Low premium, high leverage, hierarchical B investment value highlights (list) – fund channel-ajviewer

Low premium high leverage investment grade B highlights the value of (list) – fund channel parent fund, broad subject differentiation significantly, the overall premium arbitrage opportunities. The Lunar New Year A shares opened the first week stock index first after stabilization, the Shanghai index and Shenzhen Component Index rose 3.49% and 5.70% respectively. The parent fund, military, coal, nonferrous metals, such as The Belt and Road NAV week gainers, food and beverage, and other securities rose is weak. The overall premium or discount rate, as of last Friday, the stock market was the parent fund overall discount 0.14%, 4 fund overall premium arbitrage opportunities (Peng central CSI The Belt and Road 4.46%, UBS Investment in the card business grew 3.04%, Raj Penghua CSI defense 2.88%, Sheng Shangzheng 502.64%). The current A shares fluctuations, there is a certain risk arbitrage fund. Grade B, the current market valuation although hardly cheap, but the risk has been released under the background of the stage, grade B low premium rate, high leverage investment worth to regain market attention. The price, grade B prices rose sharply, to the average premium. As of February 19th, stock prices rose an average of 11.11% B grade (excluding the average daily turnover of less than 1 million copies of varieties), the average premium rate of 1.13%, Peng Belt and Road Initiative B premium rate rose more than 20%. Liquidity, grade B trading activity has increased, but is still at historically low levels. As of January 19th the whole market grade B week turnover of 23 billion 985 million, the average daily volume of 4 billion 797 million copies. Leverage, the market of Yangzhong grade B leverage will decline, but remained at a high level. As of 19, the stock grade B average price leverage was 2.39, compared with the previous week fell 0.13. Selection of good fluidity, good corporate brand, the hot market varieties, help to improve the investment efficiency index of passive B. First of all, the market for such varieties recognized high, trading is always active, conducive to the realization of trading strategies. The rich gem B, Yinhua Rui Jin, Thailand medical and health card B, military B, Wells Fargo securities Shen Wanling believed the deep variety B volume front, accounting for nearly 40% of the total volume of grade B. Secondly, such a variety of premium or discount rate is more stable and reasonable, conducive to price trends. Round up the show, grade B price performance index is not a same track. The relatively mature operation, market acceptance of products of high premium rate is more stable and moderate. The price of grade A after a continuous decline in three weeks, last week ushered in on a slight rise, or the future will continue concussion. Prices, the average price rose 0.72% last week, A grade (excluding the average daily trading volume of less than 1 million varieties), reversing the continuous decline of the situation, the average discount of 0.94%. 2 A share the largest increase for the shenwanling letter Shenzhen Component Index A and AVIC military A rose 3.78%, 3%, respectively. The shenwanling letter Shenzhen A last week just ended "extreme rise and fall together, the loss of assets be recovered, as of February 19th the discount rate of 22.3%. Liquidity, grade A last week total turnover of 6 billion 600 million, average daily turnover.

低溢价高杠杆分级B投资价值凸显(名单)-基金频道  母基金普涨、主题分化显著,出现整体溢价套利机会。农历猴年A股开盘第一周股指先抑后稳,上证综指以及深成指分别大涨3.49%和5.70%。母基金方面,军工、煤炭、有色、一带一路等基金净值周涨幅居前,食品饮料、证券等涨幅较弱。整体折溢价率方面,截至上周五,全市场股票型分级母基金整体折价0.14%,4只基金出现整体溢价套利机会(鹏华中证一带一路4.46%、国投瑞银瑞泽中证创业成长3.04%、鹏华中证国防2.88%、长盛上证50 2.64%)。当前A股波动较大,母基金套利有一定风险。   分级B方面,当前市场估值尽管难言便宜,但风险已得到阶段性释放,在此背景下分级B低溢价率、高杠杆的投资价值值得市场重拾关注。价格方面,分级B价格大幅上涨,转为平均溢价。截至2月19日,股票分级B价格平均上涨11.11%(剔除日均成交量不足100万份的品种),平均溢价率1.13%,鹏华一带一路B等溢价率升至20%以上。流动性方面,分级B交易活跃度有所提高,但仍处于历史较低水平。截至1月19日全市场分级B周成交量239.85亿份,日均成交量为47.97亿份。杠杆方面,市场上扬中分级B杠杆难免下降,但仍处于较高水平。截至19日,股票型分级B平均价格杠杆为2.39,较前一交易周下降0.13。   精选流动性好、公司品牌佳、市场热点的品种,有利于提高被动指数分级B的投资效率。首先,此类品种市场认可度高,交投始终活跃,利于交易策略的实现。富国创业板B、银华锐进、国泰国证医药卫生B、富国中证军工B、申万菱信深成指B品种成交量靠前,占分级B总成交量的近四成。其次,此类品种折溢价率更稳定、合理,利于对价格趋势的把握。此轮上涨显示出,跟踪相同的指数的分级B价格表现不一。相对运作成熟、市场认可度高的产品折溢价率更稳定、适中。   分级A价格在连续下跌三周以后,上周迎来上小幅上涨,未来或将延续震荡走势。价格方面,上周分级A平均价格上涨0.72%(剔除日均成交量不足100万份的品种),扭转了之前连续下跌的局面,平均折价0.94%。涨幅最大的2只A份额为申万菱信深成指A和中航军工A,分别上涨3.78%、3.00%。其中申万菱信深成指A上周刚结束“同涨同跌”的极端情况,损失的资产得到回补,截至2月19日折价率22.3%。流动性方面,分级A上周总成交量为66亿份,日均成交量13.20亿份。分级A的份额变化方面,单周净流入份额最多的3只分级A为银华恒生H股A、鹏华中证银行A、前海开源中航军A,分别流入45.87、30.91和24.89亿份;单周流出份额最多的2只为申万菱信中证证券A和招商可转债A。分别流出92.31和30.03亿份。隐含收益率方面,截至2月19日,全市场分级A平均隐含收益率为4.75%,较上周末有所下降。   在经济偏弱背景下,长端利率有望进一步下行,对分级A的价值起到一定支撑作用。在股指上涨的背景下,分级A的上涨也一定程度显示市场风险偏好并未大幅提升。不过即便经历之前连续下跌,当前分级A价格仍处于较高水平,未来复杂的市场预期下,分级A或仍将延续震荡走势。相关的主题文章: