本报记者 陆玲 发自北京

Our reporter from the Beijing LiuLing

　　股市的持续阴跌，使得杠杆投资也在劫难逃。

The stock market fell for Yin,That leveraged investment also there is no escape from fate.

　　8月30日，在经历多空双方激烈对决之后，银华中证等权90分级基金（以下简称“银华90”）的杠杆端（银华鑫利）的单位净值最终跌至0.25元的“安全阀”，触发契约规定的向下到点不定期折算，成为分级基金中首例触发向下折算的案例。

On August 30,,After many empty bilateral fierce confrontation later,Yin, such as enhanced right 90 classification fund(Hereinafter referred to as"Yin 90")Lever end(Silver JHNCC the)Unit net value of finally fell to 0.25 yuan"Relief valve",Trigger the contract stipulates the down to point tramp reduced,Become a hierarchical fund's first trigger downward reduced case.

　　所谓到点折算，也称“不定期折算”，通常分为“向下到点折算”和“向上到点折算”。具体，进取份额净值跌至阀值或者母基金份额净值高于阀值，稳健份额、进取份额、母基金份额净值均被调整为1元，调整后各类份额数量按比例增减，稳健和进取份额按初始比例保留，剩余部分将会转化为母基金场内份额，分配给相应份额持有者。

The so-called to point reduced,Also called"Tramp reduced",Usually divided into"Downward to point reduced"and"Upward to point reduced".specific,Enterprising share the net worth fell to valve value or mother fund net value of share above threshold,Steady share/Enterprising share/Mother fund net value of share were adjusted for 1 yuan,Adjusted the number of all kinds of share sliding scale,Robust and enterprising share proportion according to initial reserved,The rest will be converted to a mother fund share,Assigned to share holders.

　　此外，随着大盘持续调整，信诚500指数分级基金等距离向下“到点折算”的阀值也越来越近。

In addition,With the continuous adjustment of the market,Citic prudential 500 index classification fund equidistance downward"To point reduced"Valve value also more and more nearly.

　　

进取份额现亏损 Enterprising share now losses

　　根据基金契约规定，银华90将在两种情况下进行“到点折算”，一是当母基金净值达到2元时将触发“向上到点折算”，二是当银华鑫利净值达到0.25元，触发“向下到点折算”。8月30日，银华鑫利单位净值达到0.25元，下拆方案启动。

According to the fund contract provisions,Yin 90 in two kind of situations"To point reduced",One is when the mother of fund net value reach 2 yuan will trigger"Upward to point reduced",The second is when silver JHNCC the net value of 0.25 yuan,trigger"Downward to point reduced".On August 30,,The silver JHNCC unit net value of 0.25 yuan,Down under the scheme start.

　　据银华90基金经理王琦介绍，向下到点折算的具体方式是：鑫利、金利、母基金净值均归为1元，鑫利恢复到初始2倍杠杆。为保证份额配比不变，多余的金利份额将按照净值折算为母基金份额，投资者可直接赎回。公告显示，银华鑫利和银华金利折算比例约为0.2435，银华金利折算为新增银华90场内份额的比例约为0.8026。

According to Yin 90 fund manager boyer is introduced,Down to point corrected concrete way is:Xin the/Aodelaisi inc/Mother fund net value shall be for 1 yuan,Xin and return to the initial 2 times leverage.To ensure that share the same proportion,Redundant aodelaisi inc will share according to net value reduced for mother fund share,Investors can be directly redemption.announcement,The JHNCC silver and silver HuaJinLi reduced ratio is about 0.2435,Silver HuaJinLi reduced for increased the proportion of 90 field mechanism to share is about 0.8026.

　　简单举例，假设下拆前三类客户各持有不同的份额10000份，对于鑫利份额持有人来讲，下拆后基金份额则变为2430份，同时，鑫利恢复到初始的2倍杠杆水平。对于金利份额持有人，下拆后将获得8030份银华90份额，以及2430份银华金利份额。对于母基金银华90份额的持有人，此次下拆仅仅是一次份额折算的过程，折算前后所有总资产保持不变。

Simple example,Assumption and three types of customers before each hold different share of 10000,To YuXinLi share holder speaking,After the open fund share is a 2430 copies,At the same time,Xin and return to the initial 2 times lever level.To share holder aodelaisi inc,After the removal of 8030 will receive 90 share mechanism,And 2430 of silver HuaJinLi share.For mother fund Yin 90 share holders,Under the open is only a share of the conversion process,Convert all before and after total assets remain unchanged.

