娱乐棋牌

【专题研究】揭秘战略配售基金收益来源

娱乐棋牌YUANBIAOTI:【ZHUANTIYANJIU】JIEMIZHANLVEPEISHOUJIJINSHOUYILAIYUAN

娱乐棋牌JIEZHI2020NIAN3YUE6RI,6GECDRJIJINCHANPINYIYUNZUO20GEYUE。HUIGUCHANPINCHENGLIYILAIDECHICANGXINXI、JINGZHIBIAOXIANHEJIBENMIANXINXI,BUNANFAXIAN,6GECHANPINDEYUNZUOJIAOWEIXIANGSI,JUNBIAOXIANCHUPIANZHAIHUNHEXINGJIJINCHANPINDETEZHENG;DANCHANPINZHIJIANRENGCUNZAIYIXIECHAYI,BIAOXIANZAIPEISHOUCELVE(CANYU、TUICHU)、DAXINCELVEHEQUANYICELVEDENGFANGMIAN。JINGFENXI,6GECDRJIJINCHANPINDEYITONGDIAN,ZHUYAOKEGUINAWEIYIXIASANTIAO:

1、CHANPINZHIJIANDELISHISHOUYILVCHAYIZHUYAOLAIZIYUZHANLVEPEISHOUDECANYUDU,DAXINCELVEDUISHOUYIHEFENGXIANDEGONGXIANJUNXIANGDUIYOUXIAN,ERHUAXIACDRCHANPINSHIZHONGWEICANYUDAXINCAOZUO;

2、MUQIANQUANYICHICANGJIZHONGYURENGCHUSUODINGQIHEBUFENYIJIEJINDEZHANLVEPEISHOUGUPIAO,CIWAI,HUITIANFUCDRCHANPINDEQUANYICHICANGZUIWEIJIJI;

3、BODONGLV、XIAPUBILV、ZUIDAHUICHEDENGPINGJIAZHIBIAODEYIYIYOUSUOSHIXIAO,DANQUANYICANGWEIYIJIUSHICHANPINBODONGLVDEHEXINYINGXIANGYINSU。

WEILEGENGHAODIJIESHIYISHANGJIELUN,WOMENJIANGCONGXINGUSHANGSHIDEQINGKUANG、CHANPINDEJINGZHIBIAOXIAN、CHANPINDEJIBENMIANQINGKUANGDENGSANGEWEIDUZHANKAIFENXI。

娱乐棋牌CONGJIBAOXINXIKEJIAN,6GECHANPINDUIYUZHANLVEPEISHOUDECANYUDUCUNZAIYIDINGCHAYI,ZHUYAOSHIYINWEIDUIYUGUZHIRENZHIDECHAYI。TONGYANG,DUIYUPEISHOUGUDETUICHUCELVEYECUNZAIYIDINGFENQI,YIFANGMIANFANYINGCHUTAMENDUIYUGEGUJIAZHIDEPANDUANCUNZAICHAYI,LINGYIFANGMIANYESHUOMING“JIEJINJIMAICHU”BINGBUSHIJIGOUDEPUBIANCAOZUO。

表1:战略配售股票占基金产品的比重

娱乐棋牌ZILIAOLAIYUAN:Wind、HUATAIZHENGQUANJINRONGCHANPINBU;

ZHU:CANGWEIZHANBIFENBIEANPEISHOUGUSHANGSHISHOURIJISUAN

QUANYICHICANGZHONG,DABUFENCDRCHANPINDECHICANGYIXINGUWEIZHU,ZHANBICHAOGUO9CHENG5;ERJISHICHANGGUPIAODECANGWEIZHANBIJIDI,YINWEIDUIYU150YIYUANGUIMODECHANPIN,DAXINDICANGDUIYINGDECANGWEIZHANBIJINZHANYONG0.4%。ZONGXIANGLAIKAN,SUIZHEKEPEISHOUGUPIAOSHULIANGDEZENGJIA,CDRCHANPINDEZHENGTIQUANYICANGWEIDOUCHUXIANHUANBIDAFUTISHENG。

MUQIAN6GECDRCHANPINZHONG,JUTIDEQUANYICHICANGCEZHONGYOUYIDINGCHAYI。QUANYICANGWEIZUIGAODEHUITIANFUCDRCHANPIN,DANERJISHICHANGGUPIAOZHANYIBAN,KEJIANQIERJISHICHANGGUPIAODECHICANGPEIZHIYUANCHAODAXINDEXUQIU。YUZHIXINGCHENGDUIBIDESHI,HUAXIACDRCHANPINZICHENGLIYIHOUDOUWEIJINXINGERJISHICHANGDEGUPIAOTOUZI,BUNENGCANYUDAXINCAOZUO,ZHEIYUCHANPINJINPEIYOUZHAIQUANJIJINJINGLIDEDINGWEIXIANGWENHE。JIASHICDRCHANPINDUIYUZHANLVEPEISHOUDECANYUDUZUIDI,JINCANYULEYOUCHUYINXINGDEPEISHOU,YINCIMUQIANQUANYICANGWEIZHANBIZUIDI。QIYU3GECDRCHANPINDEYUNZUOFENGGEJIAOWEIJIEJIN。

