20151215-中国银河-分级基金周报_分级A近期价格波动变小_15页_1mb

报告摘要

分级基金周报总结（151215）

核心内容概述

本周分级基金市场整体保持平稳，主要关注点集中在分级A和分级B的隐含收益率、杠杆情况及折溢价率等方面。报告对永续分级A和B的市场表现进行了详细分析，并提供了相关数据表格和计算原理。

主要观点

分级A隐含收益率稳定：本周分级A的平均隐含收益率为 $5.08%$，与上周基本持平。
市场波动性较低：分级A价格波动有所减小，市场趋于平稳。
分级B杠杆与折溢价情况：分级B的杠杆率整体维持在较低水平，价格杠杆和净值杠杆存在差异，部分分级B面临折价风险。
下折风险提示：部分分级基金接近下折阈值，需关注其对收益和投资价值的影响。

关键信息

分级A隐含收益率情况

A 代码	A 名称	A 净值	A 价格	隐含收益率	下拆距离	下拆 A 理论收益率
150106.SZ	中小 A	1.016	1.171	6.06%	-49.6%	1.4%
150108.SZ	同辉 100A	1.018	1.174	6.06%	-47.5%	1.3%
150321.SZ	煤炭 A 基	1.002	1.157	5.63%	-42.3%	-7.2%
150221.SZ	中航军 A	1.053	1.212	5.61%	-46.6%	-7.3%
150327.SZ	新能 A 级	1.026	1.012	5.58%	-29.3%	3.5%
150287.SZ	钢铁 A	1.019	1.005	5.58%	-30.9%	3.5%
150289.SZ	煤炭 A 级	1.030	1.017	5.57%	-15.8%	3.4%
150325.SZ	高铁 A 端	1.024	1.011	5.57%	-16.1%	3.4%
150343.SZ	证券 A 基	1.025	1.013	5.57%	-32.3%	3.3%
150265.SZ	一带 A	1.024	1.012	5.57%	-27.6%	3.3%
150291.SZ	银行A份	1.033	1.021	5.57%	-24.1%	3.2%
150299.SZ	银行股A	1.032	1.021	5.56%	-21.9%	3.2%
150323.SZ	环保A端	1.026	1.015	5.56%	-32.2%	3.2%
150057.SZ	中小300A	1.014	1.058	5.56%	-57.2%	6.3%
150331.SZ	网金融A	1.002	1.083	5.55%	-41.0%	-3.2%
150303.SZ	创业股A	1.027	1.018	5.55%	-7.2%	2.9%
150297.SZ	互联A级	1.028	1.020	5.54%	-32.6%	2.8%
150317.SZ	E金融A	1.029	1.022	5.54%	-30.1%	2.7%
150022.SZ	深成指A	1.055	0.868	5.53%	-29.5%	—
150293.SZ	高铁A级	1.019	1.015	5.52%	-50.6%	2.5%
150130.SZ	医药A	1.044	1.040	5.52%	-29.1%	2.4%
150335.SZ	军工股A	1.027	1.024	5.52%	-39.6%	2.4%
502057.SH	医疗A	1.024	1.021	5.52%	-29.9%	2.3%
150196.SZ	有色A	1.026	1.025	5.51%	-45.8%	2.2%
150123.SZ	建信50A	1.069	1.161	5.50%	-50.9%	-4.0%
150198.SZ	食品A	1.035	1.037	5.49%	-20.1%	1.9%
150223.SZ	证券A级	1.018	1.112	5.48%	-52.6%	2.4%
150247.SZ	传媒A级	1.027	1.032	5.47%	-41.6%	1.6%
150261.SZ	医疗A	1.026	1.039	5.43%	-30.1%	0.8%
150301.SZ	证券股A	1.019	1.041	5.38%	-54.9%	-0.1%
150117.SZ	房地产A	1.042	1.069	5.35%	-31.3%	-0.6%
502037.SH	网金A	1.028	1.058	5.34%	-31.4%	-0.9%
150140.SZ	国金300A	1.059	1.005	5.28%	-33.9%	4.9%
150121.SZ	银河优先	1.060	1.009	5.27%	-49.5%	4.7%
150064.SZ	同瑞A	1.019	0.968	5.27%	-53.6%	4.9%
150267.SZ	银行A类	1.002	0.951	5.27%	-28.5%	4.9%
502021.SH	国金50A	1.017	0.967	5.26%	-48.6%	4.8%
150073.SZ	诺安稳健	1.015	0.965	5.26%	-60.0%	4.8%
150094.SZ	泰信400A	1.043	0.993	5.26%	-29.2%	4.6%
150167.SZ	银华300A	1.002	0.953	5.26%	-34.2%	4.7%
