129773868999062500_23Silver card 100: intensity of loosening monetary policy will be reducing mobile phone free www.cnfol.com net view comments March 27
tera power leveling, 2012 Fund analysis of the Fund's investment strategy and operations during the reporting period 1. macroeconomic analysis 2011 is the domestic and international economies riddled with crisesAnd challenging year. Began in the shadow of the financial crisis of 2008 has not been dispersed, ushered in times of crisis the world economy left by the hidden danger: high level of debt and inflation levels. From March, Japan earthquake tsunami by July the United States debt ceiling crisis, coupled with the upgrade step by step the European debt crisis, the global economic recovery is faltering, downside risks to the economy. From the domestic point of view, the whole yearDescending trend of low economic growth, industrial output growth rate from 14.9% down to 12.8% at the end of the beginning; at the same time, inflation soared in the first half, levels of the CPI in per cent in July. Four-quarter, after economic and inflation is accelerating the downward trend, the Central Bank on November 30 cut the deposit rate, 0.5%, tight monetary policyPeriod ends. Economic situation from abroad, in perpetual crisis, 2011 United States economic recovery has slowed, in the euro-zone economy is mired in recession, sinking deeper and deeper. Specifically, once inside the first quarter of 2011, United States economic growth than in 2010 a marked decline, GDP rose by an annual rate of 0.4% in the first quarter, second quarterAlthough rebound, but is not above 2% levels. The unemployment rate in the first 10 months were maintained at the 8.9% level and above, and new home sales in 5 consecutive sequential growth. Into four quarters, United States employment and real estate markets have improved, monthly unemployment rate dropped to levels of per cent in December, November new home sales and home sales ringGrowth per cent and 1.61% respectively, gain more in October and the third quarter average level is expanded. Judging from leading indicators, United States ISM's manufacturing month of PMI1112 maintained at a 52.752.9 level, expected in the first quarter United States economy continued slow recovery. Eurozone, 2011 European debt crisisGreece spreads to the core countries, from Italy to Spain, crisis in the eurozone countries emerge, France and Germany's AAA rating is under threat. Under this influence, throughout the euro-zone economy had a decline, decline in GDP growth per cent by the first quarter of 2.5% to 1.2% in the third quarter, each month for the whole year the unemployment rate is almost always above the 10% level, manufacturing pFrom 57.3 per cent at the beginning of December to the MI index of 46.9. Looking to the future, United States will maintain the reverse operation and the low interest rate environment, while still assessing the Economic Outlook
tera power leveling, to decide whether to launch a new stimulus plan. In a quarter of the European debt crisis will usher in a huge amount of high risk stage due debt, at the same time, including core countries such as Germany and France's sovereign rating has been warning, crisisSpread of trends is an extension to the core countries.
In this context, central banks cut interest rates in the four quarter are expected for some time to come, loose monetary policies will become a consistent measures of the risks facing the world economy. From the domestic economic situation,Six increased Bank reserve requirements, adhere to stringent regulation of real estate policy should not relax for the whole year, descending trend of low economic growth, inflation dropped since the peak months. Specifically, downstream finished products continued weak demand, weak prices, car sales are accumulated per cent 13.81% dropped to per cent in December from the month; dragged down real estate investingFixed asset investment growth remains weak, urban fixed-asset investment amount accumulated per cent growth rate dropped to per cent in November from the month 24.9%; external demand remains weak as exports growth falling, growth in exports per cent 37.6% cent per cent in December from the month. Industrial production y/y growth from per cent in FebruaryPer cent per cent in December. Annual GDP growth per cent-by-quarter decline. Inflation, inflation soared in the first half, starting in August
tera gold, inflation levels in the policy, as well as imported inflation began to fall under the influence of pressure decrease, December CPI y/y growth rate fell to 4.1%, showing the trend continued to fall. At the same time, in the economy and inflationBoth fall under the background of, the Central Bank's monetary policy presetting fine-tuning and lowered at the end of November, reserve 0.5%, the formal end of policy tightening cycle. At present, the demand did not see much improved industrial enterprises continue to face great inventory pressure, in December and PMI index rebound in industrial growth, export growth slowdown in the pace of decline, lendingIncrease money supply rose, suggesting that economic decline has slowed, the economy is still in process of seeking the end of. 2. market review 2011 General turmoil in the stock market decline. Market rose slightly in the first quarter alone, then high inflation levels and continuing austerity policies, confidence in the market and constantly under pressure, valuations declining Central. Economic growth rateAccelerated decline, corporate earnings are constantly reduced. In addition, external economic uncertainties, frequent scandal burst out of the listed company to make the fragile investor confidence worse, panic mood over the four quarters of the most obvious. Overall, the style 09, 10 large changes in the market, small stocks ended a strong performance in previous years, in the case of market downturnBig callback, weaker than the market index. Underestimate the value index because of the high margin of safety that reflects good defensive.
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