本报记者

Our reporter

　　柳灯

Willow lamp

　　瑞福进取和投资者开了个玩笑，复牌上市首日即折价8%，目前已折价一成多。

Red f enterprising and investors opened a joke，Resumption of the first listed is 8% discount，Currently has more than ten percent discount。

　　面对低迷的市场和投资者的情绪，该产品的管理人国投瑞银基金(博客,微博)拟用不超过3000万元的固有资金自购，但折价仍在继续。分析人士表示，瑞福进取的折价与市场情绪相关度很高，市场弱势格局短期难以改变，杠杆类份额风险较高。

In the face of bad market and investors emotions，The product's manager international trust &investment ubs fund(blog,Micro bo)Prove no more than 30 million yuan of natural capital since the purchase，But discount continues。Analysts said，Red f enterprising discount and market sentiment high correlation，Market weakness pattern short-term difficult to change，Lever class share the risk is higher。

　　大幅折价

Heavily discounted

　　国投瑞银瑞福深证100指数分级由境内首只分级基金国投瑞银瑞福分级基金转型而来，包括瑞福优先(121007,基金吧)和瑞福进取。

International trust &investment ubs red f shenzhen stock exchange 100 index classification by the domestic first only classification fund international trust &investment ubs red f grade fund and transformation，Including red f priority(121007,Fund it)And red f enterprising。

　　8月10日，瑞福分级基金完成延期扩募时，规模超过72亿元，较扩募前增长近80%。同时，瑞福进取超过90%的老客户选择了直接转换，管理资产较扩募前足足增加2倍至36.46亿元。

August 10,，Red f grade fund complete delay expanding offering，Size of more than 7.2 billion yuan，A expansion before offering a nearly 80% increase。At the same time，Red f enterprising more than 90% of the old customers choose the direct conversion，Management of asset is expanding offerings before fully doubled to 3.646 billion yuan。

　　8月17日，瑞福进取在深交所上市交易，成为境内唯一一只平价分开发售、初始杠杆2倍、无配对转换机制的纯粹杠杆指数基金B类份额，封闭期为三年，跟踪标的指数为成长型蓝筹指数——深证100(159901,基金吧)价格指数。

On August 17,，Red f enterprising in the listing for trading of shenzhen，Become the only territory a parity sold separately、Initial lever 2 times、No matching conversion mechanism of pure lever index fund class B share，Close period is three years，Tracking target index for growth blue chip index - shenzhen stock exchange 100(159901,Fund it)Price index。

　　上市前，多位基金分析师和机构预期瑞福进取会出现10%的溢价，最大折价预期在5%以内。然而，瑞福进取和投资者开了个大玩笑。

Listed before，Many analysts and fund institution expected red f progress will be 10% of the premium，The biggest discount expected within 5%。however，Red f enterprising and investors to open a big joke。

　　8月17日是首个交易日，瑞福进取的基金份额净值为0.979元，开盘报0.977元，下跌2.33%，午后开盘不久便跌停，实际折价率达到8.07%。8月22日，即第四个交易日收盘时，瑞福进取的收盘价为0.850元，实际折价率近13.18%。

On August 17, is the first trading day，Red f enterprising fund net value of share 0.979 yuan，Opening to 0.977 yuan，Fell 2.33%，Afternoon opening soon drop stop，Real discount rate reached 8.07%。August 22，That is the fourth trading day when closed，Red f enterprising closing price is 0.850 yuan，Real discount rate nearly 13.18%。

　　沪上某证券公司的基金研究员8月22日告诉中国经济时报记者，出现大幅折价，一方面是产品设计的原因，瑞福优先约定3%加1年期定存利率的收益，瑞福进取的融资成本为6%，在分级股基中看似不高，但因为瑞福优先半年打开申赎一次，而且不上市，收益确定性高，这样瑞福进取的融资成本就更高；另一方面，原瑞福进取持有人90%保留了下来，老持有人因为原先亏损较多，可能还是想观望上市后的情况。

Shanghai a securities company's fund researcher August 22 told China economic times，A substantial discount，On the one hand is the cause of the product design，Red f priority 3% agreed with one-year fixed deposit interest income，Red f enterprising financing cost is 6%，In the hierarchical strands of base the seemingly is not high，But because red f first half year opened the "for a time，And do not listed，Earnings certainty high，This red f enterprising financing cost is higher；On the other hand，The original red f enterprising holder 90% keep down，Old holder for the original more losses，May still want to look after the listing of the situation。

　　“这几天的涨跌也还是在可预期的范围之内，并没有太超出预期。”好买基金研究中心首席分析师曾令华告诉本报记者，瑞福进取与债基的结构比较一致，没有配对转换机制基金的折溢价率受两个主要因素影响，本质上是封闭式基金有折价的倾向，又是纯粹的杠杆，受市场情绪的影响较大。

