The rate of return in April 2016 for the portfolio of the 10 golden stocks of Galaxy Securities was 1.79%, 3.7ppt higher than CSI 300 Index. In January-April 2016, the cumulative return on the monthly portfolio of Galaxy Securities was -3%, 12.4ppt higher than CSI 300 Index. From January 2013 to now, the cumulative monthly return has been 330%, significantly higher than the 305% return of the CSI 300 Index and significantly higher than the 186% return of the ChiNext Index.

　　Outlook for May: Expectations of a FED increase in the interest rate are very low, and the RMB exchange rate is expected to remain relatively stable. The fundamentals of domestic economic policies will be the dominant factors affecting market trend, and it is expected that the economy in Q2 will continue to stabilize, and that financial and monetary policies will remain unchanged in general or see only minor fine-tuning. It is possible for liquidity to be affected, and special care should be paid to changes in credit risk. Capital markets place particular importance on the building of major institutions, and the central government pays close attention to the healthy development of the stock market. Generally, it is possible for the rally pattern to continue in May.

　　The prices of consumer goods continue to rise, as do high-quality growth stocks. Cyclical products with sound fundamentals deserve attention, focusing mainly on medium and small caps.

　　Our May portfolio includes one petrochemical stock, two machinery and military industry stocks, one non-ferrous metal stock, one food and beverage stock, one construction stock, one electrical equipment and new energy stock, one electronics stock, and one computer stock.

　　Our stock portfolio for May (in no particular order) is as follows: Geo-Jade Petroleum (600759.CH), Longhua Energy-saving (300263.CH), Anhui Zhongding (000887.CH), Chenming Paper (000488.CH), Hengshun Zhongsheng (300208.CH), Shuanghui Development (000895.CH), Arts Group (603017.CH), Pinggao Electric (600312.CH), DMEGC (002056.CH), Conant (300061.CH).