And it just so happens that the nanny of the boss’s neighbor is one of her cousins。After her cousin knew that he had Lin Feng’s call,,Urged her to text Lin Feng to explore her breath,See if Lin Summit won’t find her。

This aunt seems to be particularly fancy material。”Yiming said on the phone,Xiao Fan already knew what was going on,It must be the babysitter of the Zhao family who started to instigate Liu Chunlan。
Just then I sent a text message,Of course Liu Chunlan will have a lot of trouble,This way of destroying the relationship between husband and wife is really unique,Xiao Fan thought coldly in his heart,It seems it’s time to make her unemployed。
And that little assistant doesn’t want to work hard,But thinking about these improper means,One step to the sky,Not a good person,Can be solved directly,Staying in the Lin Group is also a disaster。
Xiao Fan told Yiming that he knew it,Let him do his own thing,Then I returned to my seat,Lin Yuna asked him what happened,Is that clear?,Xiao Fan said:“Yes,Checked it out。
Not a big shot,Just some mixed villains,I will solve it,Do not worry。”Gu Jinjin looked at Xiao Fan and didn’t ask much,Because I think it’s Lin Yuna’s housework that is inconvenient to interfere,Asked but embarrassed。
Actually, Lin Yoona doesn’t want to say,I just feel like my parents are so old,It’s really hard to tell,Several people have happily brought this topic,No one mentioned it anymore。
Then Xiao Fan said:“Then let’s set off to the villa,Won’t be back tonight,Living directly in the villa will let you feel the folk customs。”
Gu Jinjin smiled and said okay, I really want to experience it。Xiao Fan didn’t tell Lin Feng and Liu Chunlan the truth immediately,This kind of thing is not clear on the phone,It’s easier to misunderstand,It’s better to make it clear in person。
Besides, it’s not a big deal,Let them calm down,Xiao Fan thought so,And Lin Yoona didn’t say anything,Xiao Fan thinks Lin Yoona may not be too anxious,So just put this matter aside for now,Let’s take them to play。
Here Lin Feng and Liu Chunlan are still not talking at home,But it’s no longer noisy,Two people bowed their heads but looked up and saw a cold face,In fact, calm down and think about Liu Chunlan that she is too impulsive。
Then she found out that if it wasn’t the babysitter of Zhao’s a few days ago,Two days ago, I chatted with her and told her about some rich men cheating on these things. He might not be so emotional.。
And here Lin Feng also reflected on whether he has ignored Liu Chunlan’s feelings for so many years,Always let her take care of the big and small things at home,Didn’t take care of Jin’s emotions,The two want to open up and think this is not a big deal at all。
And let Xiao Fan and Lin Yoona come back to solve it,Really let the children read the joke,But two people now need to go down one step,So neither of them knows what to do,Looks a little embarrassing。
Ma Li looked anxious。Ma Li wondered if there was an overnight hatred between the husband and wife,Bedside fight,And the relationship between wife and husband has been very stable and very good over the years。
Ma Li doesn’t believe her husband will do such a thing,The wife must have misunderstood,Although my wife’s emotions are a bit overwhelming this time,But Ma Li understands,It’s not easy for him to silently manage everything in the house for so many years。
Especially in the past three years,Lin Yoona is not accompanied by Xiao Fan,Mood is always good and bad,Liu Chunlan sees it hurts in her heart,I have always felt that I did not do a good job as a mother,But this matter has nothing to do with Liu Chunlan。
It’s Lin Yoona who is trapped by love,Fortunately, Xiao Fan is back now,Lin Yoona is getting better too,Liu Chunlan finally had a smile on her face,But these days because of this incident I start to frown again。

Apple is inevitable through the precipitation and development of a series of previous products,Set off a new era of smart phones。

Apple has its own completely independent patented technology and intellectual copyright,Nutshell phone only,Few own patented technologies,Assembling machine!
There is not much contrast between the two,The only similarity,All smart phones!
After I talked about my thoughts,To conclude:“If the nut shell phone is entirely its own intellectual property and technology patents,Not to mention the valuation of 2 billion yuan,Even if it is valued at 2 billion dollars, there is no problem。The problem is an assembled phone,In addition to this degree of integration, it is better,Other aspects can only be said to be indescribable!”
Zhang Yang listened to me,Suddenly flushed,The blood vessels in the forehead are beating。
“President Ge,You belittle our products for nothing,Do you want to lower the price or look down on our project?”Zhang Yang worked hard to suppress anger。
“boss Zhang,I ask you a word,The ones I just said,Does it make sense?You are fair,Don’t be so impulsive!”
My words calm Zhang Yang。
After a while,He sighed and nodded:“I admit that what you said is the truth,But also because,We do not have our own patented technologies and intellectual property rights,That’s why this valuation,If it has everything,I guess it will be a beautiful knife,Instead of yuan!”
“200 million,20% shares,At the same time I drain for free!”
I look at Zhang Yang:“If there is no problem,You can sign an agreement now,The money will arrive soon。In addition, I have priority investment rights!”
Zhang Yang thought about it carefully,Made a call to my team。
After hanging up,He sighed and smiled bitterly:”Ge is always the most bargaining person I have ever met,The key is to make people unable to refuse!”