“These days the ups and downs of the still in the expected range，And not beyond expectations。”Good buy fund research center chief analyst CengLingHua told our reporter，Red f enterprising and debt base structure to be more consistent，No matching conversion mechanism of fund discount rate of premium by two main factors，In essence is enclosed fund has the tendency of discount，Is pure lever，The influence of market sentiment is larger。

　　公司自购

Since the company purchase

　　上市即大幅下跌，让国投瑞银倍感压力。

Listed namely plummets，Let your generous ubs feel more pressure。

　　国投瑞银基金8月21日发布公告称，拟于2012年8月21日起一个月内，运用不超过3000万元的固有资金投资瑞福进取，并持有3年到期。此举被解读为对瑞福进取折价现象的“纠偏”。

International trust &investment ubs fund on August 21 releases announcement to say，Stands on August 21, 2012 within one month，Use no more than 30 million yuan capital investment inherent rui f enterprising，And hold expires in three。The move was interpreted as a blessing to red and the phenomenon of discount“rectification”。

　　8月21日，瑞福进取微涨0.46%。对此，新浪仓石投资基金研究中心研究员杨宇指出，大盘企稳和多数场内杠杆指基回升是瑞福进取止跌的重要因素，当日浙商进取、信诚500B、双力B等多只分级指基涨幅超过2%。

August 21，Red f enterprising up 0.46%。this，Sina CangShi investment fund research center YangYu researcher pointed out，The market stabilises and most floor lever refers to base rebound is red and the important factor of good reason，The zhejiang business enterprising、Citic prudential 500 b、Shuangli B, etc to only classification base rose more than 2%。

　　沪上基金研究员告诉本报记者，如果市场解读为份额价值被低估而跟风买入，可能会有折价收窄的效果。22日瑞福进取下跌3.41%，23日上涨0.71%。

Shanghai fund researcher told our reporter，If the market interpreted as a share value underestimated and follow suit to buy，May have discount narrow effect。22 red f enterprising fell 3.41%，23 rose 0.71%。

　　深圳某基金分析师对记者称，不超过3000万元的自购是否会大打折扣，还有待进一步观察，象征意义可能更大。

Shenzhen a fund analysts said to reporters，No more than 30 million yuan since the purchase would sell at a discount greatly，Still needs further observation，Symbolic meaning may be more big。

　　投资价值之辩

Investment value debate

　　华泰证券(601688,股吧)统计显示，2014年—2015年到期的封闭式基金目前的折溢价率在9%—10%左右。某业内人士告诉记者，瑞福进取折价率也接近同期限的封闭式基金的水平，折价率再大幅扩大的概率不太大，价值目前已经被低估，投资机会开始凸显。

Huatai securities(601688,guba)Statistics show that，In 2014-2015 due enclosed fund the folding premium rate at 9%, 10% left and right sides。A personage inside course of study tells a reporter，Red f enterprising discount rate was close to the same limit of the level of closed-end funds，Discount rate and greatly expanded probability is not too big，Value has been underestimated，Investment opportunity began to highlight。

　　“瑞福进取大幅折价也与市场情绪有关，市场弱势格局短期内难以改变，风险偏好转换，杠杆类产品的优势并不明显。同时，与同类产品相比，博指数反弹收益的优势也不明显。”该沪上基金研究员指出。

“Red f enterprising heavily discounted also and market sentiment about，Market weakness pattern in the short term is difficult to change，Risk preference conversion，Leveraged products are not obvious advantage。At the same time，Comparing with the same kind products，Bo index rebound income advantage was not obvious。”The Shanghai fund to the researchers。

　　曾令华告诉记者，“我觉得瑞福进取和市场情绪相关度很高。长期是否折价有赖于市场情绪，如果市场情绪比较高，那可能会溢价，普通封闭式基金也有溢价的时候；市场情绪比较悲观，折价的可能性就大。”

CengLingHua told reporters，“I think red f enterprising and market sentiment high correlation。Whether long-term discount depends on market sentiment，If the market sentiment is higher，That may be premium，General enclosed fund also has a premium time；Market sentiment is pessimistic，The possibility of discount is big。”

　　众禄基金研究中心首席分析师崔晓军告诉记者，“瑞福进取作为杠杆类的交易性品种，就目前的情况看，对市场有把握能力的投资者面临着一定的投资机会，但不建议普通投资者参与。”

The chief analyst Paul fund research center CuiXiaoJun told reporters，“Red f enterprising as lever type of transaction sexual species，In the present case，Be sure to market the ability of investors are faced with certain investment opportunities，But it's not recommended investors to participate in common。”