　　至于具体盈亏，王琦表示，银华金利份额虽然不按其已实现的约定收益兑付收益，但其已实现的约定收益在下拆前体现在其净值中并在下拆后折算为部分份额，该收益仍为持有人所享有的资产权益，对于持有人而言，下拆是份额数量和对应净值发生变化；银华鑫利持有人的资产变动值则为二级市场买入成本和拆分后银华鑫利二级市场价格之间的差额。

As for the specific profit and loss,Boyer said,Silver HuaJinLi share although not in its realized agreement income cash income,But its already realize the agreement of the income and the next precursor now net and after the next down conversion for part of the shares,The income is still holder have assets rights,As for the holder,Down under the share is the quantity and the corresponding net value change;Silver JHNCC the holder's assets change value is the secondary market to buy cost and split after the silver JHNCC secondary market the difference between the price.

　　9月4日，完成下拆后复牌的银华鑫利涨停，溢价率超10%；银华90的稳健端银华金利则开盘跌停。

On September 4,,Under the complete dismantling after brand of silver JHNCC and harden,Premium rate over 10%;Yin 90 robust end silver HuaJinLi is opening drop stop.

　　在国金证券(600109,股吧)基金分析师张剑辉看来，尽管银华鑫利涨停但持有人实际也赚不到钱。根据8月31日银华鑫利收盘价0.28元折算后计算，持有人拿到新银华鑫利的价格是1.15元。而尽管银华鑫利涨停，价格为1.119元，实际上依旧亏损0.039元左右。

On the gold stock(600109,guba)Fund analysts ZhangJianHui looks,Although silver JHNCC the harden but holder practical and earn money.Based on aug. 31 RiYin JHNCC the closing price of 0.28 yuan is calculated after conversion,Holder got the new silver JHNCC the price is 1.15 yuan.And although the silver JHNCC harden,The price is 1.119 yuan,In fact still loss 0.039 yuan.

　　向下折算意味着银华90面临赎回压力。不过，在此前的媒体沟通会上，银华基金(博客,微博)量化投资部总监周毅则表示，“通过与部分机构的前期沟通，倾向保留份额的占大多数，择机再拆分入场，但不排除一部分套利资金会获利了结出场”。

Downward reduced means Yin 90 facing redemption pressure.but,In the previous media communication meeting,Yin fund(blog,Micro bo)Quantitative investment department director ZhouYiZe said,"Through the communication and part of institutions,Tend to keep the majority of shares,The timing and the resolution,But would not rule out part of the arbitrage profits funds will be played".

　　

游资被套 Idle fund quilt cover

　　7月以来，银华基金9次发布风险提示公告，提醒投资者关注银华鑫利份额近期的净值波动情况，并警惕可能出现的不定期份额折算风险。

Since July,Yin fund released nine times the risk prompt notice,To remind investors pay close attention to the silver JHNCC share of the net value of the recent fluctuations,And alert to possible tramp share reduced risk.

　　但是整个7月，场外资金持续杀入，截至7月底，银华鑫利基金的份额已经超过了67亿份。其中，8月20日当周，银华鑫利净值一度跌至0.4元以下，银华鑫利、银华金利从69.81亿份申购份额激增至77.4亿份，一周增加了7.59亿份。

But the whole July,Otc money continue to face,By the end of July,Silver JHNCC the fund share is already more than 6.7 billion copies.the,On August 20, week,The silver JHNCC net once fell to 0.4 RMB yuan,Silver JHNCC the/Silver HuaJinLi from 6.981 billion a share purchase jumped to 7.74 billion copies,Week of increased by 759 million.

　　大举杀入的机构，其逻辑很简单：看好短期市场反弹。临近折算的银华鑫利杠杆高达4.5倍左右，是抢反弹的最好工具；而且即使下拆启动，重新上市后的鑫利依旧有2倍的杠杆，在反弹预期强烈时仍有大幅溢价的可能。

Massive into institutions,The logic is very simple:Good short-term market rebound.Near the conversion of silver JHNCC the lever up to 4.5 times the left and right sides,Is the best means to rebound;And even if the open start,Relaunch of xin and still have 2 times the lever,In the expected strong rebound when there is a large premium is still possible.

　　但是，8月30日，银华鑫利单位净值达到0.25元，折算方案启动。“银华鑫利的瞬间打开，让折算前冲进去的资金变得毫无意义”。东北证券(000686,股吧)基金研究员刘朝阳(博客,微博)表示。

but,On August 30,,The silver JHNCC unit net value of 0.25 yuan,Reduced scheme start."Silver JHNCC the moment open,Let reduced front dash into capital have become meaningless".Northeast securities(000686,guba)Fund LiuChaoYang researchers(blog,Micro bo)said.

