本报讯 银华鑫利昨日被牢牢钉在了跌停板上，而银华金利则是放量上涨，这对分级基金的两子基金完全不同的市场走势源于其招募说明书中规定的向下不定期折算的逼近。

Report from our correspondent yesterday was the silver JHNCC firmly nailed on the limit down on，And silver HuaJinLi is rising peatlands，The classification of fund two son fund completely different market trends from the recruit manual specified in the downward tramp corrected approximation。

　　银华鑫利在上午低开后一路走低，午后便锁定在了跌停板上，收盘时打在跌停板的卖出量仍有186万手。银华鑫利收盘于0.356元，成交量为590.44万手，交易金额5.82亿元，比前一交易日扩大35.98%。

Silver JHNCC and low in the morning after the dropping，The afternoon will lock in the limit down on，Closed hit the drop stop board sell quantity still have 1.86 million hand。The silver JHNCC closed at 0.356 yuan，Volume for 5.9044 million hand，Transaction value of 582 million yuan，Than the previous trading day expanded by 35.98%。

　　银华鑫利是银华中证等权重90指数分级基金的进取份额，银华金利其中是稳健份额，该分级基金跟踪中证等权重90指数。根据招募说明书的规定，银华金利的约定年基准收益率为“同期银行人民币一年期定期存款利率（税后）+3.5%”，剩余部分为银华鑫利的收益。正常情况下，分级基金每年折算一次，但是当银华90的份额净值达到2元或者银华鑫利的净值低于0.25元时，则触发不定期折算，净值归一。

The silver JHNCC mechanism is demonstrated and weight 90 index classification fund enterprising share，Silver HuaJinLi which is robust share，The hierarchical fund tracking such as enhanced weights 90 index。According to the provisions of the recruit manual，Silver HuaJinLi agreed years benchmark rate of return for“The bank for the same period the one-year deposit interest rates（after-tax）+ 3.5%”，For the rest of the silver JHNCC income。normally，Hierarchical fund every year reduced a，But when Yin 90 net share to $2 or silver JHNCC the net of less than 0.25 yuan,，The trigger tramp reduced，Net worth to a。

　　截至上周五，银华鑫利的单位净值仅为0.293元，离触发向下不定期折算的阀值仅一步之遥，昨日伴随A股市场大跌，银华鑫利向下不定期折算的预期进一步加大。

By last Friday，The silver JHNCC unit net value of only 0.293 yuan，From trigger downward tramp reduced valve value only one step away，Yesterday with A share market crash，Silver JHNCC the downward tramp reduced expected to further increase。

　　华泰证券(601688,股吧)金融产品研究评价中心分析师王乐乐认为，银华鑫利昨日跌停，一方面是由于银华鑫利具有较高的杠杆倍数，截至上周末的杠杆为3.28倍，是所有杠杆指基中最高的，市场大跌，扩大效应引起基金大跌；另外一方面是由于银华鑫利距离向下不定期折算已经很近了，随时可能触发向下不定期折算，造成杠杆倍数大幅回落。

Huatai securities(601688,guba)Financial product research and evaluation center analysts WangLeLe think，The silver JHNCC drop stop yesterday，On the one hand, the silver JHNCC and has higher leverage ratio，By last weekend's lever is 3.28 times，Is all lever refers to the base of the highest，Market crash，Expand effect cause fund crash；On the other hand is due to the silver JHNCC distance downward tramp reduced already very near，At any time may trigger downward tramp reduced，Cause leverage multiple drop sharply。

　　有消息人士透露，如果市场在银华鑫利净值达到0.25元之前反弹回升，银华鑫利将获得两方面的收益：一是该基金本身的杠杆倍数效应；二是到点折算预期的落空，银华金利的溢价率将获得修正。

A source said，If the market in silver JHNCC the net value of 0.25 yuan before bounce back，The silver JHNCC will receive two aspects of income：One is the fund itself leverage multiple effect；The second is to point reduced the expected lost，Silver HuaJinLi premium rate will get fixed。

　　值得关注的是，银华金利延续了之前的上涨走势，昨日更是放量大涨，单日上涨2.54%，成交金额更是创下上市交易以来的最高值，达到3.81亿元，较前一交易日的1.5亿元，成交金额放大了1.54倍。

There is concern，Silver HuaJinLi continues the rising trend before，Yesterday is of peatlands，Single day rose 2.54%，Clinch a deal amount is a listing of the highest since，Reached 381 million yuan，Compared with the previous trading day of 150 million yuan，Clinch a deal amount amplification 1.54 times。

　　王乐乐认为，银华金利上涨，主要原因在于A股震荡走低使得银华鑫利触发向下不定期折算的可能性增加，而向下不定期折算可以给银华金利带来一个较高的折算收益（截至上周五银华金利折价率为12.87%）。另外，昨日银华鑫利跌停，前期买入银华鑫利的投资者此时无法通过卖出来规避之后可能发生的向下不定期折算风险，而只有通过购买银华金利，然后合并成母基金，赎回基金而退出。记者 黄晓霞

WangLeLe think，Silver HuaJinLi rise，The main reason is that A share shock slump makes silver JHNCC the trigger downward tramp reduced more likely，And downward tramp reduced can give silver HuaJinLi bring a higher reduced income（The silver on Friday HuaJinLi discount rate was 12.87%）。In addition，Yesterday the silver JHNCC drop stop，Buy the silver JHNCC the investors now can't sell out after to avoid possible downward tramp reduced risk，And only by buying HuaJinLi silver，Then merged into mother fund，Redemption of the funds and exit。Reporter HuangXiaoXia