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超44亿,“落袋为安”!
中国基金报· 2025-07-29 07:01
【 导读 】 昨日股票ETF资金净流出超44亿元 中国基金报记者 曹雯璟 7月28日,三大指数集体收涨,电子元件、军工概念等轮番演绎。股票ETF(含跨境ETF)整 体资金净流出超44亿元。其中, 香港证券ETF、港股通互联网ETF、港股通非银ETF等港股 相关ETF产品成为"吸金"主力; 中证1000ETF、上证50ETF、沪深300ETF、中证500ETF 等宽基ETF成为"失血"大户。 昨日股票ETF资金净流出超44亿元 7月28日,三大指数均上涨,截至收盘,沪指涨0.12%,深证成指涨0.44%;创业板指涨 0.96%,再创年内新高。盘面上看,固态电池、国防军工、保险、医药等板块涨幅居前。 7月28日,股票ETF(含跨境ETF)整体资金净流出达44.17亿元,最新规模达3.81万亿元。 从大类型来看,港股市场ETF净流入居前,达34.61亿元,宽基ETF净流出居前,达84.87亿 元;规模变化方面,港股市场ETF规模上升62.01亿元。 具体到指数维度,7月28日,沪深300指数单日净流出居前,达21.03亿元。从近5个交易日 角度观测,资金流入港股通互联网指数超45亿元,流入香港证券指数超40亿元。 ...
信用债ETF博时(159396)盘中交投活跃,近21日合计“吸金”4.44亿元,机构:央行态度仍偏呵护,债市无趋势调整风险
Sou Hu Cai Jing· 2025-07-29 06:42
截至2025年7月29日 14:19,信用债ETF博时(159396)下跌0.18%,最新报价100.75元。 流动性方面,信用债ETF博时盘中换手19.92%,成交24.04亿元,市场交投活跃。拉长时间看,截至7月 28日,信用债ETF博时近1月日均成交46.04亿元,排名可比基金第一。 华创证券发布研报称,经济基本面暂未出现趋势性反转信号,央行态度仍偏呵护,债市无趋势调整风 险。但短期债市仍处逆风状态,市场风险偏好提振、稳增长政策预期等或仍对债市形成扰动。对于为博 弈资本利得而持有的品种,例如长久期信用债、银行二永债等,建议寻找机会兑现收益,以防后续赎回 潮演绎。对于票息配置品种或不用过度担忧,建议持有观察,多看少动。经过上周调整后,3年期以内 信用债品种初具一定配置性价比。 规模方面,信用债ETF博时最新规模达120.94亿元。 资金流入方面,信用债ETF博时最新资金流入流出持平。拉长时间看,近21个交易日内,合计"吸 金"4.44亿元。 数据显示,杠杆资金持续布局中。信用债ETF博时前一交易日融资净买额达1016.58万元,最新融资余 额达1380.80万元。 截至7月28日,信用债ETF博时近6月净 ...
债市调整,30年国债ETF博时(511130)交投活跃,连续8日获资金布局加仓,最新规模达144.53亿元再创新高
Sou Hu Cai Jing· 2025-07-29 06:25
Core Viewpoint - The 30-year government bond ETF from Bosera has shown a significant increase in both liquidity and net inflow, indicating strong market interest and performance despite recent adjustments in the bond market [3][4]. Group 1: Performance Metrics - As of July 28, 2025, the 30-year government bond ETF from Bosera has accumulated a 10.68% increase over the past year [3]. - The latest scale of the ETF reached 14.453 billion yuan, marking a new high in the past year [3]. - The ETF's net value has increased by 10.72% over the past year, ranking 7th out of 414 in the index bond fund category, placing it in the top 1.69% [4]. Group 2: Liquidity and Trading Activity - The ETF experienced a turnover rate of 26.14% with a trading volume of 3.768 billion yuan, indicating active market participation [3]. - Over the past week, the ETF has seen an average daily trading volume of 4.283 billion yuan [3]. - The ETF has recorded continuous net inflows for eight days, with a peak single-day net inflow of 1.510 billion yuan, totaling 5.495 billion yuan in net inflows [4]. Group 3: Risk and Return Analysis - The maximum drawdown since inception for the ETF is 6.89%, with a relative benchmark drawdown of 1.28% [4]. - The ETF has a historical one-year profitability probability of 100% [4]. - The management fee for the ETF is set at 0.15%, while the custody fee is 0.05% [5]. Group 4: Market Influences - Recent adjustments in the bond market are influenced by rising short-term funding rates and increasing inflation expectations, which have pushed up yields on government bonds with maturities of three years and above [3]. - The People's Bank of China has conducted a net liquidity injection of 325.1 billion yuan through reverse repos, indicating a supportive monetary policy environment [3].
