理财周报记者 翟乐/整理

Weekly ZhaiLe/finishing financial reporter

　　大成疫苗门两责任人刘明、杨建华卸任 Vaccine incorporates two persons responsible liu Ming door、YangJianHua outgoing

　　近日，大成基金在重啤“疫苗门”事件上负有相关责任的首席投资官刘明和股票投资部总监杨建华已经卸任，大成精选增值(090004,基金吧)基金经理曹雄飞被委以重任，走马上任首席执行官兼股票投资部总监。同时公告称，杨建华不再管理大成景阳领先(519019,基金吧)和大成核心，大成景阳(519019,基金吧)领先由刘泽兵接任，大成核心双动力则由孙蓓琳接管。“目前刘明仍全面负责投资管理相关事务。根据工作需要，对杨建华的工作已另行安排。”大成基金内部人士称。

recently，Becomes fund in heavy beer“Vaccine door”Events on those responsible chief investment officer and the stock TouZiBu director liu Ming YangJianHua have outgoing，Become concentration greatly value(090004,Fund it)Fund manager CaoXiongFei be entrusts with an important task，To take up office chief executive and stock TouZiBu director。At the same time announcement to say to，YangJianHua no longer management dacheng GVC lead(519019,Fund it)And dacheng core，Dacheng GVC(519019,Fund it)Leading by LiuZeBing take over，Core pairs of power by the big SunBeiLin takes over。“At present is still responsible for overall investment management liu Ming related affairs。To work on，YangJianHua work has to be arranged。”Becomes fund insiders say。

　　第74家基金公司东海基金将诞生 The company's 74th fund fund will be born in the east China sea

　　7月30日，证监会网站显示，东海基金管理公司已经通过了评审会，即将成为国内第74家基金公司，也将是今年获批的第5家基金公司。公示表显示，东海基金公司注册地为上海市，发起股东分别为东海证券有限责任公司、深圳鹏博实业集团有限公司和苏州市相城区江南化纤集团有限公司，持股比例分别为45%、30%和25%。

July 30,，Securities regulatory commission web site showed，The east China sea by the fund management companies has been commenting，Will become the domestic's 74th fund company，Also will be approved this year the company's fund, 5。Public table shows，East China sea fund company registered for the city of Shanghai，Shareholders were launched donghai securities limited liability company、Shenzhen peng Po industrial group Co., LTD and xiangcheng district of suzhou jiangnan chemical fiber group Co., LTD，Shareholding percentage were 45%、30% and 25%。

　　ST股暴跌，持有基金受损 ST shares tumbled，Hold fund damaged

　　受上交所ST新规影响，7月30日，两市正常交易的111只ST股有107只跌停，根据基金披露的中报，至6月30日，公募基金共现身*ST天成、*ST漳电、ST厦华3只ST股，南方上证380交易型联接基金今年中期持有*ST天成400股，信诚中证500指数分级基金持有*ST漳电146.75万股，鹏华普天收益(160603,基金吧)基金持有ST厦华800万股。

By ShangJiaoSuo ST new rule to influence，July 30,，Two city the normal trade of 111 only 107 of ST only drop stop，According to fund disclosed center daily news，To June 30，Public enlisting fund appeared * of ST tiancheng、* ST zhang electricity、Xiamen is only 3 ST ST shares，The 380 south trade connection type fund holding * ST middle of the year with 400 shares，Prudential has 500 index fund hold * ST classification zhang electricity 1.4675 million shares，Peng Shanghai maple acs day returns(160603,Fund it)Fund holds 8 million shares of xiamen ST。

　　损失较大的基金除持有ST厦华的鹏华普天收益外，还有嘉实回报灵活配置、宝盈泛沿海，它们分别持有*ST能山790万股、548万股；工银核心价值、华商领先企业(630001,基金吧)分别持有ST廊发展763万股和650万股；南方中证500持有*ST长油等5只ST股，共约1000万股，这些ST股均连续两日跌停。

Loss bigger funds held in xiamen ST of Shanghai maple acs day peng outside income，And fine fruit return flexible configuration、Treasure surplus the coastal，They are respectively hold * ST can mountain 7.9 million shares、5.48 million shares；Silver work core value、Chinese businessman leading enterprise(630001,Fund it)Taken separately ST corridor development 7.63 million strands and 6.5 million shares；The south has held 500 * * * * ST long oil 5 only ST shares，A total of around 10 million shares，These are two consecutive days of ST drop stop。