this phenomenon,Make him hesitate about the future,I’m afraid I will end up like that。

If you can make some achievements in antiques,That’s different。This line,Profiteering is one aspect,Freedom is his pursuit。
Like just now,If I buy a few paintings myself,It’s equivalent to my classmates working hard for a year or two。
therefore,He is particularly thirsty for the knowledge of antique appreciation。Every live broadcast of Brother Hu,He has watched,In-depth study of some of Hu’s analysis。
Other guys in the dorm,I don’t understand what he did,Feel he is crazy,Not considering the actual situation at all。Want to get rich overnight with antiques,It’s just a daydream。
just,Persuaded several times,This guy is still going its own way,They die。Ignore this guy。
Wen Wenhao took everyone away,Side introduction,Buildings here,A considerable part,Actually rebuilt,Not passed down。
“right now,How many authentic old buildings are there?Not surprising!”Huazi is not surprised。
Even many so-called ancient towns、Old street,Those buildings,Many are antique buildings。A building is kept intact,Not surprising,But a street is full of ancient buildings,That makes people question。
“indeed,Such an ancient building area,Not much in China。There is an old book stand over there,Let’s go and see。”Wen Wenhao takes the lead。
Old book stand is a bit big,A full ten or twenty meters,All old books、Ancient calligraphy and painting etc.,There are also many customers。
among them,Quite a large part are books from decades ago,Many are after liberation。Less before the Republic of China,Everyone can see,There are many little books that Brother Hu introduced before,Densely laid out several rows。
“I picked it up here last time。”Shen Tuxin smiled。
Finished,He just squatted down,Start looking for old books I like。To those printed matter,He is dismissive,Although some prints are also valuable,But still very few。
“Hey!friend,You have to memorize this book!”One of the stall owners said。
Yes!This stall is not a stall owner,Three or four people watching,Look at them,Probably brother,The whole family is counting on this book stand to eat?
And read that little book,Is a military uniform,Middle-aged man in Jiefang shoes。This military uniform,He bought it when his son was in college,I heard my son tell me to throw it away,He took it back and put it on himself,Throw away the wasteful,Spent money!
have to say,Chinese military training,Really a formal thing。
Training for a few days,What can you do?How many young people’s physical fitness to improve?no?Cultivate patriotism?Have it?But because of military training,Buy military uniforms, etc.,Just wear it for a few days,Cause great waste。

Chen Geng looked at Rosemary。

Rosemary nodded:“I feel good。”
Since Rosemary is fine,Then there is nothing to say,Chen Geng nodded:“Talk about the price,fair price,I want this plane。”
“You know,The King Air series are all popular items on the market,48Ten thousand dollars is really not much cheaper……”
“I am not interested in these,”Chen Geng interrupted her unceremoniously,Domineering:“fair price,I will buy today,Full amount!”
Full amount?!
Not only Amy,Mihir also rounded his eyes:I’ve sold the plane for so many years,It was the first time they heard that someone bought a plane and paid the full price。
Faced with a rich man who just dumped his half million,The owner of the Miller Aircraft Sales Company almost kneeled to the ground,45Ten thousand U.S. dollars!
This is the final transaction price,In addition, two repairs and maintenance of the whole machine were given away。
Miller wanted to recommend two pilots to Chen Geng,But Chen Geng refused,When I knew my boss was planning to buy a plane,,Statham tried to tell Chen Geng that he had a few friends who had retired from the Air Force,They are all veterans with several years of flying experience in the Vietnam battlefield,Driving skills,And also obtained a pilot license for a civil fixed-wing aircraft,But I’m not happy now,Only use pesticide sprayers for farms,Ask Chen Geng if he is willing to give them a job。
The U.S. pilot base is too large,The pilot is not so tall,Counting the pilots who can fly now in World War II,American private ownership at least50Wan’s pilot,No matter what,A lot is worthless,The same is true for pilots, an extremely precious technical job in China,Very valuable in the country,But not very valuable in the U.S.,Compared to being a pilot for a civil aviation company,It is the dream of almost all retired pilots and civil aviation pilots to find a job to drive private jets for the rich,Work easy without saying,Income is much higher than in the military and civil aviation companies。
Statham’s face is still to be given,Chen Geng promised to give them a chance,But now……
“boss,You have a mail from Washington。”Just returned to the company,Aniston came here with an email:“You said,As long as it’s mail from Washington,Must be given to you as soon as possible。”

