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每日资讯20180111【任瞳/兴业证券定量研究】

来源: 南方日报网络版     时间: 2019年07月16日 06:03:39
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(“今)(年)(物)(价)(上)(涨)(将)(整)(体)(可)(控)(,不)(会)(成)(为)(政)(策)(层)(面)(的)(焦)(点)(问)(题)(。”章)(俊)(指)(出)(,从)(货)(币)(层)(面)(来)(看)(,虽)(然)(央)(行)(目)(前)(没)(有)(跟)(进)(美)(联)(储)(加)(息)(,但)(金)(融)(去)(杠)(杆)(已)(经)(显)(著)(推)(高)(市)(场)(利)(率)(,中)(美)(利)(差)(维)(持)(在)(高)(位)(,为)(稳)(定)(人)(民)(币)(汇)(率)(提)(供)(了)(坚)(实)(的)(基)(础)(。金)(融)(去)(杠)(杆)(和)(房)(地)(产)(调)(控)(政)(策)(有)(效)(控)(制)(了)(潜)(在)(资)(产)(价)(格)(泡)(沫)(的)(风)(险)(,部)(分)(城)(市)(的)(房)(价)(已)(经)(开)(始)(回)(落)(,债)(市)(过)(度)(加)(杠)(杆)(的)(情)(况)(也)(有)(明)(显)(好)(转)(。
章)(俊)(认)(为)(今)(年)(在)(国)(务)(院)(金)(融)(稳)(定)(委)(员)(会)(的)(统)(筹)(下)(,“双)(支)(柱)(调)(控)(框)(架)(”下)(的)(稳)(健)(中)(性)(货)(币)(政)(策)(和)(宏)(观)(审)(慎)(政)(策)(将)(继)(续)(推)(动)(金)(融)(市)(场)(去)(杠)(杆)(,从)(货)(币)(角)(度)(来)(看)(没)(有)(通)(胀)(大)(幅)(上)(升)(的)(基)(础)(。
委)(贷)(新)(规)(正)(式)(落)(地)(基)(金)(子)(公)(司)(非)(标)(业)(务)(面)(临)(调)(整)(
2018-01-11来)(源)(:证)(券)(时)(报)(
1月)(6日)(,银)(监)(会)(《商)(业)(银)(行)(委)(托)(贷)(款)(管)(理)(办)(法)(》正)(式)(落)(地)(。在)(一)(家)(中)(型)(基)(金)(子)(公)(司)(总)(经)(理)(看)(来)(,委)(贷)(新)(规)(将)(倒)(逼)(基)(金)(子)(公)(司)(非)(标)(业)(务)(往)(信)(托)(领)(域)(腾)(挪)(,但)(这)(并)(非)(一)(劳)(永)(逸)(,背)(后)(依)(然)(有)(较)(大)(的)(风)(险)(。
委)(贷)(业)(务)(受)(限)(
据)(悉)(,在)(委)(外)(新)(规)(正)(式)(落)(地)(之)(前)(,银)(行)(体)(系)(内)(的)(资)(金)((包)(括)(理)(财)(资)(金)(或)(表)(内)(资)(金)(等)()都)(会)(选)(择)(借)(道)(证)(券)(公)(司)(或)(基)(金)(子)(公)(司)(,再)(对)(接)(到)(定)(向)(或)(者)(专)(项)(资)(产)(管)(理)(计)(划)(,最)(终)(以)(委)(托)(贷)(款)(的)(形)(式)(投)(向)(房)(地)(产)(、地)(方)(融)(资)(平)(台)(等)(领)(域)(。
这)(曾)(经)(也)(是)(基)(金)(子)(公)(司)(赖)(以)(生)(存)(的)(一)(种)(业)(务)(模)(式)(。
然)(而)(随)(着)(委)(贷)(新)(规)(正)(式)(落)(地)(,沪)(上)(一)(家)(中)(型)(基)(金)(子)(公)(司)(总)(经)(理)(认)(为)(,委)(贷)(新)(规)(的)(影)(响)(主)(要)(在)(一)(对)(多)(的)(非)(标)(业)(务)(上)(。这)(些)(业)(务)(主)(要)(投)(向)(地)(产)(和)(融)(资)(平)(台)(,通)(过)(委)(贷)(的)(方)(式)(可)(以)(进)(行)(土)(地)(抵)(押)(,实)(现)(更)(大)(收)(益)(。
“现)(在)(基)(金)(子)(公)(司)(募)(集)(资)(金)(后)(无)(法)(进)(行)(委)(托)(贷)(款)(,也)(就)(无)(法)(快)(速)(地)(投)(向)(相)(关)(领)(域)(。”在)(其)(看)(来)(,委)(贷)(新)(规)(并)(不)(是)(对)(基)(金)(子)(公)(司)(最)(严)(重)(的)(一)(次)(监)(管)(,毕)(竟)(在)(2016年)(底)(的)(基)(金)(子)(公)(司)(新)(规)(中)(,已)(经)(对)(非)(标)(业)(务)(、通)(道)(业)(务)(进)(行)(了)(大)(规)(模)(的)(限)(制)(。委)(贷)(新)(规)(只)(是)(将)(基)(金)(子)(公)(司)(最)(后)(的)(非)(标)(业)(务)(也)(消)(灭)(了)(。
沪)(上)(另)(一)(家)(小)(型)(基)(金)(子)(公)(司)(副)(总)(经)(理)(指)(出)(,公)(司)(旗)(下)(几)(乎)(所)(有)(的)(产)(品)(都)(有)(波)(及)(,虽)(然)(通)(道)(业)(务)(已)(经)(受)(限)(,且)(利)(润)(较)(低)(、需)(要)(的)(风)(险)(准)(备)(金)(相)(比)(更)(高)(,但)(依)(旧)(是)(一)(些)(基)(金)(子)(公)(司)(的)(选)(择)(。
他)(指)(出)(,尤)(其)(是)(一)(些)(银)(行)(系)(基)(金)(子)(公)(司)(,未)(来)(或)(许)(很)(难)(再)(从)(股)(东)(方)(获)(得)(行)(内)(业)(务)(的)(支)(持)(。
记)(者)(注)(意)(到)(,虽)(然)(子)(公)(司)(新)(规)(已)(经)(大)(幅)(放)(缓)(了)(通)(道)(业)(务)(的)(增)(长)(,基)(金)(子)(公)(司)(的)(规)(模)(也)(没)(有)(再)(次)(出)(现)(较)(大)(的)(增)(幅)(,但)(排)(在)(行)(业)(前)(列)(的)(依)(旧)(是)(银)(行)(系)(的)(子)(公)(司)(。
根)(据)(协)(会)(数)(据)(,截)(至)(2017年)(三)(季)(度)(末)(,招)(商)(财)(富)(以)(5222.14亿)(元)(位)(列)(所)(有)(基)(金)(子)(公)(司)(首)(位)(,浦)(银)(安)(盛)(、建)(信)(资)(本)(也)(都)(超)(过)(4000亿)(元)(,排)(在)(前)(20的)(银)(行)(系)(基)(金)(子)(公)(司)(还)(包)(括)(工)(银)(瑞)(信)(、农)(银)(汇)(理)(、交)(银)(施)(罗)(德)(、兴)(业)(财)(富)(等)(共)(计)(9家)(。
业)(务)(调)(整)(有)(难)(度)(
摆)(在)(基)(金)(子)(公)(司)(眼)(前)(的)(无)(疑)(是)(需)(要)(立)(刻)(作)(出)(调)(整)(。
在)(上)(述)(基)(金)(子)(公)(司)(总)(经)(理)(看)(来)(,短)(期)(只)(能)(将)(委)(托)(贷)(款)(的)(目)(标)(从)(银)(行)(转)(至)(信)(托)(公)(司)(。
这)(一)(方)(法)(得)(到)(多)(家)(基)(金)(子)(公)(司)(人)(士)(的)(肯)(定)(。但)(业)(内)(人)(士)(大)(多)(指)(出)(,选)(择)(信)(托)(公)(司)(并)(非)(最)(好)(的)(方)(法)(,实)(属)(无)(奈)(之)(举)(,并)(且)(会)(有)(较)(多)(的)(弊)(端)(。
上)(述)(基)(金)(子)(公)(司)(副)(总)(经)(理)(坦)(言)(,相)(比)(银)(行)(委)(托)(贷)(款)(千)(分)(之)(一)(的)(费)(率)(,基)(金)(子)(公)(司)(通)(过)(信)(托)(贷)(款)(的)(费)(率)(将)(提)(高)(到)(千)(分)(之)(三)(至)(千)(分)(之)(四)(不)(等)(,这)(一)(定)(程)(度)(上)(会)(降)(低)(基)(金)(子)(公)(司)(投)(资)(的)(收)(益)(和)(最)(终)(的)(利)(润)(。
上)(述)(基)(金)(子)(公)(司)(总)(经)(理)(也)(坦)(言)(,目)(前)(业)(务)(调)(整)(的)(进)(展)(相)(对)(较)(困)(难)(,不)(少)(信)(托)(公)(司)(并)(不)(愿)(意)(进)(行)(委)(托)(贷)(款)(的)(操)(作)(,“因)(为)(本)(质)(上)(信)(托)(公)(司)(的)(委)(贷)(和)(银)(行)(并)(没)(有)(较)(大)(差)(异)(,监)(管)(层)(不)(会)(坐)(视)(基)(金)(子)(公)(司)(通)(过)(此)(举)(进)(行)(操)(作)(,只)(是)(短)(期)(之)(举)(。”
沪)(上)(一)(家)(非)(银)(行)(系)(基)(金)(子)(公)(司)(业)(务)(部)(人)(士)(透)(露)(,公)(司)(将)(进)(一)(步)(对)(旗)(下)(产)(品)(的)(性)(质)(做)(自)(查)(,争)(取)(完)(全)(从)(委)(贷)(业)(务)(中)(脱)(离)(出)(来)(。
上)(述)(基)(金)(子)(公)(司)(副)(总)(经)(理)(认)(为)(,最)(终)(基)(金)(子)(公)(司)(只)(能)(想)(办)(法)(放)(弃)(非)(标)(,参)(与)(收)(益)(权)(转)(让)(和)(回)(购)(业)(务)(,将)(委)(贷)(形)(式)(转)(变)(为)(债)(权)(形)(式)(。“暂)(时)(并)(没)(有)(新)(的)(发)(展)(方)(向)(,基)(金)(子)(公)(司)(恐)(怕)(更)(难)(了)(。”
公)(募)(私)(募)(齐)(头)(并)(进)(2017年)(行)(业)(规)(模)(快)(速)(增)(长)(
2018-01-11来)(源)(:证)(券)(时)(报)(
