A shares have a limited impact on the international market by better defensive stock is preferred

Growth rate of decline in performance when stock

               newspaper reporter Jiang Qing industry

Net wealth： Net wealth hearing: November 17, 2000 at Prev re-capture lost ground, but many investors still worried about having.  Listed companies in the third quarter performance marked decline in the background, investors in the stock of how the election?  In this interview with a reporter a letter to build the core of aspiring fund managers selected Tian Qing.

A shares by a limited impact on the international market

 Reporter: in the third quarter of this year, the performance of listed companies marked decline in growth, how you look at the performance of listed companies in the future growth?

 Tian Qing: We believe that the three-quarter decline in the performance of listed companies and stock-related targets too high.。 Now many of the lower demand for industrial products are reduced, making the latter part of the stock more difficult to digest.。 It can be said that listed companies are developing products that demand pressure.。 This resulted in the listing of the company's working Financial capital assets, cash flow, including operating costs.。 Next, this trend will become more apparent, including the fourth quarter of this year or first quarter next year.。 As a result, our listed companies in the fourth quarter and even in the first quarter of next year's profits remained cautious.

Reporter: In this economic situation, you think that A-share market has entered the bottom?

 Tian Qing: A-share market's reaction is clearly ahead of the changes in the real economy. In fact, before the section of the stock market crash just reflects the current consensus.  Is now generally agreed that the market had bottomed out, in fact, in the end be?  My assessment is that this will definitely not like before, be it macro-economic or stock market will not be a "V" bottom.  I think this is the bottom will show "L", is likely to continue at the bottom of a long period of time, which is the medium and long term under a conclusion.  As for now, it is difficult to say whether the market had bottomed out, but what is certain is that the market has been underestimating the value in a low-risk region.

Choose good defensive stock

 Reporter: In such a situation, economic and market situation, your investment is the kind of thinking?

 Tian Qing: I think the general direction of speaking is to increase the defensive.  My personal understanding of defensive cover two aspects: on the one hand, is the industry depends on the property, to avoid a cycle of weak stocks Foreign Exchange; on the other hand, depends on the valuation of the stock is already reflected in its defensive.  Therefore, I do not think we can go to one-sided emphasis on defensive.  It is now relatively optimistic about the railway, medicine and so on board, from industry alone, these plates are indeed reverse the cycle characteristics, but if they are already reflected in the share price was relatively full, then the choice of these stocks may not be for investors Brought about by over-income.  As a result, I tend to consider two aspects: First, look at the defense industry attributes; from the second cycle in stocks has been looking for over-the Cuosha stock.

Reporter: specific to the issue is being built in the selection of this letter core equity fund, you are now in operation on whether or not there are some strategies to consider?

 Tian Qing: Overall, we will give top priority to risk control, and then patiently for the opportunity to choose positions.  We believe that the letter to build the core issue of selection at this time, this is a good time, we have the opportunity to make relatively low-risk positions on the location, we believe that this is a very good investment opportunities. So we have to do is control the risk from the point of view to build a portfolio as a whole, patiently waiting for an opportunity to give more consideration to the investment return is not just consider the valuation is reasonable.

 In the past, we emphasize that more investment in the stock's valuation is reasonable, we stock the more stringent standards.  If we as a reasonable valuation range, we will wait until close to the price range or even below the minimum range to buy only the minimum, so there may be obtained over the proceeds.