红利资产备受市场关注,红利低波100ETF(159307)连续3天获资金净流入,最新规模、份额均创新高
Sou Hu Cai Jing· 2025-07-29 06:25
Core Viewpoint - The performance of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF reflects a stable investment opportunity amid shifting market preferences towards equity assets due to declining risk-free interest rates and increasing demand for stable returns [2][3][4]. Group 1: ETF Performance - As of July 28, 2025, the Zhongzheng Dividend Low Volatility 100 ETF has seen a net value increase of 20.03% over the past year, ranking first among comparable funds [4]. - The ETF's one-month cumulative return is 4.12%, with a recent price of 1.08 yuan, down 0.37% [2]. - The ETF's maximum drawdown this year is 6.18%, indicating relatively low risk compared to its benchmark [4]. Group 2: Fund Flows and Liquidity - The ETF has experienced continuous net inflows over the past three days, totaling 47.02 million yuan, with a peak single-day inflow of 21.76 million yuan [3]. - The trading volume of the ETF reached 15.55 million yuan, with a turnover rate of 1.43% [2]. - The ETF's latest scale reached 1.093 billion yuan, marking a one-year high [3]. Group 3: Investment Strategy and Market Outlook - The current market environment, characterized by improved risk appetite and a shift of funds from bonds to equities, has led to increased interest in dividend assets due to their stable cash flow and defensive attributes [2]. - The coal sector is expected to see new opportunities due to recovering coal prices and supportive supply-side policies, with recommendations for undervalued mid-cap companies [3]. - The ETF's strategy focuses on high dividend yield and low volatility stocks, with the top ten holdings accounting for 20.14% of the index [5].
双重优选Buff加持下的持有人导向产品
点拾投资· 2025-07-29 06:15
导读:过去几年,我一直在思考一个问题:基金产品最重要的价值是什么?我个人认为,规模的大小、收益的高 低并非最重要的因素。一个有价值的基金产品,第一性原理必然是能否让持有人赚到真金白银。 怎么让持有人赚到钱,也是打通资产管理和财富管理的钥匙。我们发现, 影响持有人收益最重要的因素是:波动 率。 波动率越低的资产,越能帮助持有人获得全生命周期收益。我们以房子和股票这两类资产为例,过去20年大 家买房子的基本上都赚到了收益,而买股票的大部分人没有赚到钱。背后的原因,并非房价表现比股价更好,而 是房价波动率更低,让大家拿得住。 我们进一步观察,发现中国大类资产中,股票的波动率远高于债券。我们统计了2003到2023年的20年各类资产 数据,沪深300的年化收益率不到6%,但年化波动率超过了25%。相比之下,中证全债的年化收益率超过4%, 但是年化波动率不到5%。两者的风险收益比形成了天壤之别。 图1:2003年至2023年,各类资产的年化收益率和波动率 数据来源:Wind;数据区间:2003年1月1日至2023年12月31日 债券资产能大幅降低波动,股票权益能提供长期的收益增强,把这两类资产的有效结合,就能在降低波动 ...
