真钱娱乐

本基金将运用基本面研究,结合公司财务分析方法对债券发行人信用风险进行分析和度量,选择风险与收益相匹配的更优品种进行投资。(3)、信用债投资策略①信用风险控制。本基金将主要采用“自下而上”的个股选择方法,在拟配置的行业内部通过定量与定性相结合的分析方法选筛选个股。,随着国内债券市场的深入发展和结构性变迁,更多债券新品种和交易形式将增加债券投资盈利模式,本基金将密切跟踪市场动态变化,选择合适的介入机会,谋求高于市场平均水平的投资回报。由于私募债的发行主体多为非上市民营企业,个体异质性强、信息少且透明度低,因此在投资研究方面主要采用逐案分析的方法(Case-by-case),通过尽职调查进行独立评估,信用分析以经营风险、财务风险和回收率(Recoveryrate)等指标为重点。4、普通债券投资策略在债券投资部分,本基金在债券组合平均久期、期限结构和类属配置的基础上,对影响个别债券定价的主要因素,包括流动性、市场供求、信用风险、票息及付息频率、税赋、含权等因素进行分析,选择具有良好投资价值的债券品种进行投资。1)定量分析本基金结合盈利增长指标、现金流量指标、负债比率指标、估值指标、盈利质量指标等与上市公司经营有关的重要定量指标,对目标上市公司的价值进行深入挖掘,并对上市公司的盈利能力、财务质量和经营效率进行评析,为个股选择提供依据。,本基金基于对证券市场的判断,结合期权定价模型,选择估值合理的期权合约。本基金将结合公司状况以及股票估值分析的基本结论,选择具有较强竞争优势且估值具有吸引力的股票,组建并动态调整战略性新兴产业优选股票库。。 根据固定比例组合保险原理,本基金将根据市场的波动、组合安全垫(即基金净资产超过基金价值底线的数额)的大小动态调整固定收益类资产与风险资产投资的比例,通过对固定收益类资产的投资实现保本周期到期时投资本金的安全,通过对风险资产的投资寻求保本期间资产的稳定增值。盈利性:不仅有短期的业绩与盈利支撑,同时盈利和毛利率在未来的稳定性、持续性好,具有长期的投资空间、良好的治理结构、管理层能力强、商业模式优越等。 ,基金投资中小企业私募债券,基金管理人将根据审慎原则,制定严格的投资决策流程、风险控制制度和信用风险、流动性风险处置预案,以防范信用风险、流动性风险等各种风险。短期内,私募债对本基金的贡献有限,但本基金将在市场条件允许的情况下进行择优投资。国债期货相关投资遵循法律法规及中国证监会的规定。

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,462,463,464,465,468,470,471,472,473,475,476,479,481,482,484,486,487,488,490,491,492,496,498,499,500,503,504,505,509,510,511,514,515,517,520,521,522,523,527,528,529,530,531,532,533,534,537,538,539,541,544,545,546,548,549,551,552,553,554,555,556,559,560,563,564,565,566,567,568,569,571,572,573,575,576,577,578,579,580,584,586,587,588,589,590,591,592,593,594,596,598,600,601,604,605,606,607,609,610,611,612,615,616,617,618,619,623,624,625,627,628,629,630,632,633,635,636,638,639,641,642,644,645,648,649,652,654,655,658,661,663,667,668,670,671,672,673,675,678,679,680,681,683,684,685,686,688,689,690,691,693,694,696,697,698,703,704,706,708,709,710,711,713,715,716,718,719,720,721,722,723,724,726,727,728,729,730,731,734,736,737,738,739,740,741,742,743,744,746,747,749,751,752,753,754,755,756,757,758,759,760,761,762,764,765,766,767,768,769,770,772,773,774,776,777,778,783,786,787,788,789,790,791,792,795,796,797,799,800,801,802,803,804,806,807,808,810,811,813,814,815,816,818,820,822,825,826,827,830,832,833,834,835,836,837,838,839,840,842,843,845,846,847,848,849,853,855,858,861,862,866,867,868,869,871,872,873,874,875,876,878,880,881,883,885,887,888,889,890,892,894,898,900,901,904,906,907,908,909,910,911,912,913,914,916,917,918,921,922,925,926,927,928,930,931,932,933,934,938,939,940,941,942,943,944,946,948,952,953,954,955,956,960,961,965,966,973,974,978,979,980,981,982,983,984,985,986,987,989,990,991,994,997,998,999错错对错对错错错对对对对对错错错错对错对对对对错对错错错对对错错错对对对对错对错对错错错错错错对对错对错错错对对错对错对错错错对错错错错错错对对对错错对对对错对错错错对错错错错对对错对对对错对错错错对错错对对错对错对错错错错错错对错对对对对对对错错错对错对错错对对对对对错错错错对对错错错错错对错错对对对错错错对错对对错错对对错对错错错对错错对对对错错对对对错错错错对错对对对错错对对对对错错对对错错错错对错错错对错对对错对对对对错对错对错对错错对对错错对对对错对对错对对错对错错对对错对对错对对错对错错对错错错错对错对对错错错对对错对对对对对对错对错错错对对错错对对对错对对错错错错对对错对对对错对对对错错对对对对错错错错对对对对对对错错错错对对错对错对错对。