150138.SZ	中证800A	1.002	0.953	5.26%	-46.4%	4.7%
150053.SZ	泰达500A	1.039	0.991	5.25%	-44.9%	4.4%
502014.SH	一带一A	1.002	0.955	5.25%	-36.1%	4.5%
150145.SZ	高贝塔A	1.045	0.998	5.25%	-31.2%	4.3%
502041.SH	上50A	1.019	0.974	5.24%	-43.7%	4.2%
502054.SH	券商A	1.019	0.974	5.24%	-52.0%	4.2%
150112.SZ	深100A	1.028	0.984	5.23%	-55.1%	4.1%
150225.SZ	证保A级	1.002	0.959	5.22%	-52.0%	4.1%
150281.SZ	金融地A	1.029	0.989	5.21%	-22.8%	3.7%
502001.SH	500等权A	1.018	0.981	5.19%	-43.4%	3.4%
150211.SZ	新能车A	1.042	1.009	5.17%	-37.2%	2.9%
502031.SH	高铁A	1.021	0.988	5.17%	-26.1%	2.9%
150090.SZ	成长A	1.019	0.986	5.17%	-50.4%	2.9%
150088.SZ	金鹰500A	1.015	0.983	5.17%	-49.9%	2.9%
150263.SZ	1000A	1.027	1.093	5.16%	-36.6%	-4.2%
150213.SZ	成长A级	1.045	1.017	5.14%	-29.2%	2.4%
150190.SZ	NCF环保A	1.016	1.089	5.13%	-52.5%	-4.8%
150049.SZ	消费收益	1.036	0.953	5.13%	-45.2%	7.0%
150135.SZ	国富100A	1.043	1.019	5.12%	-26.6%	2.0%
150152.SZ	创业板A	1.019	0.996	5.12%	-50.9%	1.9%
150055.SZ	500A	1.060	1.042	5.09%	-64.0%	1.3%
150157.SZ	金融A	1.059	0.995	5.02%	-36.3%	4.5%
150012.SZ	中证100A	1.173	1.172	5.01%	-59.8%	-0.4%
150104.SZ	HS300A	1.060	1.062	4.99%	-50.2%	-0.5%
150295.SZ	改革A	1.025	1.029	4.98%	-38.9%	-0.8%
150194.SZ	互联网A	1.025	0.931	4.97%	-34.9%	7.0%
150018.SZ	银华稳进	1.055	0.962	4.96%	-40.1%	6.7%
150076.SZ	浙商稳健	1.055	0.962	4.96%	-48.3%	6.5%
150257.SZ	生物A	1.023	0.930	4.96%	-47.3%	6.9%
150181.SZ	军工A	1.036	0.944	4.96%	-27.9%	6.7%
150241.SZ	银行A级	1.034	0.942	4.96%	-31.6%	6.7%
150200.SZ	券商A	1.006	0.914	4.96%	-36.9%	6.9%
150329.SZ	保险A	1.019	0.927	4.96%	-39.6%	6.8%
150271.SZ	生物药A	1.023	0.931	4.96%	-45.3%	6.8%
150251.SZ	煤炭A	1.023	0.931	4.96%	-40.3%	6.8%
150171.SZ	证券A	1.016	0.925	4.95%	-55.3%	6.8%
150275.SZ	一带一A	1.022	0.931	4.95%	-31.0%	6.7%
150277.SZ	高铁A	1.022	0.931	4.95%	-37.2%	6.7%
150273.SZ	带路A	1.022	0.931	4.95%	-31.6%	6.7%
150177.SZ	证保A	1.017	0.926	4.95%	-55.0%	6.7%
150173.SZ	TMT中证A	1.025	0.934	4.95%	-41.1%	6.7%
150083.SZ	深证100A	1.060	1.070	4.95%	-44.0%	-1.4%
150283.SZ	SW医药A	1.026	0.935	4.95%	-35.9%	6.6%
150249.SZ	银行A端	1.030	0.940	4.95%	-28.0%	6.5%
150305.SZ	养老A	1.025	0.935	4.95%	-33.8%	6.5%
150179.SZ	信息A	1.017	0.927	4.95%	-53.3%	6.6%
150259.SZ	重组A	1.023	0.933	4.95%	-46.2%	6.6%
150233.SZ	传媒业A	1.023	0.933	4.94%	-46.7%	6.5%