“I mean very simple,What sky light can do,I can also do,If you have feelings for them in this village,I can keep them dead,But it just can’t die,Some losses are natural

Want it。”
Huang Junjie wants to invest in Qin Feng,But he is not the kind of brain-dead guy,These guys are really awesome,All kinds of luxury cars add up to tens of millions。
When not seeing the big benefits,Smash it out like this,That is inappropriate。
“Loss does not matter,As long as you can save your life。”Qin Feng also knew very well that once those debts broke out,There will definitely be big trouble。
“It’s much easier,I bought their car directly,But the price will be much lower than the market,You also know that those things have been loaned,Even if you want to breach the contract, there is no way。”
Huang Junjie also put forward a more reliable suggestion,Although he made a lot,But it is also necessary。
Otherwise, why would someone stand up and take the order??
Qin Feng knows this too,He looked at Huang Junjie and said:“I will talk to them tomorrow,Any other requirements?As for the price,We can all talk。”
Huang Junjie is not in a hurry,Anyway, he just wants to give Qin Feng a favor。
As for other things, he really doesn’t care,It’s not that he is worried anyway。
Qin Feng thought that everything that should be discussed was done,Huang Junjie should leave,The other party is really interested in drinking。
Qin Feng wouldn’t drive people away stupidly,Instead, he came to have a drink together,Two people just drink slowly like this。

“Brother,The wealth figures announced by those financial oligarchs are not as good as theirs,They are all giants of a rich and enemy country,They don’t even pay attention to the big investment banks on Wall Street.。”

“I know。”Qiao Tianyu nodded,Only then realized the thorny problem。
It seems that this time his opponent is truly unprecedented。
But a problem also followed,Why does that powerful financial oligarch want this“surreptitiously”To enter the American auto industry?
By their strength,Just move your finger,It is entirely possible to buy Merck Group,But why did they go to the stock market to scan through small brokerages??
I heard Qiao Tianyu’s question,David shook his head,Means not knowing,But he reacted quickly and suddenly。
“this matter,I guess someone knows。”David says。
“Who?”Qiao Tianyu hurriedly asked。
“Sanchez!”David explained。
“Alpha Securities sweeps Merck’s shares,Sanchez arranged it alone,The funds used were also from his account。”
“Say then,Sanchez is a financial oligarch‘accomplice’?”Qiao Tianyu asked。
“you can say so。”David nodded。
“Brother,You just helped Sanchez the other day,He shouldn’t shame you?At least give you some useful information。”
“Also。”Qiao Tianyu still has this confidence。

What is the investment value of Yingjia launched currency enhancement products?

What is the investment value of “Yingjia” launched currency enhancement products?

Source: Hejing Ruizhi | Wangjing Borg’s returns on fixed income products are related to product maturity and credit rating: (1) Usually the maturity is longer than the maturity and the maturity is higher. For example, the bank’s financial management exceeds the money fund, and the high return has a price, Because long-term products with poor liquidity cannot be refunded at any time; (2) usually the credit rating is lower than the credit rating, the return is higher, for example, the P2P income is higher than the bank financing, the high return is also costly, because the creditLow ranks have a high probability of default.
In the past year, the yield of Yubao, a money fund, has continued to slump, basically remaining at annualized levels2.

About 6%, everyone likes low-risk and high-yield products, so each platform has successively launched “currency enhancement” products. For example, Alipay has a good balance.

  So, what is Yingjia?

Yifangda’s full name is Yifangda, which is a combination of money funds and bond funds. Among them, money funds account for 65%, bond funds account for 35%, and the risk rating is medium to low risk. Similar to Yu’ebao, the balance is mainly based on money funds.The fund portfolio has higher security, and the minimum purchase amount is 100 yuan.

From the perspective of earnings, the earnings are better than that of ordinary money funds and are competitive.

  Specifically, the surplus Kerry’s bond fund contains 20% of E Fund’s Anyue ultra-short-term debt C and 15% of E Fund’s Anrui short-term debt C.

The higher part of its earnings compared to surplus treasure is mainly contributed by the bond funds inside.

There is no redemption fee for the purchase and redemption of Class C shares, but if the holding period is less than 7 days, a 1 is still required.

5% punitive redemption fee.

  If the investor holds a “good balance” for less than seven days of redemption, the redemption fee is 35% of the bond portion and 1 is required to be paid.

A 5% punitive redemption fee, with a total ratio of 0.

525%, if 10,000 yuan, the redemption fee is 52.

5 yuan, far more than the product of almost 10,000 yuan a day a dollar income, so the remaining good for holding more than one month.

  In the world, there is no love for no reason; no high yield for no reason . (1) There is also negative income in the history of currency funds. On December 30, 2003, Huaan Cash Wealth Fund was officially established.

Huaan launched the First Monetary Fund. The supervision of monetary funds is in an experimental stage. The fund manager’s investment fund will be extended for longer and longer periods of time in pursuit of high yields. The continuous liquidity will have problems. The currency fund will run and bonds will run.Unrealizable event.

  On August 16, 2004, the “Interim Regulations on the Management of Money Market Funds” was promulgated, stipulating the maximum duration of money funds and decentralized investment of money funds.

  For various reasons, there have been 13 negative returns in the history of the money fund, and these history appeared before 2013. Since then, there have been no negative returns on the money fund due to the improvement of monetary fund regulations and the ability of fund companies to operate.

  (II) Monetary Fund Enhancement Strategy In 2017, I unintentionally saw a promotional image of Tiantian Fund Network, which basically means that the rotation of currency funds (that is, redemption of recent low-yield currencies and purchase of the latest high-yield currency funds) can create very high returns.
If we have some experience, we know that it is basically impossible to multiply the increase in the return of money funds by rotating money. But is it possible to get more than the average return of money funds?

Therefore, the backtest was specifically made using the 2016 IMF’s 10,000 income data. The results of the backtest are surprising!

Let’s start the harvesting mode . As shown in the figure, when the rotation period is 7 days, the profit of the currency fund rotation strategy is only 202.

70 yuan, far less than the average return of the entire money fund (about 250 yuan), but most of the worst money fund income (about 160 yuan).

With the increase of the rotation cycle, when the rotation cycle is 35 days, the strategy reaches the optimal 335.

20 yuan, ranking third in the income of all money funds in that year, second only to Jiahe and the Central European Money Fund.

However, it must be clear that the ranking of monetary funds in 2016 is a posteriori result, and our rotation strategy is initially running according to certain rules.

In a sense, the use of the monetary fund rotation strategy can beat 99% of the monetary funds. This result is indeed shocking!

  Seeing this, you realize that Wangjing Borg was once a master of investment in currency funds, but why have you abandoned this in recent years?

  Because Borg acknowledges: (1) Monetary fund has limited increase in round-robin income, and the market money fund’s income is currently almost 2.

6%, under the trend of continued downward interest rates in the future, it will not exceed 3 by any means.

5%; (2) Monetary funds can only invest in bonds with good liquidity, short maturity, and high grades. If you want to increase yield, you need to invest in bonds that have expired. For example, if the balance is good, the bond maturity is slightly extended, and the yield is increased(3) Long-term bank financing can invest in some non-standard assets, and the return on non-standard assets is higher than bonds, so the bank’s financial management ratio is higher than that of money funds, but the risks facedHigher, but fortunately, there are hidden “just cashed” big banks, but this “just cashed” is also the target of regulatory crackdown.

  There are also some combinations that use the strategy of bond funds and new funds to increase returns, but these enhancements are short-term and impossible to stabilize in the long term. For investors who look at it, they may catch up with the income adjustment after buying. InvestmentIt needs to be simplified, and it can’t be time-consuming and labor-intensive for the sake of income. Therefore, the long-term income is still tested by the Hulk portfolio. The 南京桑拿网 short-term income depends on the common currency fund. The combination of these is actually not low.

Makihara (002714) Annual Report 2018 Review: Cycle Turning Point Has Arrived

Makihara (002714) Annual Report 2018 Review: Cycle Turning Point Has Arrived

Affected 苏州夜网论坛 by rising epidemic prevention and construction costs, the impact of pig prices in advance to suppress pig prices, 19Q1 performance or short-term pressure.

However, the upward cycle of pig prices has started, and the production capacity in the northern region has been deepened, and highly elastic pig prices are expected.