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95,797,799,800,803,805,806,807,808,809,811,812,815,816,817,818,819,821,822,824,826,827,828,830,832,833,835,836,839,840,841,842,843,844,846,847,848,849,850,851,853,854,855,857,858,859,860,861,862,863,864,865,867,868,869,871,875,876,877,878,880,882,883,885,886,887,888,889,891,892,893,894,895,896,897,898,899,900,901,902,903,905,906,907,908,910,911,912,913,914,915,916,918,919,921,922,926,927,928,929,930,933,934,935,936,937,938,939,941,942,943,944,945,947,948,949,950,953,954,955,956,957,958,959,960,961,962,965,970,971,973,974,975,976,978,981,982,985,987,988,991,992,993,995,996,998,999,投资综合实力较强的证券公司发行的短期公司债券,获取稳健的投资回报。,1、资产配置策略本基金通过定性与定量相结合的方法分析宏观经济和证券市场发展趋势,评估市场的系统性风险和各类资产的预期收益与风险,据此合理制定和调整股票、债券等各类资产的比例,在保持总体风险水平相对稳定的基础上,力争投资组合的稳定增值。3)收益率曲线配置策略本基金将综合考察收益率曲线和信用利差曲线,通过预期收益率曲线形态变化和信用利差曲线走势来调整投资组合的头寸。(3)收益率曲线配置策略本基金将综合考察收益率曲线和信用利差曲线,通过预期收益率曲线形态变化和信用利差曲线走势来调整投资组合的头寸。基金投资中小企业私募债券,基金管理人将根据审慎原则,制定严格的投资决策流程、风险控制制度和信用风险、流动性风险处置预案,以防范信用风险、流动性风险等各种风险。 在个股的具体选择策略上,采取自下而上的方式,主要从定量分析、定性分析两个方面对上市公司进行考察,精选个股。(1)行业分析在综合考虑行业的周期、竞争格局、技术进步、政府政策、社会习惯的改变等因素后,精选出行业地位高、行业的发展空间大的子行业。本基金将在投资时钟理论的基础上,深入研究宏观经济周期变化趋势,通过准确判断经济周期所处阶段,优化行业配置结构。(3)个券选择策略投资团队分析债券收益率曲线变动、各期限段品种收益率及收益率基差波动等因素,预测收益率曲线的变动趋势,并结合流动性偏好、信用分析等多种市场因素进行分析,综合评判个券的投资价值。。2、债券投资策略首先根据宏观经济分析、资金面动向分析和投资人行为分析判断未来利率期限结构变化,并充分考虑组合的流动性管理的实际情况,配置债券组合的久期;其次,结合信用分析、流动性分析、税收分析等确定债券组合的类属配置;再次,在上述基础上利用债券定价技术,进行个券选择,选择被低估的债券进行投资。本基金在股指期货套期保值过程中,将定期测算投资组合与股指期货的相关性、投资组合beta的稳定性,精细化确定投资方案。 ,4、衍生产品投资策略(1)股指期货、国债期货投资策略本基金将根据风险管理的原则,主要选择流动性好、交易活跃的股指期货、国债期货合约进行交易,以对冲投资组合的系统性风险、有效管理现金流量或降低建仓或调仓过程中的冲击成本等。2、股票投资策略本基金将结合自上而下行业分析与自下而上研究入库的投资理念,在以整个宏观策略为前提下,把握结构性调整机会,将行业分析与个股精选相结合,寻找出表现优异的子行业和优质个股,并将这些股票组成本基金的核心股票库。当预期市场总体利率水平降低时,本基金将延长所持有的债券组合的久期值,从而可以在市场利率实际下降时获得债券价格上升收益;反之,当预期市场总体利率水平上升时,则缩短组合久期,以规避债券价格下降的风险带来的资本损失,获得较高的再投资收益。4、股指期货、权证等投资策略本基金可投资股指期货、权证和其他经中国证监会允许的金融衍生产品。 ②提出投资建议:研究部研究员以内外部研究报告、实地调研以及其他信息来源作为参考,对宏观经济运行状况、行业发展趋势和个股基本面进行深度研究,在研究员所覆盖的行业内精选个股进行推荐,结合市场走势和情绪根据基金经理提出的要求对各类投资品种提出投资建议。在确定固定收益投资组合的具体品种时,本基金将根据市场对于个券的市场成交情况,对各个目标投资对象进行利差分析,包括信用利差,流动性利差,期权调整利差(OAS),并利用利率模型对利率进行模拟预测,选出定价合理或被低估,到期期限符合组合构建要求的固定收益品种。,3、固定收益投资策略本基金将根据当前宏观经济形势、金融市场环境,运用基于债券研究的各种投资分析技术,进行个券精选。,B.财务状况分析本基金将重点关注上市公司的盈利能力、成长和股本扩张能力、持续经营能力、杠杆水平以及现金流管理水平,选择优良财务状况的上市公司股票。本基金运用数量化分析决策工具,对未来市场利率趋势及市场信用环境变化作出预测,并综合考虑利率变化、信用风险、流动性等因素对不同债券品种,尤其是战略新兴产业相关债券的影响,构造债券投资组合。 1、资产配置策略本基金通过定性与定量相结合的方法分析宏观经济和证券市场发展趋势,评估市场的系统性风险和各类资产的预期收益与风险,据此合理制定和调整股票、债券等各类资产的比例,在保持总体风险水平相对稳定的基础上,力争投资组合的稳定增值。对通过股票申购获得的股票,将根据其实际的投资价值确定持有或卖出。。1、资产配置策略本基金将从宏观面、政策面、基本面和资金面等四个角度进行综合分析,在控制风险的前提下,合理确定本基金在股票、债券、现金等各类资产类别的投资比例,并根据宏观经济形势和市场时机的变化适时进行动态调整。浙商经济周期指数模型以投资时钟理论为基础,观察相对长期趋势的经济增长和通货膨胀的方向,将中国经济周期划分为四个阶段:复苏(增长向上、通胀向下)、扩张(增长向上、通胀向上)、滞胀(增长向下、通胀向上)、衰退(增长向下、通胀向下)。?4、中小企业私募债券投资策略本基金将通过对中小企业私募债券进行信用评级控制,通过对投资单只中小企业私募债券的比例限制,严格控制风险,对投资单只中小企业私募债券而引起组合整体的利率风险敞口和信用风险敞口变化进行风险评估,并充分考虑单只中小企业私募债券对基金资产流动性造成的影响,通过信用研究和流动性管理后,决定投资品种。基金管理人将充分考虑股指期货的收益性、流动性及风险性特征,运用股指期货对冲系统性风险、对冲特殊情况下的流动性风险,如大额申购赎回等;利用金融衍生品的杠杆作用,以达到降低投资组合的整体风险的目的。具体而言,在大类资产配置策略的风险控制上,由投资决策委员会及宏观策略研究小组进行监控;在个股投资的风险控制上,本基金将严格遵守公司的内部规章制度,控制单一个股投资风险。 具体而言,在大类资产配置策略的风险控制上,由投资决策委员会及宏观策略研究小组进行监控;在个股投资的风险控制上,本基金将严格遵守公司的内部规章制度,控制单一个股投资风险。信用债收益率是在基准收益率基础上加上反映信用风险收益的信用利差。(4)、中小企业私募债投资策略本基金在控制信用风险的基础上,对中小企业私募债投资,主要采取分散投资,控制个债持有比例。开放期内,基金规模将随着投资人对本基金份额的申购与赎回而不断变化。(4)可转换公司债券投资策略本基金将着重对可转债对应的基础股票的分析与研究,对那些有着较好盈利能力或成长前景的上市公司的可转债进行重点选择,并在对应可转债估值合理的前提下集中投资,以分享正股上涨带来的收益。,(2)结合收益率曲线变化的预测,采取期限结构配置策略,通过分析和情景测试,确定长、中、短期债券的投资比例。本基金将根据对影响债券投资的宏观经济状况和货币政策等因素的分析判断,形成对未来市场利率变动方向的预期,进而主动调整所持有的债券资产组合的久期值,达到增加收益或减少损失的目的。 此外,建立了股指期货交易决策小组,授权相关管理人员负责股指期货的投资审批事项。债券的信用利差主要受两个方面的影响,一是市场信用利差曲线的走势;二是债券本身的信用变化。通过对备选公司以上方面的分析,本基金将优选出具有综合优势的股票构建投资组合,并根据行业趋势、估值水平等因素进行动态调整。。2、股票投资分析本基金将结合定性与定量分析,充分发挥基金管理人研究团队和投资团队“自下而上”的主动选股能力,选择具有长期持续增长能力的公司。根据组合安全垫和风险资产风险特性,决定安全垫的放大倍数——风险乘数,然后根据安全垫和风险乘数计算当期可持有的风险资产的最高配置比例;第三步,动态调整固定收益类资产和风险资产的配置比例,并结合市场实际运行态势制定风险资产投资策略,进行投资组合管理,实现基金资产在保本基础上的保值增值。 