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                                                                                                                                                                          百利宫国际线上娱乐:分级基金B端产品近期点评报告:国泰国证有色金属行业B继

                                                                                                                                                                          2019年07月05日 15:34 来源:【老品牌、信誉高】

                                                                                                                                                                          随着《关于规范金融机构资产管理业务的指导意见》要求整改时间的日渐逼近,存量分级基金进行转型或者清盘,B类份额也将存在一定的炒作风险。加之今年以来市场环境的不确定性,A股走势波动性明显,B类份额收益/风险也将会进一步放大。一般市场流动性好,二级市场交投活跃才有利于分级基金进行套利、转换、合并拆分等操作。而重要的是流动性高有利于风险来临时的及时撤离,盈利时能够随时兑换利润。历史业绩并不能代表未来表现,投资需谨慎。具体来看近两周(2019.6.20-2019.7.4)分级基金的情况:

                                                                                                                                                                          折溢价率方面,统计数据显示现存的分级B端产品出现溢价情况的占多数,少数产品出现折价。具体来看,目前(2019.7.4)申万菱信深成指B、华宝中证1000B、信诚沪深300B、申万菱信中证申万证券B、诺安进取等基金依然是溢价率较高的品种。其中申万菱信深成指B基金的溢价率142.66%,较上周略有回落。其二级市场价格明显高于其基金净值。华宝中证1000B、信诚沪深300B这两只基金的溢价率分别为95.92%、93.33%。相比之下,前海开源中证健康B、信诚中证800医药B、招商沪深300地产B等基金继续出现小幅折价。其中前海开源中证健康B基金折价率为7.35%。其交易价格略低于基金净值。

                                                                                                                                                                          从交易活跃度来看,统计数据显示近两周内(2019.6.20-2019.7.4,下同)国泰国证有色金属行业B基金受益于近期稀土板块的上涨行情,市场关注度较高,其近期换手率较高,超过156%。信诚沪深300B、招商中证证券公司B、招商中证白酒B等基金的区间换手率在100%以上。区间成交金额方面,招商中证证券公司B基金的成交量最大为38.17亿元。银华锐进、富国创业板B、国泰国证有色金属行业B紧随其后,区间成交量都在12亿元以上。

                                                                                                                                                                          市场价格方面,统计数据显示近两周内招商中证白酒B的区间价格涨幅最大,为30.17%。其次为广发中证医疗B涨28.13%、易方达生物科技B涨27.41%。相比之下,工银瑞信中证新能源B、信诚中证智能家居B、长盛中证金融地产B等基金则出现不同幅度的下跌。其中工银瑞信中证新能源B下跌幅度超过10%。

                                                                                                                                                                          折算空间方面,统计数据显示招商沪深300地产B、方正富邦中证保险B、易方达军工B的上折空间都在20%以内。鹏华中证国防B、工银瑞信环保产业B、南方中证高铁产业B的下折空间分别为-15.77%、-16.25%、-15.69%。需警惕对应指数随行情波动而触发的折算机制。

                                                                                                                                                                          从流动性来看,统计数据显示目前银华锐进、招商中证证券公司B、申万菱信深成指B、富国创业板B等基金的场内流通份额依然相对靠前。其中银华锐进单日场内流通份额继续保持在30亿份左右。

                                                                                                                                                                          风险提示:国内外市场波动等风险因素对该基金业绩的影响。政策因素,清盘风险等。历史业绩不代表未来,投资需谨慎。中银国际证券股份有限公司