　　据悉，折算之前，以华东知名“敢死队”为首的游资，看中银华鑫利靠近阀值时高达五倍的杠杆倍数，豪赌反弹。然而经过折算后，即使银华鑫利复牌涨停，这些资金仍未解套。

It is reported,Reduced before,In east China famous"Forlorn hope"Led hot money,Look at the bank of China JHNCC near the valve value as high as five times the leverage ratio,Unrestrained gambling rebound.However, after after conversion,Even silver JHNCC the resumption of harden,These funds are still not solution set.

　　机构却是最大的赢家。二季报显示，持有银华鑫利的个人投资者占比达到67.94%，机构投资占比为32.06%。而前十大持有人中，险资占据4席，券商集合理财占据2席。特别是今年7月以来，QFII和保险公司类机构大举增持银华金利，持有比例已经超过了60%。

Institution is the biggest winner.The second quarterly report shows that,Hold silver JHNCC the individual investors reached 67.94%,Institution investment accounts for more than 32.06%.And the top ten in the holder,Risk endowment occupy 4 mat,Brokers set finance occupy 2 seats.Especially since July this year,QFII and insurance company institutions massive silver HuaJinLi said,Hold proportion has exceeded 60%.

　　专家分析，银华金利相当于是一只看跌期权产品，股市大幅下跌时对该基金价格表现更有利，而在国内目前类似产品很少，从而受到QFII的特别关注。

Expert analysis,Silver HuaJinLi quite so a put option products,The stock market fell sharply to the fund performance price more advantageous,And in the domestic similar products rarely at present,QFII and are of particular concern.

　　

谁将步后尘 Who will follow step

　　分级基金为何要设计下拆条款？ Hierarchical fund why to design and under clause?

　　“如果没有到点折算机制，则母基金净值下跌到一定程度，进取份额净值可能跌至0，则稳健份额的约定收益无法实现，且继续下跌会导致稳健份额净值受损。而到点折算机制下，由于进取份额净值归1，又能继续承担支付约定收益的义务，则折算后的稳健份额约定收益仍能保证。”王琦告诉时代周报记者。

"If there is no to point reduced mechanism,The mother of fund net value dropped to a certain degree,Enterprising share equity may fall to zero,The steady share agreement income can not be achieved,And continue to fall can lead to steady share equity is damaged.And to point reduced mechanism,Due to the net value of share of progress to 1,And can continue to undertake the obligations agreed to pay income,Is reduced after the steady share agreed income can still guarantee."Boyer told times weekly newspaper reporters.

　　据量化测算，未来如果上证指数从2050点下跌至1900点，母基金的跌幅约7%，但银华鑫利随着杠杆倍数逐步扩大，跌幅将高达40%。

According to the quantitative calculation,The future if the Shanghai index from 2050 points to 1900 points down,Mother fund lost about 7%,But the silver JHNCC as leverage multiple gradually enlarged,Fall will be as high as 40%.

　　近期市场持续下探，谁会是“下一个”触发折算的案例？数据显示，信诚500指数分级基金的到点折算已在逼近。截至8月27日，中证500指数再下跌18%，将触发折算。

Recent market continues to dip,Who will be"next"Trigger reduced case?Data display,Citic prudential 500 index classification of fund to point reduced has set up a file in the approximation.As of August 27,,Demonstrated again 500 index fell 18%,Would trigger reduced.

　　此外，申万进取距离阀值已非常接近。8月31日，申万进取净值为0.1250元，距离阀值已非常接近。不过，据申万菱信基金相关负责人表示，申万进取和银华鑫利产品设计及合同规定有较大区别，达到阀值不是进行下拆折算，而是收益分配方式的调整。

In addition,"All enterprising distance valve value already very close to.August 31,,"All enterprising net value is 0.1250 yuan,Distance valve value already very close to.but,According to ShenWanLing letter fund officials say,"Thousands of enterprising and silver JHNCC the product design and the contract have great differences,Achieve valve value is not to the next and reduced,But the adjustment of income distribution mode.

　　根据该基金契约：申万进取、申万收益与母基金同涨同跌。待深成指上涨后，申万进取的收益优先补足申万收益的本金和基准收益，待申万进取份额净值恢复0.1元，申万收益与进取份额又恢复固定收益和杠杆的正常风险特征。

According to the fund contract:"And all/"All income and mother with a fund with fall.After rising to shenzhen composition index,"All aggressive earnings priority complement" all income, and the principal of the benchmark income,To be "all enterprising share equity recovery 0.1 yuan,"All income and enterprising share and restore fixed income and leveraging the normal risk characteristics.