在确定组合平均久期后,本基金对债券的期限结构进行分析,运用统计和数量分析技术,选择合适的期限结构的配置策略,在合理控制风险的前提下,综合考虑组合的流动性,决定投资品种。具体而言,在大类资产配置策略的风险控制上,由投资决策委员会及宏观策略研究小组进行监控;在个股投资的风险控制上,本基金将严格遵守公司的内部规章制度,控制单一个股投资风险。,在预期收益率曲线趋向平坦化时,本基金将采取哑铃型策略,重点配置收益率曲线的两端。自上而下投资策略指本公司在平均久期配置策略与期限结构配置策略基础上,运用数量化或定性分析方法对资产支持证券的利率风险、提前偿付风险、流动性风险溢价、税收溢价等因素进行分析,对收益率走势及其收益和风险进行判断。在行业特性方面,将优先选择行业成长空间大,符合国家政策鼓励、扶持方向的行业;公司基本面方面,优选公司成长性好、公司治理结构较为完善、财务指标较为稳健的公司;在估值方面,综合考虑市盈率、市净率、重置价值、A-H溢价率等估值指标,选择具有相对估值优势的公司。投资原则为有利于基金资产增值,控制下跌风险,实现保值和锁定收益。,2、权证投资策略权证为本基金辅助性投资工具,投资原则为有利于加强基金风险控制,有利于基金资产增值。E、风险可控策略根据公司的投资管理流程和基金合同,结合对市场环境的判断,设定基金投资的各项比例控制,确保基金投资满足合规性要求;同时借助有效的数量分析工具,对基金投资进行风险预算,使基金投资更好地完成投资目标,规避潜在风险。2、行业配置(1)战略性新兴产业的界定战略性新兴产业是以重大技术突破和重大发展需求为基础,对经济社会全局和长远发展具有重大引领带动作用,知识技术密集、物质资源消耗少、成长潜力大、综合效益好的产业。 同时,本基金将积极关注信用产品发行人资信水平和评级调整带来的利差机会,选择评级有上调可能的信用债,以获取因利差下降带来的价差收益。若相关法律法规发生变化时,基金管理人期货投资管理从其最新规定,以符合上述法律法规和监管要求的变化。本基金利用可转换债券的债券底价和到期收益率来判断转债的债性,增强本金投资的相对安全性;利用可转换债券溢价率来判断转债的股性,在市场出现投资机会时,优先选择股性强的品种,获取超额收益。2、行业配置本基金综合运用各种分析方法,挑选契合主题、具有良好成长前景的行业进行重点投资。现金网排名(3)个券选择策略投资团队分析债券收益率曲线变动、各期限段品种收益率及收益率基差波动等因素,预测收益率曲线的变动趋势,并结合流动性偏好、信用分析等多种市场因素进行分析,综合评判个券的投资价值。(1)、久期配置策略本基金将密切关注经济运行趋势,把握领先指标,预测未来走势,深入分析国家推行的财政与货币政策对未来宏观经济运行以及投资环境的影响,据此预测利率趋势和债券市场对上述变量和政策的反应,并据此对债券组合的平均久期进行调整。、(2)个股投资策略1)公司基本面分析在行业配置的基础上,本基金将重点投资于满足基金管理人以下分析标准的公司:公司经营稳健,盈利能力较强或具有较好的盈利预期;财务状况运行良好,资产负债结构相对合理,财务风险较小;公司治理结构合理、管理团队相对稳定、管理规范、具有清晰的长期愿景与企业文化、信息透明。2)久期调整策略债券投资受利率风险的影响。股票投资采用定量和定性分析相结合的策略。未来随着证券市场投资工具的发展和丰富,在符合有关法律法规规定的前提下,本基金可相应调整和更新相关投资策略。,(2)久期调整策略债券投资受利率风险的影响。(2)个股精选策略本基金将在行业轮动策略的框架下,采用基本面分析和实地调研相结合的研究方法,挖掘相对强势行业中获益程度较高的优势个股构建投资组合,在获取行业配置收益的基础上,通过个股精选策略,进一步提升投资组合收益。。(2)港股通标的股票投资策略本基金将通过沪港股票市场交易互联互通机制投资于香港股票市场,但不使用合格境内机构投资者(QDII)境外投资额度进行境外投资。 (1)行业分析在综合考虑行业的周期、竞争格局、技术进步、政府政策、社会习惯的改变等因素后,精选出行业地位高、行业的发展空间大的子行业。4、资产支持证券投资策略本基金通过对资产支持证券资产池结构和质量的跟踪考察、分析资产支持证券的发行条款、预估提前偿还率变化对资产支持证券未来现金流的影响,谨慎投资资产支持证券。构建量化分析体系,对国债期货和现货基差、国债期货的流动性、波动水平、套期保值的有效性等指标进行跟踪监控,在最大限度保证基金资产安全的基础上,力求实现基金资产的长期稳定增值。 投资原则为有利于基金资产增值,控制下跌风险,实现保值和锁定收益。3、固定收益品种投资策略本基金将在分析和判断国内外宏观经济形势、市场利率走势、信用利差状况和债券市场供求关系等因素的基础上,动态调整组合久期和债券的结构,并通过自下而上精选债券,获取优化收益。(2)其次,使用定性分析的方法,从持续成长性、市场前景以及公司治理结构等方面对上市公司进行进一步的精选。4、中小企业私募债券投资策略本基金将通过对中小企业私募债券进行信用评级控制,通过对投资单只中小企业私募债券的比例限制,严格控制风险,对投资单只中小企业私募债券而引起组合整体的利率风险敞口和信用风险敞口变化进行风险评估,并充分考虑单只中小企业私募债券对基金资产流动性造成的影响,通过信用研究和流动性管理后,决定投资品种。本基金将严格控制资产支持证券的总体投资规模并进行分散投资,以降低流动性风险。,基金管理人将充分考虑股指期货的收益性、流动性及风险性特征,运用股指期货对冲系统性风险、对冲特殊情况下的流动性风险,如大额申购赎回等;利用金融衍生品的杠杆作用,以达到降低投资组合的整体风险的目的。(3)类属配置类属配置指债券组合中各债券种类间的配置,包括债券在国债、央行票据、金融债、企业债、可转换债券等债券品种间的分布,债券在浮动利率债券和固定利率债券间的分布。4、息差策略通过正回购,融资买入收益率高于回购成本的债券,从而获得杠杆放大收益。4、公司治理水平评估良好的公司治理是公司健康发展的基础。。 3、债券投资策略在资本市场日益国际化的背景下,通过研判债券市场风险收益特征的国际化趋势和国内宏观经济景气周期引发的债券收益率的变化趋势,采取自上而下的策略构造组合。本基金参与股指期货套期时将综合考虑:(1)股指期货交易品种的流动性;(2)股指期货交易品种与现货市场的相关度;(3)通过股指期货进行套期保值交易的必要性;(4)股指期货套期保值交易的综合成本,来判断是否进行套期保值交易或套期保值的合理对冲比率。(2)类属配置与组合优化根据品种特点及市场特征,将市场划分为企业债、银行间国债、银行间金融债、可转换债券、央行票据、交易所国债六个子市场。 ,4、资产支持证券投资策略本基金通过对资产支持证券资产池结构和质量的跟踪考察、分析资产支持证券的发行条款、预估提前偿还率变化对资产支持证券未来现金流的影响,谨慎投资资产支持证券。2、债券投资策略首先根据宏观经济分析、资金面动向分析和投资人行为分析判断未来利率期限结构变化,并充分考虑组合的流动性管理的实际情况,配置债券组合的久期;其次,结合信用分析、流动性分析、税收分析等确定债券组合的类属配置;再次,在上述基础上利用债券定价技术,进行个券选择,选择被低估的债券进行投资。基金管理人将充分考虑股指期货的收益性、流动性及风险性特征,运用股指期货对冲系统性风险、对冲特殊情况下的流动性风险,如大额申购赎回等;利用金融衍生品的杠杆作用,以达到降低投资组合的整体风险的目的。(5)中小企业私募债券投资策略在严格控制风险的前提下,通过严谨的研究,综合考虑中小企业私募债券的安全性、收益性和流动性等特征,并与其他投资品种进行对比后,选择具有相对优势的类属和个券进行投资。 2、股票投资策略本基金股票资产以A股市场基本面良好的上市公司为投资对象,基金经理将基于行业配置的要求,对A股市场的股票进行分类和筛选,选择各行业龙头企业和价值被低估的企业作为重点关注对象。本基金投资于中小企业私募债。(二)股票投资策略本基金从宏观经济环境、国家政策导向、产业转型与变革等多个角度,积极挖掘符合中国经济增长和资本市场发展机遇,且具有核心竞争优势和持续成长能力的优质上市公司。国债期货相关投资遵循法律法规及中国证监会的规定。2、权证投资策略权证为本基金辅助性投资工具,投资原则以套期保值为目的,为有利于加强基金风险管理。(3)个券选择策略投资团队分析债券收益率曲线变动、各期限段品种收益率及收益率基差波动等因素,预测收益率曲线的变动趋势,并结合流动性偏好、信用分析等多种市场因素进行分析,综合评判个券的投资价值。,本基金对稳健资产和风险资产的资产配置具体可分为以下三步:第一步,确定基金价值底线和安全垫。本基金将借鉴信用债的基本面研究,从行业基本面、公司的行业地位、竞争优势、财务稳健性、盈利能力、治理结构等方面进行考察,精选财务稳健、信用违约风险小的可转债进行投资。 ,因此本基金审慎投资中小企业私募债券。在选择过程中,把成长性作为判断公司优劣的一个重要维度。在严格控制风险的前提下,力争获得超越业绩比较基准的绝对回报。