As an industry leader in continuous expansion, the number of listings is expected to continue to increase.

The rise in both volume and price is expected to drive the company’s profits to continue to increase.

Raise EPS forecast for 2019-2020, raise target price to 81 yuan, and maintain “Buy” rating.

Profit in 2018 5.

2 trillion, in line with expectations.

It achieved operating income of 133 in 2018.

900 million (33% increase), profit 5.

200 million (down 78%).

The increase in revenue was mainly due to the expansion of sales scale: in 2018, the company sold a total of 1101 pigs.

10,000 heads (the same increase of 52%), of which 1010 were commercial pigs.

90,000 piglets.

40,000 heads, breeding pigs 3.

80 thousand heads.

The main category of profit caused by the decrease in pig prices: the average selling price of the company’s commercial pigs in 2018 was 11.

62 yuan / kg, a 20% decrease from 2017.

The performance was in line with expectations.

The company plans to distribute a cash dividend of 0 for every 10 shares.

5 yuan.

Rising costs, low pig prices and short-term pressure on 19Q1 performance.

The company expected 19Q1 to expect 5.

200 million-5.

600 million.

The main reasons we judge are: 1) The cost of the company ‘s breeding has increased due to non-blast epidemic prevention and pig farm construction. It is estimated that the total cost of the company ‘s breeding will be 11 in 2018.

8 yuan / kg increased to 12-12.

5 yuan / kg; 2) Panic sentiment about the epidemic situation and the impact of the Spring Festival. In 19Q1, the pig breeding industry was generally released in advance, and the pig price was correspondingly under pressure. In addition, according to grassroots research, the companyThe slow-growing pigs in the house will not be re-raised, and the others will be sold uniformly, which will cause the average weight of the slaughter to drop and drag down the average sales price.

It is estimated that the company will produce 3 million to 3.5 million pigs in 19Q1, with an average investment of 150-180 yuan.

The inflection point of the cycle has arrived, and the leader is moving forward.

1) Pig price: The affected 18Q2 breeding stocks, the impact of non-epidemic diseases and the embargo policy, the current production capacity of the domestic pig breeding industry has reached 19%, far exceeding the capacity reduction in the previous two cycles.

The current trend of de-capacity production is still continuing, or as high as 28%.

Among them, the company’s production capacity is mainly distributed in northern regions such as Henan. Due to the severe epidemic situation in 2018, its production capacity has been deepened, and local pig prices are highly flexible.

2) Company listing volume: The company aims to achieve 13 million to 15 million listings in 2019.

Combined with the company’s fixed assets and construction surplus (up 42% at the end of 2018) and productive biological assets (up 4% at the end of 2018; from the perspective of historical average productive biological assets, it can support approximately 13.6 million heads of 2019) Annual sales volume), we estimate that the company will sell about 13 million heads in 2019 (the same increase of 18%).

Considering that profit growth in 2019 will improve the company’s cash flow and accelerate its capacity expansion, it is expected that the company will 佛山桑拿网 sell about 17 million heads in 2020 (a 31% increase).

Risk factors: Livestock and poultry prices rise more than expected; raw material prices fluctuate sharply; livestock and poultry epidemics.

Investment suggestion: Considering the reversal of the cycle or the significant increase in pig prices, the company’s sales volume is expected to continue to grow at a high level. We revise the EPS forecast for 2019/2020 to 1.

64/6.19 yuan (was 1).


33 yuan), plus the EPS forecast for 2021 is 5.

28 yuan.

With reference to the company’s average profit level in the previous cycle and the historical forecast level of its peers, it will give 13 times PE for 2020 EPS, raise its target price to 81 yuan, and maintain a “buy” rating.

Zaisheng Technology (603601) Company Tracking Report: Announcement of Incentive Scheme to Benefit a Large Number of Employees

Zaisheng Technology (603601) Company Tracking Report: Announcement of Incentive Scheme to Benefit a Large Number of Employees


The company announced 都市夜网the stock budget incentive plan and was approved by the extraordinary shareholders meeting. According to the incentive plan, according to the company’s data before the 2018 annual equity distribution, it plans to award 1751 to the incentive object.

710,000 stock budgets, accounting for 3 of the company’s total share capital.

24%, of which 1523 was awarded for the first time.

220,000 shares, maximizing the share capital2.

82%, the exercise price granted to the stock budget for the first time is 8.

97 yuan / share.

The performance appraisal target for the three exercise periods granted for the first time is based on the deduction of non-net profit attributable to shareholders of listed companies in 2018, and the non-net profit deduction of shareholders attributable to listed companies in 2019, 2020, and 2021 will not increase by less than 201825%, 50% and 80%.

