My Journey in HKSFA-HKEX Portfolio Management Competition 2017

HSI Drop Sharply on Monday.  Return has been down to 56% yesterday.   Market News: Strategy: The prospect of the portfolio, with focus in tier-2 stocks, is looking good in the coming month =>   Over weight.       Holding Period Return:  77.6 %  (Vs 78.4%)  Risk:  31.4% Sharpe Ratio : 0.22 (vs 0.16)  Weekly Actions Sell :  -  3333 恆大 - 0285  比亞迪電子 ; 0148  建滔化工 ; 1888  建滔積層板 - HSI Sep  Buy :    - 0960  龍湖地產 :  Company BuyBack -  0027  銀河娛樂 - 2343  太平洋航運 ( 摩根士丹利 價2.38元) - HSI Oct Core-Holdings “One-belt One-Road” 3808中國重汽 , 3339  中國龍工 ,  Consumer stocks : 175 吉利汽車. Technology Stocks, such as 0700 Tencent, 0522 AH stocks :  2238 廣汽集團 0358 江西銅業股份  Real Estate : 3333 恆大 2007 碧桂園 &  0960  龍湖地產 Commodity :  0323 馬鞍山鋼鐵股份,1313 華潤水泥控股  Others: 1919 中遠海控

As the HSI was down quite a bit on Wednesday, long 4 lots of HSI Sept future.    Bullish this month => All IN.  Market News: 2016年旺盛的房地產銷售刺激房地產投資的恢復，也帶來下游行業的需求，而且這次房地產復甦不僅僅限於一線市場，在3-4線市場的銷售尤其旺盛，也幫助很多開發商去庫存。 Strategy: The prospect of the portfolio, with focus in tier-2 stocks, is looking good in the coming month =>  Over weight.       Holding Period Return:  73.5 %   Risk:  30.7% Weekly Actions Sell :  - 700  騰訊控股 : hedge by index   Buy :    -  1313華潤水泥 : Optimistic sales figures - 0960  龍湖地產 : under value, good dividend ratio -2007 碧桂園 : Company BuyBack Core-Holdings “One-belt One-Road” 3808中國重汽 , 3339  中國龍工 ,  Consumer stocks : 175 吉利汽車. Technology Stocks, such as 0700 Tencent, 0522 AH stocks :  2238 廣汽集團 0358 江西銅業股份  Real Estate : 3333 恆大 2007 碧桂園 &  0960  龍湖地產 Commodity :  0323 馬鞍山鋼鐵股份,1313 華潤水泥控股  Others: 1919 中遠海控

The HSI was trading in a narrow range in the past week.  The tension of North Korea and US is high but the chance of having a war is very low.  First, US is pretty busy with its internal affair, the typhoon in Florida.  Second, the resigned US officer stated that the chance of war with North Korea is NIL.     The action of purchase of 698  通達集團 failed as the price rise rapidly in Monday (>10%).  2006  錦江酒店 is having a rapid rise.  Let's see how high it could reach.   Market News: 今年強勢股輪流炒，紙業股屬當中的表表者，股價累積升幅達40%以上。歸根究柢，紙業股上半年都能交出亮麗的成績表，收入及利潤均有顯著增長，部分股份更獲大行「庇蔭」。內地近月繼續推出環保政策，企業門檻變得更高，有助加速淘汰中小企業，龍頭企業的地位將會穩如泰山。 龍頭玖龍紙業 （02689） 早前宣布盈喜。公司表示，倘撇除經營和融資活動的滙兌虧損，以及衍生金融工具產生的虧損，預期截至今年6月底的全年業績，公司權益持有人應佔盈利，按年增長不低於60%。 Strategy: The prospect of the portfolio, with focus in tier-2 stocks, is looking good in the coming month =>  Over weight.       Holding Period Return: 55.4 %   Risk: 30.7% Time Weighted Return (TWR): #2 Sharpe Ratio: #1 Weekly Actions Sell :  -

Speculating the typhoon news turns out to be a mistake.  The revenue growth of 27  銀河娛樂 exceeds market expectation.  It is OK to buy back 27 on Thursday and record minus loss.  The stock market is and expected steady at 28,000. Two typhoons has hit the Macau badly in the past 4 days and the entertaining business will be bad in the next couple of week.  It is time to  DUMP & SHORT !  Other the other hand, real estate companies in China is doing great this year so far, and are expected doing great again in the coming months. Market News: 港股8月份出現板塊輪流炒現象，中資金融股成領市大軍，而美元持續偏軟更帶動商品價格急升，金屬資源股大翻身；智能手機升級潮帶動下，手機設備股成為市場焦點，丘鈦科技 (01478) 月內更急漲逾倍。隨著市傳蘋果公司iPhone 8將於9月中旬亮相，金融界專家均繼續看好手機設備股。另一邊廂，中國樓市銷售出現放緩，加上內房累升不少，專家建議則適度減磅。 市場即將進入「金九銀十」的傳統內房銷售旺季，內房股走勢或有望造好，不過，行業銷售升勢逐漸放緩，上半年內房銷售強勁，加上高基數效應，下半年銷售表現有很大機會不及上半年暢旺，而一、二及三線城市樓價按月漲幅明顯回落，故內房在「金九銀十」期間，升勢未必太樂觀。 另外，三、四線城市於今年上半年已大幅去庫存，加上中央有意為三、四線樓市降溫，銷售能否維持高增長仍然不太樂觀。不少內房股今年以來累積不少升幅，例如融創 (01918)、碧桂園(02007)累升逾1倍，若下半年銷售未能延續上半年升勢，部分內房調整幅或會頗深，中長線持有風險上升，若然要部署內房，則可