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.
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.
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。