机构:黄金的战略配置价值进一步凸显,黄金ETF基金(159937)近1月日均成交额近6亿元
Xin Lang Cai Jing· 2025-07-29 06:10
Core Viewpoint - The performance of the gold ETF fund has shown resilience with a significant increase over the past six months, despite recent declines in both production and consumption of gold in China [2][3]. Group 1: Fund Performance - As of July 29, 2025, the gold ETF fund (159937) has decreased by 0.43%, with a latest price of 7.34 yuan. However, it has accumulated a 19.16% increase over the past six months [2]. - The fund has a net inflow of 44.58 million yuan over the last 20 trading days, with an average daily net inflow of 2.23 million yuan [3]. - The fund's net value has increased by 76.46% over the past five years, ranking it among the top two comparable funds [3]. Group 2: Market Dynamics - In the first half of 2025, China's gold production was 179.083 tons, a decrease of 0.31% year-on-year, while consumption fell by 3.54% to 505.205 tons [2]. - The China Gold Association noted that high gold prices and quality development policies have created historical opportunities for gold enterprises, leading to increased profit margins [2]. Group 3: Investment Characteristics - The gold ETF fund has demonstrated a high Sharpe ratio of 2.36 over the past year, indicating strong risk-adjusted returns [4]. - The fund's management fee is 0.50%, and the custody fee is 0.10%, which are relatively low compared to industry standards [6]. - The tracking error for the fund over the past two months is 0.002%, reflecting high tracking precision among comparable funds [7].
一键布局A股核心资产 华商中证800指数增强基金8月1日结束募集
Zhong Guo Jing Ji Wang· 2025-07-29 05:50
Core Viewpoint - The current A-share market is undergoing asset revaluation and presenting structural opportunities, with the launch of the Huashang CSI 800 Index Enhanced Fund aimed at efficiently capturing alpha returns from core A-share assets [1] Group 1: Fund Overview - The Huashang CSI 800 Index Enhanced Fund is designed to cover core A-share assets and capture market alpha returns, serving as an efficient tool for investors [1] - The CSI 800 Index, a representative broad-based index, consists of stocks from the CSI 300 and CSI 500 indices, featuring a dual-driven structure of "value blue chips + growth leaders" [1] - The index includes a wide range of industries, from mature sectors like banking and food & beverage to innovative sectors like semiconductors, electronics, and pharmaceuticals, indicating a rich investment logic [1] Group 2: Investment Strategy - The fund employs a multi-factor quantitative stock selection model developed by Huashang Fund's quantitative investment team, combining big data mining with quantitative models to construct an enhanced stock portfolio [2] - The fund aims to achieve investment returns that exceed the target index while maintaining close tracking of the CSI 800 Index [2] - The fund will be managed by Dr. Deng Mo and Dr. Hai Yang, both experienced in quantitative investment and stock selection [2][3] Group 3: Manager Profiles - Dr. Deng Mo has over 14 years of experience in the securities industry, with a focus on balanced allocation and quantitative models to identify high-quality assets in high-growth industries [2][3] - Dr. Hai Yang has over 8 years of experience, specializing in risk and return monitoring across different sectors, aiming for excess returns through diversified allocation [3] Group 4: Market Outlook - Dr. Deng maintains an optimistic outlook, believing that excess returns from the active quantitative model will continue to show a stable upward trend amid structural market opportunities [4] - The overall market valuation is considered relatively reasonable, and liquidity remains ample, which is favorable for the performance of multi-factor quantitative models [4] - The strategy will focus on monitoring the recovery of various sectors and implementing a diversified allocation approach to achieve excess returns [4]
热门产品,限购!
中国基金报· 2025-07-29 05:46
Core Viewpoint - Recent surge in demand for dividend and high-yield theme funds has led to multiple fund companies implementing purchase limits to protect existing shareholders and ensure stable fund operations [1][2]. Group 1: Fund Purchase Limits - On July 29, multiple funds, including Invesco Great Wall's ETF and Tianhong's index fund, announced a suspension of large purchases exceeding 5 million yuan [3]. - The surge in fund purchases is attributed to a stable economic growth outlook, despite ongoing structural challenges within the economy [3]. - The current bond market volatility and a nearly 4% yield spread have increased the attractiveness of dividend assets for both institutional and individual investors [3]. Group 2: Value of Dividend Assets - The new "National Nine Articles" policy continues to encourage and strengthen dividend requirements for listed companies, providing strong policy support for dividend assets [5]. - As of June 30, net inflows from southbound funds exceeded 70 billion HKD, with banks and energy sectors being key focus areas for dividend asset allocation [5]. - The dividend yield of the Hong Kong Stock Connect high dividend index stands at 7.96%, significantly higher than the 5.57% yield of the CSI Dividend Index, highlighting the comparative advantage of Hong Kong dividend assets in the current low-interest-rate environment [6]. Group 3: Investment Strategies - The past two years have seen a recovery in the valuation of dividend assets, indicating their effective value even as market risk appetite has increased [6]. - Investors are encouraged to integrate dividend strategies into their investment frameworks, focusing on defensive opportunities while maintaining simplicity amid market volatility [6]. - Different dividend indices may perform significantly differently under varying market conditions, suggesting a diversified approach based on individual risk preferences and investment goals [6].
