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　　⊙记者 婧文 ○编辑 张亦文

⊙ reporter Jing wen zhang aijing ○ editor

　　大盘继续在2100点附近弱势盘整，但在机构资金的推动下，部分分级基金稳健类份额逆势走出连续上涨行情。至8月16日收盘，国联安双禧A收出七连阳，累计涨幅为3.31％，同期上证指数下跌1.98％。

In the market continue to near 2100 disadvantaged consolidation，But in the institutions under the impetus of the national capital，Part of the hierarchical fund robust class share contrarian out of the continuous rising market。To August 16, closing，The nl AnShuangXi A charge out seven even Yang，Accumulative total 3.31%，For the same period, the Shanghai index fell 1.98%。

　　统计数据显示，双禧A过去一个月份额增长超过2亿份，近期每日成交额也由此前的百万级别激增至昨日的3900多万，机构资金介入的痕迹十分明显。分析人士指出，在大盘持续走弱的背景下，分级基金稳健类份额因收益预期明确，受到市场资金追捧。此外，对于将于明年4月到期折算的双禧A来说，又新增了折算带来的投资机遇。

Statistics show，A double jubilee over the past month share is growing more than 200 million copies，Recent daily turnover of before and hence the millions of levels surge to yesterday's more than 3900，Agency fund intervention traces obviously。Analysts pointed out that，In the continuing weakness of the market under the background of，Hierarchical fund robust class share earnings forecasts for clear，By the market funds to chase after hold in both hands。In addition，For the next four month reduced double jubilee for A，Added a reduced bring investment opportunities。

　　据悉，国联安双禧中证100分级基金将于2013年4月15日进行3年一次的定期折算，其中双禧A将一次性获得3年约定收益合计为17.25%。值得注意的是，与传统基金产品与市场同涨共跌不同的是，当市场持续低迷，指数下跌时，双禧A将进一步扩大套利收益。

It is reported，The league has AnShuangXi 100 classification fund will be on April 15, 2013 3 years a regular reduced，The double jubilee A one-time get 3 years agreed income amounted to 17.25%。It is important to note that，And traditional fund products and markets with a common fall is different，When the market continued downturn，Index falls，Double jubilee A will further expand the arbitrage income。

　　根据双禧分级基金的到期折算原则：三类份额净值归1，双禧A和双禧B的份额比例保持4：6。因此，当双禧B净值低于1元时，双禧A需要折算的净值部分将大于约定收益0.1725元，而该部分净值也将折算成双禧100归持有人所有。所以当市场下行带动双禧B的净值下行时，就会加大双禧A折算时份额缩减的程度，最终引起收益的变化。

According to the double jubilee classification fund maturity reduced principle：Net value of share of three to one，Double jubilee A and double jubilee B share proportion keep 4：6。therefore，When double jubilee B equity falls below the $1，Double jubilee A need to convert the net section will more than agreed income 0.1725 yuan，And the part of the net worth will also reduced into two jubilee 100 be holders。So when the market down drive double jubilee B the net when descending，Will increase double jubilee A reduced when the extent of the shrinking share，Eventually cause the change of income。

　　据机构测算，在双禧A折价保持不变的前提下，中证100指数预期涨幅在0％、-10％、-20％和-30％时，对应的双禧A年化收益率分别为14.40％、17.13％、19.86％和22.60％。

According to agency estimates，In the double jubilee A discount to remain the same premise，Has 100 index expected to rise at 0%、10% -、- 20% and - 30%，The corresponding double jubilee A annualised rate of return is 14.40%、17.13%、19.86% and 22.60%。