昨)(日)(晚)(间)(,中)(国)(基)(金)(业)(协)(会)(公)(布)(了)(中)(国)(证)(券)(投)(资)(基)(金)(业)(协)(会)(资)(产)(管)(理)(业)(务)(统)(计)(快)(报)((截)(至)(2017年)(底)()。据)(统)(计)(,截)(至)(2017年)(底)(,基)(金)(管)(理)(公)(司)(及)(其)(子)(公)(司)(、证)(券)(公)(司)(、期)(货)(公)(司)(、私)(募)(基)(金)(管)(理)(机)(构)(资)(产)(管)(理)(业)(务)(总)(规)(模)(约)(53.6万)(亿)(元)(,这)(一)(数)(据)(较)(2017年)(三)(季)(度)(末)(的)(53.46万)(亿)(元)(增)(长)(0.26个)(百)(分)(点)(,增)(速)(较)(2017年)(三)(季)(度)(的)(1.25%放)(缓)(。对)(比)(2016年)(底)(,2017年)(全)(年)(行)(业)(总)(规)(模)(增)(长)(了)(1.8万)(亿)(元)(,增)(幅)(达)(到)(3.49%。
其)(中)(公)(募)(基)(金)(规)(模)(增)(长)(达)(到)(26.65%,在)(2017年)(年)(公)(募)(基)(金)(管)(理)(机)(构)(管)(理)(的)(公)(募)(基)(金)(为)(4841只)(,份)(额)(11.0万)(亿)(元)(,规)(模)(11.6万)(亿)(元)(,较)(三)(季)(度)(末)(增)(长)(4.12%。
同)(样)(大)(幅)(增)(长)(的)(还)(有)(私)(募)(基)(金)(。截)(至)(2017年)(底)(,在)(中)(国)(证)(券)(投)(资)(基)(金)(业)(协)(会)(已)(登)(记)(私)(募)(基)(金)(管)(理)(人)(22446家)(,管)(理)(私)(募)(基)(金)(66418只)(,规)(模)(11.1万)(亿)(元)(。
这)(一)(数)(据)(较)(2016年)(底)(增)(长)(高)(达)(40.66%,是)(全)(行)(业)(增)(速)(最)(快)(的)(领)(域)(。其)(中)(,2017年)(每)(个)(季)(度)(私)(募)(基)(金)(管)(理)(规)(模)(的)(增)(幅)(分)(别)(为)(10.83%、9.23%、8.05%和)(7.53%。
同)(时)(,基)(金)(管)(理)(公)(司)(专)(户)(规)(模)(在)(2017年)(底)(达)(到)(6.5万)(亿)(元)(,较)(2016年)(底)(仅)(增)(长)(1.83%。
受)(限)(于)(新)(规)(影)(响)(,基)(金)(子)(公)(司)(规)(模)(再)(次)(创)(下)(新)(低)(,2017年)(底)(仅)(为)(7.4万)(亿)(元)(,较)(2016年)(底)(缩)(水)(幅)(度)(达)(到)(29.54%,缩)(水)(比)(例)(最)(高)(。数)(据)(显)(示)(,在)(中)(国)(证)(券)(投)(资)(基)(金)(业)(协)(会)(备)(案)(的)(证)(券)(公)(司)(、基)(金)(管)(理)(公)(司)(子)(公)(司)(资)(产)(支)(持)(专)(项)(计)(划)(1125只)(,发)(行)(规)(模)(1.6万)(亿)(元)(。但)(这)(依)(旧)(没)(有)(挽)(回)(基)(金)(子)(公)(司)(的)(颓)(势)(,细)(分)(来)(看)(,2017年)(四)(个)(季)(度)(基)(金)(子)(公)(司)(专)(户)(规)(模)(分)(别)(为)(9.91万)(亿)(元)(、8.59万)(亿)(元)(、7.96万)(亿)(元)(和)(7.4万)(亿)(元)(,分)(别)(缩)(水)(5.61%、13.3%、7.4%和)(7.02%。
券)(商)(资)(管)(及)(直)(投)(基)(金)(2017年)(底)(的)(规)(模)(达)(到)(16.8万)(亿)(元)(,创)(下)(2017年)(新)(低)(,虽)(然)(2017年)(一)(季)(度)(的)(规)(模)(较)(去)(年)(年)(底)(出)(现)(了)(6.79%的)(增)(长)(,但)(此)(后)(每)(个)(季)(度)(券)(商)(资)(管)(规)(模)(都)(有)(所)(下)(滑)(,平)(均)(缩)(水)(幅)(度)(超)(过)(3.5%。
期)(货)(资)(管)(2017年)(底)(规)(模)(为)(0.2万)(亿)(元)(。
可)(转)(债)(基)(金)(新)(年)(开)(门)(红)(中)(长)(期)(表)(现)(可)(期)(
2018-01-11来)(源)(:证)(券)(时)(报)(
截)(至)(昨)(日)(收)(盘)(,上)(证)(指)(数)(实)(现)(九)(连)(阳)(。在)(A股)(市)(场)(持)(续)(上)(行)(的)(推)(动)(下)(,可)(转)(债)(表)(现)(抢)(眼)(,可)(转)(债)(基)(金)(也)(水)(涨)(船)(高)(。
据)(Wind统)(计)(显)(示)(,中)(证)(转)(债)(指)(数)(今)(年)(以)(来)(累)(计)(涨)(幅)(已)(超)(过)(3%,受)(此)(影)(响)(,九)(成)(以)(上)(可)(转)(债)(基)(金)(取)(得)(正)(收)(益)(。整)(体)(来)(看)(,累)(计)(收)(益)(率)(超)(2%的)(占)(一)(半)(以)(上)(,收)(益)(率)(超)(过)(3%的)(接)(近)(三)(成)(,相)(当)(一)(部)(分)(基)(金)(开)(年)(表)(现)(好)(于)(去)(年)(全)(年)(。
在)(受)(访)(基)(金)(看)(来)(,今)(年)(以)(来)(可)(转)(债)(上)(涨)(主)(要)(是)(由)(可)(转)(债)(正)(股)(的)(上)(涨)(推)(动)(,其)(未)(来)(持)(续)(性)(还)(要)(看)(市)(场)(及)(正)(股)(的)(表)(现)(。
“我)(比)(较)(看)(好)(今)(年)(的)(股)(票)(市)(场)(,因)(此)(,对)(于)(可)(转)(债)(行)(情)(较)(为)(乐)(观)(。”在)(华)(北)(某)(基)(金)(经)(理)(看)(来)(,发)(行)(可)(转)(债)(的)(公)(司)(,多)(为)(资)(质)(尚)(可)(的)(大)(型)(企)(业)(,而)(这)(类)(企)(业)(正)(处)(于)(当)(前)(股)(市)(的)(风)(口)(。因)(此)(,总)(体)(表)(现)(不)(会)(太)(差)(。
华)(商)(可)(转)(债)(基)(金)(经)(理)(张)(永)(志)(表)(示)(,从)(存)(量)(转)(债)(的)(估)(值)(来)(看)(,基)(本)(上)(转)(股)(溢)(价)(率)(处)(于)(相)(对)(偏)(低)(的)(水)(平)(,且)(新)(发)(转)(债)(的)(估)(值)(较)(为)(合)(理)(,同)(二)(级)(市)(场)(的)(投)(资)(水)(平)(相)(近)(。“考)(虑)(到)(再)(融)(资)(政)(策)(红)(利)(利)(好)(转)(债)(市)(场)(中)(长)(期)(发)(展)(,以)(及)(转)(债)(正)(股)(市)(场)(中)(期)(向)(好)(,因)(此)(,看)(好)(转)(债)(市)(场)(的)(中)(期)(走)(势)(,目)(前)(市)(场)(表)(现)(与)(预)(期)(基)(本)(一)(致)(。”
“因)(为)(可)(转)(债)(最)(主)(要)(的)(收)(益)(来)(自)(于)(上)(市)(公)(司)(股)(价)(的)(上)(涨)(,目)(前)(个)(券)(的)(选)(择)(基)(本)(仍)(是)(基)(于)(正)(股)(基)(本)(面)(的)(逻)(辑)(来)(选)(择)(,更)(为)(看)(重)(上)(市)(公)(司)(基)(本)(面)(。”在)(张)(永)(志)(看)(来)(,未)(来)(随)(着)(可)(转)(债)(的)(大)(幅)(扩)(容)(,个)(券)(估)(值)(或)(将)(大)(幅)(分)(化)(,可)(转)(债)(的)(债)(性)(和)(股)(性)(区)(分)(度)(将)(更)(加)(显)(著)(,个)(券)(预)(期)(收)(益)(率)(可)(能)(出)(现)(明)(显)(差)(异)(,精)(选)(个)(券)(将)(成)(为)(可)(转)(债)(投)(资)(的)(重)(中)(之)(重)(。
在)(上)(述)(华)(北)(基)(金)(经)(理)(看)(来)(,因)(为)(可)(转)(债)(兼)(具)(股)(票)(和)(债)(券)(的)(属)(性)(,从)(其)(生)(命)(周)(期)(来)(看)(,在)(股)(市)(持)(续)(上)(行)(过)(程)(中)(,可)(转)(债)(在)(临)(近)(具)(备)(转)(股)(价)(值)(时)(,即)(从)(不)(具)(备)(转)(股)(价)(值)(到)(具)(备)(转)(股)(价)(值)(时)(,会)(出)(现)(快)(速)(的)(价)(值)(恢)(复)(,这)(部)(分)(区)(间)(的)(涨)(幅)(会)(超)(越)(正)(股)(涨)(幅)(。因)(此)(,选)(择)(可)(转)(债)(基)(金)(时)(,可)(适)(当)(留)(意)(其)(重)(仓)(可)(转)(债)(所)(处)(的)(区)(间)(,在)(没)(达)(到)(转)(股)(价)(值)(时)(选)(择)(买)(入)(。
嘉)(实)(基)(金)(主)(动)(权)(益)(规)(模)(领)(跑)(
2018-01-1101:00:00中)(国)(证)(券)(报)(
2017年)(公)(募)(基)(金)(管)(理)(人)(规)(模)(出)(炉)(,代)(表)(基)(金)(公)(司)(核)(心)(竞)(争)(力)(的)(主)(动)(权)(益)(基)(金)(规)(模)(数)(据)(备)(受)(瞩)(目)(。天)(相)(投)(顾)(数)(据)(显)(示)(,2017年)(嘉)(实)(基)(金)((博)(客)(,微)(博)()主)(动)(权)(益)(类)(基)(金)(管)(理)(规)(模)(为)(1637.22亿)(元)(,在)(118家)(可)(比)(基)(金)(公)(司)(中)(排)(名)(第)(一)(;2016年)(,嘉)(实)(基)(金)(主)(动)(权)(益)(类)(基)(金)(管)(理)(规)(模)(为)(1324.78亿)(元)(,同)(样)(排)(在)(行)(业)(第)(一)(。