2025年第一只40%+宽基ETF,为什么是中证2000增强?
Sou Hu Cai Jing· 2025-07-29 05:31
Core Insights - The article highlights the remarkable performance of the "Zhaoshang CSI 2000 Enhanced ETF" (159552), which achieved a 40.83% increase year-to-date, making it the first broad-based ETF to surpass the 40% return threshold in the market this year [1][2] - The ETF's success is attributed to its active management strategy, which has generated nearly 19% of its total returns through excess contributions, showcasing the effectiveness of enhanced strategies in the current market environment [2][6] Group 1: Performance Metrics - As of July 28, the CSI 2000 Enhanced ETF (159552) has shown a 40.21% return over the last 120 days and a 34.24% return over the last 50 days, indicating strong short-term performance [2] - The ETF has experienced a significant increase in trading volume, with a 17-fold increase in shares and over 22 times growth in scale this year, marking it as a phenomenon in the ETF sector [2][5] Group 2: Market Trends - The CSI 2000 index, which includes companies ranked 1801-3800 by market capitalization, has become a flagship index for small and micro-cap stocks, capturing over 30% of emerging industries and niche market leaders [5] - The current market trend favors small-cap stocks due to their higher volatility and market sensitivity, which tend to rebound faster when market sentiment improves [5][11] Group 3: Active Management Strategy - The enhanced strategy employed by the ETF's management team utilizes a multi-factor stock selection model and dynamic rebalancing to capture various market signals, resulting in a significant alpha generation [6][8] - The active management approach has allowed the ETF to outperform similar products and other small-cap indices, highlighting the importance of strategic positioning in the current market [6][11] Group 4: Liquidity and Market Dynamics - The liquidity of the CSI 2000 index has improved significantly, with its average daily trading volume surpassing that of the CSI 300 and CSI 500 indices, facilitating large capital movements in related ETFs [9][11] - The combination of market style, precise tool positioning, excellent active management, and strong liquidity has created a feedback loop that enhances the ETF's performance [11]
热门产品,限购
Zhong Guo Ji Jin Bao· 2025-07-29 05:20
Core Viewpoint - The recent surge in demand for dividend and high-yield theme funds has led to multiple fund companies implementing purchase limits to protect existing shareholders and ensure stable fund operations [1][2]. Group 1: Fund Purchase Limits - On July 29, several funds, including the Invesco Great Wall CSI Dividend Low Volatility 100 ETF and Tianhong CSI Central State-Owned Enterprises Dividend 50 Index, announced a suspension of large purchases exceeding 5 million yuan [2]. - The decision to limit purchases is attributed to a significant influx of funds, as the overall economic growth remains stable, but structural issues persist [2]. - The current bond market volatility and a nearly 4% yield spread have increased the attractiveness of dividend assets for both institutional and individual investors [2]. Group 2: Dividend Asset Appeal - The new "National Nine Articles" policy encourages and strengthens dividend requirements for listed companies, providing strong policy support for dividend assets [4]. - As of June 30, 2023, the dividend yield of the Hong Kong Stock Connect High Dividend Index reached 7.96%, significantly higher than the 5.57% yield of the CSI Dividend Index, highlighting the comparative advantage of Hong Kong dividend assets [4]. - With the anticipated trend of interest rate cuts by the Federal Reserve and a moderately loose domestic monetary policy, capital inflows into the Hong Kong stock market are expected to continue, enhancing the outlook for dividend investments [4]. Group 3: Investment Strategies - The past two years have seen a recovery in the valuation of dividend assets, indicating their effective value even as market risk appetite increases [5]. - Investors are advised to integrate dividend strategies into their investment frameworks rather than solely judging based on dividend yield [5]. - Different dividend indices may perform significantly differently under varying market conditions, suggesting the need for diversified investment strategies based on individual risk preferences and investment goals [6].