图1:战略配售基金的权益仓位情况

娱乐棋牌SHUJULAIYUAN:Wind、HUATAIZHENGQUANJINRONGCHANPINBU

图2:2019Q4股票仓位和新股仓位

娱乐棋牌SHUJULAIYUAN:Wind、HUATAIZHENGQUANJINRONGCHANPINBU

娱乐棋牌XIAMIANZAIFENXIXIA6GECDRCHANPINDESHOUYIHEFENGXIANBIAOXIAN,YIJICHANPINYEJIBIAOXIANDEYITONGDIAN。

娱乐棋牌DAXINSHOUYIFANGMIAN,GUOQU20GEYUEYOU277GEXINGUSHANGSHI,JINGCESUAN,DAXINDUICHANPINGONGXIAN0.17%DELEIJISHOUYILV,DUIYINGNIANHUASHOUYILVWEI0.10%。KAOLVDAOERJISHICHANGDICANGZHANBIWEI0.4%,YINCIDICANGZUHEBUCHUXIANCHAOGUO25%DIEFUDEQINGKUANGXIA,DAXINCELVENENGGONGXIANZHENGSHOUYI,DANSHOUYIZENGHOUYOUXIAN。

ZHANLVEPEISHOUSHOUYIFANGMIAN,JIYUZHONGGUORENBAO、ZHONGGUOTONGHAO、ZHONGGUOGUANGHE、YOUCHUYINXINGZHANCHANPIN1%CHICANGDUIYINGDESHOUYIZENGHOUFENBIESHI0.83%、0.12%、0.18%HE0%,ZHONGGUORENBAODEPEISHOUSHOUYIZUIWEIXIANZHU。DUIYUCHANPINERYAN,ZHANLVEPEISHOUDUICHANPINJINGZHIDEGONGXIAN,YIFANGMIANTIXIANZAIJUTIPEIZHIGEGUDESHOUYIQINGKUANG,LINGYIFANGMIANZETIXIANZAIPEISHOUGEGUDECANYUDUQINGKUANG。

ZONGSHANGSUOSHU,XIANGDUIDAXINSHOUYI,PEISHOUSHOUYIGENGWEIZHONGYAO,ERDICANGSUOXUDEERJISHICHANGCHICANGDUIJINGZHIDEYINGXIANGYEXIANGDUIKEKONG。MUQIAN6GECDRJIJINDENIANHUASHOUYILVZAI5.39%-6.84%ZHIJIAN,SHOUYILVGAODIYUZHANLVEPEISHOUDECANYUDUXIANGGUAN。

FENGXIANFANGMIAN,XINGUSHANGSHIHOUCHAOZUODAOZHIDEZICHANSHENGZHIYINWEISUODINGQIERBUNENGBEIDUIXIAN,QIDAOZHIDECHANPINJINGZHIBODONG,TONGYANGHUISHIDEBODONGLV、ZUIDAHUICHE、XIAPUBILVDENGCHANGGUIPINGJIAZHIBIAOYOUSUOSHIXIAO,BINGBUNENGZUOWEIKEGUANMIAOSHUCHANPINFENGXIANSHUXING,HUOZUOWEICHANPINJIANHENGXIANGBIJIAODEYOUXIAOZHIBIAO。

图3:战略配售基金的净值走势(截至2020/3/6)

SHUJULAIYUAN:Wind,HUATAIZHENGQUANJINRONGCHANPINBU

表2:战略配售基金的区间累计收益率

(截至2020/3/6)

SHUJULAIYUAN:Wind、HUATAIZHENGQUANJINRONGCHANPINBU

表3:战略配售基金成立以来的核心指标表现

(截至2020/3/6)

SHUJULAIYUAN:Wind、HUATAIZHENGQUANJINRONGCHANPINBU

WOMENJINYIBUFENXICDRJIJINDECHANGNEIJIAGEQINGKUANG。6GECDRJIJINCHANGNEIJIAGEDENIANHUAZHEJIALVZAI-2.37%ZHI-2.99%ZHIJIAN,CHANPINZHIJIANDECHAYIXIANGDUIJIAOXIAO。TONGGUOZHEJIALVYUCHANPINGUIMO、LISHINIANHUASHOUYILVJINXINGHUIGUIFENXIFAXIAN,ZHEJIALVYUCHANPINGUIMODEXIANGGUANXINGXIANGDUIJIAOGAO,R2DADAO0.27;YUCHANPINYEJIDEXIANGGUANXINGFEICHANGDI,R2JINWEI0.008。KEJIAN,GUIMODUIZHEJIALVDEYINGXIANGXIANGDUIGENGDA。

表4:战略配售基金的场内价格情况

娱乐棋牌SHUJULAIYUAN:Wind、HUATAIZHENGQUANJINRONGCHANPINBU

综上所述,由于缺乏知名CDR企业的回归,CDR基金产品上市后的表现基本符合我们初期设定的悲观预期下的业绩水平,实现了6%左右的年化收益。产品未来的收益表现将主要取决于待解禁配售股二级市场的表现,个别主动权益暴露较大的产品则可能会面临更高的净值波动。返回搜狐,查看更多

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声明:该文观点仅代表作者本人,搜狐号系信息发布平台,搜狐仅提供信息存储空间服务。
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