在实际中,通过量化手段对每一类主题紧密跟踪,并通过对每一个主题的风险暴露进行分析,根据市场在每个时间点上的风险暴露配置相应的主题策略,从而获取超额收益。。 根据中国债券市场存在市场分割的特点,本基金将考察相同债券在交易所市场和银行间市场的利差情况,结合流动性等因素的分析,选择具有更高投资价值的市场进行配置。(3)信用债投资策略信用债一般是指除国债、央行票据和政策性金融债之外的非国家信用的固定收益类金融工具,因此除上述投资策略以外,本基金还将结合基于市场信用利差曲线的策略、基于信用债本身的信用分析策略等投资策略分析信用债投资比例和进行信用债投资。 (5)可转换债券投资策略本基金的可转换债券的投资采取基本面分析和量化分析相结合的方法。2、股票投资策略本基金采取自下而上的个股精选策略,以深入的基本面研究为基础,精选具有一定核心优势的且成长性良好、价值被低估的上市公司股票。。7、风险管理策略本基金将借鉴国外风险管理的成功经验如Barra多因子模型、风险预算模型等,并结合公司现有的风险管理流程,在各个投资环节中来识别、度量和控制投资风险,并通过调整投资组合的风险结构,来优化基金的风险收益匹配。由于中小企业私募债券发行主体为非上市中小企业,企业管理体制和治理结构弱于普通上市公司,信息披露情况相对滞后,对企业偿债能力的评估难度高于普通上市公司,且定向发行方式限制了合格投资者的数量,会导致一定的流动性风险。、以获取超越业绩比较基准的投资回报。7、证券公司短期公司债券投资策略本基金通过对证券公司短期公司债券发行人基本面的深入调研分析,结合发行人资产负债状况、盈利能力、现金流、经营稳定性以及债券流动性、信用利差、信用评级、违约风险等的综合评估结果,选取具有价格优势和套利机会的优质信用债券进行投资。(2)、类属配置策略确定目标久期后,本基金将根据宏观经济、市场利率、债券供求等因素的深入分析,预测各类属资产预期风险及收益情况,确定债券组合资产在利率品种、信用品种等资产之间的分配。(2)、类属配置策略确定目标久期后,本基金将根据宏观经济、市场利率、债券供求等因素的深入分析,预测各类属资产预期风险及收益情况,确定债券组合资产在利率品种、信用品种等资产之间的分配。,2、债券(除可转换公司债券)投资策略基金管理人通过对国家财政政策、货币政策的深入分析以及对宏观经济的动态跟踪,采用组合久期与保本周期剩余期限匹配下的积极投资策略,通过灵活应用各种期限结构策略、信用策略、互换策略、息差策略,在合理管理并控制组合风险的前提下,最大化组合收益。5、权证投资策略本基金将权证看作是辅助性投资工具,其投资原则为优化基金资产的风险收益特征。,本基金在股指期货投资中将根据风险管理的原则,以套期保值为目的,在风险可控的前提下,本着谨慎原则,参与股指期货的投资,以管理投资组合的系统性风险,改善组合的风险收益特性。本基金将着重考察公司的管理层以及管理制度。?此外,本基金将通过分析不同市场环境下可转换公司债券股性和债性的相对价值,通过对标的转债股性与债性的合理定价,力求选择被市场低估的品种,进而构建本基金可转换公司债券的投资组合。(2)定量分析本基金将对反映上市公司质量和增长潜力的主要财务和估值指标进行定量分析。4、短期金融工具投资策略结合货币市场利率的预测与现金需求安排,采取现金流管理策略进行短期货币工具投资,以便在保证基金资产的安全性和流动性的基础上,获得较高的收益。(1)久期策略久期管理是债券投资的重要考量因素,本基金将采用以“目标久期”为中心、自上而下的组合久期管理策略。 图:本基金投资策略体系A、利率预期策略基于对宏观经济、货币政策、财政政策等利率影响因素的分析判断,合理确定投资组合的目标久期,提高投资组合的盈利潜力。在宏观环境分析方面,结合对宏观经济、市场利率、债券供求等因素的综合分析,根据交易所市场与银行间市场类属资产的风险收益特征,定期对投资组合类属资产进行优化配置和调整,确定不同类属资产的最优权重。,1、资产配置策略本基金以宏观经济及货币政策研究为导向,分析不同类别资产的市场变化,进而采取积极的主动投资管理策略,自上而下确定大类资产配置和信用债券类金融工具的类属配置比例,动态调整固定收益类证券组合久期和信用债券的结构,并根据股票市场的趋势研判及新股申购收益率预测,适度参与一级市场新股与增发新股的申购,力求提高基金收益率。,具体的利率品种投资策略如下:①目标久期策略基于对宏观经济环境的深入研究,预期未来市场利率的变化趋势,结合基金封闭运作期限和未来现金流的分析,确定投资组合平均剩余期限。本基金的股指期货投资将充分考虑股指期货的收益性、流动性及风险特征,通过资产配置、品种选择,谨慎进行投资,以降低投资组合的整体风险。综合考虑本基金的投资目标、市场发展趋势、风险控制要求等因素,制定本基金资产的大类资产配置比例。 3、债券投资策略在选择债券品种时,首先根据宏观经济、资金面动向、发行人情况和投资人行为等方面的分析判断未来利率期限结构变化,并充分考虑组合的流动性管理的实际情况,配置债券组合的久期;其次,结合信用分析、流动性分析、税收分析等确定债券组合的类属配置;再次,在上述基础上利用债券定价技术选择个券,选择被价格低估的债券进行投资。当预期市场利率上升时,本基金将缩短债券投资组合久期,以规避债券价格下跌的风险。根据固定比例组合保险原理,本基金将根据市场的波动、组合安全垫(即基金净资产超过基金价值底线的数额)的大小动态调整固定收益类资产与风险资产投资的比例,通过对固定收益类资产的投资实现保本周期到期时投资本金的安全,通过对风险资产的投资寻求保本期间资产的稳定增值。2)价值评估本基金将结合市场阶段特点及行业特点,选取相关的相对估值指标(如P/B、P/E、EV/EBITDA、PEG、PS等)和绝对估值指标(如DCF、NAV、FCFF、DDM、EVA等)对上市公司进行估值分析,精选具有投资价值的股票。 4、可转债投资策略可转债兼具权益类证券与固定收益类证券的特性,本基金一方面将对发债主体的信用基本面进行深入挖掘以明确该可转债的债底保护,防范信用风险,另一方面,还会进一步分析公司的盈利和成长能力以确定可转债中长期的上涨空间。1)定量分析本基金结合盈利增长指标、现金流量指标、负债比率指标、估值指标、盈利质量指标等与上市公司经营有关的重要定量指标,对目标上市公司的价值进行深入挖掘,并对上市公司的盈利能力、财务质量和经营效率进行评析,为个股选择提供依据。2、股票投资策略本基金坚持“自上而下”为主、“自下而上”为辅的投资视角,在实际投资过程中充分体现“主题投资”这个核心理念。,(2)成长能力投资方法上重视投资价值与成长潜力的平衡,一方面利用价值投资标准筛选低价股票,避免市场波动时的风险和股票价格高企的风险;另一方面,利用成长性投资可分享高成长收益的机会。基金投资中小企业私募债券,基金管理人将根据审慎原则,制定严格的投资决策流程、风险控制制度和信用风险、流动性风险处置预案,以防范信用风险、流动性风险等各种风险。在行业配置方面,本基金管理人将根据宏观经济形式对行业配置进行动态调整。此外,本基金将持续地进行定期与不定期的资产配置风险监控,适时地做出相应的调整。4、中小企业私募债券投资策略本基金将通过对中小企业私募债券进行信用评级控制,通过对投资单只中小企业私募债券的比例限制,严格控制风险,对投资单只中小企业私募债券而引起组合整体的利率风险敞口和信用风险敞口变化进行风险评估,并充分考虑单只中小企业私募债券对基金资产流动性造成的影响,通过信用研究和流动性管理后,决定投资品种。。 长期而言,基金将以宏观经济总体分析和市场周期分析为依据,根据产品定位,通过资产类别收益风险预测体系来调整资产配置。根据各类资产的市场趋势和预期收益风险的分析与比较,对股票、债券及货币市场工具等类别资产的配置比例进行动态调整。具体投资策略有收益率曲线策略、骑乘策略、息差策略等积极投资策略。(1)宏观及利率分析主要通过基准利率分析预测未来基准利率水平变化趋势与幅度,进行定量评价;通过利率期限结构分析,利用即期利率结构曲线构造技术和基准利率水平及变化趋势分析结果,预测未来利率期限结构曲线变化状况。 (2)、类属配置策略确定目标久期后,本基金将根据宏观经济、市场利率、债券供求等因素的深入分析,预测各类属资产预期风险及收益情况,确定债券组合资产在利率品种、信用品种等资产之间的分配。本基金主要采用流动性好、交易活跃的衍生品合约,通过多头或空头套期保值等策略进行套期保值操作。(1)、久期配置策略本基金将密切关注经济运行趋势,把握领先指标,预测未来走势,深入分析国家推行的财政与货币政策对未来宏观经济运行以及投资环境的影响,据此预测利率趋势和债券市场对上述变量和政策的反应,并据此对债券组合的平均久期进行调整。,8、股指期货投资策略本基金参与股指期货的投资应符合基金合同规定的保本策略和投资目标。2、股票投资策略在股票的选择上,本基金将运用定量与定性的指标相结合的方法,采取“自下而上”的选股策略,以价值选股、组合投资为原则,选择具备估值吸引力、增长潜力显著的公司股票。具体的利率品种投资策略如下:①目标久期策略基于对宏观经济环境的深入研究,预期未来市场利率的变化趋势,结合基金封闭运作期限和未来现金流的分析,确定投资组合平均剩余期限。。

