艾瑞投资月报 2015年7 月 艾瑞资产研究中心 7 A PPP 7 6 IPO 7 5 7 IPO 6 7 7 PMI 6 PMI 52.5 14 QE A A 6 10 A A 艾瑞投资月报 2015年7 月 Wind 2-50%0%50%100%150%200%14/7/8 14/9/8 14/11/8 15/1/8 15/3/8 15/5/8 300 500 STOXX 50 225 一、月度投资视点 1.1 1.2 7 1.3 1.4 A 1.5 1.6 1.7 PE 1.8 1.9 目 录 Contents 2.1 A 2.2 3.1 3.2-二、互联网投资策略 三、艾瑞资管产品概览 一、月度投资视点 4 1.1 6 PMI 50.2%52.9%50.1%0.5 48.2%PMI 49.4 49.2 2015 6 100 0.56%0.11 2.70%1.03 53 46 1 2.49%0.27%0.01%Wind PMI Wind 5 35.040.045.050.055.060.065.0Jan-05 Jul-06 Jan-08 Jul-09 Jan-11 Jul-12 Jan-14 PMI PMI 6 PMI-1.50-1.00-0.500.000.501.001.502.002.503.0010/7/31 11/7/31 12/7/31 13/7/31 14/7/31%艾瑞投资月报 2015年7 月 1-5 22547.6 0.8%1-4 0.5 5 0.8%4 2 6 PMI GDP 6.9%PPP Wind 5 Wind 6-10010203012/3/1 12/9/1 13/3/1 13/9/1 14/3/1 14/9/1 15/3/1%6.07.08.09.010.011.012.0Mar-04 Mar-06 Mar-08 Mar-10 Mar-12 Mar-14 GDP 艾瑞投资月报 2015年7 月 1.2 6 IPO 7 5 7 IPO 6 7 7 5 531 7 Wind Wind 7 123456714/7/7 14/9/7 14/11/7 15/1/7 15/3/7 15/5/7 7 6.106.156.206.256.306.35-900-700-500-300-100100300500Jan-12Apr-12Jul-12Oct-12Jan-13Apr-13Jul-13Oct-13Jan-14Apr-14Jul-14Oct-14Jan-15Apr-15 艾瑞投资月报 2015年7 月 1.3 5 1.8%6 Markit PMI 53.6 2013 10 6 94.6 101.4 PMI 52.5 14 QE 60%6 PMI 50.1 0.8 World Bank,wind 8 43485358Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 PMI 0.050.0100.0150.00.0200.0400.0600.0800.0Jan-99 Jan-02 Jan-05 Jan-08 Jan-11 Jan-14 艾瑞投资月报 2015年7 月 1.4 A 7 A 6 A A 7 3 6 2 7 6 7 2015 PE 263.5 13.8%34.1%2015 613 28.2%31.8%164 33.6%43.5%IT A 6 10 A 7 9 艾瑞投资月报 2015年7 月 1.5 6 12 7 8 32%A 41%7 8 A 28.9 19.6 300 18.7 14.2 15-20 A A IPO A 6 7 A A 19.6 300 14.2 IPO A A A 6 IPO 10 艾瑞投资月报 2015年7 月 A A 6 15 7 8 41.11%43.56%A A 17 40%A 6 12 30%7 8 A 19.6 300 14.2 7 8 A 19.6 Wind A 40%Wind 2015.7.8 11 83.21 51.04 25.67 19.59 15.39 14.21 020406080100120140 A A 300 A TTM-41.11-43.56-42.42-38.56-39.21-36.22-50-45-40-35-30-25-20-15-10-50 A A 300 6 15-7 8 A%艾瑞投资月报 2015年7 月 15-20A 19.6 300 A A 7 8 1.44 8000 3 A A 1.44 Wind 2015.7.8 A Wind 12 19.1 17.2 18.8 15.6 9.7 14.2 19.6 0.05.010.015.020.025.00.01.02.03.04.0S&P 500 EUROSTOXX 50MSCI JapanQuality MixDow JonesIndustrialAverage 300 A PBPE Right A 艾瑞投资月报 2015年7 月 0100020003000400050006000050001000015000200002500014/2/7 14/5/7 14/8/7 14/11/7 15/2/7 15/5/7 300 6 A 6 7594 5 3500 A 7900 A A 7 3 63 2%A Wind 6 7594 Wind 13-20000200040006000800010000Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 0.050.0100.0150.0200.0250.005/6/3 07/6/3 09/6/3 11/6/3 13/6/3 15/6/3 艾瑞投资月报 2015年7 月 7 A A A IPO A A IPO 80%6 IPO 2423 5 1170 IPO A 7 A A 6 1290 7 7 Wind IPO 7 A Wind 14 05001000150020002500Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 A 1063.8 0.0500.01000.01500.02000.0May-14 Aug-14 Nov-14 Feb-15 May-15 艾瑞投资月报 2015年7 月 1.6 6 6 7 7 3 6 2 7 1.7 PE 2015 PE 263.5 2014 13.8%14 34.1%2015 613 28.2%31.8%164 33.6%43.5%IT 2015 IT PE 112 59 Wind 15 15015516016514/7/8 14/9/8 14/11/8 15/1/8 15/3/8 15/5/8 艾瑞投资月报 2015年7 月 0 50 100 150/2015 1.8 6 stoxx 50 4.62%6 9 7 8 9.7 15-20 6 A AH 148 A 10 Wind 2015.7.8 6 Wind 2015.7.8 16 0.01.02.03.04.05.014/1/2 14/5/2 14/9/2 15/1/2 15/5/2 10%510152025Jan-01 Jan-03 Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 Jan-15 艾瑞投资月报 2015年7 月 1.9 6 9 6 6 PMI 6 Wind 17-20%-15%-10%-5%0%5%10%15%20%25%15/1/1 15/1/29 15/2/26 15/3/26 15/4/23 15/5/21 15/6/18 LME IPE 艾瑞投资月报 2015年7 月 二、互联网行业投资策略 2.1 A A A 84.9%6 33.8%300 14.9%6 16.1%6 A 30%3686.91 6 27 A 29 3.34%A A 14.8%6 3.4%100 4.8%6 1.7%6 14 6 A 19 艾瑞投资周报 2015年7 月 A Wind 2015.07.03 Wind 2015.07.03 A-10%0%10%20%30%40%15/1/2 15/2/2 15/3/2 15/4/2 15/5/2 15/6/2 15/7/2 100 100-10%40%90%140%190%240%15/1/2 15/2/2 15/3/2 15/4/2 15/5/2 15/6/2 15/7/2 A 300 A 300 2.2 A A 23 22 6 14 A VIE 7 3 23 7.4%20%A IPO 艾瑞投资周报 2015年7 月 A A IPO iResearch-23(mn,$)($)($)(%)1 2015/6/29 343 8.56 7.28-15.0%2 2015/6/23 3043 18.90 16.11-14.8%3 2015/6/22 106 4.43 3.30-25.5%4 2015/6/22 282 13.50 10.92-19.1%5 2015/6/19 279 6.00 4.66-22.3%6 360 2015/6/19 8675 77.00 67.28-12.6%7 2015/6/15 532 14.00 12.21-12.8%8 2015/6/12 729 13.70 11.95-12.8%9 2015/6/11 1492 32.81 31.06-5.3%10 2015/6/10 1706 23.00 20.33-11.6%11 2015/6/10 952 7.38 6.69-9.3%12 2015/6/10 1299 4.20 3.80-9.5%13 2015/6/5 425 9.69 8.43-13.0%14 2015/6/4 3300 30.00 28.13-6.2%15 2015/5/30 115 3.59 3.24-9.7%16 2015/5/18 662 21.50 21.12-1.8%17 2015/4/30 2964 46.00 41.82-9.1%18 2015/4/27 452 6.40 6.19-3.3%19 2015/4/21 228 3.38 3.66 8.3%20 2015/4/13 148 4.90 4.70-4.1%21 2015/3/3 238 5.37 7.16 33.3%22 2015/1/2 986 20.00 19.82-0.9%23 2014/1/24 1826 6.90 6.79-1.6%1383.6-7.4%Wind 2015.07.03 三、艾瑞资管产品概览 3.1+100 2000 CEO 22 艾瑞投资月报 2015年7 月-2015 6-2015 6 1-18 110 A 33%26%800 300-600 A 6000 3000-6000 IT 12.6%12.6%9.9%9.0%9.0%9.0%7.2%7.2%6.3%4.5%4.5%2.7%2.7%1.8%0.9%融资 项目 行业 占比 32.7%26.4%20.9%7.3%6.4%3.6%0.9%0.9%0.9%A B C PreAD E F 2015 6-2015.6.17 2015.6.16 3000 2015.6.16 250 2015.6.16 2015.6.16 2015.6.16 UhA SNS 2015.6.15 51-1000 2015.6.12-1000 2015.6.12 Fiberead 470 2015.6.11 1000 2015.6.11 2015.6.11 2015.6.11 e 500 2015.6.10 Todolist 2015.6.10 600 2015.6.10 200 2015.6.8 2015.6.8 2015.6.5 600 2015.6.5 300 2015.6.4 2015.6.4 2000 2015.6.4 2015.6.4 2015.6.4 1000 2015.6.2 Klook 150 2015.6.1 2015.6.1 180 2015.6.1 500/23 2015 7 3.2-HONEYCOMB ASSET MANAGEMENT CO.LTD.KWEB ETF ETF S&P 500-HONEYCOMB ASSET MANAGEMENT CO.,LTD.HONEYCOMB ASSET MANAGEMENT CO.,LTD.24 0.800.901.001.101.201.3014/11/28 14/12/19 15/1/9 15/1/30 15/2/20 15/3/13 15/4/2 15/4/24 15/5/152014 12 1-2015 5 29 KWEB ETF S&P500 艾瑞投资月报 2015年7 月 “”25 Legal Statement This Report is prepared and provided by iResearch Investment Research Center of Shanghai iResearch Assets Management Co.,Ltd.(hereinafter,the“Company”).Any of reading and use of this Report shall be deemed as an unconditionally acceptance of any and all content contained herein.In no event shall the information or opinion contained or expressed herein constitute an investment opinion to anyone.In no event shall the Company be liable for any loss resulted from,or in connection with,the reliance on any content contained herein by any person.Information,opinions,and speculations contained herein are of judgment of the Company on the date of its issuance only.The Company may,from time to time,issue any report of which the information,opinions,and speculations are inconsistent with those contained herein.The Company makes no guarantee,expressed or implied,on the accuracy,reliance,or integrality of content contained herein.There are risks in market and investment shall be made with cautiousness.The information,materials,and conclusions contained herein are for reference by specific clients only and,in no event,shall constitute investment recommendations,without considering special investment objectives,financial standing,or needs of individual clients.This Report is of confidential and shall be communicated to specific clients only.Without written consent of the Company,no distribution hereof shall be made.No part hereof may be copied,duplicated,or reproduced in whatsoever form,or distributed to any other person,or otherwise used against the copyright of the Company.All trademarks,service marks,and marks contained herein are trademarks,service marks,and marks of the Company.艾瑞投资月报 2015年7 月