公)(开)(数)(据)(显)(示)(,嘉)(实)(基)(金)(在)(2017年)(新)(发)(的)(基)(金)(中)(,近)(10只)(主)(动)(权)(益)(类)(基)(金)(首)(募)(规)(模)(超)(过)(10亿)(元)(。其)(中)(,沪)(港)(深)(3.0基)(金)(产)(品)(线)(的)(嘉)(实)(沪)(港)(深)(回)(报)(与)(嘉)(实)(价)(值)(精)(选)(首)(募)(规)(模)(分)(别)(为)(35.2亿)(元)(、66.1亿)(元)(,募)(集)(时)(间)(均)(未)(超)(过)(3天)(;行)(业)(基)(金)(产)(品)(线)(的)(嘉)(实)(医)(药)(健)(康)(首)(募)(规)(模)(超)(过)(38亿)(元)(。此)(外)(,首)(批)(公)(募)(FOF之)(一)(的)(嘉)(实)(领)(航)(资)(产)(配)(置)(混)(合)(型)(FOF首)(募)(规)(模)(也)(超)(过)(了)(28亿)(元)(。
规)(模)(稳)(步)(增)(长)(的)(背)(后)(,与)(基)(金)(业)(绩)(息)(息)(相)(关)(。银)(河)(证)(券)(数)(据)(显)(示)(,嘉)(实)(基)(金)(2017年)(共)(有)(24只)(主)(动)(权)(益)(基)(金)(净)(值)(增)(长)(率)(超)(过)(20%。嘉)(实)(沪)(港)(深)(精)(选)(以)(51.43%的)(净)(值)(增)(长)(率)(在)(标)(准)(股)(票)(型)(基)(金)(中)(排)(名)(第)(二)(,嘉)(实)(新)(兴)(产)(业)(和)(嘉)(实)(新)(消)(费)(分)(别)(以)(46.91%和)(44.72%的)(净)(值)(增)(长)(率)(在)(其)(他)(行)(业)(股)(票)(型)(基)(金)(中)(排)(名)(第)(二)(、第)(三)(。在)(偏)(股)(型)(基)(金)((股)(票)(上)(下)(限)(60%-95%)的)(排)(名)(中)(,嘉)(实)(优)(化)(红)(利)(在)(2017年)(以)(55.03%的)(净)(值)(增)(长)(率)(排)(名)(第)(三)(;在)(绝)(对)(收)(益)(目)(标)(基)(金)(排)(名)(中)(,嘉)(实)(回)(报)(灵)(活)(配)(置)(基)(金)(以)(35.83%的)(净)(值)(增)(长)(率)(排)(名)(第)(二)(。而)(在)(QDII股)(票)(型)(基)(金)(中)(,嘉)(实)(全)(球)(互)(联)(网)(以)(38.68%的)(净)(值)(增)(长)(率)(排)(名)(第)(二)(。
万)(家)(基)(金)(李)(文)(宾)(:“成)(长)(性)(”决)(定)(高)(度)(
2018-01-1101:00:00中)(国)(证)(券)(报)(
告)(别)(分)(化)(严)(重)(的)(2017年)(,2018年)(会)(否)(延)(续)(“结)(构)(性)(”走)(势)(?万)(家)(基)(金)(李)(文)(宾)(给)(出)(了)(肯)(定)(的)(答)(案)(。李)(文)(宾)(表)(示)(,在)(过)(去)(一)(年)(里)(,蓝)(筹)(股)(的)(估)(值)(修)(复)(基)(本)(实)(现)(,股)(价)(能)(否)(继)(续)(上)(行)(,则)(需)(要)(观)(察)(其)(是)(否)(业)(绩)(有)(“真)(实)(的)(可)(持)(续)(成)(长)(性)(”;与)(此)(同)(时)(,过)(去)(一)(年)(里)(估)(值)(极)(度)(压)(缩)(的)(中)(小)(市)(值)(股)(票)(,其)(中)(不)(乏)(“成)(长)(性)(”较)(强)(的)(个)(股)(,这)(些)(股)(票)(可)(能)(会)(在)(2018年)(被)(市)(场)(重)(估)(。因)(此)(,2018年)(A股)(仍)(将)(继)(续)(“结)(构)(性)(”行)(情)(,但)(决)(定)(分)(化)(的)(关)(键)(词)(变)(成)(了)(“成)(长)(性)(”,如)(果)(选)(择)(错)(误)(,投)(资)(者)(在)(过)(去)(一)(年)(时)(间)(里)(“只)(赚)(指)(数)(不)(赚)(钱)(”的)(现)(象)(仍)(会)(重)(演)(。
成)(长)(性)(回)(归)(“正)(解)(”
对)(于)(“成)(长)(性)(”,李)(文)(宾)(有)(自)(己)(的)(见)(解)(。他)(认)(为)(,市)(场)(以)(往)(笼)(统)(地)(将)(大)(盘)(股)(和)(中)(小)(盘)(股)(定)(性)(为)(价)(值)(股)(和)(成)(长)(股)(,并)(据)(此)(在)(过)(去)(多)(年)(时)(间)(里)(出)(现)(了)(反)(复)(轮)(动)(的)(行)(情)(,但)(随)(着)(市)(场)(环)(境)(的)(变)(化)(,这)(种)(界)(定)(发)(生)(了)(变)(化)(:“成)(长)(股)(”并)(不)(是)(中)(小)(盘)(股)(票)(的)(专)(利)(,很)(多)(景)(气)(行)(业)(的)(龙)(头)(最)(近)(几)(年)(始)(终)(维)(持)(着)(较)(高)(的)(年)(均)(复)(合)(增)(速)(且)(增)(长)(趋)(势)(稳)(定)(,无)(论)(这)(些)(公)(司)(市)(值)(有)(多)(大)(,它)(们)(都)(属)(于)(成)(长)(股)(。有)(鉴)(于)(此)(,从)(“成)(长)(性)(”的)(角)(度)(来)(看)(,虽)(然)(蓝)(筹)(股)(整)(体)(估)(值)(已)(经)(不)(便)(宜)(,但)(其)(中)(仍)(能)(保)(持)(业)(绩)(稳)(定)(增)(长)(的)(白)(马)(股)(,其)(估)(值)(并)(未)(出)(现)(泡)(沫)(。
李)(文)(宾)(表)(示)(,业)(绩)(才)(是)(成)(长)(股)(最)(本)(质)(的)(核)(心)(,只)(有)(较)(大)(概)(率)(能)(够)(实)(现)(业)(绩)(确)(定)(性)(成)(长)(的)(企)(业)(才)(能)(被)(称)(为)(“真)(成)(长)(”。在)(选)(择)(成)(长)(股)(的)(过)(程)(中)(,首)(先)(要)(关)(注)(行)(业)(是)(否)(具)(备)(长)(期)(成)(长)(潜)(力)(,政)(策)(扶)(持)(或)(者)(符)(合)(产)(业)(升)(级)(趋)(势)(都)(是)(重)(要)(指)(标)(。如)(果)(行)(业)(成)(长)(潜)(力)(大)(,下)(一)(步)(就)(是)(从)(中)(挑)(选)(具)(备)(核)(心)(竞)(争)(优)(势)(的)(企)(业)(,除)(了)(技)(术)(、管)(理)(、渠)(道)(等)(指)(标)(外)(,对)(于)(企)(业)(高)(管)(团)(队)(的)(研)(究)(尤)(其)(是)(“一)(把)(手)(”的)(研)(究)(,也)(是)(关)(注)(的)(重)(点)(。
布)(局)(三)(大)(产)(业)(
不)(过)(,对)(于)(李)(文)(宾)(来)(说)(,2018年)(他)(的)(战)(略)(布)(局)(重)(点)(,还)(是)(集)(中)(在)(他)(眼)(中)(具)(有)(爆)(发)(式)(成)(长)(的)(行)(业)(里)(。在)(采)(访)(中)(,李)(文)(宾)(花)(了)(较)(多)(的)(时)(间)(来)(描)(述)(5G,这)(是)(2018年)(他)(最)(看)(好)(的)(板)(块)(之)(一)(。李)(文)(宾)(表)(示)(,从)(整)(个)(产)(业)(投)(资)(周)(期)(来)(看)(,在)(2019年)(,5G投)(资)(可)(能)(迎)(来)(一)(个)(高)(峰)(期)(,总)(投)(资)(额)(会)(比)(4G更)(大)(。
他)(乐)(观)(预)(计)(,或)(许)(四)(年)(以)(内)(,5G产)(业)(的)(总)(投)(资)(额)(度)(将)(达)(到)(1.2万)(亿)(到)(1.3万)(亿)(元)(的)(规)(模)(,而)(2018年)(将)(是)(5G产)(业)(链)(订)(单)(不)(断)(落)(地)(的)(第)(一)(年)(,2019年)(则)(会)(是)(相)(关)(上)(市)(公)(司)(业)(绩)(兑)(现)(的)(时)(候)(,在)(2019年)(到)(2020年)(,上)(市)(公)(司)(会)(迎)(来)(一)(个)(流)(畅)(的)(业)(绩)(释)(放)(周)(期)(。因)(此)(,李)(文)(宾)(密)(切)(关)(注)(5G板)(块)(上)(市)(公)(司)(的)(表)(现)(。他)(认)(为)(,如)(果)(在)(今)(年)(某)(一)(个)(时)(间)(点)(,5G板)(块)(股)(价)(回)(归)(至)(一)(个)(相)(对)(合)(理)(的)(水)(平)(,则)(是)(一)(个)(战)(略)(配)(置)(的)(好)(机)(会)(。
除)(了)(5G之)(外)(,在)(李)(文)(宾)(眼)(里)(,半)(导)(体)(和)(先)(进)(制)(造)(业)(也)(是)(下)(一)(阶)(段)(布)(局)(的)(重)(要)(方)(向)(。在)(中)(央)(政)(策)(的)(大)(力)(扶)(持)(下)(,大)(量)(投)(资)(涌)(入)(半)(导)(体)(行)(业)(,目)(前)(的)(蓄)(势)(待)(发)(正)(是)(布)(局)(的)(好)(时)(机)(。而)(先)(进)(制)(造)(业)(方)(面)(,李)(文)(宾)(根)(据)(自)(己)(多)(年)(研)(究)(制)(造)(业)(的)(经)(验)(判)(断)(,目)(前)(中)(央)(对)(于)(制)(造)(业)(升)(级)(的)(关)(注)(度)(相)(当)(高)(,而)(许)(多)(制)(造)(业)(领)(域)(的)(技)(术)(升)(级)(提)(升)(也)(非)(常)(快)(,且)(其)(中)(的)(国)(产)(化)(率)(不)(断)(提)(升)(,这)(其)(中)(孕)(育)(了)(大)(量)(长)(期)(投)(资)(机)(会)(。
工)(银)(瑞)(信)(创)(业)(板)(ETF联)(接)(基)(金)(正)(在)(发)(行)(
2018-01-11来)(源)(:证)(券)(时)(报)(