The budget incentive scheme has a wide range of incentives and is a fixed cornerstone of the company’s development.

The target of this incentive plan includes company directors, senior management personnel, middle management personnel, and core technology. The business backbone has a built-in supply of 171 people.

The company’s 2018 annual report disclosed that the parent company has 361 employees, a total of 1,222 employees, and this incentive accounted for the number of employees registered at the end of 201813.

99%, motivating a wide range of employees, fully motivating employees, and promoting high growth of the company.

Optimistic about the breakthrough of PTFE products and the development of thermal insulation materials to promote the company’s performance.

Chongqing Baoman, a subsidiary of the company, developed a PTFE membrane, which broke the oligopoly situation of Daikin and Nitto of Japan and fully connected the high-end market.

From the perspective of filter materials, the company has achieved full coverage of meltblown materials, glass fiber materials and PTFE materials. From the perspective of the industrial chain, the company has achieved full industry coverage of upstream glass wool, midstream filter paper and downstream purification equipment, with a complete layout and strong discourse power.

At the same time, the advantages of VIP core materials are obvious. We believe that VIP boards replace rigid polyurethane foam as refrigerators,上海夜网论坛 freezers and other insulation materials are in a rapid development stage. We calculated that by 2016, VIP boards permeate and dissolve 2% in refrigerators and freezers.

If calculated based on the penetration rate of VIP boards of 10% in 2029 and 80% penetration in 2045, the market size of VIP boards in 2029 and 2045 is 113.

9.1 billion and 911.

2.4 billion.

Give a “first-tier market” rating.

We expect the company’s EPS to be approximately 0 in 2019-2021.

30, 0.

36, 0.

45 yuan for the 2019 PE 25?

30 times, reasonable value range 7.


0 yuan.

risk warning.

New materials replace risks, and downstream development is less than expected.

Funds fight 50 index-the selection of the number of core assets enters differentiated competition

Fund Falcon 50 Index: Selecting the number of core assets enters differentiated competition

Original title:[Depth]Report on the Fund 50 Battle Index | Edited by Huang Huiling | Song Yi’s stocks that make money this year are particularly in line with the aesthetics of public funds.

  They are the leading companies in their industry. In addition to the traditional hot targets of public funds, they also wear flashing labels such as “Social Security Heavy Warehouse”, “MSCI China Concept”, “QFII Heavy Warehouse”.

  They are also called “core assets” by market capital.

Extreme, Northbound funds and institutions cling to heating “core assets”, the first high-priced stock in Maotai, Guizhou (600519.

(SH) Repeatedly hitting new highs, forming a stark contrast with the “small, bad” companies that frequently burst.

  According to wind data statistics, as of October 16, the average increase of A-shares has been 23% this year, and the average increase of 45 stocks of public offering funds (with more than 500 funds) has reached 52%, far exceeding the average of A-shares.Gains.

  The prevailing “core assets” theory has influenced the product design thinking of index funds. Whether it is a broad-based index or a custom industry index fund, the idea of “selected stocks” is adopted.

  More interestingly, the sample size was invariably set at 50.

  50: The number of core assets is selected. The big bull market of blue chip stocks from 2017 has made the concept of “beautiful 50” deeply rooted in the hearts of the people. Every company wants to create its own “Chinese version of beautiful 50”.

  The SSE 50 Index is a preliminary 50-target index.

Initially, there are over 37 SSE 50 Index funds in various forms.

Even so, the giants continue to enter.

On September 6, E Fund’s SSE 50ETF and its affiliate funds were established.

Prior to this, E Fund has owned E Fund’s SSE 50 Index, SSE 50 Index Enhanced Fund; on September 9, Tibet Dongcai Fund Company reported its first fund, which is also an index fund that tracks the SSE 50 Index.

  Looking at the fund circle, in addition to the heated SSE 50 Index battlefield, the category “50” has also quietly blossomed.

  Among the funds established this year, there are both the local 50 index-Zheshang Huijin CSI Phoenix 50ETF, and the strategic 50 index-Jiashi CSI Ruilian Fundamental 50ETF, and Zhongrong CCTV Finance 50ETF.

  There are more 50 funds on the road, including China Merchants Hang Seng Shanghai-Hong Kong-Shenzhen Greater Bay Area Innovative Select 50 ETF, and China Securities Industry 50 Series Index Fund of Wells Fargo, covering consumer, pharmaceutical, and technology fields.

