理财周报记者 翟乐/整理

Weekly ZhaiLe/finishing financial reporter

　　一级债基打新股被叫停 Level 1 debt and play new shares have been stopped

　　基金公司和券商日前收到的《关于首次公开发行股票询价对象及配售对象备案工作有关事项的通知》明确，从通知发布之日起，停止受理一级债券型证券投资基金和集合信托计划成为新股配售对象的备案申请；停止已完成备案的一级债券型证券投资基金和集合信托计划的新股配售对象资格。这意味着，一级债基和集合信托计划基本告别“打新股”的舞台。

Fund company and received by brokers《about initial public offerings of shares inquiry object and allotment subjects work related matters the notice of the record》clear，Notice from the date of publication，Stop accepts the level of bond securities investment funds and the trust plans a new set of allotment subjects for the record；Stop the record level of bonds has been completed type securities investment funds and the set of allotment subjects trust plans new qualification。This means that，Level 1 debt collection and trust plans basic farewell“Dozen new shares”stage。

　　私募基金有望获准发行公募产品 Private equity is expected to issue public offering to products

　　消息称，此次基金法修订草案将允许符合条件的私募基金经过批准后发行公募产品。在适用范围上，投资二级市场、投资股份有限公司股权的私募基金将被纳入监管，但投资有限责任公司股权的私募基金则未被纳入。消息人士表示，如果私募基金管理公司股东、高级管理人员、经营期限和管理的资产规模等符合规定条件，经过核准，可以发行公募产品。此类机构发行公募产品应当按照公募基金管理办法进行监管。具体合规条件有待监管部门做详细规定。

News says，The law of the draft will allow meet the conditions of the private equity funds approved issue public offering products。The application scope，Investment the secondary market、Investment limited company shares of private equity will be included in the regulation，But investment limited liability company shares of private equity is not been involved in。Sources said，If private equity fund management company shareholders、Senior management personnel、The term of operation of the assets management and scale of conforming to the prescribed conditions，after approval，May issue public offering products。Such institutions issue public offering products shall, in accordance with the measures for the management of public enlisting fund supervision。Specific compliance conditions to be regulators do detailed regulations。

　　证监会叫停公募基金参考收益率提法 Securities regulatory commission called public enlisting fund reference yield formulation

　　6月11日监管层下发的《理财债券基金产品审核要点》中明确指出，禁止理财债券基金以参考收益率等形式预测收益率。这意味着参考收益率说法正式寿终正寝。一位基金公司产品设计部负责人告诉记者，监管层目前对创新产品已经变得谨慎。

June 11, by the supervisor《Financial bond fund product audit points》Explicitly pointed out that in，Ban financial bond fund based on the reference yield predicted the form such as yield。This means that the reference yield officially come to an end。a fund company product design department manager told reporters，Regulatory at present to the innovation products has become cautious。

　　多只基金申请参与QDLP试点 Many fund application for participation in the QDLP pilot

　　3月获批的QDLP，翻译成中文是“合格的境内有限合伙人”。QDLP试点是指设在境内的基金管理者以私募方式在境内募集人民币，然后换成美元投向海外二级市场的试点。消息人士透露，多只基金排队申请正在试点探索阶段的“合格的境内有限合伙人(QDLP)”牌照。人民币资本项目开放即将迈出又一大步。据悉，上述试点在起步阶段将是缓慢和谨慎的，获得试点的管理机构的募资总额被限定在约50亿美元的较低水平。

March of the QDLP approved，Translation into Chinese is“Qualified domestic limited partners”。QDLP pilot is to point to in the territory of the fund managers to private way to raise the yuan in China，and then into U.S. dollars overseas the secondary market of experiments。sources，Many fund queue is pilot stage of exploration“Qualified domestic limited partners(QDLP)”licence。The yuan capital project is a big step towards open again。It is reported，The pilot in the beginning stage will be slow and careful，Get the management organization of the pilot from balking is confined to total about $5 billion in the lower level。

　　继天弘、国金通用后，6只发起式基金申请募集 Following the day hong、Countries with offering after，6 launched only in fund raising application

