129773868990781250_9Guosen securities: CSI 300 index analysis on the investment value of securities times mobile phone free www.cnfol.com March 27, 2012 Yang guosen securities Yang interfaces interfaces to view comments in the CSI 300 index component stocks in the national economy occupies an important dominant position, with good performanceActive, generous bonus features and value, covering a market value of around Shanghai and Shenzhen 60%. On February 15, the new Commission President Mr Guo in Chinese listed company Association delivered a speech at the General Assembly noted that, relative to the developed countries and regions, due to the still in the peak period of industrialization and urbanization in China, so the overall growth potential of the listed companies in ChinaLarge, and now the CSI 300 static less than 12 times forward earnings of blue-chip stocks such as times, showed a rare investment value. To investment in the CSI 300 index value has a more comprehensive understanding, we will risk/reward, financial valuation, analysis of industry structure for its three, and representatives and to the market's 100-stocks, represents the small 500-stocks, smallCompare comprehensive means to obtain a comprehensive and objective view. Risk and return: long-term gain sound risk is moderate in 2006 to 2011, the cumulative gains and volatility of the CSI 300 index, 154%, respectively, compared with a card in the card 100, 500, small fully mechanized means cumulative gains of respectively, 124%., 8%, years of income volatility, 31.8%, 33.7%, respectively.
Long term, CSI 300 belongs to receipts in the degree of risk of investment targets, for prudent investors for long-term investment. Since 2008, four quarters, small caps relative to the consistently strong market share, the situation in the 2011 year fourQuarter reverse, representative of the style began to shift to the CSI 300 is blue chip, card 100, CSI 300, significantly outperform the market in Shanghai Stock Exchange 180 index card card in the 800, 500, szse SME index, we believe that this phenomenon will continue, return value return blue chip will be the subject of 2012 investment, the CSI 300 blueRaise index to provide a strong driving force. Financial valuation: high ROE higher dividend rates with low earnings, net rate of return on equity (ROE) is the percentage of net profit and shareholders ' equity, the indicators reflect the income level of shareholders ' equity, index value, the higher the description of equity investment income is higher. From 2011 earnings data, CSI 300 net worth of sample unitRate of return (ROE) about 18.11%, slightly less than the 100 sample stocks (20.02%), but significantly higher than of 500 and the szse SME index. Profit rate of total assets (ROA) is the average total assets ratio of total corporate profits and enterprise, which reflect the indicators of effects of comprehensive utilization of corporate assets. Card 100, card in the CSI 300, 500Total assets profit margin does not have significant differences, szse SME index index of total assets profit margin clearly above the other three. Taken together, CSI 300 sub companies generally have strong profitability, to make full use of financial leverage to bring higher profits to the shareholders. (See Figure 1) is currently about 11.38 times times the CSI 300 index, syndrome of slightly more than 100,Well below the card in 500 and the szse SME index; the book is about 1.89 times times, slightly higher than the card 100, significantly lower than on 500 and the szse SME index. So in overall valuations, CSI 300 index to well below the market average, has a very strong attractive valuations. (See Figure 2) Chairman of the SFC was made after he took office the CommissionThrough four initiatives enhance returns to shareholders of listed companies, including requires listed companies to establish a sense of strong dividend, take measures to improve the dividend policy of listed company and its decision-making mechanisms. These measures will be conducive to the formation of value investing ideas, check the trash winds of hype and theme unit. By comparing the 2009 three-year dividend yield (stock dividend rate), We find that the CSI 300 index sample stocks stock dividend rate is significantly higher than for 3 consecutive years in the card and small-cap index and 500, slightly lower than the card 100, well above the average in the a-share market. Therefore, long-term value investing, investment targets of the CSI 300 index is very appropriate. (See Figure 3) industry structure: Super distribution finance extraction of foods with lowFour weights of machinery before the e-CSI 300 index industries as financial services, mining, non-ferrous metals, food and beverage, proportion, 31.8%, 7.25%, respectively, together for 53.42%. Compared with the a index of industry-wide distribution of weights, CSI 300, five Super industries are: financial services, mining
tera power leveling, Food and beverage, non-ferrous metals, ferrous metals, including the first four weights, total ratio of 55.93%.
Five major industries are: chemical industry, machinery and equipment, electronics, pharmaceutical, biotechnology, light manufacturing. 2012 for the first 3 months, Bank shares, led by property stocks and non-ferrous metal stocks, stock market ushered in a wave of valuation fixed the strong rally.China's stock market after the 2011 year after adjustment, we believe that the medium-and long-term reversal period, periodic consumer stocks will become the leading pioneer, CSI 300 index in hyper-distribution industry, led by a stable surplus income. To sum up, CSI 300 index long-term gain steady, moderate risk, since the 2011 four seasons of outstanding; sample NETHigh rates of capital gains
tera gold, dividend rate is high
tera power leveling, and the low valuation levels; CSI 300 index to stocks to focus on financial services, consumer stocks Super distribution cycle, subject to industrial upgrading, main line of warm in the future stock market investments. CSI 300 index is not only a benchmark index of the stock index futures and its constituents is the main subject of margin stocks, and investors sharing the futureGreat investments to China stock market investment returns.
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