新)(年)(首)(周)(,创)(业)(板)(指)(上)(涨)(2.78%,跑)(赢)(上)(证)(综)(指)(迎)(来)(开)(门)(红)(。机)(构)(认)(为)(,刚)(刚)(结)(束)(的)(中)(央)(经)(济)(工)(作)(会)(议)(提)(出)(中)(国)(经)(济)(增)(长)(将)(由)(传)(统)(要)(素)(驱)(动)(向)(创)(新)(驱)(动)(转)(变)(,政)(策)(新)(格)(局)(或)(将)(有)(利)(创)(业)(板)(行)(情)(。在)(此)(背)(景)(下)(,工)(银)(瑞)(信)(2018年)(伊)(始)(再)(推)(工)(银)(创)(业)(板)(ETF联)(接)(基)(金)(,募)(集)(期)(为)(1月)(8日)(至)(2月)(2日)(。
该)(基)(金)(拟)(任)(基)(金)(经)(理)(为)(工)(银)(瑞)(信)(指)(数)(投)(资)(中)(心)(投)(资)(部)(副)(总)(监)(赵)(栩)(,其)(掌)(管)(的)(工)(银)(深)(证)(红)(利)(ETF及)(其)(联)(接)(基)(金)(2017年)(度)(分)(别)(获)(得)(49.20%和)(45.84%的)(丰)(厚)(回)(报)(。
基)(金)(公)(司)(扎)(堆)(申)(请)(MSCI主)(题)(基)(金)(
2018-01-1100:25:42北)(京)(商)(报)(
历)(经)(四)(轮)(闯)(关)(,去)(年)(6月)(明)(晟)(公)(司)(宣)(布)(将)(A股)(纳)(入)(MSCI新)(兴)(市)(场)(指)(数)(,带)(领)(相)(关)(概)(念)(股)(迎)(来)(一)(波)(大)(涨)(,随)(着)(正)(式)(入)(摩)(时)(间)(窗)(口)(的)(临)(近)(,基)(金)(公)(司)(瞄)(准)(时)(机)(加)(紧)(布)(局)(脚)(步)(。1月)(8日)(,证)(监)(会)(最)(新)(发)(布)(基)(金)(募)(集)(申)(请)(公)(示)(表)(显)(示)(,截)(至)(去)(年)(12月)(29日)(,共)(有)(9家)(基)(金)(公)(司)(的)(18只)(MSCI主)(题)(基)(金)(的)(身)(影)(出)(现)(在)(证)(监)(会)(募)(集)(申)(请)(表)(中)(。
具)(体)(来)(看)(,景)(顺)(长)(城)(和)(平)(安)(大)(华)(成)(为)(MSCI主)(题)(基)(金)(上)(报)(大)(户)(,分)(别)(上)(报)(4只)(产)(品)(,如)(景)(顺)(长)(城)(上)(报)(的)(产)(品)(有)(“MSCI中)(国)(A股)(国)(际)(大)(盘)(交)(易)(型)(开)(放)(式)(指)(数)(基)(金)(”、“MSCI中)(国)(A股)(国)(际)(大)(盘)(交)(易)(型)(开)(放)(式)(指)(数)(基)(金)(联)(接)(基)(金)(”。
平)(安)(大)(华)(上)(报)(产)(品)(名)(称)(为)(“MSCI港)(股)(通)(低)(波)(动)(交)(易)(型)(开)(放)(式)(指)(数)(基)(金)(”、“MSCI中)(国)(A股)(交)(易)(型)(开)(放)(式)(指)(数)(基)(金)(”等)(。此)(外)(,建)(信)(基)(金)(、南)(方)(基)(金)(、华)(安)(基)(金)(分)(别)(上)(报)(2只)(MSCI主)(题)(产)(品)(,易)(方)(达)(、新)(华)(基)(金)((博)(客)(,微)(博)()、华)(泰)(柏)(瑞)(、招)(商)(基)(金)(各)(上)(报)(1只)(。
从)(产)(品)(类)(型)(上)(看)(,指)(数)(基)(金)(备)(受)(基)(金)(公)(司)(青)(睐)(,上)(报)(产)(品)(中)(,指)(数)(基)(金)(共)(有)(12只)(占)(主)(流)(地)(位)(,此)(外)(,联)(接)(基)(金)(4只)(,发)(起)(式)(产)(品)(占)(2只)(。
值)(得)(一)(提)(的)(是)(,去)(年)(7月)(率)(先)(上)(报)(的)(创)(金)(合)(信)(MSCI中)(国)(A股)(国)(际)(指)(数)(发)(起)(式)(基)(金)(目)(前)(已)(走)(完)(审)(批)(流)(程)(于)(去)(年)(底)(获)(批)(成)(立)(,以)(国)(内)(首)(例)(MSCI主)(题)(基)(金)(身)(份)(亮)(相)(市)(场)(。
2017年)(6月)(,明)(晟)(公)(司)(宣)(布)(将)(把)(A股)(纳)(入)(MSCI新)(兴)(市)(场)(指)(数)(,这)(为)(外)(资)(进)(入)(中)(国)(股)(市)(提)(供)(了)(不)(同)(于)(B股)(、陆)(股)(通)(的)(新)(渠)(道)(,预)(计)(将)(给)(A股)(带)(来)(成)(百)(上)(千)(亿)(美)(元)(的)(增)(量)(资)(金)(。此)(后)(,MSCI向)(市)(场)(咨)(询)(意)(见)(完)(善)(细)(则)(,并)(于)(同)(年)(10月)(发)(布)(中)(国)(A股)(纳)(入)(指)(数)(MSCIChinaAInclusionIndexes,A股)(入)(摩)(迎)(来)(实)(质)(性)(进)(展)(,按)(照)(相)(关)(时)(间)(表)(,A股)(正)(式)(纳)(入)(的)(时)(间)(是)(今)(年)(6月)(1日)(。
