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【600200股吧】分级A再现“黄金坑”(2015-05-30)

600200股吧

600200股吧——天天基金吧

A级具有很高的配置价值
本周前四个交易日,市场被迫加速上涨。周四,情况突然发生了变化,上证指数暴跌6.5%,其他市场的其他主要股指也出现了类似的下跌。一个鲜明的特点是“一带一路”,溢价再次开启。最近一周,不少基金的整体溢价率超过5%,甚至超过10%。类似的机会在去年年底再次出现。大型基金甚至在连续几个交易日出现大幅溢价,如鹏华区分类、富国分类、中投军工等。等等。

本周,甲级是另一个值得关注的热点话题。随着市场的短期飙升,具有杠杆效应的分级基金B股受到基金追捧,成交价格飙升,大部分分级基金整体溢价率飙升。The higher the overall premium is, the crazier the arbitrage capital will enter.The arbitrage capital will sell both a share and B share at the same time.Therefore, the price of a share has continued to fall sharply in the near future, and the implied rate of return has increased significantly, many of which have exceeded 7%.
This situation is similar to that at the end of last year, when there was a rare “gold pit” market in grade a due to arbitrage.After two interest rate cuts, the underestimation of class A should be greater than that at the end of last year, facing a rare “gold pit” opportunity again.Even after the rebound on Thursday afternoon, many grade a still have high allocation value.With the fall of the overall premium rate and the departure of arbitrage funds, investors should be ready to rush into the market at any time to buy those graded Fund A shares with high discount, large short-term decline and high implied yield.

600200股吧——基金净值排行榜

The mystery of AVIC’s military industry classification

In addition to the above hot spots, the focus of investors this week is undoubtedly AVIC military industry classification, which is a product of Qianhai Kaiyuan and tracks the AVIC military industry index of China Securities.The fund was established on March 30 and listed on April 29.Since its establishment, it has not built a position and is still in the state of short position.However, in the past two months, the AVIC military industry index has risen by 50%.However, due to the short position of the fund, the investors who have been holding the master fund have encountered the embarrassment of “full position and short position”.
However, to the surprise of investors, AVIC military B has performed strongly since it was listed, which is no less than several other military industries.As the net value is 0, the rise of the b-end leads to the continuous overall premium.In addition, the advantage of short fund arbitrage is that the risk is very small, or even no risk.Due to the long period of time, the risk of net value fluctuation is the main risk faced by graded fund arbitrage.However, the net value of short position fund has almost no fluctuation, which is very suitable for arbitrage.

600200股吧——600362股吧

Attracted by the continuous premium, a large number of arbitrage funds swarmed in. The operation process of premium arbitrage is to apply for shares in the primary market first, and then sell a and B shares after splitting.The enthusiasm for arbitrage funds has led to a sharp increase in the fund’s shares.As of this week, its on-site shares have exceeded 16 billion, and its off-site shares are estimated to reach 20 billion, making it the second largest graded fund.
AVIC military industry fund has many mysteries to be solved.Why doesn’t it build a position?“知道”空头仓位是买入并推高中航B?对此,市场有很多解读,更多的是“阴谋论”的解释。有人认为,之所以出现空仓,是因为基金公司故意用这种方式制造溢价,吸引套利资金进场,以赚取较大份额。至于谁会收购中航B,可能是因为看好军工股或是未来的特殊策略。

但是,上述说法不具有说服力,无法核实或伪造。经理未能建立一个职位可能只是因为他对未来市场不乐观。至于购买中航B的投资者,他们只是一群“不知道真相的人”。如果考虑到最近军工指数的飙升,这种解释是合理的。按照名称,不少投资者将其视为参与军工股的工具,而不是计算仓位。由于缺乏专业水平,这些投资者对整体折价率和溢价率不重视,使得较高的溢价持续,导致套利基金不断进入,份额不断扩大。

600200股吧——股票000878

合法的东西是不合理的
中航工业迟迟不建仓,在市场上引起极大争议甚至谴责。从法律角度看,由于新基金有6个月的建仓期,基金经理有权决定是否建仓以及在此期间何时建仓,这是合法的。然而,法律问题可能并不合理。虽然让新基金在6个月内尽快补仓是不现实的,但长期做空也是不合适的。指数基金是一种工具性产品,因此它不应该判断大势,而应该把趋势判断还给投资者。

为避免类似事件再次发生,建议修改相关规定。比如,指数基金不允许上市空仓,或长期空仓,或缩短指数基金的建设周期。中航工业军工份额扩大的根本原因是大量缺乏专业知识的“大妈”投资者被误导。除了相关基金公司需要摆出自己的位置来明确自己的角色和定位外,分类基金的市场培育还有很长的路要走。

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