　

　陕西创赢崔军逼宫上市银行回购行动升级 Shaanxi and win CuiJun listed bank forcing buy-backs upgrade

　　8月1日，陕西创赢投资董事长崔军再向浦发银行(600000,股吧)、交通银行(601328,股吧)、兴业银行(601166,股吧)、民生银行(600016,股吧)以及深发展(000001,股吧)等5家上市银行发函，提出将银行房产按公允价值入账以及用银行每年净利润的10%在每股净资产以下回购并注销股份。崔军认为上述银行拥有大量黄金地段房产，且多是按10年乃至30年前的建造或购买的成本入账，入账金额较低。崔军提出，银行应按照国际惯例重新评估，按公允价值入账。“这样一来，银行的资本金会大幅增加，净资产也会大幅度提升，银行可三年不用向股东伸手融资。”

August 1,，Shaanxi and investment CuiJun again to win, chairman of the board of the Shanghai pudong development bank(600000,Shares it)、Traffic bank(601328,Shares it)、Industrial bank(601166,Shares it)、Minsheng bank(600016,Shares it)And shenzhen development(000001,Shares it)5 listed bank sent a letter，Put forward the bank housing to fair value and the bank an annual net profit in the net assets per share 10% of the buyback and cancellation of shares。CuiJun think the bank has a large gold section of the property，And according to 10 years and more than 30 years ago to build or buy the cost incurred，Credit amount is low。CuiJun put forward，The bank shall in accordance with international practice to evaluation，Posted at fair value。“so，A bank's capital will be greatly increased，Net assets will greatly enhance，The bank can three years to the shareholders don't have stretched out his hand and financing。”

　

　首只发起式基金天弘债券首日募集超3亿 The first launched only in fund raising the first day hong bonds. 300 million

　　备受市场关注的首只发起式基金，天弘债券A份额7月30日上柜发行，这只募集5000万元就可成立的公募基金，发行期只有9天。募集期间天弘基金将投入1000万元作为发起式资金认购天弘债券型发起式基金A类份额。据悉，首只发起式基金市场表现尚可，首日募集规模超过3亿元。

Is the first market focus only launched type fund，Day hong bond A share on July 30, issued tse，This only raised 50 million yuan, you can set up public enlisting fund，Only nine days periods。Raise fund will invest in during the day hong 10 million yuan as A launch type fund subscribe day hong bonds by type fund A kind of share。It is reported，The first launch type fund market only performance is fair，The first raised more than 300 million yuan scale。

　

　南方基金撤销两绝对收益概念基金申请 The southern fund two absolute income revoked concept fund application

　　在监管层叫停公募基金“参考收益率”之后，南方基金4月11日提交的本息3年期绝对收益债券型基金和本息1年期绝对收益债券型基金已经停止了募集申报，并变更为两只短期理财基金，即南方14天理财债基和南方60天理财债基。

In the regulatory called public enlisting fund“The reference yield”after，The southern fund on April 11 submitted to the principal and interest of 3 10-year absolute yield fund and principal and interest one-year absolute yield fund has stopped raising declare，And change to two short-term financial funds，That is the southern 14 days financial debt and financial debt and southern 60 days。

　

　机构资金杀入杠杆基金博反弹 Agency funds into the leverage fund bo rebound

　　市场持续下跌，在此背景下，抄底资金汹涌流入杠杆基金。据悉，一些杠杆倍数较高的杠杆基金近期得到了较大规模机构资金青睐。数据显示，7月份，几只具有代表性的杠杆基金场内份额均大规模增加。从7月31日与6月29日的对比数据可以看出，银华鑫利场内流通份额增加20.34亿份，增加比例高达42.94%。此外，银华锐进场内份额增加9.23亿份，增幅为19.74%。申万进取增加3.22亿份，增幅为14.77%。信诚中证500B也增加1.62亿份，增幅高达32.89%。

Markets continue to fall，In this context，The capital inflows rough copy leverage fund。It is reported，Some leverage ratio of high leverage fund recently got a mass organization capital favour。Data shows，July，A few representative leveraged funds are large share field increase。From July 31, and June 29, the contrast of the data can be seen，The silver HuaXin circulation field of 2.034 billion share increase，Increase rates as high as 42.94%。In addition，RuiJin mechanism to increase 923 million a share of the field，19.74%。"The increase of 322 million copies of all progress，14.77%。Prudential 500 B also increases the background of 162 million，Growth of 32.89%。