　　据证监会7月6日公布的基金募集申请进度表显示，目前已申报的发起式基金数量达6只，产品类型丰富，包括债券型、灵活配置混合型、债券指基型和短期理财债券型，具体包括天弘债券型基金、国金通用国鑫灵活配置混合型基金、鹏华中小企业纯债债券型基金、富国21天理财现金宝债券型基金、易方达中债新综合债券指数基金和工银瑞信14天理财债券型基金。

according to the securities regulatory commission announced on July 6, the fund raising application that schedule，at present has been declared the launch of the type fund amounted to only 6，Products are rich，Including bonds type、Flexible configuration mixed、Bonds refers to the type and short-term financial bonds type，Specific include day hong a bond fund、Countries with countries offering the flexible configuration hybrid funds、Peng central China pure debt bond fund for small businesses、Rich countries 21 days financial cash treasure bond fund、YiFangDa debt in new comprehensive bond index funds and work silver red letter day 14 financial bond fund。

　　国泰金马等基金集体中招罗莱家纺 Cathay Pacific golden horse funds such as men collective luo lai home textile

　　7月9日，罗莱家纺(002293,股吧)发布公告下调上半年业绩预期数据。7月11日，罗莱家纺开盘即一字跌停，大跌7.19元，跌幅10%，最终报收于64.7元，这也创出了其上市以来的最大单日跌幅，当天市值蒸发10.87亿。国泰金马、易方达积极成长(110005,基金吧)、富国天惠成长、广发聚富(270001,基金吧)、易方达50、金泰证券、广发策略优选(270006,基金吧)和广发聚丰(270005,基金吧)8只基金集体中招。广发两基金浮亏最重，或达5141万元。

July 9,，Luo lai home textile(002293,Shares it)Cut the first half performance by way of a public announcement expected data。July 11,，Luo lai home textile opened a word that drop stop，Plunged to 7.19 yuan，Fall 10%，at the final in 64.7 yuan，This also makes its biggest one-day fall since going public，The 1.087 billion from the value。Cathay Pacific golden horse、YiFangDa positive growth(110005,Fund it)、Rich countries day will grow、Wide hair negotiable gathers the rich(270001,Fund it)、YiFangDa 50、Jintai securities、Wide hair negotiable strategy selection(270006,Fund it)and wide hair negotiable gather abundant(270005,Fund it)8 fund men collective。Two funds FuKui heaviest wide hair negotiable，Or of 51.41 million yuan。

　　6月股基平均首募规模不足5亿 June the first offering of average size of less than 500 million

　　统计数据显示，6月初至今成立的股票型基金共有13只(A、B类合并计算)，平均首募规模仅为4.79亿元，跌至5亿元以下。具体看来，13只基金中仅有2只首募规模略超10亿元，即景顺长城上证180等权ETF首募12.7亿元、招商中证大宗商品指数分级10.6亿元。而其中首募规模最小者则不足2.5亿元。

Statistics show that，Since early June established stock fund only has 13(a、B class incorporate computation)，The first offering an average size is 479 million yuan only，Fall to 500 million yuan。Specific seems，Only 13 of the fund only 2 first offering scale only slightly more than 1 billion yuan，The Great Wall, the 180 emphasizes right from the first $1.27 billion ETF、Investment promotion enhanced commodity index classification 1.06 billion yuan。and the first one from the smallest size is less than 250 million yuan。

　　

首批跨境ETF发行公司华夏、易方达启动大型券商交流会 The first cross-border ETF the issuing company Chinese、YiFangDa start large brokers exchange

　　作为发行首批跨境ETF的基金公司，华夏和易方达分别举行了券商交流会，旨在介绍产品特点和投资策略。7月9日后续三天，华夏基金在深圳、上海、北京三地，召开恒生ETF大型券商交流会，据了解本次交流会吸引了来自国内70余家券商、超过500名业内专业人士的参与。而10日易方达亦在上海举办了“H股跨境ETF产品券商交流大会”，有近千名券商人员参加。易方达指数投资业务负责人林飞出席并主讲，就H指数的超额收益高、整体盈利能力强、成长性优异、估值低，股息率高等特征作了深入分析。易方达首席基金投资分析师刘超安重点介绍了大类资产配置策略以及香港市场盈利模式。

