Semiconductor sub-industry: turning point comes to be more than 6 months

Changjiang Securities, the investment strategy by mid-2009 Conference and AD7891AS-1 datasheet and exchange listed companies in the central region on 17-18 June 2009 held at Wuhan, NetEase content channels broadcast the entire process.

Investment strategy in mid-2009 report, Changjiang Securities continues to electronic equipment, instruments and AD7891AS-1 price and components industry to maintain "neutral" rating The following is the report

points:

Semiconductor sub-industry: turning point come to be more than 6 months In the past 30 years

9 cycles, from cycle highs reached a tipping point has gone through four cycles of 16 months or more, up to 24 months, this period of time to adjust counting from June 2008 expected to be not less than 16 months, but no more than 24 months, is expected to trade lower global sales will continue to maintain more than 6 months

PCB sub-sectors: inflection point near the short-term demand may fall

1993 cycle of seven years, declining from a high point to the turning point was the longest 14 months, with four of 12 months, and AD7891AS-1 suppliers and only "911" after the impact of the rapid decline in 5 months the end of the current round of PCB industry may soon be the turning point, but the shipping industry, the level of the short term may fall again. If a record industry to continue to decline, the greater implications for other sub-sectors of the recession may also be a record.

Leading indicator of the companys revenue: the upstream price is often a good leading indicator Copper health benefits leading technology

income a month, leading aluminum two months Farah electronic income, health benefits and technology leader in ultrasonic electronic revenue income for two months because of Hans Laser in the industry chain, the leading macroeconomic income indicators. The lack of leading indicators

modifications: find a faster refresh rate coincident indicators

Customs commodity exports, income is the monthly data of Taiwan counterparts, due to slower update frequency quarterly report and update time lag, these indicators also have the "leading" significance, the test cases in addition to health benefits and science and technology, these indicators mostly good coincident indicator.

2009 medium-term investment advice

Changjiang Electronics Technology shares in addition to a valid leading indicator discovery, the other companys share price ahead of earnings and other indicators but also ahead of the income we find that the leading indicators. The significance of our work, if the income shares of the companys ability to foresee a certain time, then we provide a leading indicator by the stocks expected capacity will be enhanced. Our investment idea is to find from the end of 2008 and the macro-economic relations are not close to the inflection point the stock turned to prepare for the arrival, proposes a focus on leading indicators that we selected, waiting for the arrival of inflection point.