  In addition to equity index funds, bond index funds also favor the “50”.

  Interface News found that according to wind statistics, a total of 228 bond index funds have been declared in the past five years.

Since the end of last year, a limited number of bond index funds have appeared, of which the most selected “50”.

Including Industrial Bank’s CSI Bank 50 Financial Bond Index Fund, Anxin Fund’s CSI Credit Entity 50 Bond Index Fund, Changxin Fund’s CSI Convertible Bond and Exchangeable Bond 50 Index Fund, etc.

  In addition to the explicit “50” funds, many custom index funds also control the sample size to about 50.

For example, China Securities Technology TapIndex tracked by Huabao Technology TapETF has 50 constituent stocks.

In addition, the Shenzhen Science and Technology Innovation Index Fund, which is currently to be issued by Essence Fund, has 50 constituents.

  Why are 50?

  Why are 50?
Hu Ying, general manager of the financial management department of Anxin Fund, told Interface News that the choice of 50 is to find a balance between the stability and capacity of the index sample.

“30 are too few, 80 are too many, and 50 are just right.”

  CSI Fund Subject 50 Bond Index Fund reported by Anxin Fund selected 50 credit subjects.

Hu Ying said that whether it is a bond or an equity index, three principles are complied with when compiling: one is to have sufficient liquidity; the other is to strive to choose the best target; the third is to increase the number from the underground and take into account the easier to remember numbers.

  ”As far as the CSI Credit Subject 50 Bond Index is concerned, if the number of credit subjects increases to 70 or 80, the tail subjects may be wrong, which will increase the frequency of position swaps and tracking defects.

“The letter of the CSI Credit Entity 50 Bond Index Fund of Anxin Fund is a” selected bond “idea.

“The interest rate debt has been very hot for the first two years, but in the end, the allocation priority of investors will gradually extend to credit debt.

Compared with active funds, passive funds have low fees and can give investors more choices.

Hu Ying said.

  As for the stock index, a person in the fund that participates in index customization told Interface News that 50 is a better choice for selecting in a segmented industry.

“When doing index selection, first of all, the sample space must be relatively large.

There are too few samples of certain lithium battery positive and negative materials to be indexed.Well, in an exponential space, 50 is enough.

In terms of name, everyone prefers the whole, jumping to 100 is too much. ”

  ”In fact, these two years of references to core assets, beautiful 50, the background is the stock economy, the leader is sought after.

“The source believes that this is not the time for a hundred schools of thought. Everyone thinks that high-quality companies are selected to compile the index.

  Su Yanqing, fund manager of China Merchants Fund Global Quantitative Investment Department, also holds the same view.

When cooperating with the Hang Seng Index Company to compile the Hang Seng Shanghai-Hong Kong-Shenzhen Greater Bay Area Innovation Select 50 Index, their idea was to highlight the advantages of enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area and choose companies with obvious technological innovation advantages in the Greater Bay Area.

“Some companies are relatively small, and they have not reached the stable growth range. Although some companies are connected, their investment in science and technology is not high, which is inconsistent with the index positioning. Such companies are not expected to affect the performance of the index.”

  Su Yanqing believes that the selection of high-quality stocks as the tracking target is becoming a trend in the entire market.

“In the past, indices were provided by index companies and fund companies simply tracked them.

Now fund companies will more or less participate in compiling the index, adding fundamental factors, choosing to choose leading companies or companies that meet certain styles. ”

  A deeper consideration is the vigilance of individual stock risks.

“In the past two years, regulations have become more stringent, and some stocks have experienced risks. Fund companies will also consider potential risks in the process of preparation.

“Su Yanqing said,” This approach can make investors feel that fund companies still create some screening for investors.

“How to choose 50?

  Wang Lele and his colleagues from ETF Investment Director of Quantitative Investment Department of Wells Fargo Fund have prepared for at least half a year, from discussing and determining the plan, to customizing the index company, to product declaration, approval, and final issuance.

  Wells Fargo’s industry leader index fund is a rare series of product lines covering consumer, pharmaceutical, technology, military and other industries.

  Although they all take “leading” as the core, if you look closely at these index compilation schemes, you will find that the compilation ideas of different industries are different, and the definitions of leading industries are also different.

  ”Consumer and pharmaceutical earnings are relatively stable, and stocks can be selected based on profitability.

Technology is an explosive industry and requires relatively high investment in scientific research.

The military stocks must screen companies whose core business is military.

Wang Lele introduced that because different industries have different attributes and investment logic, it is not easy to apply a formula to screen leading stocks.