　

　华泰柏瑞沪深300ETF交易量过10亿元 China peaceful BaiRui csi 300 ETF trading volume of over 1 billion yuan

　　 7月31日，华泰柏瑞沪深300ETF交易量突破10亿元大关，当日实现净申购6.148亿元，交易量排名A股市场第二，仅次于包钢稀土(600111,股吧)。据了解，华泰柏瑞沪深300ETF上市以来交投一直比较活跃，日均成交金额约为5亿元。

July 31,，China peaceful BaiRui csi 300 ETF volume exceeding RMB 1 billion，On that day 614.8 million yuan net explain buy realization，Trading volume to the A share market in the second，After clad steel rare earth(600111,Shares it)。According to understand，China peaceful BaiRui csi 300 ETF trading since listing has been more active，Average daily clinch a deal amount is about 500 million yuan。

　　华泰柏瑞基金指数投资部副总监柳军认为，期现套利和投资者抄底或是31日华泰柏瑞沪深300ETF成交放量的主要原因。柳军指出，从期现套利来看，7月31日期现价差主力合约升水约30点，且日内持续时间较长，投资者采用买入华泰柏瑞沪深300ETF同时卖出股指期货的期现套利策略，在扣除期现套利交易成本后，半个月左右时间可获得约1%的套利收益，如果期现价差提前收敛，套利投资者可以提前获得套利收益。

China peaceful BaiRui fund index deputy director LiuJun think investment，Now the arbitrage and investors of the copy or 31, BaiRui huatai csi 300 ETF clinch a deal the main reason for the rare。LiuJun points out that，From stage to see now arbitrage，July 31 date now main contract premium price about 30 points，And days continues for a long time，Investors buy the BaiRui huatai csi 300 ETF and sell the stock index futures arbitrage strategy of now，In deducted now after the transaction cost of arbitrage，A half month time can be get about 1% of the arbitrage gains，If the price is in advance of convergence，Arbitrage investors can get ahead of arbitrage gains。

　　华安油气QDII近期走强，收益达2.1%

HuaAn oil and gas QDII recent going strong，Income of 2.1%

　　受海外市场震荡下行拖累，截至7月30日，全部54只可比较QDII基金近三个月的平均收益率为-4.88%，整体告负，只有5只产品为投资者取得正收益。华安石油基金同期收益达到2.1%，在全部QDII中业绩最好。华安标普石油指数基金经理徐宜宜认为，石油价格受流动性影响更加直接，而国内A股还受到更多政策面、基本面以及股票发行、退市等制度性影响，所以两者存在走势完全不同的可能。相比今年一季度105美元的水平以及2008年147美元的水平，目前油价90美元处于不高不低的状态，而相对于其他实物资产的涨幅（如黄金和房地产），石油定价还有上涨空间。

By overseas market shake down drag，By July 30,，All 54 can only more QDII fund nearly three months average return of-4.88%，Lost whole，Only 5 only products for investors a positive income。HuaAn oil fund income to 2.1% in the same period，In all the QDII performance is the best。HuaAn s&p index fund manager XuYiYi think oil，Oil prices are more direct liquidity influence，And domestic a-share but also by the more policy、The fundamentals and stock issuance、Retreat city institutional effect etc，So the two existing trends completely different possible。First quarter of this year compared with the level of $105 in 2008 and 147 dollars，Oil prices to $90 in a state of high and low，And relative to other physical assets of rise（Such as gold and real estate），Oil prices and rising space。

　　

兴业全球王晓明：谨慎看待下半年市场，着力四大板块 The global WangXiaoMing：Treated with caution the second half of the market，Focus on four parts

　　近日，上证综指收报再创新低，一度被认为的A股市场“钻石底”也未守住。兴业全球(340006,基金吧)副总经理兼投资总监王晓明认为，当前市场处于中短期都比较纠结的阶段，未来经济增速下台阶，在利率市场化背景下，固定收益类投资确定性较强，但从五年来看，股市也有机可寻。“即使现在我们对整个市场看得比较悲观，但是从中期来看，股票市场肯定是有机会的。”

recently，The Shanghai composite index finished at reached a new low，What was once thought of the A share market“Diamond bottom”Also did not keep。Industrial global(340006,Fund it)Deputy general manager and chief investment officer WangXiaoMing think，The current market in short-term all comparison of tangled stage，Future economic growth down the steps，In the interest rate marketization background，Fixed income investments certainty is stronger，But from five years to see，Stock market also organic to find。“Even if we now see to the whole market is pessimistic，But in the medium term，The stock market is certainly a chance。”

