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75秒急速赛车彩票:The overall position of private equity has risen. The market is worth expecting in April.

时间:2018/4/26 19:14:50  作者:  来源:  浏览:0  评论:0
内容摘要: Overall position in private equity has risen April market is worth looking forward to \n?First, the A-share confidence index rose by 4.28% ...

Overall position in private equity has risen April market is worth looking forward to

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First, the A-share confidence index rose by 4.28% from the previous month.

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In April 2018, Rongzhi China hedge fund manager's A stock confidence index was 116.63, up 4.28% from the previous month, and rose for two consecutive months since February. The confidence index value was more than 100 consecutive months. Market confidence has increased. The average position of private equity also rose compared to the previous month. The current average overall position is 70%, which is an increase of 5.15% compared with 64.85% in the previous month. The most obvious feature is that the number of private placements of short positions has fallen sharply. From the survey results, only single-digit private placements are currently in a short position, which is a significant drop from more than 10 homes last month. The following figure is the confidence index of Rongzhi China hedge fund manager A stocks:

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融智-中国对冲基金经理A股信心指数月度报告(2018-04)329.png

Figure 1: Rongzhi China Hedge Fund Manager A-Share Confidence Index

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Source: Rongzhi Rating Research Center

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The latest position survey shows that 24% of private equity is currently in a full position, which is an increase of 1.67% from 22.33% in the previous month. 67% of private equity is above 50%, and 19% of private equity is in a half-warehouse state, ie cumulative 86. % of private equity is currently in half or more than half of the position, generally in the middle of the upper level of the position; the other only 14% of private equity in the half below the warehouse, 2% of private placement in a state of idle positions. On the whole, compared with the previous two months, after two months of adjustment cycle, private equity positions have obviously increased.

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融智-中国对冲基金经理A股信心指数月度报告(2018-04)547.png

Figure 2: Distribution of Current Private Equity Positions

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Source: Rongzhi Rating Research Center

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II. Market Review and Outlook

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In March, the overall market was in an adjustment cycle. The global stock index fell sharply under the uncertain factors of the Sino-US trade war. The three major European stock markets hit a new low for the year. In this context, the A-shares are also in full swing. stock index oscillated lower after regaining 3300 points at the beginning of the month, once again fell below 3100 points and started to build the bottom market. The single month's rise was -2.78%, of which was listed on the 50 SSE. The downward trend, dragged the motherboard down, cash flow obvious signs. The movement of the GEM is very different, led by the blue chip, the monthly increase of up to 8.37%, the highest single-month increase in the last 23 months, the world's most dazzling trend in the major markets, the market price of seesaw is more obvious.

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From the hot point of view, the new shares, industrial Internet, unicorns and technology blue chip gains ranks among the highest, Wanxing Technology and entrepreneurial dark horse lead the two cities, the market demon shares rampant, making money more obvious, hot Also more prominent. Lithium batteries that performed better in February were in trimming. Another characteristic of the market is that in the period of China Ping An and Tencent have made a sharp fall after the publication of their beautiful annual report, which is contrary to the strong trend of last year.

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In April, the uncertainties on the market have basically been digested. The trade war between China and the United States is expected to be effectively eased or changed. Market adjustment time and space are basically in place. Together with the upcoming MSCI, it will bring hundreds of billions of incremental funds to the market. Worth looking forward.

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III. Confidence Index Two major categories of indicators:

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From the prospective confidence indicators of the A-share market trend, private equity fund managers remained optimistic about the April A-share market. Market trends are expected to have higher confidence indicators.

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From the specific index, the expected confidence index of the A-share market trend in April 2018 was 123.20, up 6.64% from the previous month. For the view of market conditions in April, 7.22% of fund managers are extremely optimistic, 40.21% of fund managers are optimistic, 45.36% of fund managers believe that there will be no good market in April, nor will there be Larger declines, taking a neutral view; only 7.22% of fund managers are not too optimistic about the April market, holding a more pessimistic attitude.

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For the increase or decrease of positions in April, 23.96% of fund managers intend to open positions in April, and 64.58% of fund managers will maintain their existing positions, because most of the current private equity positions are already in the middle high positions. From the specific index, in April 2018, the A-share market increased or decreased the investment plan indicator value of 106.77, which is not much changed compared to the previous month.

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融智-中国对冲基金经理A股信心指数月度报告(2018-04)1445.png

Figure 3: A-share market trend anticipation Confidence index and position increase/decrease investment plan indicator

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Source: Rongzhi Rating Research Center

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融智-中国对冲基金经理A股信心指数月度报告(2018-04)1496.png
融智-中国对冲基金经理A股信心指数月度报告(2018-04)1498.png

Figure 4: A-share market trend expectations Confidence indicators and position increase/decrease Investment plan index distribution

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Source: Rongzhi Rating Research Center

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Index Explanation

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Rong Zhi China Hedge Fund Manager A-Share Confidence Index score range is [0,200], where 100 is the critical value of the confidence index. A confidence index greater than 100 indicates that fund managers are optimistic about the market trend for the next month, and the closer to 200, the more optimistic they are; the confidence index less than 100 indicates that fund managers are pessimistic about the market trend for the next month, and the closer they are to 0, the more pessimistic they are.

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Rong Zhi China Hedge Fund Manager A-Share Confidence Index covers two major categories of indicators. The expectation of the fund manager's confidence in the A-share market environment directly reflects the fund manager's view on the market for the next month; the increase or decrease in the position of the investment plan indicator reflects the fund manager's view of the future market indirectly through the position adjustment. Since the adjustment of fund manager positions is affected by operational strategies and operating habits, we focus on the perception of A-share market expectations directly by fund managers, supplemented by position adjustment plans.


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