上周股市在2100点左右震荡，最终还是未能守住，这导致了基金哀鸿一片。指数型基金是股指大跌的最大受害者，相对而言，在大跌的市场中，主动型基金比较占优势，相对抗跌。而QDII则是较好地体现了分散投资风险的作用。由于跌破了2100点这一重要的心理点位，机构对于接下来基金的投资已经没有前期那么“有底气”了，纷纷趋向保守，低仓位操作，集中关注绝对收益产品。

Last week the stock market in 2100 o 'clock concussion，Eventually failed to hold，This led to fund "hong a tablet。Index fund is the biggest victims stock index plunged，relatively，In the crash of the market，Active model fund is dominant，Phase against fall。And QDII is well reflected disperse the risk of investment effect。Due to the below 2100 points this important psychological point，Mechanism for the fund's investment has not so early“Have bottom spirit”the，Are tend to keep，Low location operation，Focus on absolute revenue product。

　成长风格基金逆势上涨 Growth style fund contrarian rise

　　根据海通证券(600837,股吧)的统计，上周所有股票指数型基金的净值简单平均下跌1.39%，个基分化较大，多数指基下跌。上周上涨的指数主要是积极成长风格的创业板指数、TMT指数等，所以指基中排名靠前的是跟踪成长风格指数的基金，如创业板ETF、融通创业板、深证TMT50ETF、嘉实中创400ETF相对抗跌。医药和食品饮料行业也表现较好。

According to haitong securities(600837,guba)statistics，Last week, all stock index fund net value of the simple average fell 1.39%，A large base differentiation，Most refers to base fell。Last week the rising index is mainly positive growth style of gem index、TMT index, etc，So refers to the top of base is tracking growth style index fund，Such as gem ETF、Accommodation gem、Shenzhen stock exchange TMT50ETF、Fine fruit created 400 etf phase against fall。Medicine and food and beverage industry also played better。

　　所有主动股票型开放式基金的净值简单平均下跌0.57%，相对于指数型基金抗跌，近两成股基逆市上涨。上涨较多的股基有：1）对新兴产业、创业板个股配置较多的积极成长风格基金，如长盛电子信息、汇晋科技先锋等，以及宝盈资源（3.54%）等，它们对TMT板块整体配置较高。2）偏消费配置基金，如长城久富(162006,基金吧)、国联安精选、长盛同祥、景顺长城内需增长(260104,基金吧)，它们多数超配了医药板块以及食品饮料板块。

All active stock type open mode fund net value of the simple average fell 0.57%，Relative to the index fund resistance to fall，Nearly twenty percent shares base inverse city rise。Rise more shares base have：1）The emerging industry、Gem stocks configuration more positive growth style fund，Such as long sheng electronic information、Collect jin technology pioneer, etc，And treasure surplus resources（3.54%）, etc，Their TMT plate overall configuration is higher。2）Partial consumption configuration fund，Such as the Great Wall long rich(162006,Fund it)、The nl Ann selected、Long filled with cheung、JingShun the Great Wall of domestic demand growth(260104,Fund it)，Many of them are super match the medicine plate and food and beverage plate。

　　所有混合型开放式基金的净值简单平均下跌0.61%。其中偏股混合型基金净值平均下跌0.80%，平衡混合型基金净值平均下跌0.51%，偏债配置混合型基金净值下跌0.30%，生命周期混合型基金净值平均下跌0.17%。偏债配置型以及生命周期型混合型基金由于股票仓位较低，在下跌市中较抗跌。

All mixed open mode fund net value of the simple average fell 0.61%。The slant mixed type fund net value average fell 0.80%，Equilibrium mixed type fund net value average fell 0.51%，Partial debt configuration mixed type fund net worth fell 0.30%，Life cycle mixed type fund net value average fell 0.17%。Partial debt configuration type and life cycle type mixed type fund because of low stock positions，In the fall of the city more resistance to fall。

　　央行上周开展逆回购操作总量达到3650亿元，创史上逆回购单周最高规模。但市场资金仍较紧张，债市表现平平。股市普跌对保本型基金拖累较大，上周所有保本型基金的简单平均净值下跌0.12%；对偏债型基金业绩也存在负面影响，所有开放式债券型基金净值简单平均下跌0.32%；货币型基金维持较稳定收益。所有货币型基金上周的平均收益率为0.04%。

Last week the central bank to carry out reverse repurchase operation amounted to 365 billion yuan，Gen history reverse repurchase single weeks the highest scale。But the market funds are still more nervous，Bond performance go。At the stock market fell to break-even fund drag larger，Last week all break-even fund net value of the simple average fell 0.12%；For partial debt fund performance also has negative influence，All open bond fund net worth simple average fell 0.32%；Monetary fund maintain a stable income。All monetary fund last week's average yield is 0.04%。