　　具体看来，王晓明看好以下四大行业投资机会：第一大类，就是需求稳定的大众消费品。比如品牌服装、食品饮料、医药、医疗服务、旅游、消费电子等，这些行业都会成为资金可能的避风港。在经济下滑当中，这些企业会相对稳定，但是并不代表没有风险。不过从更长周期来看，也许这个企业能够穿越周期；第二类是成本压力比较轻的传统行业，比如说火电。第三是受益于整个制度性改革红利行业，像保险、证券、铁路、邮政、三网融合等；最后就是兴业全球一直比较坚持的，寻找下跌安全保护的品种。

Specific seems，WangXiaoMing valued the following four big industry investment opportunities：The first categories，Demand is stable public consumer goods。Such as brand clothing、Food and beverage、medicine、Medical service、tourism、Consumer electronics, etc，These industries would become the fund may be there。In the economic downturn of，The enterprise will be relatively stable，But doesn't mean no risk。But in the longer cycle and see，Maybe the enterprise can pass through the cycle；The second type is cost pressure the lighter traditional industries，For example thermal power。The third is benefit from the institutional reform dividend industry，Like insurance、securities、railway、postal、Three nets fusion；The last is the global is always insist，Looking for fall of protection varieties。

　

　东方红张锋：结构性高估与低估并存，看好有壁垒的公司 ZhangFeng dongfanghong：Structural overvalued and underestimate coexist，The company has good barriers

　　7月收官，沪指月线“三连阴”，盘中下探2100点再创41个月新低，市场悲观气息弥漫。对此，东方红资产管理投资部副总监、东方红8号投资经理张锋表示，目前市场处于痛苦的过渡阶段，结构性高估和结构性低估同时存在，不必太悲观，但投资一定要选择有壁垒的公司。

July an，HuZhi monthly“Three even Yin”，Pan dip below 2100 points create 41 months low，The market pessimism filled the air。this，The deputy director dongfanghong asset management investment、Dongfanghong 8 investment manager ZhangFeng said，The present market is painful transition phase，Structural overvalued and structural underestimate also present，Don't be too pessimistic，But the investment must choose to have barriers of the company。

　　张锋认为，目前结构性高估和结构性低估同时存在，主要表现为好的公司没有好的定价，主要因为整个市场环境不好，其价值没有快速地体现出来；而不好的公司、不好的股票风险正在释放，未来可能还有风险，这些公司由于没有核心竞争力，在经济增速下滑过程中，利润会受到很大影响，风险可能会进一步释放。

ZhangFeng think，At present structural overvalued and structural underestimate also present，Main show is good company did not have a good pricing，Mainly because the whole market environment is not good，Its value not quickly reflected；And bad company、Bad stock risk is released，The future may and risk，These companies with no core competitiveness，In economic growth in the process of decline，Profits will be badly affected，Risk may further release。

　　7月27日，交银施罗德基金公告，交银全球资源QDII增聘饶超担任基金经理，与郑伟辉共同管理该基金。

July 27,，/ silver schroeder fund a public announcement，/ silver global resources provide more QDII RaoChao as fund managers，And ZhengWeiHui common management of the fund。

　　7月28日，财通基金公告，财通价值混合基金的基金经理黄瑞庆离职，吴松凯单独管理该基金。

July 28,，The announcement wealth fund，The value of money mixture fund fund manager HuangRuiQing left，WuSongKai alone manage the fund。

　　7月28日，诺安基金(博客,微博)公告，诺安中证创业成长指数增聘梅律吾担任基金经理，与王坚共同管理该基金。

July 28,，'s Ann fund(blog,Micro bo)announcement，Ann's new venture growth index has increased MeiLv we hire a fund manager，And WangJian common management of the fund。

　　7月28日，大成基金公告，大成核心双动力基金的基金经理杨建华离任。

July 28,，Becomes fund announcement，Da core hybrid fund managers YangJianHua departure。

　　7月24日，工银瑞信四季收益债券10派0.24元。

July 24，Silver red work letter four seasons yield 10 send 0.24 yuan。

　　7月27日，嘉实成长10派0.69元。

July 27,，Fine fruit growth 10 sent to 0.69 yuan。