  During the interview, Wang Lele has been involved in “investment logic”.

“We are all indices selected based on the investment logic of the industry.

The traditional compilation of the CSI 300 Index is very simple in selecting stocks by market value. ”

  In order to make the index more in line with investment logic, Wells Fargo Fund has transformed the power of the external brain.

“When working on the military leader ETF project, I asked the Aviation Industry Group, the first largest military group.

Our understanding of the military industry unit may not be as good as that of external experts, so we will replace them with suggestions.

“Looking at the Technology 50 Strategy Index, it is also somewhat different from other technology index in the market.

In order to avoid the risks of the high-tech industry, the index added a number of risk indicators, including the pledge ratio, the ratio of goodwill to net assets, current ratio, receivable turnover rate, return on net assets, and tried to exclude high-risk companies.
“All the selected stocks have been counted again, some rules have been found, and then the products have been productized according to the index.

“For nearly two years of differentiated competition, ETFs have flourished at a rate that is visible to the naked eye.

Thousand sails raced, and some themed tracks have become very crowded.

  The most sought-after theme in the secondary market this year is technology, and the technology 50ETF of Wells Fargo Fund is currently being issued.

Prior to it, at least eight companies were hunting for technology concepts.

In the first three quarters of this year alone, 21 technology-based index funds have been issued, of which four have been named as “technology.”

And the share of the first technology ETF, the leader of Huabao Technology, has already settled on the rocket, and has been the top leader of technology funds with a scale of nearly 7 billion.

  In the traditional battle of index funds, it is important to seize the starting high ground.

Is there a chance for the rich country fund that is late to overtake the curve?

Is there a regret for the Wells Fargo Foundation?

  Wang Lele’s answer was: “No regrets.Future trends in technology are still there.

Since 5G, China’s technology industry has entered the best track.

“More importantly, the deep processing of the index has allowed these funds to return to the track of differentiation and competition.

“Our technology 50 represents technology understood by rich countries, not technology understood by our peers.

We dare not say that our stock selection method is perfect, but the technology 50 stock selection logic is easier to find the research and development capabilities of listed companies.

“A careful comparison of the technology 50 of Fortune and the technology leader of Fortune will reveal that there is a clear difference in concept between the two.

The focus of Fortune 50 is on “sustainable technological innovation capabilities”, while the focus of Huabao Technology is on “large scale and high market share”.

  Fund 3.

The suspicion of the 0 era used Wang Lele’s words, “We are in Fund 3.

0 era. ”

  However, being ahead does not mean making money.

Although each company has its own characterization of the index, the reality is cruel, “more than 90% of investors only look at names.”

In the PK of the first round of the Science and Technology Index Fund, Huabao’s “technology leader” made the right place and debuted in the C position.

The actual difference effect brought by the differentiated design of the product can only wait for the time to declare the answer.

  Beyond the siege of product homogeneity, these more subjective index funds surrounded a new siege.

  A few people are cautious about smart beta, mainly because of the high cost of interpretation, the difficulty of understanding users and the effectiveness of factors.

“Some of the smart beta backtest data are beautiful, but they actually perform very averagely.

Is 杭州桑拿 the backtest data over-optimized?

Furthermore, a strategy that works well in the past does not mean it works in the future.

“A fund analyst said so.

  The high cost of explanation has discouraged some fund companies.

Taking the risk control of index funds as an example, an index fund manager told Interface News that although they intentionally avoided possible individual stock risks, and the company also had its own risk factor database to identify financial fraud and credit risk, etc.Still choose common indicators that the market has accepted, rather than self-made indicators.

  ”There is a difficult acceptance process for investors from cognition to acceptance. Investors are still a bit scared of the unknown.

Everyone will not understand your method in depth, but only look at performance and value warehouse 佛山桑拿网 positions.

“The fund manager cited Kangmei Pharmaceutical,” “Our model identified the risks very early. Active funds must not be bought, but they have more than doubled before the fraud took place.

If it is a passive fund, investors will be reluctant to understand your product when they see that the core companies are not in it.

“In the future, more and more index funds will become smarter.

Whether the investment logic is feasible and the factors are valid still needs to be tested by time.

The cognitive development of investors also takes time to precipitate.

  Undoubtedly, the transformation of the industry and the development of the capital market is mature, and fund products will move towards more sophisticated instrumentation.

And Wang Lele firmly believes that the future market will be the world of passive investment.

“For the first time in August, the size of US index funds exceeded that of actively managed funds, and China’s capital market will do the same.