1)行业景气度本基金将密切关注国家相关产业政策、规划动态,并结合行业数据持续跟踪、上下游产业链深入进行调研等方法,根据相关行业盈利水平的横向与纵向比较,适时对各行业景气度周期与行业未来盈利趋势进行研判,重点投资于景气度较高且具有可持续性的行业。(4)息差策略本基金将采用息差策略,以达到更好地利用杠杆放大债券投资的收益的目的。,收益率曲线策略有两方面的内容,一是收益率曲线本身的变化,根据收益率曲线可能向上移动或向下移动,降低或加长整个投资组合的平均剩余期限。2、行业配置(1)战略性新兴产业的界定战略性新兴产业是以重大技术突破和重大发展需求为基础,对经济社会全局和长远发展具有重大引领带动作用,知识技术密集、物质资源消耗少、成长潜力大、综合效益好的产业。。奔驰宝马老虎机本基金的投资策略主要有以下七方面内容:1、大类资产配置本基金综合运用定性和定量的分析手段,在对宏观经济因素进行充分研究的基础上,判断宏观经济周期所处阶段。在宏观环境分析方面,结合对宏观经济、市场利率、债券供求等因素的综合分析,根据交易所市场与银行间市场类属资产的风险收益特征,定期对投资组合类属资产进行优化配置和调整,确定不同类属资产的最优权重。、在个股的具体选择策略上,采取自下而上的方式,主要从定量分析、定性分析两个方面对上市公司进行考察,精选个股。(一)资产配置策略本基金通过自上而下和自下而上相结合、定性分析和定量分析互相补充的方法,在股票、债券和现金等资产类之间进行相对稳定的适度配置,强调通过自上而下的宏观分析与自下而上的市场趋势分析有机结合进行前瞻性的决策。,(九)权证投资策略本基金的权证投资以控制风险和锁定收益为主要目的。本基金投资期权,基金管理人将根据审慎原则,建立期权交易决策部门或小组,授权特定的管理人员负责期权的投资审批事项,以防范期权投资的风险。3、债券投资策略在债券投资上,本基金贯彻“自上而下”的策略,采用三级资产配置的流程。本基金将主要采用“自下而上”的个股选择方法,在拟配置的行业内部通过定量与定性相结合的分析方法选筛选个股。,本基金同时将公司市值与行业竞争对手,未来市场成长空间进行多维度对比。(3)、信用债投资策略①信用风险控制。(2)类属配置与组合优化根据品种特点及市场特征,将市场划分为企业债、银行间国债、银行间金融债、可转换债券、央行票据、交易所国债六个子市场。(二)股票投资策略1、主题挖掘本基金主要投资于服务业相关领域上市公司;依照国家统计局的划分,本基金所定义的服务业主要包括以下三个方面:第一方面是流通部门,包括交通运输业、邮电通讯业、商业、饮食业、仓储业等;第二个方面是为生产和生活服务的部门,包括金融业、保险业、公用事业、旅游业、休闲娱乐业、咨询信息服务业和各类技术服务业等;第三个方面是为提高科学文化水平、居民健康和素质服务的部门,包括教育、文化、医疗卫生、广播电视事业、科研事业、生活福利事业等;第四个方面是为政府服务提供配套服务的相关部门,包括环卫服务、智慧城市、智能政务等。 ①盈利能力本基金通过盈利能力分析评估上市公司创造利润的能力,主要参考的指标包括净资产收益率(ROE),毛利率,净利率,EBITDA/主营业务收入等。3)各行业的发展前景本基金将持续跟踪行业数据并结合投资研究团队的深入研究及实地调研,根据相关行业盈利水平的横向与纵向比较,从而预测各行业的发展前景,发掘具有广阔发展潜力的行业,并相应对基金资产的行业配置进行调整,重点投资于行业景气度较高且具有可持续性的行业。在行业的配置选择上,本基金将持续跟踪、研究分析受益于强国制造发展的典型产业,选择其中受益程度高、成长性好的相关主题行业进行重点配置,并积极更新调整强国制造主题的范畴界定。2、债券(除可转换公司债券)投资策略基金管理人通过对国家财政政策、货币政策的深入分析以及对宏观经济的动态跟踪,采用组合久期与保本周期剩余期限匹配下的积极投资策略,通过灵活应用各种期限结构策略、信用策略、互换策略、息差策略,在合理管理并控制组合风险的前提下,最大化组合收益。,(1)自上而下的行业遴选本基金将自上而下地进行行业遴选,重点关注行业增长前景、行业利润前景和行业成功要素。在以上形成的价值股、成长股股票池中,本基金根据对市场趋势的判断、宏观经济环境等因素,对成长与价值股的投资比例进行配置。,(2)久期调整策略债券投资受利率风险的影响。具体主要采取以下积极管理策略:(1)久期调整策略根据对市场利率水平的预期,在预期利率下降时,增加组合久期,以较多地获得债券价格上升带来的收益;在预期利率上升时,减小组合久期,以规避债券价格下降的风险。。 本基金投资该类债券的核心要点是分析和跟踪发债主体的信用基本面,并综合考虑信用基本面、债券收益率和流动性等要素,确定最终的投资决策。4、中小企业私募债券投资策略本基金将通过对中小企业私募债券进行信用评级控制,通过对投资单只中小企业私募债券的比例限制,严格控制风险,对投资单只中小企业私募债券而引起组合整体的利率风险敞口和信用风险敞口变化进行风险评估,并充分考虑单只中小企业私募债券对基金资产流动性造成的影响,通过信用研究和流动性管理后,决定投资品种。(四)金融衍生品投资策略1、股指期货投资策略本基金投资股指期货将根据风险管理的原则,以套期保值为目的,选择流动性好、交易活跃的期货合约,并根据对证券市场和期货市场运行趋势的研判,以及对股指期货合约的估值定价,与股票现货资产进行匹配,实现多头或空头的套期保值操作,由此获得股票组合产生的超额收益。。002,003,004,006,009,010,013,015,017,018,019,021,023,024,025,026,027,030,031,032,033,035,036,037,039,041,042,044,046,048,049,050,052,053,054,055,056,058,059,062,064,065,066,067,068,069,070,071,072,073,074,075,076,077,081,082,083,084,086,087,088,089,090,091,092,093,094,095,096,098,099,100,101,102,104,105,106,107,109,112,113,114,116,117,118,119,121,123,124,125,126,127,128,129,131,132,133,134,136,137,139,140,141,142,143,144,145,148,149,150,151,153,154,155,156,158,159,160,165,167,169,171,172,174,175,176,178,180,182,183,184,186,187,190,191,193,194,195,196,197,198,199,200,202,203,205,206,207,209,210,211,214,215,216,217,218,219,220,222,223,224,225,227,228,229,230,231,234,235,236,237,238,240,241,242,243,244,246,247,249,250,252,253,255,256,257,259,260,261,262,263,265,266,267,269,270,271,272,273,274,275,276,278,279,280,284,287,288,289,292,293,294,296,298,299,300,302,303,304,305,306,307,310,313,314,315,316,317,318,320,321,322,323,324,327,328,330,332,333,334,335,336,338,339,341,342,343,344,345,347,348,349,350,351,354,355,356,358,360,361,363,364,365,367,368,369,370,372,373,374,376,377,379,380,381,382,383,386,387,388,391,392,393,396,397,398,399,400,401,402,405,406,407,408,409,410,413,417,418,419,421,423,424,427,430,431,432,436,437,440,441,442,446,447,448,449,450,451,452,453,454,455,457,458,461,462,463,465,466,467,468,471,472,474,475,476,478,479,480,481,482,483,484,487,489,490,491,492,493,494,495,496,498,500,501,502,504,506,508,509,511,512,513,516,517,522,523,524,525,526,528,533,534,535,537,538,539,540,544,545,546,547,548,549,551,552,556,557,558,559,560,561,562,564,565,566,568,569,570,571,572,573,574,577,580,582,586,587,590,591,592,594,595,596,597,599,600,601,602,603,604,606,607,608,609,611,612,613,615,616,617,618,619,620,621,622,623,624,625,626,627,628,629,630,631,635,636,637,638,640,642,643,644,645,646,647,649,651,652,653,654,656,657,660,661,663,664,665,667,670,671,672,673,674,675,676,677,678,679,681,682,683,684,685,686,687,688,690,691,693,695,696,698,699,702,703,704,705,706,707,708,709,711,713,714,715,716,717,718,719,720,722,723,725,726,727,728,729,730,731,732,734,735,736,737,738,739,740,741,743,744,746,747,749,750,751,757,758,759,760,761,762,763,764,767,769,771,772,774,775,777,778,779,780,781,783,784,785,786,788,789,791,792,793,794,796,797,798,800,801,802,803,807,809,810,811,812,813,815,816,820,821,823,824,825,826,827,828,829,830,831,833,834,835,836,837,838,841,842,845,846,847,848,852,854,855,858,859,861,863,864,866,869,870,871,873,875,878,881,882,883,884,885,886,888,889,890,893,894,895,896,897,898,902,906,908,910,911,913,914,915,916,918,919,922,923,924,927,928,929,931,932,933,934,935,936,939,940,942,943,944,947,948,949,950,951,952,955,956,960,961,962,963,964,965,969,970,971,972,973,974,975,978,979,980,981,983,984,985,986,987,988,989,990,992,994,995,996,998,999错错对错对错对对对错错错错对错对错对错对对错错对错错对对对对对错错对错错错错对对错对对对错对对对错对对对错错错对错对对错对错对错对错对错对错错错错对对对对错对对错对错错对错错对错错对对对错错对对错错错错错错错对对对错对对对对错对对错错错错对对对错错错对错错错错错对对对错对错对对对对错对对错对错对对错对错错对对错对对错错错对对对错对对对对错错错错错错错对错错对对错对对对错错对对错错对错对错对对对错错错对对错对错错对错对对对错对对错对对对错错错错错对对错错错对对对错对错对错错对错对对对对对错错错对错对对对对错错对对错错错错对对对错错对错错对对错对对对错错对对对错对对错对对对对错对错错对对错错对对错错对对对错错错错对错对对错错错对对错错错错错错错错对对错对错。