices in a second tier city, so the policies applied by the city "situation will continue. These two events illustrate the recent government regulation has accelerated the situation, investors need to focus on the impact of policy changes on market risk appetite. In the bond market, last week’s concern is the change in the Chinese version of the CDS and CLN trading rules on September 23rd officially released. In this regard, GF fund asset allocation team believes that the second half of the year there are about 2 trillion and 200 billion bonds due, which many in the industry credit rating bonds with low excess capacity, the potential credit default certain pressure. CDS at this time is conducive to the introduction of market risk management tools, the impact of credit events, to avoid the sudden loss of liquidity in the market under the impact of credit. The recommended configuration PPP and heavy truck industry in overseas markets last week, the macro factors of concern is the Fed kept interest rates unchanged, but the central bank raised the yield curve control mechanism. Fed September meeting to maintain the benchmark interest rate (0.25%-0.5%) unchanged, in line with market expectations. GF fund asset allocation team believes that even if the Fed’s interest rate hike impact on the A-share market will be limited A. First, the recovery of the U.S. economy.相关的主题文章: