Prefer to imagine more pessimistic and do not rush into market bottom _ June Fortis

Guotai Junan securities business Department of Changsha Furong Middle Road, "June Fortis" market analysis for internal reference, January 26, 2011 Wednesday "internal reference tips" guotai Junan permits Changsha Furong road business "June Fortis" internal reference on August 20, 2010 to meet with you, every Tuesday through Friday. Stay tuned for our internal reference brought to you by confidential surprise! please close with a firm offer, timely the amount carefully reference concerns. "Macro-events": 1. in the light of the force with which sth. breaks out raging inflation, a growing number of emerging market economies rise, Hungary, and Israel's Central Bank announced on 24th up benchmark interest rate, India's Central Bank on the 25th, do the same. 2. sources said yesterday, or the State Council will convene a special meeting to discuss real estate tax matters. 3. the China Securities Regulatory Commission issued on January 25 the qualified foreign institutional investors to participate in stock index futures trading guidelines (draft), proposed a limited open qualified foreign institutional investor (QFII) participated in the stock market index futures. QFII under the guidelines can only engage in hedging transactions, and value of its holdings of stock index futures contract shall not exceed the investment quota approved by the State administration of foreign exchange. "predict and operating strategies": the tendency of two major indices fell again on Tuesday, fully mechanized means starting point 2655-2677 to cover gaps, but do not have to cover all. Szse declines narrowed and gem. Top limit on individual stocks a large decrease in, is too horrible to look at, every day there are a number of new stocks added to the diving team. Recent strong high speed rail, shipbuilding, water conservancy and other units across the fill down. Where is the bottom? we don't assume a certain level is the bottom point support, we'd imagine more pessimistic and do not rush into the bottom of the market. Complexity of the market will go out of our imagination, we need to be patient, because we believe in: fall is always a chance. "Section fine": the photovoltaic industry. Ministry of industry and information technology, released today by the national development and Reform Commission, Ministry of environmental protection of the polysilicon industry is necessary, the provisions of the access conditions, polysilicon projects should be consistent with the national industrial policies, land-use planning policy and industry development, investment projects in Government before the approval of new directories, new polysilicon project is no longer approved in principle. Strengthening technological innovation, the promotion of energy saving and environmental protection is necessary, such as construction projects, demonstration and investment Department in charge of organization of the State Council for approval. : The 2009 polysilicon industry was once considered significant excess production capacity, but the 2010 policy causes the photovoltaic market is extremely popular in Europe, the year when domestic acute shortage of polysilicon material, the spot price chonggao to 100 us $/kg. Based on customs data, 2010 during the first 11 months of polycrystalline-silicon imported nearly 42,000 tons, accounting for about half of domestic aggregate demand. Domestic supply and demand cannot be met, the "excess" actually does not exist, the excess is backward production capacity, but lack of backward production capacity after the prices return to normal profitability is bound to be phased out of the market. Concern companies have a more complete industry chain, such as sea-going groups. "Portfolio": the June and November 2010, June Fortis 500,000 portfolios outperform the indices achieved positive returns for two consecutive months, and in the case does not calculate compound interest. In 2011, we are 500,000 portfolio (hereinafter combined) continues. Performance statistics once a month, the performance benchmark Shanghai composite index. This combination of today continue to wait and see, the current assets of $ 501,500. ���� ��