2009Year June

Manager Zhou Ming Shen Wanling Fund Tsinghua University Master of business administration. Doing financial work since 2001 star wars the old republic, has been working at TX investment consulting company, Taiping, Taiping life insurance companies, insurance companies, engaged in investment, corporate pension fund investment, and so on. May 2009 joined Shen Wanling fund company investment management headquarters, 2009Year June, any income Po money market funds, fund managers and Shen Wanling Shun Tian Yi Bao bond securities investment fund managers. Recommended reading · Fund crisis suffered near-bankrupt companies increasing · scale of private equity fund seeking funds rushed at the end of the interview funds charge a management fee of $ 150.7 billion ten year exemption pre-arranged ETF 18-day big dealsAte half of the Phoenix media placements of the Fund Unit Dacheng Fund keep private 2011 whetstone, Chongqing brewery benefited nearly 3 times the Sun move on two achievements three problems PE stake in major shareholders of listed companies was rife Reporter: recently there have been rumors that you want to cut reserve requirements, what do you think? Zhou Ming: Judging from the current necessity of market as a whole, I think there really is no downgrade reservesRates necessary swtor power leveling, we think that next year would be more likely some. 　　Reporter: collapse of the convertible bonds this year and most recently a greater gain, do you think is the bottom? Zhou Ming: back in September, the entire convertible bond as shares plunge a very substantial decline, October convertible bond index rebounded up around 8%, this should be a wave of valuationComplex market. At this point of view, we believe that the rise is only just beginning, because now the whole price of convertible bond in absolute terms, is also a significant proportion of convertible bond price is below the 100 dollars, or 100 blocks nearby, so the price is still very low. From a valuation perspective, go premium rate is a relatively low level in history. ByAs the underlying stocks up flexibility is great. 　　Reporter: recently issued convertible bonds accelerated market expansion of the scale of what is the difference between mean? Zhou Ming: recently issued convertible bonds does have a big move, China first heavy industries (601,989, unit) of substituting earlier 11.5 billion yuan with 8 billion yuan convertible bond private placement equity plans; after Tong ren Tang (600085, shares) proposed to be issued do not exceed $ 1.205 billion convertible bond building Tai Hing base. As of October 31, the convertible bond market has broken through the hundreds of billions. With the convertible bond market capacity continues to increase, the market supply of adequate, for recently-issued convertible bonds Fund provides a more adequate investment targets after widespread concern in the market supply and demand imbalances or convertible bondsAn effective solution. 　　Reporter: expansion will give the secondary stock market sharply negative impact on convertible bond valuation? Zhou Ming: due to early negative news had priced in money supply will also increase. So even short-term internal debt market expansion might give the secondary stock market puts pressure on convertible bond valuation, but does not have a greater negative effect. At the same time, from which longView, convertible bond market expansion to the convertible bond fund investment will play a positive role. 　　Reporter: bond funds this year than in previous years, the poor performance, is not contrary to the configured time? Zhou Ming: in September when we communicate and institutional investors, I said it was the worst of times, is the best time to start. This may differ from any previous year, These five years from 2006 to 2010, with a base level debt as an example, and its average yields were near 5% to such a level. Almost 2% of this year, I think it is very rare, from another perspective, it has also brought a rare investment opportunity, investors can cheap buy, lay the Foundation for medium-and long-term value.