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基金营销大战火力全开 拆分真是绩优ETF的“专利”?
在A股市场近期活跃的背景下,部分行业主题ETF频频进行份额拆分,通过对基金份额的1:2拆分,将基 金单位净值直接砍半。港股创新药、通用航空、有色金属、人工智能、金融科技、银行、券商、军工、 红利等诸多热门主题产品均进行了相关操作。部分基金公司还配合了一系列营销推广,"降低交易门 槛""提升场内交投活跃度""持续超额收益提供拆分基础""拆分是绩优基金的专利"等成为营销落点。 中国证券报记者调研了解到,一般而言,ETF的单位净值足够高,导致ETF"篮子"占用更多的资金,降 低资金的使用效率,影响到了投资及申赎,基金管理人确有必要对ETF份额进行拆分处理。但部分ETF 在拆分份额、降低单位净值的同时,还提高了最小申赎单位,那么ETF"篮子"净值并没有发生大的变 化。并且,配合相应的营销动作来看,部分基金公司给被拆分ETF贴上"绩优"标签,可能是一种ETF同 质化竞争博出位的手段。业内机构提示,ETF拆分本身是中性操作,投资者仍需结合市场估值、行业景 气度等因素综合判断,避免盲目跟风介入。 热门赛道ETF扎堆拆分 以某港股创新药主题ETF为例,数据显示,截至8月12日,该ETF今年以来回报率接近翻倍。8月8日, 该E ...
资金跟踪系列之五:市场热度维持阶段高位,两融活跃度续创年内新高
SINOLINK SECURITIES· 2025-08-04 13:25
宏观流动性: 上周美元指数再度回升,中美利差"倒挂"程度有所收敛。10Y 美债名义/实际利率均回落,通胀预期同样回落。离岸 美元流动性整体宽松,国内银行间资金面整体均衡偏松,期限利差(10Y-1Y)收窄。 交易热度、波动与流动性: 市场交易热度略回落,但依然处于今年 3 月以来高点,主要指数波动率均回落。行业上,医药、钢铁、建筑、消费者 服务、军工、通信等板块交易热度均处于 80%分位数以上,大多数行业的波动率均处于 50%历史分位数以下。 机构调研: 电子、通信、计算机、汽车、军工等板块调研热度居前,通信、电力及公用事业、农林牧渔、建筑、煤炭等板块的调 研热度环比仍在上升。 分析师预测: 全 A 的 25/26 年净利润预测同时被下调。行业上,电力及公用事业、有色、医药、房地产、化工、煤炭、轻工等板块 25/26 年净利润预测均被上调。指数上,创业板指、中证 500 的 25/26 年净利润预测均被上调,上证 50、沪深 300 的 25/26 年净利润预测均被下调。风格上,中盘成长、大盘价值的 25/26 年的净利润预测均被下调,小盘成长、中盘价 值的 25/26 年的净利润预测分别被上调/下调,大盘成长 ...
证监会对多家上市公司集中立案,监管风暴再次剑指市场乱象
Sou Hu Cai Jing· 2025-07-28 08:32
Group 1: Regulatory Environment - Recent regulatory actions signal a tightening of oversight in the capital markets, with a focus on compliance risks across various stages of company development [1] - The investigation covers companies with different business models, highlighting widespread compliance issues in the current market [1] Group 2: Company-Specific Issues - *ST Muban, a representative of transitioning companies, faces multiple compliance risks, including financial fraud and fund misuse, with a reported net profit of -1.18 billion in 2024 and revenue below the 300 million threshold for delisting [3][4] - Rebecca, a leading player in the global wig industry, is under investigation for alleged information disclosure violations, with a recent net loss of 1.18 billion in 2024 and previous penalties for failing to disclose financial information in a timely manner [5][6] - *ST Wanfang, on the brink of delisting, is facing scrutiny for information disclosure issues linked to its complex shareholding structure, with a significant portion of its shares frozen and set for auction [7] Group 3: Market Implications - The recent investigations reflect a broader trend of increasing regulatory scrutiny, with the China Securities Regulatory Commission (CSRC) intensifying efforts to combat financial fraud and improve market integrity [8] - In 2024, the CSRC handled 128 cases of financial fraud, imposing fines totaling 5.137 billion, indicating a robust enforcement environment [8] - The regulatory actions aim to transition the capital market from expansion to quality improvement, promoting a healthier ecosystem for compliant and well-governed companies [10]
太平洋证券投资策略
Group 1 - The core viewpoint indicates that domestic corporate profits remain under pressure, with capital and risk appetite driving the A-share market's upward fluctuations. The financial sectors such as banks, non-banking financial institutions, pharmaceuticals, and telecommunications are expected to lead this trend, with an anticipated increase in risk appetite by late July [3][4][12]. - As of May, the cumulative profit of industrial enterprises above designated size turned negative year-on-year, and the manufacturing PMI for June was at 49.7, indicating marginal improvement but still below the growth line. Only six industries have seen upward adjustments in profit expectations for 2025, including steel, social services, and media, suggesting that corporate profit growth remains in a bottoming phase [4][12][17]. - The overall profitability indicators, ROA and ROE, remain weak, with banks, steel, and transportation showing relatively better performance [4][12]. Group 2 - Micro liquidity is showing a net inflow trend, with equity mutual funds issuing 272.6 billion units since the beginning of the year, and the margin trading scale has continued to see net inflows since May. Northbound capital saw a significant increase in Q2, with a net inflow of 61.7 billion, compared to 13.5 billion in Q1, particularly in sectors like power equipment, pharmaceuticals, and telecommunications [5][13]. - The issuance of special government bonds and the recent political meetings are expected to enhance market risk appetite. The path from special bonds to bank capital supplementation and interest rate cuts is clear, benefiting overall macro liquidity [6][14]. Group 3 - The investment strategy recommends three main lines: first, sectors like banks and public utilities that represent bond-like characteristics due to weak profits and strong liquidity; second, sectors such as photovoltaics, live pigs, and glass that are expected to benefit from policy negotiations and rising risk appetite; third, sectors like pharmaceuticals and telecommunications that will benefit from incremental capital inflows [7][16]. - The report anticipates that the trade war is likely to settle in the third quarter, with the narrative of "American exceptionalism" potentially returning to market focus, leading to a resurgence of the dollar and U.S. stocks [7][41].
多只金融科技ETF大涨逾7%丨ETF晚报
据证券时报,2025年以来,信用债ETF迎来爆发式增长,成为债券市场最具吸金效应的新品类。截至6 月23日,全市场信用债ETF总规模达2046.82亿元,首次突破2000亿元大关,约占全部债券ETF市场的 57%,成为今年ETF市场增长最迅猛的细分赛道之一。 一、ETF行业快讯 1、三大指数集体上涨,多只金融科技ETF上涨 今日,三大指数集体上涨,上证综指上涨1.04%,深证成指上涨1.72%,创业板指上涨3.11%。多只计算 机板块ETF上涨,其中,金融科技ETF华夏(516100.SH)上涨7.60%,金融科技ETF(516860.SH)上涨 7.59%,金融科技ETF(159851.SZ)上涨7.45%。石油石化板块多只ETF下跌,油气ETF博时 (561760.SH)下跌0.32%,油气资源ETF(563150.SH)下跌0.11%,油气资源ETF(159309.SZ)下跌 0.10%。 2、股票ETF连续8个交易日出现资金净流入 据中国基金报,6月24日,权重股"大象起舞",上证指数重返3400点,股票型ETF同步资金净流入,助 推多个主流指数翻红。银河证券基金研究中心数据显示,6月24日,全市场股 ...
[5月15日]指数估值数据(红利指数上涨能持续吗;红利专题估值表更新;指数日报更新)
银行螺丝钉· 2025-05-15 13:55
文 | 银行螺丝钉 (转载请注明出处) 今天大盘整体下跌,截止到收盘,还在5星。 大中小盘股都下跌。 小盘股下跌略多。 价值风格微跌,成长风格下跌多一些。 港股市场也下跌,不过跌幅小一些。 港股科技股这几天更新财报,盈利增长也不错。 财报更新后,港股科技股的估值也会降低一些,不过目前还在正常估值。 1. 有朋友问,红利指数过去几年上涨了不少,这个上涨是什么推动的呢? 未来这种上涨还能持续么? 红利指数在2018年5星级的时候也在低估。 随后的2019-2021年,是成长风格牛市。 当时成长风格指数上涨超150%,A股中证全指上涨超80%, 但红利指数只是略有上涨,跑输大盘比较多。 2022年-2024年,红利指数表现比较出色,这几年整体上涨。 以中证红利指数为例, 从2004年到2024年底, 指数基金净值=估值*盈利+分红。 估值主要是对一轮牛熊市影响大;在20年的维度,估值对指数长期收益影响就不大了。 换句话说,对红利指数来说,长期指数增长率是8-9%,外加每年3-4%的股息率。 2. 红利类品种最近几年,也跟以前有一些变化的地方。 如果看红利指数,会发现它的股息率,比5-10年前高了不少。 在2012- ...