150186.SZ	军工A级	1.020	0.930	4.94%	-46.9%	6.5%
502049.SH	上证50A	1.017	0.927	4.94%	-46.7%	6.6%
150092.SZ	诺德300A	1.014	0.925	4.94%	-48.5%	6.5%
150245.SZ	互联A	1.014	0.925	4.94%	-54.4%	6.5%
150227.SZ	银行A	1.005	0.916	4.94%	-27.8%	6.6%
502004.SH	军工A	1.022	0.933	4.94%	-25.3%	6.4%
502011.SH	证券A	1.022	0.933	4.94%	-29.4%	6.4%
150051.SZ	沪深300A	1.038	0.950	4.93%	-18.6%	6.2%
150209.SZ	国国企改A	1.017	0.929	4.93%	-38.9%	6.4%
150269.SZ	白酒A	1.029	0.941	4.93%	-21.9%	6.3%
150229.SZ	酒A	1.002	0.915	4.93%	-24.4%	6.4%
150279.SZ	新能A	1.022	0.935	4.93%	-39.4%	6.2%
150219.SZ	健康A	1.047	1.270	4.91%	-44.3%	-13.9%
150217.SZ	新能源A	1.013	0.931	4.90%	-56.5%	5.7%
150203.SZ	传媒A	1.003	0.922	4.90%	-35.3%	5.7%
150311.SZ	智能A	1.001	0.920	4.90%	-48.8%	5.7%
150255.SZ	银行业A	1.028	0.947	4.90%	-24.3%	5.5%
502007.SH	国企改A	1.016	0.935	4.90%	-42.6%	5.6%
150307.SZ	体育A	1.002	0.922	4.89%	-38.3%	5.6%
150205.SZ	国防A	1.002	0.922	4.89%	-31.7%	5.6%
150028.SZ	中证500A	1.015	0.976	4.89%	-59.3%	2.1%
150030.SZ	中证90A	1.019	1.045	4.87%	-46.8%	-2.9%
150243.SZ	创业A	1.002	0.926	4.87%	-20.9%	5.1%
150192.SZ	地产A	1.025	0.950	4.86%	-47.8%	4.9%
150085.SZ	中小板A	1.018	1.046	4.86%	-50.1%	-3.1%
150059.SZ	资源A级	1.060	1.090	4.85%	-50.9%	-3.1%
150315.SZ	工业4A	1.002	0.933	4.83%	-48.7%	4.3%
150235.SZ	券商A级	1.005	0.937	4.83%	-15.9%	4.2%
150231.SZ	电子A	1.031	0.966	4.81%	-12.9%	3.7%
502024.SH	钢铁A	1.017	0.953	4.81%	-35.2%	3.7%
150215.SZ	TMTA	1.012	0.948	4.81%	-53.8%	3.7%
150207.SZ	地产A端	1.032	0.972	4.79%	-26.8%	3.2%
150036.SZ	建信稳健	1.060	1.114	4.74%	-62.1%	-5.2%
150148.SZ	医药800A	1.040	1.037	4.71%	-26.5%	-1.5%
150096.SZ	商品A	1.060	1.130	4.67%	-38.0%	-6.6%
150100.SZ	资源A	1.055	1.022	4.65%	-45.5%	0.4%
502027.SH	新丝路A	1.017	0.988	4.63%	-42.0%	0.0%
502017.SH	带路A	1.016	1.002	4.56%	-40.8%	-1.5%

分级B杠杆与折溢价情况

B 代码	B 名称	B 净值	B 价格	净值杠杆	价格杠杆	融资成本
150304.SZ	创业股 B	0.350	0.353	3.94	3.90	7.20%
150236.SZ	券商 B 级	0.487	0.477	3.06	3.13	6.77%
150290.SZ	煤炭 B 级	0.490	0.496	3.10	3.06	7.39%
150326.SZ	高铁 B 端	0.495	0.500	3.07	3.04	7.40%
150232.SZ	电子 B	0.440	0.507	3.34	2.90	6.66%
150199.SZ	食品 B	0.573	0.563	2.81	2.86	7.38%
150300.SZ	银行股 B	0.609	0.622	2.69	2.64	7.52%
150292.SZ	银行 B 份	0.657	0.668	2.57	2.53	7.58%
150282.SZ	金融地 B	0.627	0.665	2.64	2.49	7.25%
150052.SZ	沪深 300B	0.544	0.648	2.91	2.44	6.95%
150149.SZ	医药 800