9-赵恒珩-分级基金及创新发展

9-赵恒珩-分级基金及创新发展

华宝证券对国内的分级基金做了一个总体的介绍,并对分级基金的未来发展进行展望。

Development and Innovation Outlookof Separated FundsThe

Innovation of Financial Product, Hwabao SecuritiesZhao Hengheng 2022年-9

华宝证券对国内的分级基金做了一个总体的介绍,并对分级基金的未来发展进行展望。

分级基金发展和创新展望华宝证券金融产品与创新赵恒珩2022年-9

华宝证券对国内的分级基金做了一个总体的介绍,并对分级基金的未来发展进行展望。

目 录一、Introduction of Separated Funds二、 Characteristics of

Separated Funds三、Development and Outlook of Separated Funds

华宝证券对国内的分级基金做了一个总体的介绍,并对分级基金的未来发展进行展望。

目 录一、现有分级基金产品介绍二、现有分级基金产品特征总结三、分级基金产品发展展望

华宝证券对国内的分级基金做了一个总体的介绍,并对分级基金的未来发展进行展望。

Introduction of Separated Funds1Classification of Separated

Funds2Typical Separated Funds

华宝证券对国内的分级基金做了一个总体的介绍,并对分级基金的未来发展进行展望。

现有分级基金产品介绍1现有分级产品分类总览2现有典型的分级产品

华宝证券对国内的分级基金做了一个总体的介绍,并对分级基金的未来发展进行展望。

Overview of Separated Fund ClassificationClassification Common

Characteristics Representative ProductsBasic share can only be bought

during subscription and redemption period. After issuing period, basic

share is only traded in secondary market, so there is no arbitrage

opportunity. Some closed-end Changsheng Tongqing, Guotai Guzhi,

separated funds open for subscription and redemption on a regular

Fullgoal Huili, Dacheng Jingfeng basis according to fund contract. Fund

has certain duration, mostly 3 year and 5 year. When matures, it changes

to LOF fund, no separated mechanism existing any more. Investors can

subscribe and redeem basic share to link primary and secondary market.

Basic share’s subscription and redemption modes are different. Currently,

open-end separated funds are mainly invested in index and equity,

separated bond funds are mostly openend. Return of low-risk share

comes from periodic settlement, which can not really recover the principal.

So the risk is slightly higher than fixed duration fund, which leads to a

higher discount rate.By op era tio n mo de Open-end separated

fundClosed-end separated fundGuolianan Shuangxi CSI 100, Yinhua CSI

100, Shenwan SZSE Component Index, Xincheng CSI 500, Xingye Herun,

Ruihe CSI 300, Jiashi DuoliBy typ e of inv est me ntSeparated fundUsually

there is no distinguish between primary and secondary market in

separated bond fund. Only traded in secondary market, separated bond

fund can not use price difference between primary bond Dacheng

Jingfeng, Fullgoal Huili, and secondary market to arbitrage. B share’s risk is

relatively low. Tianhong Tianli, Jiashi Duoli, Taida Juli When implied yield of

low-risk share is higher than money market interest rate over the same

period, it is an ideal low-risk investment tool with low default

risk.Separated equity Is of strong flexibility, fund management ability

matters, is not Changsheng Tongqing, UBS SDIC Ruifu, necessarily

synchronized with the market Guotai Guzhi, Ruihe CSI 300 fund Separated

fund indexPositive management, peg to an index, leverage mechanism

makes Guolianan Shuangxi CSI 100, Yinhua B share change more than the

tracking index, a good short-term SZSE 100 index, Shenwan SZSE dynamic

tool when you have a correct judgment about market trend. Component

Index, Xingye Herun

华宝证券对国内的分级基金做了一个总体的介绍,并对分级基金的未来发展进行展望。

现有分级产品分类总览分类 共同特点 代表产品母基金只能在申购和赎回期购买，发行结束后母基金不能 进行交易，只能通过二级市场买卖

分级份额，因此不具有 套利机会。市场上出现的一些契约封闭式分级基金，是在 封闭期内按照合同规定，期内定期开放申购赎回。基金有 长盛同庆、国泰估值优势、富国汇 一定的存续期，多为三年期和五年期，到期后大多转为普 利、大成景丰等 通LOF基金，分级机制不再延续。低风险部分存在隐含收益 率，当隐含收益率优于同期货币市场利率时，是较为理想 的低风险投资工具、低风险部分的违约风险较小。 投资者在基金运作期间能够申购赎回母基金，从而实现一、 二级市场联动。不同的产品在母基金申赎方式上会有不同。 国联安双禧中证100、银华中证100、 目前，采用开放式的分级基金多为指数型和股票型，而债 申万深成指、信诚中证500、兴业 券型多为契约开放式。分级机制在正常情况下长期有效。 和润、瑞和沪深300、嘉实多利等 低风险份额的收益来源于定期折算，不能真正收回本金， 风险略高于固定存续期的，通常折价率较高。 通常分级债基没有分场内市场和场外市场，只在场内进行 大成景丰、富国汇利、天弘添利、 交易，这意味着分级债基无法像分级股基那样利用一二级 嘉实多利、泰达聚利等 市场的差价进行套利。B类份额的风险相对较低。 灵活性较强，体现管理者的管理能力，与大盘并不一定同 长盛同庆、国投瑞福、国泰估值优 势、瑞和沪深300等 步。 被动管理，钉住某一指数，杠杠机制使得B类份额涨跌幅大 国联安双禧中证100、银华深100、 于跟踪的指数，是在对市场走势有正确判断的前提下，较 申万深成指、兴业合润等 好的短线活力工具。按 照 运 作 方

式 分封闭式分级基金开放式分级基金按 照 投 资 类 型 分债券型分级基金股票型分级基金指数型分级基金

华宝证券对国内的分级基金做了一个总体的介绍,并对分级基金的未来发展进行展望。

Existing Typical Separated Products? C C ? C ? C C C Closed-end

Equity Fund Changsheng Tongqing Separated Fund UBS SDIC Ruifu

Separated Fund LOF Separated Fund Gtja-allianz Shuangxi CSI 100

Separated Fund Closed-end Bond Fund Tianhong Tianli Separated Bond

Fund Jiasha Duoli Separated Bond Fund Fullgoal Huili Separated Bond

Fund

华宝证券对国内的分级基金做了一个总体的介绍,并对分级基金的未来发展进行展望。

现有典型的分级产品? 封闭式股票基金 C 长盛同庆分级基金 C 国投瑞银瑞福分级基金 ? LOF型分级基金 C 国联安双禧中证100分级基金 ? 封闭式债券基金 C 天弘添利分级基金债券 C 嘉实多利分级基金债券 C 富国汇利分级基金债券

华宝证券对国内的分级基金做了一个总体的介绍,并对分级基金的未来发展进行展望。

? Closed-end Equity Fund? ? ? Basic share of closed-end equity fund

is only traded in secondary market, there is no opportunity of arbitrage.

Basic share also has fixed maturity date. Separated equity fund is of strong

flexibility, requiring higher management ability, but it is not necessarily

synchronized with the market. According to fund contract, some existing

closed-end separated funds open for subscription and redemption on a