CITIC Securities: stocks associated explore Cuosha compensatory growth opportunities recommended 20 shares (list) Sina App: Live on-line blogger to guide you with entries you earn will always let you falls in CITIC Securities report released today said you, investors should jump out of a circle of competence and mining Cuosha compensatory growth opportunities from the market. CITIC Securities said that investors usually go to the relevance of the definition of the stock from the industry, the theme and the plate, to find and kill the wrong compensatory growth opportunities in the definition of relevance from the fundamentals of limit investors view: the vast majority of investors only from their own understanding and looking for opportunities to live with the industry, opportunity outside the circle of killing ability and often Buzhang have been found in late. CITIC Securities from the public fund positions from the perspective of definition of relevance between stocks, jump from the industry, and the theme of the holding plate, in the whole market point to mining stocks associated to existing opportunities victimizes and compensatory growth. A fund while the largest two stocks to establish a link between them. Relevance is simply due to the formation of institutional positions, does not require two stocks in the same theme, industry or sector. Transfer positions related action arising mainly from the fund, which could produce two effects: Cuosha and Buzhang: 1) Cuosha capture is forced to sell "errors of pricing opportunities. If one or more shares of the fund’s largest lead net affected fell sharply, these funds forced redemption pressure may be forced to sell their holdings of other stocks, resulting in other heavily loaded stocks affected, even if these stocks fundamentals did not appear to change. This creates an opportunity for mispricing in the near term. 2) Buzhang capture is the opportunity for the warehouse strategy. If the fund’s largest 2 stocks, a rise of 80%, a rise of 20%, our survey shows that 76% of investors will choose to lighten up up more profits, and cover up less, this behavior results we call the compensatory effect. In the past 10 years, the correlation between the stock fund positions has been increasing. According to the definition of relevance, the first quarter of 2006 and other related stocks stocks there is a total of 163 only (accounting for 12.5%), corresponding to 3160 related to stock; but in the two quarter of 2016, there are stocks association with other stock total is 1330 (accounting for 47.4%). More than 716% growth in 2006, corresponding to 51462 related stocks on 2006, compared with an increase of more than 15 times. Citic securities investment strategy opportunity is designed to capture the normalization and kill the wrong: first need a compensatory growth rate of return of the stock itself is not ideal. Under this premise, if the stock is associated with stock returns is very poor, so there may be other associated with this stock is stock to "take down", was killed; on the other hand, if other related stock returns is very good, so the stock next may be compensatory growth. This design strategy victimizes and compensatory growth in the past 10 years were recorded in 34.5% and 26.2% of the annual yield. Although the long-term strategy as the performance of Buzhang kill the wrong strategy, but on相关的主题文章: