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从一季报看基金流动新规如何影响—华创债券专题报告2017

来源: 南方日报网络版     时间: 2019年02月18日 19:19:20
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(原)(标)(题)(:从)(一)(季)(报)(看)(基)(金)(流)(动)(新)(规)(如)(何)(影)(响)(—华)(创)(债)(券)(专)(题)(报)(告)(2017-5-6
随)(着)(一)(季)(度)(公)(募)(基)(金)(季)(报)(的)(公)(布)(,我)(们)(主)(要)(从)(资)(产)(规)(模)(、申)(购)(赎)(回)(、业)(绩)(表)(现)(、杠)(杆)(率)(和)(资)(产)(配)(置)(5个)(方)(面)(对)(债)(券)(基)(金)((分)(为)(中)(长)(期)(纯)(债)(、混)(合)(一)(级)(债)(基)(、混)(合)(二)(级)(债)(基)()、货)(币)(基)(金)(以)(及)(保)(本)(基)(金)(进)(行)(详)(细)(的)(分)(析)(,同)(时)(结)(合)(新)(出)(台)(的)(《公)(开)(募)(集)(开)(放)(式)(证)(券)(投)(资)(基)(金)(流)(动)(性)(风)(险)(管)(理)(规)(定)((征)(求)(意)(见)(稿)()》,看)(流)(动)(性)(新)(要)(求)(如)(何)(影)(响)(。
从)(一)(季)(度)(数)(据)(来)(看)(,整)(体)(上)(一)(季)(度)(债)(券)(基)(金)(资)(产)(规)(模)(小)(幅)(增)(加)(,其)(中)(中)(长)(期)(纯)(债)(增)(加)(较)(多)(。二)(季)(度)(面)(临)(严)(格)(监)(管)(政)(策)(,委)(外)(定)(制)(受)(到)(限)(制)(,资)(产)(规)(模)(增)(加)(速)(度)(将)(会)(减)(缓)(,另)(外)(,一)(季)(度)(处)(于)(净)(赎)(回)(状)(态)(,二)(季)(度)(赎)(回)(压)(力)(已)(出)(现)(,或)(将)(继)(续)(加)(大)(。收)(益)(率)(方)(面)(,一)(季)(度)(平)(均)(净)(值)(增)(长)(率)(均)(有)(所)(提)(升)(。
1、总)(资)(产)(规)(模)(:一)(季)(度)(末)(中)(长)(期)(纯)(债)(债)(基)(的)(总)(资)(产)(为)(15550亿)(,较)(去)(年)(四)(季)(度)(末)(增)(加)(4373亿)(。一)(级)(债)(基)(方)(面)(,一)(季)(度)(末)(一)(级)(债)(基)(总)(资)(产)(为)(1537亿)(,较)(去)(年)(四)(季)(度)(减)(少)(325亿)(,二)(级)(债)(基)(方)(面)(,一)(季)(度)(末)(总)(资)(产)(为)(2834亿)(,较)(去)(年)(四)(季)(度)(减)(少)(72亿)(。保)(本)(基)(金)(的)(总)(资)(产)(为)(3607亿)(,较)(去)(年)(四)(季)(度)(减)(少)(275亿)(。货)(币)(基)(金)(的)(总)(资)(产)(为)(4.02万)(亿)(,较)(去)(年)(四)(季)(度)(减)(少)(0.27亿)(。
2、申)(购)(赎)(回)(:整)(体)(属)(于)(赎)(回)(状)(态)(,中)(长)(期)(纯)(债)(方)(面)(,从)(净)(申)(购)(率)(的)(统)(计)(分)(布)(看)(,中)(位)(数)(为)(-0.35%,一)(级)(债)(基)(方)(面)(,中)(位)(数)(为)(-15.37%,二)(级)(债)(基)(方)(面)(,中)(位)(数)(为)(-2.82%。保)(本)(基)(金)(,中)(位)(数)(为)(-5.3%。货)(币)(基)(金)(,中)(位)(数)(为)(-19.1%,15年)(一)(季)(度)(后)(首)(次)(出)(现)(负)(值)(。
3、业)(绩)(表)(现)(:一)(季)(度)(的)(债)(券)(基)(金)(净)(值)(增)(长)(率)(较)(去)(年)(四)(季)(度)(均)(有)(所)(上)(涨)(,中)(长)(期)(型)(纯)(债)(表)(现)(最)(佳)(,一)(级)(债)(基)(收)(益)(率)(上)(涨)(幅)(度)(较)(多)(。一)(季)(度)(中)(长)(期)(纯)(债)(相)(对)(表)(现)(最)(佳)(,平)(均)(净)(值)(增)(长)(率)(为)(0.32%。一)(级)(债)(基)(平)(均)(净)(值)(增)(长)(率)(为)(0.1%。二)(级)(债)(基)(平)(均)(净)(值)(增)(长)(率)(为)(0.24%。一)(季)(度)(保)(本)(基)(金)(平)(均)(净)(值)(增)(长)(率)(为)(0.58%。货)(币)(基)(金)(季)(度)(7日)(年)(化)(收)(益)(率)(均)(值)(为)(2.54%,较)(上)(季)(度)(上)(升)(69BP,呈)(现)(上)(行)(趋)(势)(。
4、杠)(杆)(率)(:杠)(杆)(率)(之)(前)(一)(直)(延)(续)(下)(降)(趋)(势)(,低)(杠)(杆)(水)(平)(减)(少)(赎)(回)(潮)(带)(来)(的)(冲)(击)(。一)(季)(度)(中)(长)(期)(债)(基)(杠)(杆)(率)(继)(续)(小)(幅)(回)(落)(,一)(、二)(债)(基)(杠)(杆)(率)(到)(达)(底)(端)(后)(小)(幅)(回)(升)(。一)(季)(度)(中)(长)(期)(纯)(债)(基)(的)(平)(均)(杠)(杆)(率)(为)(115.7%,,一)(级)(债)(基)(的)(平)(均)(杠)(杆)(率)(为)(116%,二)(级)(债)(基)(的)(平)(均)(杠)(杆)(率)(为)(113%。一)(季)(度)(保)(本)(基)(金)(整)(体)(平)(均)(杠)(杆)(率)(约)(为)(112%,持)(平)(前)(一)(季)(度)(
5、资)(产)(配)(置)(:流)(动)(性)(偏)(紧)(下)(,债)(券)(基)(金)(对)(现)(金)(类)(配)(置)(有)(小)(幅)(增)(加)(,债)(券)(方)(面)(,配)(置)(短)(融)(、金)(融)(债)(比)(例)(提)(高)(。
中)(长)(期)(纯)(债)(:债)(券)(占)(比)(小)(幅)(提)(升)(,其)(他)(资)(产)(占)(比)(小)(幅)(下)(降)(,金)(融)(债)(占)(比)(上)(升)(,短)(融)(中)(票)(持)(有)(量)(上)(升)(。一)(级)(债)(基)(:债)(券)(占)(比)(提)(升)(,其)(他)(资)(产)(占)(比)(有)(所)(下)(降)(,一)(级)(债)(基)(:整)(体)(回)(落)(较)(多)(。二)(级)(债)(基)(:变)(化)(不)(大)(,债)(券)(占)(比)(增)(加)(,金)(融)(债)(、短)(融)(占)(比)(上)(升)(。保)(本)(基)(金)(:大)(类)(资)(产)(配)(置)(:银)(行)(存)(款)(配)(置)(占)(比)(提)(升)(,债)(券)(类)(别)(资)(产)(配)(置)(方)(面)(,主)(要)(券)(种)(占)(比)(均)(有)(所)(下)(降)(。货)(币)(基)(金)(大)(类)(资)(产)(配)(置)(:债)(券)(占)(比)(小)(幅)(下)(降)(,买)(入)(返)(售)(大)(幅)(下)(降)(;主)(要)(券)(种)(方)(面)(,存)(单)(占)(比)(小)(幅)(提)(升)(,短)(融)(占)(比)(下)(降)(。
对)(于)(市)(场)(存)(在)(的)(主)(要)(问)(题)(,定)(制)(公)(募)(流)(动)(性)(风)(险)(快)(速)(增)(加)(,单)(一)(投)(资)(者)(持)(有)(份)(额)(比)(例)(过)(于)(集)(中)(等)(,意)(见)(稿)(从)(几)(个)(方)(向)(上)(进)(行)(把)(握)(调)(整)(,一)(是)(提)(高)(基)(金)(公)(司)(定)(制)(公)(募)(成)(本)(。二)(是)(,限)(制)(了)(银)(行)(委)(外)(资)(金)(快)(进)(快)(出)(,三)(是)(申)(购)(赎)(回)(严)(格)(把)(控)(,防)(止)(套)(利)(行)(为)(。
一)(季)(度)(债)(基)(规)(模)(小)(幅)(增)(加)(,货)(基)(、保)(本)(基)(金)(规)(模)(持)(续)(回)(落)(,结)(合)(政)(策)(来)(看)(,二)(季)(度)(债)(基)(规)(模)(增)(速)(将)(会)(放)(缓)(,新)(发)(增)(速)(会)(受)(到)(资)(金)(以)(及)(监)(管)(影)(响)(也)(会)(相)(对)(较)(低)(;投)(资)(者)(过)(度)(集)(中)(问)(题)(将)(会)(得)(到)(缓)(解)(,同)(时)(二)(季)(度)(也)(会)(面)(临)(较)(大)(的)(赎)(回)(压)(力)(,和)(投)(资)(者)(持)(有)(比)(例)(调)(整)(。
对)(于)(货)(币)(基)(金)(,意)(见)(稿)(给)(出)(更)(高)(流)(动)(性)(要)(求)(,将)(同)(业)(存)(单)(纳)(入)(监)(管)(范)(围)(影)(响)(将)(会)(较)(大)(,从)(现)(阶)(段)(货)(币)(基)(金)(总)(体)(持)(有)(比)(例)(来)(看)(,同)(业)(存)(单)(占)(净)(资)(产)(比)(例)(,总)(体)(上)(维)(持)(在)(20%左)(右)(,但)(是)(对)(于)(个)(体)(基)(金)(,一)(季)(度)(经)(测)(算)(大)(约)(有)(50家)(货)(币)(基)(金)(的)(同)(业)(存)(单)(占)(净)(资)(产)(比)(例)(超)(过)(40%,总)(共)(持)(有)(同)(业)(存)(单)(规)(模)(1793亿)(元)(。4月)(已)(有)(大)(量)(赎)(回)(事)(件)(,货)(币)(基)(金)(资)(产)(配)(置)(面)(临)(大)(规)(模)(调)(整)(,在)(流)(动)(性)(偏)(紧)(阶)(段)(,国)(债)(、金)(融)(债)(将)(会)(主)(要)(配)(置)(方)(向)(。
随)(着)(一)(季)(度)(公)(募)(基)(金)(季)(报)(的)(公)(布)(,我)(们)(主)(要)(从)(资)(产)(规)(模)(、申)(购)(赎)(回)(、业)(绩)(表)(现)(、杠)(杆)(率)(和)(资)(产)(配)(置)(5个)(方)(面)(对)(债)(券)(基)(金)((分)(为)(中)(长)(期)(纯)(债)(、混)(合)(一)(级)(债)(基)(、混)(合)(二)(级)(债)(基)()、货)(币)(基)(金)(以)(及)(保)(本)(基)(金)(进)(行)(详)(细)(的)(分)(析)(。同)(时)(2017年)(3月)(31日)(,中)(国)(证)(券)(会)(发)(布)(关)(于)(就)(《公)(开)(募)(集)(开)(放)(式)(证)(券)(投)(资)(基)(金)(流)(动)(性)(风)(险)(管)(理)(规)(定)((征)(求)(意)(见)(稿)()》(以)(下)(简)(称)(“意)(见)(稿)(”)公)(开)(征)(求)(意)(见)(的)(通)(知)(。从)(2016年)(以)(来)(进)(行)(的)(一)(系)(列)(政)(策)(上)(的)(调)(整)(,我)(们)(认)(为)(这)(次)(意)(见)(稿)(的)(思)(路)(与)(之)(前)(的)(出)(台)(的)(调)(整)(政)(策)(相)(一)(致)(,流)(动)(性)(监)(管)(模)(式)(正)(在)(改)(变)(,证)(监)(会)(对)(公)(募)(基)(金)(的)(流)(动)(性)(管)(理)(提)(出)(了)(更)(高)(的)(要)(求)(,引)(导)(资)(金)(脱)(虚)(向)(实)(。我)(们)(结)(合)(数)(据)(与)(流)(动)(性)(要)(求)(,分)(析)(对)(公)(募)(债)(券)(基)(金)(会)(有)(怎)(样)(的)(影)(响)(。
一)(、公)(募)(基)(金)(流)(动)(性)(风)(险)(管)(理)(规)(定)(影)(响)(
在)(意)(见)(稿)(中)(,多)(条)(规)(则)(强)(化)(投)(资)(者)(集)(中)(度)(管)(理)(,我)(们)(认)(为)(目)(前)(这)(对)(银)(行)(委)(外)(资)(金)(影)(响)(最)(大)(。随)(着)(银)(行)(、保)(险)(等)(机)(构)(将)(自)(营)(资)(金)(和)(理)(财)(资)(金)(委)(托)(给)(基)(金)(投)(资)(规)(模)(越)(来)(越)(大)(,定)(制)(公)(募)(流)(动)(性)(风)(险)(快)(速)(增)(加)(;公)(募)(基)(金)(管)(理)(人)(接)(受)(机)(构)(投)(资)(者)(申)(购)(,使)(得)(单)(一)(投)(资)(者)(持)(有)(份)(额)(比)(例)(过)(于)(集)(中)(,出)(现)(管)(理)(人)(独)(立)(性)(、产)(品)(流)(动)(性)(风)(险)(以)(及)(不)(公)(平)(对)(待)(投)(资)(者)(等)(问)(题)(。
意)(见)(稿)(给)(出)(了)(相)(应)(的)(调)(整)(,一)(是)(提)(高)(基)(金)(公)(司)(定)(制)(公)(募)(成)(本)(。未)(来)(对)(于)(委)(外)(定)(制)(基)(金)(,规)(定)(使)(用)(发)(起)(式)(基)(金)(模)(式)(,使)(用)(公)(司)(股)(东)(资)(金)(、公)(司)(固)(有)(资)(金)(、公)(司)(高)(级)(管)(理)(人)(员)(和)(基)(金)(经)(理)(等)(人)(员)(的)(资)(金)(认)(购)(的)(基)(金)(金)(额)(不)(少)(于)(1000万)(元)(,持)(有)(期)(限)(不)(少)(于)(3年)(。成)(本)(的)(提)(升)(,会)(对)(定)(制)(公)(募)(快)(速)(增)(长)(有)(了)(限)(制)(。二)(是)(,限)(制)(了)(银)(行)(委)(外)(资)(金)(快)(进)(快)(出)(,规)(定)(限)(制)(采)(用)(封)(闭)(式)(运)(作)(或)(定)(期)(开)(放)(式)(运)(作)(且)(定)(期)(开)(放)(周)(期)(不)(得)(低)(于)(3个)(月)(,避)(免)(了)(快)(进)(快)(出)(、同)(向)(操)(作)(对)(基)(金)(流)(动)(性)(冲)(击)(。三)(是)(申)(购)(赎)(回)(严)(格)(把)(控)(,防)(止)(套)(利)(行)(为)(。在)(申)(购)(赎)(回)(端)(进)(行)(严)(格)(的)(执)(行)(要)(求)(,做)(到)(保)(护)(存)(量)(持)(有)(人)(利)(益)(,避)(免)(申)(购)(套)(利)(。赎)(回)(端)(,需)(要)(做)(到)(每)(日)(评)(估)(,做)(到)(每)(日)(流)(动)(性)(监)(控)(,同)(时)(对)(巨)(额)(赎)(回)(加)(强)(管)(理)(,防)(止)(套)(利)(行)(为)(。
二)(、一)(季)(度)(债)(券)(市)(场)(简)(要)(回)(顾)(:熊)(市)(延)(续)(
一)(季)(度)(资)(金)(维)(持)(紧)(平)(衡)(,金)(融)(去)(杠)(杆)(延)(续)(,流)(动)(性)(监)(管)(加)(强)(,同)(时)(银)(行)(面)(临)(巨)(大)(季)(末)(MPA考)(核)(压)(力)(,经)(济)(面)(数)(据)(向)(好)(,多)(层)(利)(空)(因)(素)(叠)(加)(,债)(券)(收)(益)(率)(一)(季)(度)(大)(幅)(上)(行)(。利)(率)(债)(方)(面)(,1年)(国)(债)(收)(益)(率)(去)(年)(四)(季)(度)(的)(2.35%上)(行)(42bp至)(2.77%,1年)(国)(开)(收)(益)(率)(上)(行)(62bp至)(3.34%,10年)(国)(债)(收)(益)(率)(上)(升)(41bp达)(到)(3.31%,10年)(国)(开)(收)(益)(率)(上)(行)(71bp至)(4.02%。信)(用)(债)(方)(面)(,上)(行)(幅)(度)(较)(大)(,1年)(AAA中)(短)(期)(票)(据)(收)(益)(率)(上)(行)(63bp,5年)(AAA中)(短)(期)(票)(据)(收)(益)(率)(上)(行)(74bp,1年)(AA+中)(短)(期)(票)(据)(上)(行)(71bp,5年)(AA+中)(短)(期)(票)(据)(上)(行)(79bp。
三)(、一)(季)(度)(债)(券)(基)(金)(:新)(发)(量)(回)(落)(,低)(杠)(杆)(,偏)(好)(短)(融)(、金)(融)(债)(
一)(季)(度)(债)(券)(基)(金)(资)(产)(规)(模)(小)(幅)(增)(加)(,中)(长)(期)(纯)(债)(增)(加)(较)(多)(。一)(季)(度)(整)(体)(债)(基)(处)(于)(净)(赎)(回)(状)(态)(,二)(季)(度)(赎)(回)(压)(力)(已)(出)(现)(,或)(将)(继)(续)(加)(大)(。收)(益)(率)(方)(面)(,一)(季)(度)(平)(均)(净)(值)(增)(长)(率)(均)(有)(所)(提)(升)(。流)(动)(性)(偏)(紧)(下)(,现)(金)(类)(配)(置)(有)(小)(幅)(增)(加)(,债)(券)(方)(面)(,配)(置)(短)(融)(、金)(融)(债)(比)(例)(提)(高)(。二)(季)(度)(面)(临)(严)(格)(监)(管)(政)(策)(,一)(是)(委)(外)(定)(制)(受)(到)(限)(制)(,资)(产)(规)(模)(增)(加)(速)(度)(将)(会)(减)(缓)(。二)(是)(,基)(金)(面)(临)(的)(赎)(回)(压)(力)(比)(较)(大)(,特)(别)(是)(来)(自)(于)(同)(业)(资)(金)(的)(委)(外)(。同)(时)(,受)(到)(公)(募)(基)(金)(新)(流)(动)(性)(要)(求)(,机)(构)(投)(资)(者)(或)(单)(一)(投)(资)(者)(持)(有)(比)(例)(面)(临)(调)(整)(,管)(理)(人)(独)(立)(性)(将)(提)(高)(,资)(产)(配)(置)(上)(会)(更)(注)(意)(风)(险)(分)(散)(化)(。
(一)()资)(产)(规)(模)(:发)(行)(量)(回)(落)(,资)(产)(规)(模)(小)(幅)(增)(加)(
根)(据)(wind统)(计)(,截)(止)(一)(季)(度)(末)(,债)(券)(基)(金)(一)(共)(有)(1068只)(,占)(全)(部)(基)(金)(数)(量)(的)(25.68%,较)(去)(年)(四)(季)(度)(末)(增)(加)(45只)(,占)(比)(提)(高)(约)(1个)(百)(分)(点)(;资)(产)(净)(值)(为)(20152亿)(,占)(全)(部)(基)(金)(资)(产)(净)(值)(的)(22.03%,较)(去)(年)(四)(季)(度)(增)(加)(约)(2284亿)(元)(,占)(比)(提)(升)(约)(2.4个)(百)(分)(点)(。