as one of the first issue of fund company cross-border ETF，The Chinese and YiFangDa were held at brokers exchange，aims to introduce the product characteristics and the investment strategy。July 9 subsequent three days，Fund of an ancient name for China in shenzhen、Shanghai、Beijing three，Hang seng ETF securities exchange meeting at large，according to understand the meeting was attracted more than 70 domestic brokers、More than 500 industry professionals participation。and 10, YiFangDa also held in Shanghai“H shares cross-border ETF securities exchange products meeting”，Nearly personnel to the brokers。YiFangDa index investment business controller linfei to attend and speakers，Just H index excess profits high、Overall profit ability、Growth excellent、Low valuations，The dividend yield higher characteristic deeply analyzed。YiFangDa chief fund investment analysts LiuChaoan introduced the categories of asset allocation strategies and the Hong Kong market profit model。

　　南方保本启动末日比例配售机制 The south end of guaranteed start proportion placement mechanism

　　记者从有关渠道获悉，南方基金旗下的保本基金—南方避险(202202,基金吧)已于7月10日结束其开放申购操作，由于申购金额已超过该基金募集份额上限50亿份，该基金启动了末日比例配售机制。南方旗下另一只正在热销的南方润元纯债基金截至目前募集金额已约达60亿元，距离发行结束时间7月18日尚有六个工作日，业内人士分析认为，最后几日往往是销售黄金期，南方润元的募资金额仍有望大幅提升。

Reporter from the channel learned，The south, a subsidiary of fund guaranteed fund-south hedge(202202,Fund it)already on July 10 open explain to end its operation，Because more than the amount of the subscription fund raising $5 billion a share，The fund was launched the doomsday scale placement mechanism。The south's just another one of the sell like hot cakes are southern embellish yuan pure debt fund raising amount so far has about 6 billion yuan，Distance over time issued on July 18, there are six working days，analysis of the personage inside course of thought，Last days are often gold sales period，The southern embellish yuan are still expected to raise funds increased greatly。

　　两机构6月获批QFII资格，QFII总数达172家 Two institutions June approved QFII qualification，QFII total of 172 home

　　证监会基金部11日披露的QFII名录显示，6月份共有2家机构新获QFII资格。分别为安智投资管理亚太(香港)有限公司和三菱日联资产管理公司，其境内托管银行分别为花旗银行与汇丰银行。截至6月末，我国QFII机构总数已达到172家。

Securities regulatory commission fund department 11, the disclosure that QFII list，In June, there were two organizations in new QFII qualification。anZhi asia Pacific investment management, respectively(Hong Kong)Co., LTD and mitsubishi ufj asset management company，Its domestic custody bank, citibank and HSBC。By the end of June，QFII institutions in China has reached 172 total home。

　　鹏华丰收上半年净申购逾33亿份 Peng hua harvest in the first half of 3.3 billion net explain buy more than

　　今年基金中考中，债券基金凭借近6%的收益领涨群基，当中的绩优债基更得到众多投资者青睐，成为资产配置的“香饽饽”。其中鹏华丰收以33亿份的净申购份额成为上半年最受宠的债券基金之一。据WIND数据统计，鹏华丰收最近半年份额净增33.12亿份，在同期可比的229只债券基金中居首。

This year in the mid-term exam fund，Bond funds with nearly 6% of the earnings rose group of yankees brought，The performance of optimal debt and more get many investors，Become asset allocation“Sweet BoBo”。One great China to harvest 3.3 billion copies of net explain buy shares in the first half of the most favored become one of bond funds。according to the statistical data WIND，Peng hua harvest the last six months of 3.312 billion net share，In the same period of 229 than only in bond funds preeminence。

　　6月CPI同比上涨2.2%，预计7月更低 June CPI rose 2.2% year-on-year，July is expected to lower

　　国家统计局7月9日发布统计数据显示，6月份我国CPI同比上涨2.2%，环比下降0.6%，PPI同比下降2.1%，环比下降0.7%。此次CPI数据是自2010年1月以来的29个月的最低值。建信基金判断，食品价格的季节性下跌已基本告一段落，预计3季度将重新回升，而非食品价格将受PPI加速回落的影响，环比表现有望继续低于季节性。综合来看，三季度CPI同比表现有望短期筑底，最低值可能会跌破2%。