对)(此)(,大)(泰)(金)(石)(研)(究)(院)(资)(深)(研)(究)(员)(王)(骅)(表)(示)(,从)(历)(史)(数)(据)(上)(看)(,在)(被)(纳)(入)(MSCI新)(兴)(市)(场)(指)(数)(后)(,多)(地)(股)(指)(在)(中)(短)(期)(都)(有)(不)(同)(程)(度)(的)(上)(扬)(,A股)(正)(在)(对)(外)(开)(放)(的)(进)(程)(中)(,在)(全)(球)(资)(本)(市)(场)(中)(的)(地)(位)(将)(会)(越)(来)(越)(重)(要)(,各)(个)(基)(金)(公)(司)(陆)(续)(布)(局)(MSCI指)(数)(也)(是)(在)(资)(产)(配)(置)(全)(球)(化)(背)(景)(下)(提)(前)(布)(局)(。
自)(媒)(体)(信)(息)(披)(露)(与)(重)(要)(声)(明)(
使)(用)(本)(报)(告)(的)(风)(险)(提)(示)(及)(法)(律)(声)(明)(
本)(报)(告)(所)(载)(资)(料)(的)(来)(源)(被)(认)(为)(是)(可)(靠)(的)(,但)(本)(公)(司)(不)(保)(证)(其)(准)(确)(性)(或)(完)(整)(性)(,也)(不)(保)(证)(所)(包)(含)(的)(信)(息)(和)(建)(议)(不)(会)(发)(生)(任)(何)(变)(更)(。本)(公)(司)(并)(不)(对)(使)(用)(本)(报)(告)(所)(包)(含)(的)(材)(料)(产)(生)(的)(任)(何)(直)(接)(或)(间)(接)(损)(失)(或)(与)(此)(相)(关)(的)(其)(他)(任)(何)(损)(失)(承)(担)(任)(何)(责)(任)(。
本)(报)(告)(的)(版)(权)(归)(本)(公)(司)(所)(有)(。本)(公)(司)(对)(本)(报)(告)(保)(留)(一)(切)(权)(利)(。除)(非)(另)(有)(书)(面)(显)(示)(,否)(则)(本)(报)(告)(中)(的)(所)(有)(材)(料)(的)(版)(权)(均)(属)(本)(公)(司)(。未)(经)(本)(公)(司)(事)(先)(书)(面)(授)(权)(,本)(报)(告)(的)(任)(何)(部)(分)(均)(不)(得)(以)(任)(何)(方)(式)(制)(作)(任)(何)(形)(式)(的)(拷)(贝)(、复)(印)(件)(或)(复)(制)(品)(,或)(再)(次)(分)(发)(给)(任)(何)(其)(他)(人)(,或)(以)(任)(何)(侵)(犯)(本)(公)(司)(版)(权)(的)(其)(他)(方)(式)(使)(用)(。未)(经)(授)(权)(的)(转)(载)(,本)(公)(司)(不)(承)(担)(任)(何)(转)(载)(责)(任)(。
免)(责)(声)(明)(
市)(场)(有)(风)(险)(,投)(资)(需)(谨)(慎)(。本)(平)(台)(所)(载)(内)(容)(和)(意)(见)(仅)(供)(参)(考)(,不)(构)(成)(对)(任)(何)(人)(的)(投)(资)(建)(议)((专)(家)(、嘉)(宾)(或)(其)(他)(兴)(业)(证)(券)(股)(份)(有)(限)(公)(司)(以)(外)(的)(人)(士)(的)(演)(讲)(、交)(流)(或)(会)(议)(纪)(要)(等)(仅)(代)(表)(其)(本)(人)(或)(其)(所)(在)(机)(构)(之)(观)(点)(),亦)(不)(构)(成)(任)(何)(保)(证)(,接)(收)(人)(不)(应)(单)(纯)(依)(靠)(本)(资)(料)(的)(信)(息)(而)(取)(代)(自)(身)(的)(独)(立)(判)(断)(,应)(自)(主)(做)(出)(投)(资)(决)(策)(并)(自)(行)(承)(担)(风)(险)(。根)(据)(《证)(券)(期)(货)(投)(资)(者)(适)(当)(性)(管)(理)(办)(法)(》,本)(平)(台)(内)(容)(仅)(供)(兴)(业)(证)(券)(股)(份)(有)(限)(公)(司)(客)(户)(中)(的)(专)(业)(投)(资)(者)(使)(用)(,若)(您)(并)(非)(专)(业)(投)(资)(者)(,为)(保)(证)(服)(务)(质)(量)(、控)(制)(投)(资)(风)(险)(,请)(勿)(订)(阅)(或)(转)(载)(本)(平)(台)(中)(的)(信)(息)(,本)(资)(料)(难)(以)(设)(置)(访)(问)(权)(限)(,若)(给)(您)(造)(成)(不)(便)(,还)(请)(见)(谅)(。在)(任)(何)(情)(况)(下)(,作)(者)(及)(作)(者)(所)(在)(团)(队)(、兴)(业)(证)(券)(股)(份)(有)(限)(公)(司)(不)(对)(任)(何)(人)(因)(使)(用)(本)(平)(台)(中)(的)(任)(何)(内)(容)(所)(引)(致)(的)(任)(何)(损)(失)(负)(任)(何)(责)(任)(。返)(回)(搜)(狐)(,查)(看)(更)(多)(
责)(任)(编)(辑)(:
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