compared to November 4

According to November 11, 2011 period (hereinafter referred to as "the period") the data, we did not notice 2011 quarterly Fund are excluded, estimation of mixed open Fund and actively managed stock for the current period (excluding debt hybrid, hereinafter referred to as "stocks mixed type") of the bi-weekly average stock positions, compared to November 4, 2011Between November 17, 2011 (hereinafter referred to as "last issue") unit of measurement of mixed-type Fund bi-weekly average positions, we found that the current mixed-type fund shares a simple average of the positions by rebounded slightly to 78.25% of the previous issue, an increase of 0.89%, in 06 years high level. Stocks mixed initiative to increase slightly open base cartridge. FromFund type of view, this issue shares rebounded slightly mixed open radical positions have. Specifically, stock average open-end Fund positions rose to $ 82.29%, an increase of 1.2% and mixed type open-ended Fund positions increased from 71.75% per cent on average, by 0.4%. Fund positions improve may be tripartiteFactors: one is the holdings shares rose and the second is Fund purchase, redemption and the third is Fund initiative to increase storage. Investigate the market indices, this Edition 800 index compared to the period by an average of 2.31%, taking into account the stock market's decline is passive down stock positions, suppose during the estimate period fixed Fund ownership, ignore the effects of the purchase, redemption, based on 800 index fallsSite, you can calculate equity fund positions for the current period should be 81.95%, and the present equity fund position is 83.49%, explains equity fund initiative to increase warehouse 1.54%. Accordingly, taking into account the impact of market value changes, hybrid position of the Fund should be 71.27%, and mixed-type Fund positions required will be 72.15%, that is, mixingFunds overall initiative to increase warehouse 0.88%. Fund positions to high-end offset. In order to ensure comparability, we only calculate position data on the comparison of current and 262 stocks and 163 mixed open Fund. By analyzing the Fund holdings data, we can see that the stock for the current period, mixed-type Fund position all the way to high-end offset. Specifically, this issue sharesFunds star wars the old republic power leveling, higher positions (positions than 90%) the significant increase in the number of funds, an increase of 21.67%, and positions lower than 80% of the different degree of reduction in the amount of the Fund, with intermediate positions (positions 70%~80%) decrease in the number of fund larger, is-18.57%. While hybrid funds, higher positions (positions 80%~90%) and middle positions the Fund a small increase in the number, range and 6.25%, respectively, and low (positions 60%~70%) and low positions (positions less than 60%) reduction in the number of funds, at low positions of which number the sharpest, is-15.79%. Big fund company to proactively increase cartridge. Analysis of actively managed stockMixed-type Fund fund companies ranked among the top ten position data (table 2), big fund company positions for an average of 78.27% for the current period, compared to the previous issue, added 0.89%. Specifically, in the top ten firms for the current period, only the King along the great wall (-2.37%) and Boshi (-0.44%) shrank 2 positions, while the remaining 8 positions are different degreesUpgrade, with the sharpest in lion and guangfa fund companies ' warehouse, positions improving and 2.56%, respectively. Initiative to increase or decrease in warehouse, only active King Shun the great wall a jiancang 2.04%, the remaining funds are to varying degrees active promotion positions. Most fund managers positions between 75%~85%. On the whole, decreased market continued turbulence in the near future,Measured according to the stock rebounded slightly mixed open radical positions. Analyze the reasons, European debt crisis from deteriorating in the near future, have some suppression on the a-share market, HSBC PMI data and a 32-month low, suggesting that economic downturn increased risk. At present, growth macro-policy primary objectives, and the current time window close to the central economic work Conference in early December, the marketPeriods during the session or conducive to good policies, good policies help to a certain extent on market drivers, that since "policy fine-tuning" tone has been set, then the capital of tight time, will be the policy the best time to sell. Current bank deposit and loan ratio reached its limit, exchange money occupation as reduced exports decline, after the end of November, Central was rapidly repurchase amount dueReduced, predictable monetary will allocate to reduce, which "policy with help of" provided the conditions, and overall moderate fund raise the level of stock positions for the current period. (Specific content please see annex)