The national bureau of statistics on July 9 on statistical data shows，June CPI rose 2.2% year-on-year in our country，annulus comparing fell 0.6%，PPI 2.1% year-on-year drop，annulus comparing fell 0.7%。The CPI data is from 1 January 2010 29 months since the lowest。Build letter fund judgment，Food prices fall already basic seasonal over，3 quarter will be expected to back up，Rather than food prices will fall by accelerating the influence of PPI，annulus comparing performance is expected to continue to lower than seasonal。Comprehensive to see，Three quarters year-on-year CPI is expected to build the short-term performance，The lowest may fell below 2%。

　　兴业全球(340006,基金吧)王晓明：转型阵痛期布局稳定增长+新经济 Industrial global(340006,Fund it)WangXiaoMing：Transformation, mass., stable growth + new economic layout

　　上半年已过，未来经济转型过程中宏观经济依然面临很多风险和不确定性。股市的“牛熊胶着”和政策的不定给基金市场留下悬念。对此，兴业全球基金公司副总经理王晓明表示，整体来看指数的机会不大，自下而上将是未来一到两年的主流，基本策略方向则是稳定增长加新经济(310358,基金吧)。王晓明认为，我国经济转型的周期会长于大家的普遍预期，而在这个过程中企业盈利的调整周期也会比较漫长。

Has in the first half of，Future economic transformation of macro economy still faces a lot of risk and uncertainty。Stock market“NiuXiong ankylose the”and policy uncertain to fund market suspense left。this，The global fund the vice general manager WangXiaoMing said，The whole index of unlikely，Bottom-up will be the next one to two years of the mainstream，The basic strategy direction is stable for new economic growth(310358,Fund it)。WangXiaoMing think，China's economic transformation of the cycle in everyone's widely anticipated，In the process of enterprise profit the adjustment period is long。

　　交银施罗德龙向东：下半年资产配置可倾斜股票 Schroeder LongXiangDong into silver：The second half of asset allocation can tilt the stock

　　交银施罗德认为，市场在下半年可能将逐渐企稳并小幅回升，基于对下半年宏观经济形势的判断，交银施罗德量化投资部总经理龙向东分析，剔除市场弹性因素，当前市场状况及走势非常类似于2008年至2009年的股市形态。综合沪深300指数、十年期国债收益率表现，以及工业增加值和CPI的走势可以看出相似的行情。机构观点显示，卖方对后期看多的家数也明显多于看空方。因此在大类资产配置中，可能相应地向股票资产配置倾斜。

/ silver schroeder said，In the second half of the market may will gradually stabilising and small to bounce back，Based on the second half of macroeconomic judgement of the situation，/ silver TouZiBu general manager LongXiangDong schroeder quantitative analysis，Eliminate the market elasticity factors，The current market situation and trend is very similar to 2008 to 2009 years of the stock market form。Comprehensive csi 300 index、The 10-year Treasury yield performance，and value added of industry and the trend of the CPI can be seen similar market。Institutions that view，The seller to see more number of late also significantly more than see empty party。So in categories in the asset allocation，accordingly asset allocation to stocks may tilt。

　　7月6日，华商基金公告，华商产业基金经理胡宇权离任，刘宏单独管理该基金。

On July 6，Chinese businessman fund announcement，Chinese industrial fund manager HuYuQuan departure，19 Richard f alone manage the fund。

　　7月10日，农银汇理基金公告，农银汇理平衡双利(660003,基金吧)混合基金经理史向明离任，由付柏瑞、魏伟管理该基金。农银汇理沪深300指数基金经理程涛离任，由张惟管理该基金。

July 10,，agriculture Daniel silver remit fund a public announcement，Farmers cut double the silver remit balance(660003,Fund it)Mixture fund manager ShiXiangMing departure，By FuBaiRui、Wei wei manage the fund。agriculture Daniel silver remit csi 300 index fund manager ChengTao departure，By zhang but the management of the fund。

　　7月9日，融通债券(161603,基金吧)10派0.1元。

July 9,，Financing bonds(161603,Fund it)10 sent to 0.1 yuan。

　　7月9日，易方达岁丰添利债券10派0.08元。

July 9,，YiFangDa years abundant termbray bonds 10 sent to 0.08 yuan。

　　7月10日，银河银信添利债券A份额10派0.21元，B份额10派0.17元。

July 10,，Galaxy carried termbray bonds 10 sent $0.21 a share，B share 10 sent to 0.17 yuan。