从)(类)(别)(的)(发)(行)(情)(况)(来)(看)(,一)(季)(度)(中)(长)(期)(纯)(债)(发)(行)(数)(量)(和)(规)(模)(有)(所)(回)(落)(,新)(发)(中)(长)(期)(纯)(债)(100只)((剔)(除)(分)(级)(基)(金)(,下)(同)(),较)(去)(年)(四)(季)(度)(减)(少)(49只)(,总)(发)(行)(份)(额)(约)(1609亿)(,较)(去)(年)(四)(季)(度)(减)(少)(573亿)(元)(;一)(级)(债)(基)(暂)(无)(新)(发)(;新)(发)(二)(级)(债)(基)(46只)(,较)(去)(年)(四)(季)(度)(减)(少)(2只)(,总)(发)(行)(规)(模)(为)(71.4亿)(,减)(少)(79.12亿)(。
从)(总)(资)(产)(规)(模)(来)(看)(,一)(季)(度)(末)(中)(长)(期)(纯)(债)(债)(基)(的)(总)(资)(产)(为)(15550亿)(,较)(去)(年)(四)(季)(度)(末)(增)(加)(4373亿)(,达)(到)(历)(史)(新)(高)(。老)(的)(中)(长)(期)(纯)(债)(中)(,总)(资)(产)(增)(加)(最)(多)(的)(是)(博)(时)(裕)(荣)(纯)(债)(,增)(加)(了)(72.01亿)(,总)(资)(产)(下)(降)(最)(多)(的)(中)(银)(国)(有)(企)(业)(债)(,减)(少)(了)(约)(28.57亿)(。去)(年)(四)(季)(度)(新)(发)(中)(长)(期)(债)(基)(数)(量)(规)(模)(达)(到)(历)(史)(高)(位)(,推)(升)(一)(季)(度)(中)(长)(期)(债)(基)(总)(资)(产)(规)(模)(达)(到)(新)(高)(。
一)(级)(债)(基)(方)(面)(,一)(季)(度)(末)(一)(级)(债)(基)(总)(资)(产)(为)(1537亿)(,较)(去)(年)(四)(季)(度)(减)(少)(325亿)(,其)(中)(总)(资)(产)(增)(加)(诺)(安)(优)(化)(收)(益)(,较)(去)(年)(四)(季)(度)(增)(加)(了)(60.14亿)(,下)(降)(最)(多)(的)(是)(东)(吴)(增)(利)(,下)(降)(34.58亿)(。
二)(级)(债)(基)(方)(面)(,一)(季)(度)(末)(总)(资)(产)(为)(2834亿)(,较)(去)(年)(四)(季)(度)(减)(少)(72亿)(,其)(中)(总)(资)(产)(增)(加)(最)(多)(的)(是)(国)(投)(瑞)(银)(优)(化)(增)(强)(,约)(为)(81亿)(,减)(少)(最)(多)(的)(是)(工)(银)(瑞)(信)(双)(利)(,约)(为)(24亿)(。
(二)()申)(购)(赎)(回)(:整)(体)(处)(于)(净)(赎)(回)(状)(态)(
中)(长)(期)(纯)(债)(方)(面)(,一)(季)(度)(628只)(开)(放)(式)(老)(中)(长)(期)(纯)(债)(基)(中)(,有)(271只)(出)(现)(净)(赎)(回)(,131只)(出)(现)(净)(申)(购)(,其)(中)(净)(赎)(回)(率)(最)(大)(的)(达)(到)(99.84%。从)(净)(申)(购)(率)(的)(统)(计)(分)(布)(看)(,3/4分)(位)(点)(是)(45.56%,中)(位)(数)(为)(-0.35%,1/4分)(位)(点)(为)(27.21%,均)(较)(前)(一)(季)(度)(明)(显)(下)(降)(。
一)(级)(债)(基)(方)(面)(,老)(的)(一)(级)(债)(基)(中)(有)(92只)(出)(现)(净)(赎)(回)(,仅)(13只)(出)(现)(净)(申)(购)(,其)(中)(净)(赎)(回)(率)(最)(大)(的)(达)(到)(95.38%。从)(净)(申)(购)(率)(的)(统)(计)(分)(布)(看)(,3/4分)(位)(点)(是)(-0.67%,中)(位)(数)(为)(-15.37%,1/4分)(位)(点)(为)(-37.94%,同)(样)(较)(去)(年)(四)(季)(度)(明)(显)(下)(降)(。
二)(级)(债)(基)(方)(面)(,老)(的)(二)(级)(债)(基)(中)(有)(185只)(出)(现)(净)(赎)(回)(,38只)(出)(现)(净)(申)(购)(,其)(中)(净)(赎)(回)(率)(最)(大)(的)(达)(到)(98.2%。从)(净)(申)(购)(率)(的)(统)(计)(分)(布)(看)(,3/4分)(位)(点)(是)(5.46%,中)(位)(数)(为)(-2.82%,1/4分)(位)(点)(为)(-25.36%。
(三)()业)(绩)(表)(现)(:中)(长)(期)(纯)(债)(相)(对)(表)(现)(最)(佳)(
一)(季)(度)(的)(债)(券)(基)(金)(净)(值)(增)(长)(率)(较)(去)(年)(四)(季)(度)(均)(有)(所)(上)(涨)(,中)(长)(期)(型)(纯)(债)(表)(现)(最)(佳)(,一)(级)(债)(基)(收)(益)(率)(上)(涨)(幅)(度)(较)(多)(。配)(置)(短)(久)(期)(高)(票)(息)(资)(产)(可)(获)(得)(相)(对)(较)(高)(的)(收)(益)(,如)(加)(强)(配)(置)(金)(融)(或)(同)(业)(存)(单)(。具)(体)(看)(:
一)(季)(度)(中)(长)(期)(纯)(债)(相)(对)(表)(现)(最)(佳)(,平)(均)(净)(值)(增)(长)(率)(为)(0.32%,较)(前)(一)(季)(度)(上)(涨)(0.4个)(百)(分)(点)(,其)(中)(净)(值)(增)(长)(率)(最)(高)(的)(是)(嘉)(实)(稳)(瑞)(纯)(债)(,达)(到)(4.63%;一)(级)(债)(基)(平)(均)(净)(值)(增)(长)(率)(为)(0.1%,较)(前)(一)(季)(度)(增)(加)(2个)(百)(分)(点)(,其)(中)(净)(值)(增)(长)(率)(最)(高)(的)(是)(东)(吴)(增)(利)(,为)(2.29%;二)(级)(债)(基)(平)(均)(净)(值)(增)(长)(率)(为)(0.24%,较)(前)(一)(季)(度)(增)(加)(0.94个)(百)(分)(点)(,其)(中)(净)(值)(增)(长)(率)(最)(高)(的)(是)(易)(方)(达)(安)(心)(回)(报)(,达)(到)(2.48%。
(四)()杠)(杆)(率)(:各)(类)(债)(基)(杠)(杆)(率)(维)(持)(低)(位)(