001,002,003,004,005,007,009,010,011,012,014,015,017,019,021,023,024,025,026,028,029,030,031,032,034,036,037,038,040,043,045,046,047,051,053,054,055,056,058,059,061,062,063,064,065,067,068,071,072,073,074,075,079,082,083,084,085,086,087,088,089,091,093,094,095,096,100,101,102,103,106,111,112,113,114,116,118,119,120,122,123,124,125,126,127,128,130,132,133,135,136,137,138,140,141,142,143,144,145,146,148,149,150,151,152,153,154,155,156,157,158,159,160,162,163,164,165,166,168,170,173,175,178,179,181,184,185,187,188,194,195,196,197,198,207,208,209,210,211,212,213,217,218,219,220,221,222,223,225,226,227,228,229,230,231,232,233,234,235,236,237,238,240,241,242,243,245,247,248,249,250,251,254,255,256,258,259,260,261,262,263,264,265,266,267,270,272,273,275,276,277,278,279,281,283,285,288,290,292,294,295,296,297,298,300,302,303,304,306,307,309,310,311,312,313,316,317,318,321,325,326,327,328,329,330,331,334,336,337,341,342,343,344,345,348,349,350,351,353,355,357,358,359,360,363,364,365,366,367,368,369,371,372,373,374,375,376,377,378,379,380,381,382,383,384,385,386,387,389,394,395,396,397,398,399,400,401,402,403,404,408,409,411,412,416,417,418,419,420,421,422,425,426,427,428,430,433,434,437,438,439,441,443,444,445,446,447,448,449,450,451,452,453,454,455,456,457,460,461,462,463,465,466,467,468,470,471,472,473,475,476,477,478,479,480,481,482,485,487,488,489,490,493,494,495,496,497,499,500,502,503,505,506,507,508,509,511,513,514,516,517,518,519,520,521,522,523,524,526,527,528,529,530,531,532,533,534,535,537,538,539,540,542,544,546,547,548,549,550,551,553,554,556,557,559,560,561,565,566,567,569,570,571,574,575,576,577,578,580,581,582,583,587,589,590,591,592,593,594,595,596,597,598,599,600,601,602,603,604,606,607,608,610,611,614,615,617,618,619,620,622,624,626,628,629,630,631,633,634,635,639,640,641,644,645,647,648,649,651,652,653,655,656,657,662,664,665,666,667,668,669,671,673,674,675,676,677,678,679,681,682,684,685,686,687,688,689,690,695,698,699,701,702,703,704,705,706,708,710,711,712,715,716,717,718,722,723,725,726,727,728,729,732,737,738,739,740,742,743,744,746,750,751,755,756,757,759,760,761,762,764,765,766,768,769,771,773,774,775,777,778,780,783,784,787,790,791,792,793,794,796,798,799,800,801,803,804,805,807,808,810,811,813,814,816,817,818,819,822,823,824,825,826,827,828,831,832,833,834,835,836,837,838,839,840,841,842,843,844,845,848,849,850,852,853,854,855,856,857,859,861,862,863,864,866,867,868,869,870,871,872,873,874,875,876,880,881,882,883,885,887,889,890,891,892,895,896,898,900,902,904,905,906,907,913,914,915,916,917,918,920,921,923,924,925,926,927,932,933,935,936,937,938,939,940,941,942,943,944,945,946,948,949,950,952,953,954,955,956,959,960,962,963,964,965,966,970,972,974,975,976,977,978,979,981,982,984,987,988,989,990,991,993,996,998,999000,001,003,004,006,007,009,010,011,013,014,015,016,017,018,019,020,021,022,023,024,025,026,027,029,031,032,033,035,036,037,038,039,040,041,042,043,044,047,048,049,051,052,053,054,055,056,057,058,059,061,062,064,065,066,068,069,070,075,077,079,080,081,082,083,085,086,087,090,091,092,093,094,095,097,098,099,100,101,102,104,105,106,107,108,109,111,112,113,115,116,117,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,140,141,142,143,144,145,146,147,148,149,151,152,153,155,158,159,160,162,164,165,167,169,170,171,172,178,180,181,182,183,186,188,189,190,191,192,194,195,196,197,200,201,202,203,204,206,207,208,209,210,213,214,216,219,220,222,223,224,226,228,230,231,232,233,234,236,237,238,239,241,245,247,248,249,250,251,252,253,254,255,256,257,258,259,260,261,262,264,265,266,268,270,271,272,274,275,277,279,280,281,283,286,288,289,290,291,292,295,296,297,298,299,300,302,305,307,308,311,312,313,314,316,318,319,321,322,324,325,327,328,330,331,334,336,337,338,339,340,342,343,344,346,348,351,352,353,354,355,356,357,358,360,361,362,363,364,365,367,368,372,374,375,377,378,379,381,382,385,387,389,390,392,393,395,396,398,401,402,403,404,406,407,408,409,410,416,421,422,423,424,425,426,427,429,432,436,437,439,440,441,442,444,446,447,448,449,450,452,453,455,456,457,458,459,460,461,464,465,466,468,469,470,471,472,473,476,482,483,485,486,488,489,490,491,492,493,494,495,498,500,502,503,505,506,507,508,509,510,512,515,516,517,518,519,520,521,523,524,525,526,528,529,530,532,536,537,538,541,543,545,549,550,552,553,555,556,557,558,559,560,561,563,564,566,567,568,569,570,571,573,574,575,576,577,578,581,582,584,587,588,589,590,591,592,595,597,600,601,604,605,606,607,610,612,614,615,616,617,618,619,620,621,622,623,624,625,626,627,628,630,635,637,638,639,640,642,643,645,646,647,648,652,654,655,656,657,658,662,664,667,668,669,670,671,672,673,674,676,677,681,682,684,685,686,688,690,691,693,694,696,697,700,701,702,703,704,705,706,707,708,709,711,712,713,714,715,716,717,719,720,722,723,724,725,727,728,729,731,732,737,740,741,742,743,745,746,747,748,749,750,751,752,753,755,756,757,760,762,763,764,765,768,769,770,772,773,774,775,778,779,780,781,782,783,784,785,786,787,789,790,791,792,793,795,798,800,801,805,806,807,809,810,811,814,816,817,819,820,821,822,823,824,826,828,831,833,834,835,837,839,840,841,843,844,845,847,848,850,851,852,854,855,856,857,860,861,862,863,864,865,866,867,868,869,871,872,873,874,875,876,877,878,882,884,885,888,889,890,891,892,894,895,896,897,898,899,900,901,905,906,907,908,909,910,911,912,914,916,917,918,919,924,925,926,928,929,930,931,932,935,936,939,941,947,950,951,952,955,956,957,958,959,960,962,963,964,966,968,969,970,971,972,973,974,976,979,980,981,983,985,986,987,988,990,991,993,996,998001,003,006,007,008,009,010,011,012,015,016,017,018,019,023,024,025,026,027,028,029,030,031,034,035,036,037,038,039,040,041,042,045,046,047,049,051,052,053,054,055,056,058,059,060,061,062,064,065,066,067,070,071,072,073,074,076,077,078,079,082,083,084,085,087,088,089,090,091,092,094,097,098,099,100,101,103,104,105,107,108,109,110,112,114,116,117,122,124,125,126,127,128,129,130,131,132,133,134,135,136,137,139,140,141,145,146,148,152,154,155,156,157,158,159,160,161,163,164,166,167,168,169,170,171,173,174,175,176,177,178,179,182,184,185,188,189,192,193,195,196,197,198,201,202,203,204,205,207,208,210,211,212,214,215,216,219,220,222,223,225,226,227,229,231,232,234,235,240,241,242,243,244,245,246,249,250,251,252,253,254,256,257,258,260,261,263,264,265,266,267,269,270,271,272,273,274,276,277,278,279,281,282,283,284,287,291,293,294,296,299,302,303,304,305,306,307,308,310,311,312,314,315,316,318,319,320,322,323,325,330,332,333,334,335,339,340,342,343,345,347,348,350,352,354,355,356,357,358,359,360,361,362,363,364,365,366,367,369,371,372,373,374,375,376,378,379,380,381,383,384,385,386,387,388,390,391,392,393,394,395,396,397,400,401,402,406,408,409,412,413,414,415,418