　　港股出现小幅反弹，原油继续小幅上涨，美股出现一定程度的回调，QDII净值平均上涨了0.24%。投资于贵金属的QDII领涨，投资于港股及QDII整体上涨，投资于能源和美股的基金相对落后。

Hong Kong stocks appear small rebound，Crude oil continue to rise slightly，Us stocks appear a certain degree of callback，QDII equity have risen by an average 0.24%。Investing in precious metal QDII brought up，Investing in stocks and QDII overall rise，Investment in energy and shares the fund relative lag behind。

　多看少动 大跌少补摊低成本 See less dynamic crash fill less booth low cost

　　在A股市场跌破2100点之后，机构对于接下来基金的投资已经没有前期那么“有底气”了，更多的建议维持低仓位、多看少动，逢低补仓摊薄成本，更多的可关注在固定收益类的产品。

In the a-share market after below 2100 points，Mechanism for the fund's investment has not so early“Have bottom spirit”the，More advice to maintain low position、See less dynamic，Bargain topping up diluted cost，More attention can be in fixed income class products。

　　申银万国认为，很多业绩确定性较高的消费品行业是后周期，一旦经济持续恶化，消费品的业绩也注定会下滑；而对于喜欢抱团成长型个股的投资者来说，很难保证这些成长股的业绩能持续超预期，特别是在整体经济弱势的环境中。8月以来，随着基金核心资产股开始跑输市场，开放式基金净值出现明显下跌。投资者在此阶段应继续谨慎，操作中维持股票类基金低仓位，多看少动。

ShenYin all the nations that，A lot of performance deterministic higher consumer goods industry is after cycle，Once the economy continued to worsen，Consumer goods performance will surely decline；For like BaoTuan growth stocks investors，It is difficult to guarantee these growth stock performance can continue to exceed expectations，Especially in the overall economic vulnerable environment。Since August，Along with the fund core assets stock began to run lose the market，Open mode fund net worth appear dropped significantly。Investors in this stage should continue to care，Operation of stock funds to maintain low position，See less dynamic。

　　西南证券(600369,股吧)预计，近期沪深股市将在跌破2100点后继续震荡寻找阶段性底部，如无明显放量配合，仍有继续下行的可能，短线风险仍然较大，不宜过早介入抄底，如经济能在三季度开始出现回暖，则中线风险与机遇并存。基金投资继续以观望为主，股基逢大跌少补摊低成本。

Southwest securities(600369,guba)Is expected to，Shanghai and shenzhen stock market in the near future will be below 2100 points after shocks continue to search for the bottom stage，If there is no obvious y109.52 to fit，There are still continue to descending may，Short line is still greater risk，Is too early intervention copy the bottom，As the economy in the third quarter began to appear warmer，The center line risk and opportunity。Fund investment continue to give priority to see，Shares plunged the base fill less booth low cost。

　　海通证券表示，虽然经济大幅回升和政策明显变化的信号暂难现，但中报披露步入尾声期，市场近期的震荡本身说明5月来杀业绩已步入尾声。市场仍有反弹机会，促发因素可能来源于国内地产开工见底回升验证需求趋稳、海外量化驱动风险偏好及工业品价格回升。经济见底回升的斜率、盈利改善空间需观察，操作上，还需观察下一张牌。在弱市中寻找安全边际至关重要，短期仍可聚焦于绝对收益型的产品，如招商中证大宗商品A、海富通稳进增利A，高风险偏好的投资者可以关注基金金泰。

Haitong securities said，Although a sharp economic rebound and policy obvious change signal temporary difficult now，But the center daily news disclosure into the end stage，Market recent shocks that itself may to kill performance has already entered in the end。The market is still have opportunity to rebound，Priming factors may start from the domestic real estate see bottom rebound requirements verification stabilised、Overseas quantitative drive risk preference and commodity prices rebound。Economic see bottom picks up the slope、Earnings improve space should be observed，Operation on，Still need to observe the next board。In the weak city in search for margin of safety is very important，Short-term still can focus on absolute income type products，Such as China merchants demonstrated A commodity、Fortis haitong stability ZengLi into A，High risk preferences of investors can focus on fund gold。

　　渤海证券业表示配置基金首选债基A类，到期日近、风险极低，到期收益率在5%左右，如汇利A、景丰A。其次可选择股基A类，隐含收益率在7%左右，具备长期配置价值，如深成收益，目前隐含收益率最高，且价格下行幅度有限。分级股基B看好反弹的投资者首选深成进取，价格杠杆高，且无折算风险。 黄晓霞

Bohai securities said configuration funds preferred debt base class A，Maturity date nearly、Risk is extremely low，Yield to maturity at around 5%，Such as huili A、JingFeng A。Secondly can choose stock base class A，Implicit in 7% yield，Have long-term configuration value，Such as deep into income，At present the highest rate of return on implied，And the price descending amplitude limited。Hierarchical strands of group B rebound value investors preferred plutonic enterprising，Price lever high，And no reduced risk。 HuangXiaoXia