Wang Qun Air large area of the net stock-based impairment

 1. passive funds

number of standard index fund has reached 58 (excluding feeder fund), except for a small number of funds tracking the same subject, the majority of the Fund's underlying index point to clear , from different angles and at different levels based on market conditions reflect the distinctive characteristics, the basis for our understanding of the development trend of market conditions with a good guide. Last week, the average net loss of such funds rate of 2.05%, all net funds are folded, however, the specific performance of the Fund's net value of the difference. Overall, tracking broader market blue-chip, consumer-based net loss of stock means a lesser extent, track small and medium market category, the mean commodity stocks higher base rate of net loss, and, this phenomenon has been going on for some time. In any case, even if the market outlook style conversion, small capitalization stocks, and related that basis, it is worth a lot of attention is that the underlying reason for itself.

2. Proactive Fund

standard stock type, partial shares, flexible and configurable the main stock market is doing these three categories of funds, the net loss last week's average rate was 4.05%, 3.65% and 3.4%, all the 364 old and new funds, remaining Theme industry when Bo was up 0.05% of the net, the net value of all other funds impairment, flexible configuration of all the funds rate is the net loss of more than 1 %, while only a partial stock funds in a fund's net weekly rate of not more than 1% loss. After the first week of the New Year does not make the Fund does not pay the whole then, the total net value of the second week of a significant impairment of funds, almost three categories of funds that So start, give us the first risk warning, perhaps implying that the investment process in the future there may be more twists and turns. In any case, according to the relevant fund's past performance, from the long, medium and short-term observation of the three angles, choose a good comprehensive performance relative to the long-term investment funds, is always the same strategy.

Wang Qun of China Air China Galaxy Securities Research Department