,420,421,422,424,426,427,429,430,431,433,436,439,440,442,443,444,446,447,449,452,454,455,456,457,458,459,460,461,462,463,466,467,469,470,471,472,473,475,476,477,478,479,481,482,483,486,487,488,490,491,492,494,495,496,498,499,500,501,503,504,506,508,509,510,512,513,516,518,520,521,522,523,524,525,526,527,529,530,531,533,534,535,537,539,541,542,544,545,547,549,551,552,553,555,556,557,559,562,564,565,566,567,568,569,570,571,573,576,577,578,579,580,581,582,583,584,585,588,589,590,594,596,597,598,599,602,605,606,607,608,610,612,615,618,619,620,621,622,623,625,626,628,629,632,635,636,637,639,640,641,642,644,645,647,648,650,651,653,654,655,657,659,661,663,664,665,666,667,669,671,672,673,674,675,676,678,686,687,688,690,693,696,697,699,700,701,703,704,706,707,708,709,711,713,714,716,718,719,720,721,722,725,726,728,729,730,731,732,733,735,736,737,739,741,742,743,745,746,747,748,749,751,752,753,755,756,757,758,762,763,764,765,766,767,768,769,770,771,772,774,775,776,777,778,779,782,783,784,785,786,787,789,790,794,795,796,797,798,801,802,803,805,807,809,811,814,815,816,818,820,821,823,824,826,827,829,830,831,832,833,835,836,837,838,839,840,841,842,843,844,845,846,847,850,851,852,854,855,856,857,858,859,860,861,863,864,865,867,868,870,871,872,873,874,876,877,878,879,880,881,883,885,886,890,891,892,893,894,895,896,897,898,899,900,901,902,903,904,905,906,907,910,911,914,915,917,918,919,921,922,924,925,926,927,928,929,931,932,933,934,935,938,939,940,941,942,943,945,946,947,948,950,952,953,955,956,957,958,959,960,961,962,963,964,965,967,970,972,973,974,975,976,977,978,981,983,984,985,986,987,989,990,991,993,994,996对对对错错对错对错对对对对错对错错对对错对对对对对对错对错错错对错对对对错错对错对错错错对对错对对错错对错对对错对错对对对对对对对错对错错对错错对错对对对错错对对错对错对错对错对对对错对对错对对对对对错对错对错错对错对错对错错错错错对错错对对对对对对错错错错对对对对错错对对对对对错对错对对对对错错对对对错错错对对错对错对错对对错错对错对对错对错对对错错对错错错对错错错错错错错对错对对错对错错错错对错对错错对对对错错错对对错对对对对错对对对对对对对对对错错错对对对错错对错对对错错错错错对错错错对对错对对错错错对错错对错错对对对对对对错错错错对错对错对对错对错错对对对对错错错错错对对错错对对错对错错对错错对错错对对错对对错对错对错对对错错对对对错错对对对错。债券的信用利差主要受两个方面的影响,一是市场信用利差曲线的走势;二是债券本身的信用变化。随着国内债券市场的深入发展和结构性变迁,更多债券新品种和交易形式将增加债券投资盈利模式,本基金将密切跟踪市场动态变化,选择合适的介入机会,谋求高于市场平均水平的投资回报。具体说来,可供本基金配置的投资主题包括但不限于内需增长、消费提振与消费升级、投资结构与布局改善、社会保障与医疗改革、节能减排、环保、产业转移、产业链优化、新能源、新材料及新科技的应用、城市化的进程、互联网应用、人口老龄化、国有企业改革、社会收入分配改革、汇率改革、金融制度的改革和发展、金融工具的创新、经济全球化等等所带来的投资主题。对重点公司建立财务模型,预测其未来几年的经营情况和财务状况,在此基础上对公司股票进行估值,以决定是否纳入本基金的投资范围。3、股票资产选择(1)战略性新兴产业初选股票池本基金针对沪深两市符合战略新兴产业特征的全部上市公司,剔除其中不符合投资要求的股票(包括但不限于法律法规或公司制度明确禁止投资的股票、涉及重大案件和诉讼的股票等),筛选得到战略性新兴产业初选股票池。基金管理人将充分考虑国债期货的收益性、流动性及风险性特征,运用国债期货对冲系统性风险、对冲特殊情况下的流动性风险,如大额申购赎回等;利用金融衍生品的杠杆作用,以达到降低投资组合的整体风险的目的。在市场配置层面,本基金将在控制市场风险与流动性风险的前提下,根据交易所市场和银行间市场等市场债券类金融工具的到期收益率变化、流动性变化和市场规模等情况,相机调整不同市场中债券类金融工具所占的投资比例。(3)上市公司股票估值分析本基金将采用多种指标对股票进行估值分析。。本基金将在权证理论定价模型的基础上,综合考虑权证标的证券的基本面趋势、权证的市场供求关系以及交易制度设计等多种因素,对权证进行合理定价。,6、权证投资策略本基金将权证看作是辅助性投资工具,其投资原则为优化基金资产的风险收益特征。,5、权证投资策略本基金将权证看作是辅助性投资工具,其投资原则为优化基金资产的风险收益特征。3、固定收益类品种投资策略本基金投资于固定收益类品种的目的是在保证基金资产流动性的基础上,使基金资产得到更加合理有效的利用,从而提高投资组合收益。9、权证及其他品种投资策略本基金在权证投资中将对权证标的证券的基本面进行研究,结合期权定价量化模型估算权证价值,主要考虑运用的策略有:价值挖掘策略、杠杆策略、双向权证策略、获利保护策略和套利策略等。本基金对固定收益类资产和风险资产的资产配置具体可分为以下三步:第一步,确定固定收益类资产的最低配置比例。,3、权证投资策略本基金管理人将以价值分析为基础,在采用权证定价模型分析其合理定价的基础上,充分考量可投权证品种的收益率、流动性及风险收益特征,通过资产配置、品种与类属选择,力求规避投资风险、追求稳定的风险调整后收益。4、可转债投资策略可转债兼具权益类证券与固定收益类证券的特性,本基金一方面将对发债主体的信用基本面进行深入挖掘以明确该可转债的债底保护,防范信用风险,另一方面,还会进一步分析公司的盈利和成长能力以确定可转债中长期的上涨空间。002,004,005,006,007,008,009,010,013,014,015,016,017,018,021,022,023,024,026,028,029,030,031,032,034,035,037,041,042,043,044,045,046,047,049,050,053,056,059,061,062,063,064,067,069,070,071,073,074,076,078,080,082,084,085,086,087,088,089,090,092,094,095,097,098,099,100,101,102,104,106,107,108,109,113,115,116,119,120,121,122,123,125,126,127,130,131,132,133,134,136,138,139,140,142,144,145,146,147,150,151,152,153,155,158,159,160,164,165,167,168,169,170,172,175,177,178,180,181,182,183,184,185,187,188,189,190,192,194,195,196,198,199,201,202,203,204,206,209,210,211,214,215,216,218,219,221,222,224,225,228,229,230,231,232,236,237,238,239,243,245,246,248,250,251,253,254,255,256,258,259,261,262,264,266,267,270,272,274,276,277,278,279,280,281,284,285,288,294,295,296,297,298,300,301,304,305,306,307,312,314,315,318,319,320,322,323,324,326,328,330,332,333,334,335,336,337,338,339,341,342,343,344,345,348,352,353,354,355,356,357,358,359,360,366,367,368,370,371,372,373,374,375,376,378,379,381,382,383,384,385,387,388,389,390,392,393,394,395,396,399,400,404,407,409,410,411,412,413,418,419,420,423,424,425,426,427,430,431,432,434,435,436,437,438,439,441,443,444,445,447,450,451,452,453,454,455,457,458,459,460,462,463,465,467,469,471,475,476,477,478,479,481,483,484,485,486,487,489,490,491,495,496,498,499,501,502,503,504,505,506,507,508,509,511,512,513,514,519,520,521,522,523,524,525,526,527,528,529,530,531,532,533,536,537,538,539,540,541,543,544,545,547,548,549,550,551,552,558,559,560,561,562,563,566,568,570,571,573,575,576,577,578,579,580,581,583,585,586,587,588,589,591,592,593,594,595,596,597,598,600,601,602,603,604,605,606,607,608,609,611,612,613,614,615,620,622,623,624,625,626,627,628,630,632,633,634,636,637,638,639,640,641,642,643,645,648,649,651,652,653,654,655,656,657,658,659,660,662,663,664,665,666,667,668,669,670,672,676,677,678,679,680,681,683,684,685,686,687,689,692,694,695,696,697,699,700,702,703,704,706,707,708,710,711,712,713,714,715,717,718,719,720,721,722,723,724,725,727,729,731,732,733,734,735,736,738,739,740,742,743,745,748,750,751,752,753,754,755,757,760,761,763,764,766,767,768,769,770,772,775,776,777,778,779,780,781,783,784,785,786,789,790,791,792,794,795,796,797,799,800,801,802,803,804,805,806,807,809,810,814,815,816,817,818,820,822,823,825,827,828,829,831,833,834,835,836,837,839,841,844,845,846,850,851,852,853,854,855,856,857,858,859,860,861,862,863,865,866,869,870,871,872,873,875,878,879,880,881,882,883,887,889,890,891,892,893,894,895,898,899,900,902,903,905,906,907,908,909,910,911,912,913,914,915,916,917,918,920,921,922,923,924,926,927,929,930,932,934,935,936,938,939,940,942,944,945,947,948,949,950,952,954,955,956,957,958,960,962,963,964,965,966,970,971,973,975,976,978,979,981,982,983,984,985,986,987,989,991,992,993,994,996,997,998,999。