以)(各)(类)(债)(券)(基)(金)(的)(总)(资)(产)(/净)(资)(产)(来)(表)(示)(平)(均)(杠)(杆)(率)(水)(平)(,受)(政)(策)(去)(杠)(杆)(影)(响)(,杠)(杆)(率)(之)(前)(一)(直)(延)(续)(下)(降)(趋)(势)(,低)(杠)(杆)(水)(平)(也)(可)(减)(少)(赎)(回)(潮)(带)(来)(的)(冲)(击)(。一)(季)(度)(中)(长)(期)(债)(基)(杠)(杆)(率)(继)(续)(小)(幅)(回)(落)(,一)(级)(、二)(级)(债)(基)(杠)(杆)(率)(到)(达)(底)(端)(后)(小)(幅)(回)(升)(。
一)(季)(度)(中)(长)(期)(纯)(债)(基)(的)(平)(均)(杠)(杆)(率)(为)(115.7%,稍)(弱)(与)(前)(一)(季)(度)(杠)(杆)(率)(,其)(中)(杠)(杆)(率)(最)(高)(的)(是)(南)(方)(宣)(利)(定)(期)(开)(发)(,为)(195%,一)(级)(债)(基)(的)(平)(均)(杠)(杆)(率)(为)(116%,较)(前)(一)(季)(度)(增)(加)(0.8个)(百)(分)(点)(,杠)(杆)(率)(最)(高)(的)(是)(诺)(德)(双)(翼)(,杠)(杆)(率)(为)(2.66;二)(级)(债)(基)(的)(平)(均)(杠)(杆)(率)(为)(113%,上)(升)(2个)(百)(分)(点)(,杠)(杆)(率)(最)(高)(的)(是)(博)(时)(泰)(和)(为)(220%。
(五)()资)(产)(配)(置)(:利)(率)(债)(、短)(融)(中)(票)(配)(置)(增)(多)(
1、大)(类)(资)(产)(配)(置)(:债)(券)(持)(有)(占)(比)(波)(动)(不)(大)(,现)(金)(类)(占)(比)(增)(多)(
大)(类)(资)(产)(配)(置)(上)(,与)(去)(年)(四)(季)(度)(相)(比)(,债)(券)(持)(有)(占)(比)(波)(动)(不)(大)(,现)(金)(类)(占)(比)(增)(多)(,具)(体)(分)(类)(型)(来)(看)(:
(1)中)(长)(期)(纯)(债)(:债)(券)(占)(比)(小)(幅)(提)(升)(,其)(他)(资)(产)(占)(比)(小)(幅)(下)(降)(
截)(止)(一)(季)(度)(末)(,中)(长)(期)(纯)(债)(总)(资)(产)(为)(15550亿)(,其)(中)(债)(券)(总)(资)(产)(为)(13431亿)(,占)(比)(为)(86.4%,较)(去)(年)(四)(季)(度)(下)(降)(1.8个)(百)(分)(点)(;银)(行)(存)(款)(为)(1147亿)(,占)(比)(为)(7.4%,较)(去)(年)(四)(季)(度)(增)(加)(2.9个)(百)(分)(点)(;其)(他)(资)(产)(为)(972亿)(,占)(比)(为)(6.2%,下)(降)(1.2个)(百)(分)(点)(。
(2)一)(级)(债)(基)(:债)(券)(占)(比)(提)(升)(,其)(他)(资)(产)(占)(比)(有)(所)(下)(降)(
截)(止)(一)(季)(度)(末)(,一)(级)(债)(基)(总)(资)(产)(为)(1537亿)(,其)(中)(债)(券)(总)(资)(产)(为)(1399亿)(,占)(比)(为)(91.0%,较)(去)(年)(四)(季)(度)(末)(增)(加)(3个)(百)(分)(点)(;银)(行)(存)(款)(为)(32亿)(,占)(比)(为)(2.1%,较)(上)(一)(季)(度)(末)(减)(少)(1.6个)(百)(分)(点)(;股)(票)(总)(市)(值)(为)(10亿)(,占)(比)(为)(0.7%,增)(加)(0.2个)(百)(分)(点)(;其)(他)(资)(产)(为)(95亿)(,占)(比)(为)(6.2%,下)(降)(1.7个)(百)(分)(点)(。
(3)二)(级)(债)(基)(:变)(化)(不)(大)(,债)(券)(占)(比)(增)(加)(
截)(止)(一)(季)(度)(末)(,二)(级)(债)(基)(总)(资)(产)(为)(2467亿)(,其)(中)(债)(券)(总)(资)(产)(为)(1980亿)(,占)(比)(为)(80.3%,较)(去)(年)(四)(季)(度)(末)(增)(加)(1.7个)(百)(分)(点)(;银)(行)(存)(款)(为)(83亿)(,占)(比)(为)(3.4%,减)(少)(2.6个)(百)(分)(点)(;股)(票)(资)(产)(为)(228亿)(元)(,占)(比)(提)(升)(0.3个)(百)(分)(点)(至)(9.2%;其)(他)(资)(产)(为)(176亿)(,占)(比)(下)(降)(0.5个)(百)(分)(点)(至)(7.1%。
2、债)(券)(类)(别)(资)(产)(配)(置)(:金)(融)(债)(、短)(融)(中)(票)(持)(有)(比)(例)(上)(升)(
(1)中)(长)(期)(纯)(债)(:金)(融)(债)(占)(比)(上)(升)(,短)(融)(中)(票)(持)(有)(量)(上)(升)(
截)(止)(一)(季)(度)(末)(,中)(长)(期)(纯)(债)(债)(券)(总)(资)(产)(为)(13431亿)(,其)(中)(国)(债)(为)(388亿)(,占)(比)(为)(2.9%,较)(去)(年)(第)(四)(季)(度)(下)(降)(1.2个)(百)(分)(点)(;金)(融)(债)(为)(2823亿)(,占)(比)(为)(21%,较)(前)(一)(季)(度)(提)(高)(5.3个)(百)(分)(点)(;可)(转)(债)(24亿)(,占)(比)(0.2%;企)(业)(债)(为)(3012亿)(,占)(比)(下)(降)(7.2个)(百)(分)(点)(至)(22.4%;短)(融)(为)(2366亿)(,占)(比)(上)(升)(0.9个)(百)(分)(点)(至)(17.6%;中)(票)(为)(2133亿)(,占)(比)(为)(15.9%,较)(去)(年)(四)(季)(度)(下)(降)(1.7个)(百)(分)(点)(。
(2)一)(级)(债)(基)(:整)(体)(回)(落)(较)(多)(
一)(级)(债)(季)(度)(末)(债)(券)(总)(资)(产)(为)(1399亿)(,其)(中)(国)(债)(为)(41亿)(,占)(比)(为)(3.0%,较)(前)(一)(季)(度)(末)(减)(少)(0.5个)(百)(分)(点)(;金)(融)(债)(为)(261亿)(,占)(比)(达)(到)(18.7%,较)(前)(一)(季)(度)(末)(增)(加)(1.8个)(百)(分)(点)(;可)(转)(债)(占)(比)(增)(加)(0.1个)(百)(分)(点)(至)(3.3%;企)(业)(债)(为)(528亿)(,占)(比)(下)(降)(2.4个)(百)(分)(点)(至)(37.7%;中)(票)(为)(244亿)(,占)(比)(为)(17.4%,较)(前)(一)(季)(度)(末)(下)(降)(1.7个)(百)(分)(点)(。
(3)二)(级)(债)(基)(:金)(融)(债)(、短)(融)(占)(比)(上)(升)(
二)(级)(债)(基)(一)(季)(度)(的)(债)(券)(总)(资)(产)(为)(2467亿)(,其)(中)(国)(债)(市)(值)(为)(53亿)(,占)(比)(减)(少)(0.3个)(百)(分)(点)(至)(2.7%;金)(融)(债)(为)(382亿)(,占)(比)(为)(19.3%,较)(去)(年)(四)(季)(度)(增)(加)(5.7个)(百)(分)(点)(;可)(转)(债)(为)(84亿)(,占)(比)(持)(平)(4.7%;企)(业)(债)(为)(623亿)(,占)(比)(下)(降)(6个)(百)(分)(点)(至)(31.5%;短)(融)(为)(451亿)(,占)(比)(为)(22.8%,较)(去)(年)(四)(季)(度)(增)(加)(1.7个)(百)(分)(点)(;中)(票)(为)(305亿)(,占)(比)(下)(降)(1.9个)(百)(分)(点)(至)(15.4%。
四)(、一)(季)(度)(货)(币)(基)(金)(:规)(模)(继)(续)(下)(滑)(,现)(金)(类)(配)(置)(增)(多)(,流)(动)(性)(监)(管)(加)(强)(
结)(合)(新)(规)(看)(变)(化)(,加)(强)(流)(动)(性)(管)(理)(,同)(业)(存)(单)(持)(有)(面)(临)(调)(整)(。2016年)(以)(来)(,机)(构)(资)(金)(对)(货)(币)(基)(金)(的)(配)(置)(越)(来)(越)(大)(,货)(基)(金)(对)(市)(场)(利)(率)(变)(动)(敏)(感)(。自)(2016年)(下)(半)(年)(以)(来)(,我)(国)(债)(市)(利)(率)(一)(直)(呈)(现)(上)(行)(趋)(势)(,投)(资)(者)(过)(于)(集)(中)(、资)(产)(端)(兑)(付)(等)(问)(题)(要)(求)(更)(强)(的)(流)(动)(性)(管)(理)(能)(力)(。对)(于)(应)(对)(策)(略)(,新)(规)(主)(要)(在)(以)(下)(几)(个)(方)(面)(进)(行)(调)(整)(:1)对)(新)(设)(机)(构)(类)(货)(币)(基)(金)(,防)(止)(套)(利)(行)(为)(。对)(于)(单)(一)(投)(资)(者)(超)(过)(基)(金)(总)(份)(额)(50%情)(形)(下)(,必)(须)(采)(用)(公)(允)(估)(值)(法)(,同)(时)(给)(出)(更)(高)(流)(动)(性)(资)(产)(投)(资)(要)(求)(,在)(这)(里)(区)(分)(了)(机)(构)(投)(资)(类)(与)(零)(售)(类)(,同)(时)(不)(准)(采)(用)(摊)(余)(成)(本)(法)(进)(行)(会)(计)(核)(算)(,防)(止)(机)(构)(类)(自)(己)(恶)(意)(套)(利)(;2)控)(制)(规)(模)(增)(长)(。将)(货)(币)(基)(金)(规)(模)(与)(风)(险)(准)(备)(金)(挂)(钩)(,防)(止)(极)(端)(情)(况)(下)(货)(币)(基)(金)(偏)(离)(度)(太)(大)(而)(损)(害)(剩)(余)(投)(资)(者)(利)(益)(。3)流)(动)(性)(管)(理)(升)(级)(。对)(存)(量)(货)(币)(基)(金)(,下)(调)(组)(合)(久)(期)(,提)(高)(流)(动)(性)(资)(产)(比)(例)(。分)(为)(两)(个)(层)(次)(进)(行)(规)(定)(,对)(存)(量)(机)(构)(类)(资)(金)(进)(行)(调)(整)(;4)对)(资)(产)(端)(提)(出)(限)(制)(,更)(强)(流)(动)(性)(指)(标)(限)(制)(。对)(于)(AAA评)(级)(以)(下)(信)(用)(债)(以)(及)(同)(业)(存)(单)(进)(行)(限)(制)(。
(一)()资)(产)(规)(模)(:新)(发)(规)(模)(减)(少)(,总)(规)(模)(继)(续)(回)(落)(
一)(季)(度)(新)(发)(货)(币)(基)(金)(23只)((不)(包)(括)(理)(财)(,下)(同)(),较)(四)(季)(度)(减)(少)(15只)(,新)(发)(份)(额)(达)(到)(202.8亿)(,较)(前)(一)(一)(季)(度)(减)(少)(573.94亿)(;其)(中)(发)(行)(份)(额)(最)(大)(的)(为)(太)(平)(日)(鑫)(货)(币)(市)(场)(基)(金)(,发)(行)(55.1亿)(。考)(虑)(到)(去)(年)(四)(季)(度)(到)(今)(年)(一)(季)(度)(债)(市)(利)(率)(上)(行)(,流)(动)(性)(偏)(紧)(,市)(场)(上)(对)(于)(货)(币)(基)(金)(配)(置)(需)(求)(增)(加)(,虽)(然)(一)(季)(度)(发)(行)(只)(数)(回)(落)(,不)(过)(较)(去)(年)(同)(期)(已)(有)(较)(大)(提)(升)(。
截)(止)(一)(季)(度)(末)(,货)(币)(基)(金)(的)(总)(资)(产)(为)(4.02万)(亿)(,较)(去)(年)(四)(季)(度)(减)(少)(0.27万)(亿)(,从)(去)(年)(三)(季)(度)(后)(连)(续)(下)(降)(。老)(基)(金)(方)(面)(,有)(141只)(出)(现)(总)(资)(产)(规)(模)(下)(降)(,下)(降)(最)(多)(的)(是)(华)(夏)(现)(金)(增)(利)(,减)(少)(937.16亿)(至)(616亿)(;105只)(实)(现)(总)(资)(产)(规)(模)(增)(长)(,其)(中)(增)(加)(最)(多)(的)(是)(天)(弘)(余)(额)(宝)(,增)(加)(3305.1亿)(至)(1142.24亿)(。
(二)()申)(购)(赎)(回)(:赎)(回)(较)(多)(
一)(季)(度)(275只)(老)(的)(货)(币)(基)(金)(中)(有)(124只)(出)(现)(净)(申)(购)(,较)(去)(年)(四)(季)(度)(有)(所)(减)(少)(,151只)(出)(现)(净)(赎)(回)(,其)(中)(净)(赎)(回)(率)(最)(大)(的)(是)(易)(方)(达)(现)(金)(增)(利)(净)(赎)(回)(率)(达)(到)(90.1%。从)(净)(申)(购)(率)(的)(统)(计)(分)(布)(来)(看)(,一)(季)(度)(1/4分)(位)(数)(为)(-52.63%,较)(去)(年)(四)(季)(度)(扩)(大)(27.84个)(百)(分)(点)(,中)(位)(数)(为)(-19.1%,15年)(一)(季)(度)(后)(首)(次)(出)(现)(负)(值)(,3/4分)(位)(数)(为)(21.21%,下)(降)(17.14个)(百)(分)(点)(。
(三)()业)(绩)(表)(现)(:较)(前)(一)(季)(度)(有)(所)(回)(升)(
一)(季)(度)(货)(币)(基)(金)(季)(度)(7日)(年)(化)(收)(益)(率)(均)(值)(为)(2.54%,较)(上)(季)(度)(上)(升)(69BP,呈)(现)(上)(行)(趋)(势)(,其)(中)(收)(益)(率)(最)(高)(的)(是)(兴)(业)(稳)(天)(盈)(货)(币)(,7日)(年)(化)(收)(益)(率)(达)(到)(3.69%,收)(益)(率)(最)(低)(的)(是)(招)(商)(招)(禧)(宝)(,7日)(年)(化)(收)(益)(率)(达)(到)(为)(0.03%。
(四)()杠)(杆)(率)(:底)(部)(回)(升)(
一)(季)(度)(货)(币)(基)(金)(的)(平)(均)(杠)(杆)(率)(为)(105%,较)(第)(四)(季)(度)(有)(所)(上)(升)(,其)(中)(杠)(杆)(率)(最)(高)(的)(是)(国)(泰)(货)(币)(,为)(124%。剩)(余)(期)(限)(方)(面)(,一)(季)(度)(货)(币)(基)(金)(组)(合)(的)(平)(均)(久)(期)(有)(所)(上)(升)(,平)(均)(剩)(余)(期)(限)(为)(65.09天)(,较)(前)(一)(季)(度)(增)(加)(5.12天)(,其)(中)(,国)(寿)(安)(保)(薪)(金)(宝)(的)(平)(均)(剩)(余)(期)(限)(最)(高)(为)(111天)(,平)(均)(剩)(余)(期)(限)(最)(大)(值)(和)(最)(小)(值)(分)(别)(为)(80.09天)(和)(34.44天)(,较)(去)(年)(四)(季)(度)(均)(小)(幅)(下)(降)(。
从)(一)(季)(度)(货)(币)(基)(金)(平)(均)(剩)(余)(期)(限)(来)(看)(,新)(规)(中)(流)(动)(性)(管)(理)(要)(求)(中)(的)(两)(条)(对)(存)(量)(货)(币)(基)(金)(产)(生)(较)(大)(的)(影)(响)(,会)(使)(得)(前)(10名)(份)(额)(持)(有)(人)(合)(计)(超)(过)(基)(金)(限)(定)(的)(基)(金)(调)(整)(组)(合)(久)(期)(,购)(买)(流)(动)(性)(更)(强)(的)(资)(产)(。这)(种)(调)(整)(会)(使)(得)(许)(多)(大)(额)(基)(金)(份)(额)(持)(有)(人)(提)(前)(赎)(回)(。在)(赎)(回)(量)(上)(,可)(以)(赎)(回)(部)(分)(份)(额)(以)(达)(到)(流)(动)(性)(要)(求)(;也)(可)(以)(全)(部)(赎)(回)(,寻)(找)(更)(高)(收)(益)(资)(产)(。无)(论)(赎)(回)(多)(少)(,都)(会)(对)(存)(量)(规)(模)(造)(成)(一)(定)(影)(响)(。
(五)()偏)(离)(度)(:整)(体)(下)(降)(
一)(季)(度)(货)(基)(的)(偏)(离)(度)(绝)(对)(均)(值)(水)(平)(为)(0.03,低)(于)(上)(一)(季)(度)(的)(0.07,最)(高)(和)(最)(低)(均)(值)(分)(别)(为)(0.03和)(-0.05,均)(较)(四)(季)(度)(均)(有)(所)(下)(降)(,其)(中)(正)(偏)(离)(度)(最)(大)(的)(是)(华)(润)(元)(大)(现)(金)(收)(益)(,达)(到)(0.41。此)(外)(,有)(256只)(货)(币)(基)(金)(的)(偏)(离)(度)(最)(小)(值)(为)(负)(值)(,数)(量)(较)(前)(一)(季)(度)(明)(显)(上)(升)(。
(六)()资)(产)(配)(置)(:规)(定)(同)(业)(存)(单)(规)(模)(比)(例)(,部)(分)(货)(基)(受)(影)(响)(较)(大)(
1、大)(类)(资)(产)(配)(置)(:债)(券)(占)(比)(小)(幅)(下)(降)(,买)(入)(返)(售)(大)(幅)(下)(降)(
截)(止)(一)(季)(度)(末)(,货)(币)(基)(金)(总)(资)(产)(为)(4.02万)(亿)(,其)(中)(债)(券)(总)(资)(产)(为)(1.14万)(亿)(,现)(金)(为)(2.23万)(亿)(,买)(入)(返)(售)(为)(6292亿)(,其)(他)(资)(产)(为)(262亿)(,占)(比)(分)(别)(为)(28.2%、55.5%、15.6%和)(0.7%。相)(比)(于)(上)(一)(季)(度)(,债)(券)(占)(比)(下)(降)(0.5个)(百)(分)(点)(,现)(金)(占)(比)(上)(升)(7.5个)(百)(分)(点)(,买)(入)(返)(售)(占)(比)(下)(降)(6.3个)(百)(分)(点)(,其)(他)(资)(产)(占)(比)(下)(降)(0.7个)(百)(分)(点)(。一)(季)(度)(由)(于)(债)(市)(流)(动)(性)(偏)(紧)(,货)(币)(基)(金)(持)(有)(银)(行)(存)(款)(量)(上)(升)(,减)(少)(持)(有)(买)(入)(返)(售)(类)(资)(产)(。
2、债)(券)(类)(别)(资)(产)(配)(置)(:同)(业)(存)(单)(占)(比)(小)(幅)(提)(升)(,短)(融)(占)(比)(下)(降)(
截)(止)(一)(季)(度)(末)(,货)(币)(基)(金)(债)(券)(总)(资)(产)(为)(1.14万)(亿)(,其)(中)(国)(债)(为)(371亿)(,占)(比)(较)(上)(一)(季)(度)(提)(高)(1.3个)(百)(分)(点)(至)(3.3%;金)(融)(债)(为)(2067亿)(,占)(比)(上)(升)(0.1百)(分)(点)(至)(18.2%;同)(业)(存)(单)(为)(0.73万)(亿)(,占)(比)(达)(到)(63.9%,较)(上)(一)(季)(度)(大)(幅)(上)(升)(3.9个)(百)(分)(点)(;短)(融)(为)(1551亿)(,占)(比)(大)(幅)(下)(降)(8.3个)(百)(分)(点)(至)(13.7%;中)(票)(为)(29.34亿)(,与)(上)(季)(度)(持)(平)(于)(0.3%。
意)(见)(稿)(将)(同)(业)(存)(单)(纳)(入)(监)(管)(范)(围)(影)(响)(将)(会)(较)(大)(,规)(定)(信)(用)(类)(债)(券)(、非)(金)(融)(企)(业)(债)(务)(融)(资)(工)(具)(、资)(产)(支)(持)(证)(券)(、同)(业)(存)(单)(占)(基)(金)(资)(产)(净)(值)(的)(比)(例)(合)(计)(不)(得)(超)(过)(40%。从)(现)(阶)(段)(货)(币)(基)(金)(总)(体)(持)(有)(比)(例)(来)(看)(,同)(业)(存)(单)(占)(净)(资)(产)(比)(例)(,总)(体)(上)(维)(持)(在)(20%左)(右)(,持)(有)(资)(产)(支)(持)(证)(券)(,企)(业)(债)(规)(模)(不)(大)(,企)(业)(债)((含)(短)(融)(中)(票)()占)(净)(资)(产)(比)(例)(约)(为)(4.1%。但)(是)(对)(于)(个)(体)(基)(金)(,一)(季)(度)(经)(测)(算)(大)(约)(有)(50家)(货)(币)(基)(金)(的)(同)(业)(存)(单)(占)(净)(资)(产)(比)(例)(超)(过)(40%,总)(共)(持)(有)(同)(业)(存)(单)(规)(模)(1793亿)(元)(。4月)(已)(有)(大)(量)(赎)(回)(事)(件)(,货)(币)(基)(金)(资)(产)(配)(置)(面)(临)(大)(规)(模)(调)(整)(,在)(流)(动)(性)(偏)(紧)(阶)(段)(,国)(债)(、金)(融)(债)(将)(会)(主)(要)(配)(置)(方)(向)(。
五)(、一)(季)(度)(保)(本)(基)(金)(:规)(模)(下)(滑)(,股)(票)(、银)(行)(存)(款)(持)(有)(增)(多)(
(一)()资)(产)(规)(模)(:总)(资)(产)(规)(模)(下)(滑)(
一)(季)(度)(新)(发)(保)(本)(基)(金)(暂)(无)(新)(发)(。截)(止)(一)(季)(度)(末)(,保)(本)(基)(金)(的)(总)(资)(产)(为)(3607亿)(,较)(去)(年)(四)(季)(度)(减)(少)(275亿)(。一)(共)(有)(116只)(老)(保)(本)(基)(金)(出)(现)(总)(资)(产)(规)(模)(缩)(水)(,资)(产)(规)(模)(下)(降)(最)(大)(的)(保)(本)(基)(金)(为)(中)(海)(惠)(祥)(分)(级)(,减)(少)(96.75亿)(元)(;33只)(总)(资)(产)(出)(现)(上)(涨)(,增)(长)(规)(模)(最)(大)(的)(为)(汇)(添)(富)(盈)(鑫)(保)(本)(,增)(加)(5.41亿)(元)(。
(二)()申)(购)(赎)(回)(:整)(体)(处)(于)(净)(赎)(回)(
一)(季)(度)(老)(的)(保)(本)(基)(金)(中)(,有)(137只)(出)(现)(净)(赎)(回)(,赎)(回)(只)(数)(较)(去)(年)(四)(季)(度)(小)(幅)(回)(落)(,其)(中)(净)(赎)(回)(率)(最)(高)(的)(达)(到)(97.25%;有)(5只)(出)(现)(净)(申)(购)(。从)(净)(申)(购)(率)(的)(统)(计)(分)(布)(来)(看)(,一)(季)(度)(1/4分)(位)(数)(为)(-8.28%,中)(位)(数)(为)(-5.3%,3/4分)(位)(数)(为)(-1.68%,一)(季)(度)(保)(本)(基)(金)(整)(体)(处)(于)(净)(赎)(回)(。
(三)()业)(绩)(表)(现)(:净)(值)(增)(长)(率)(小)(幅)(回)(升)(
一)(季)(度)(保)(本)(基)(金)(平)(均)(净)(值)(增)(长)(率)(为)(0.58%,较)(上)(一)(季)(度)(有)(所)(回)(升)(,其)(中)(净)(值)(增)(长)(率)(最)(高)(的)(是)(国)(泰)(保)(本)(,达)(到)(2.81%,最)(低)(的)(是)(中)(海)(惠)(利)(纯)(债)(,为)(-1.76%。
(四)()杠)(杆)(率)(:整)(体)(持)(平)(
一)(季)(度)(保)(本)(基)(金)(整)(体)(平)(均)(杠)(杆)(率)(约)(为)(112%,持)(平)(前)(一)(季)(度)(,其)(中)(杠)(杆)(率)(最)(高)(的)(是)(鹏)(华)(金)(刚)(保)(本)(,达)(到)(1.91%。
(五)()资)(产)(配)(置)(:主)(要)(券)(种)(配)(置)(下)(降)(,股)(票)(、银)(行)(存)(款)(增)(多)(
1、大)(类)(资)(产)(配)(置)(:股)(票)(、银)(行)(存)(款)(配)(置)(占)(比)(提)(升)(
截)(止)(一)(季)(度)(末)(,保)(本)(基)(金)(的)(总)(资)(产)(为)(3607亿)(,其)(中)(债)(券)(为)(589亿)(,占)(比)(达)(到)(71.8%,较)(去)(年)(四)(季)(度)(减)(少)(3.6个)(百)(分)(点)(;银)(行)(存)(款)(为)(578亿)(,占)(比)(上)(升)(5.7个)(百)(分)(点)(至)(16%;股)(票)(为)(159亿)(,占)(比)(上)(升)(1个)(百)(分)(点)(至)(3.4%;其)(他)(资)(产)(为)(280亿)(,占)(比)(下)(降)(3.1个)(百)(分)(点)(至)(7.8%。
2、债)(券)(类)(别)(资)(产)(配)(置)(:主)(要)(券)(种)(占)(比)(均)(有)(所)(下)(降)(
分)(券)(种)(来)(看)(,一)(季)(度)(保)(本)(基)(金)(中)(国)(债)(总)(市)(值)(为)(64亿)(,占)(比)(为)(2.5%,较)(去)(年)(四)(季)(度)(下)(降)(0.2个)(百)(分)(点)(;金)(融)(债)(为)(296亿)(,占)(比)(下)(降)(2.4个)(百)(分)(点)(至)(11.4%;企)(业)(债)(为)(697亿)(,占)(比)(下)(降)(3.2个)(百)(分)(点)(至)(26.9%;短)(融)(为)(531亿)(,占)(比)(下)(降)(4.3个)(百)(分)(点)(至)(20.5%;中)(票)(为)(361亿)(,占)(比)(减)(少)(1.5个)(百)(分)(点)(至)(13.9%。
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