Investment Analysis and Portfolio Management of Chinese Securities Market

Author: Wang Tiefeng
Publisher:
Publish Date: 2003-11-01
Features: This book is primarily aimed at investment practices in specific periods and specific Chinese securities markets. Although there are theoretical discussions, they are not the main part of the book. In this book, we focus on analyzing which portfolio management theories yield the same results when applied to the domestic market and which yield different results, and provide reasonable explanations for the similarities and differences in their investment effects. We believe that due to some institutional arrangements that differ from those in Western markets, mature Western portfolio management theories are not fully applicable to the current Chinese securities market. Although we have found that some portfolio theories are gradually gaining market recognition, we believe that the market will eventually align with Western investment concepts, but this may take a long time. During this process, we believe that conducting research with strong timeliness is very meaningful. The book is divided into seven parts.
Part 1 is an analysis of the environment of the Chinese securities market from 2003 to 2004, which primarily examines the changes in profit models in the domestic securities market over the years, the evolution of investment concepts, and the investment opportunities in 2003–2004.
Part 2 is the overall design of the investment portfolio. Based on different risk tolerance levels of investors, we designed three different investment portfolios: conservative, steady-income, and dynamic-aggressive. We also predicted the potential risk-return scenarios for these three portfolios in 2003–2004.
Part 3 is stock investment analysis and portfolio management. It introduces some empirical analysis results of Western portfolio management theories in the Chinese stock market, modifies some investment models through empirical analysis, and forms a systematic investment model and process adapted to the Chinese stock market.
Part 4 is the portfolio management of bonds and bond repurchase. It focuses on analyzing the main influencing factors of bond portfolio management in the current market environment, the bond repurchase arbitrage model and its application, and forms the bond asset allocation strategy for 2003–2004 based on this.
Part 5 is the investment management of convertible corporate bonds. It compares the investment risk and return characteristics of convertible corporate bonds both domestically and internationally, conducts an empirical analysis of the adaptability of convertible corporate bond pricing models in China, and proposes investment strategies for convertible corporate bonds in China.
Part 6 is the investment management of fund portfolios. It compares the discount issue of closed-end funds both domestically and internationally, introduces performance evaluation models of fund portfolios from abroad and their application in China, and proposes investment strategies for constructing closed-end fund portfolios.
Part 7 is the investment portfolio insurance technique. It introduces the application steps of investment portfolio insurance and conducts an empirical analysis of its application effectiveness using a closed-end fund and bond portfolio as an example.