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黄鑫城2018-7-18

张重好本基金在运用股指期货时,将充分考虑股指期货的流动性及风险收益特征,对冲系统性风险以及特殊情况下的流动性风险,以改善投资组合的风险收益特性。

6、资产支持证券投资策略资产支持证券主要包括资产抵押贷款支持证券(ABS)、住房抵押贷款支持证券(MBS)等证券品种。图:本基金投资策略体系A、利率预期策略基于对宏观经济、货币政策、财政政策等利率影响因素的分析判断,合理确定投资组合的目标久期,提高投资组合的盈利潜力。。1、期限结构策略通过预测收益率曲线的形状和变化趋势,对各类型债券进行久期配置。4、短期金融工具投资策略结合货币市场利率的预测与现金需求安排,采取现金流管理策略进行短期货币工具投资,以便在保证基金资产的安全性和流动性的基础上,获得较高的收益。,3、风险资产投资策略(1)股票投资策略:本基金将积极主动的投资风格与严谨规范的选股方法相结合,综合运用“自上而下”和“自下而上”的投资方法进行行业配置和个股选择。。

本田贵子2018-7-18 17:2:51

(三)债券投资策略本基金通过对宏观经济、货币政策、财政政策、资金流动性等影响市场利率的主要因素进行深入研究,结合新券发行情况,综合分析市场利率和信用利差的变动趋势,采取久期调整、收益率曲线配置和券种配置等积极投资策略,把握债券市场投资机会,以获取稳健的投资收益。,首先将基于对证券市场总体行情的判断和组合风险收益的分析确定投资时机以及套期保值的类型,并根据风险资产投资的总体规模和风险系数决定股指期货的投资比例;在综合考虑证券市场和期货市场运行趋势以及股指期货流动性、收益性、风险特征和估值水平的基础上进行投资品种选择,以对冲风险资产组合的系统性风险和流动性风险。。5、权证投资策略本基金将权证的投资作为提高基金投资组合收益的辅助手段。。

新谷良子2018-7-18 17:2:51

本基金通过分析未来市场利率趋势及市场信用环境变化方向,综合考虑不同券种收益率水平、信用风险、流动性等因素,构造债券投资组合。,(3)中小企业私募债券投资策略:中小企业私募债券票面利率较高、信用风险较大、流动性较差。。1、资产配置策略本基金的资产配置将根据宏观经济形势、金融要素运行情况、中国经济发展情况,在权益类资产、固定收益类资产和现金三大类资产类别间进行相对灵活的配置,并根据风险的评估和建议适度调整资产配置比例。。

张娜拉2018-7-18 17:2:51

3、债券投资策略在资本市场日益国际化的背景下,通过研判债券市场风险收益特征的国际化趋势和国内宏观经济景气周期引发的债券收益率的变化趋势,采取自上而下的策略构造组合。,若相关法律法规发生变化时,基金管理人期货投资管理从其最新规定,以符合上述法律法规和监管要求的变化。。通过“自下而上”精选个股,强调动态择时选股的主动管理策略,关注具有高成长性和估值优势的个股,并在此基础上运用动态调整的资产配置技术及相应的数量化方法进行组合管理,提高投资组合绩效。。

张丽丽2018-7-18 17:2:51

2、股票投资策略本基金股票资产以A股市场基本面良好的上市公司为投资对象,基金经理将基于行业配置的要求,对A股市场的股票进行分类和筛选,选择各行业龙头企业和价值被低估的企业作为重点关注对象。,自下而上投资策略指本公司运用数量化或定性分析方法对资产池信用风险进行分析和度量,选择风险与收益相匹配的更优品种进行配置。。我们主要依靠内部评级系统分析信用债的相对信用水平、违约风险及理论信用利差。。

王飞2018-7-18 17:2:51

4、可转债投资策略可转债兼具权益类证券与固定收益类证券的特性,本基金一方面将对发债主体的信用基本面进行深入挖掘以明确该可转债的债底保护,防范信用风险,另一方面,还会进一步分析公司的盈利和成长能力以确定可转债中长期的上涨空间。,本基金依靠对宏观经济走势、行业信用状况、信用债券市场流动性风险、信用债券供需情况等的分析,判断市场信用利差曲线整体及分行业走势,确定各期限、各类属信用债券的投资比例。。(1)持续成长性的分析。。

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