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您的当前位置:首页 > 公募基金 > 交银施罗德创业板50指数型证券投资基金
交银创业板50指数A
007464
指数型基金
被动指数型基金
单位净值
1.298
万份收益
0
日涨跌
-0.0201%
近1月
近1年
近3年
成立以来
累计净值:1.298
复权净值:1.298
万份收益:0
7日年化%:0
申购状态:开放
赎回状态:开放
总份额:6.15亿
总资产:4.81亿份
成立日期:2019-11-20
投资风格:指数型
经理:邵文婷
申赎费率
场内申购起始日:
场内赎回起始日:
场外日常申购起始日:2020-01-06
场外日常赎回起始日:2020-01-06
重仓行业
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评级机构
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3年评级(较上期)
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基金代码 007464
基金全称 交银施罗德创业板50指数型证券投资基金
基金托管人 招商银行股份有限公司
业绩比较基准 创业板50指数收益率×95%+人民币银行活期存款利率(税后)×5%
投资风格 指数型
投资目标 本基金采用指数化投资策略,紧密跟踪创业板50指数,追求跟踪偏离度与跟踪误差最小化。
投资范围 本基金的投资范围为具有良好流动性的金融工具,包括创业板50指数的成份股及其备选成份股、其他股票(含中小板、创业板及其他经中国证监会核准上市的股票)、债券(含国债、央行票据、金融债券、政府支持债券、政府支持机构债券、地方政府债券、企业债券、公司债券、可转换债券(含可分离交易可转换债券的纯债部分)、可交换公司债券、公开发行的次级债券、中期票据、短期融资券、超短期融资券等)、资产支持证券、货币市场工具、债券回购、同业存单、银行存款(含协议存款、定期存款及其他银行存款)、股指期货以及法律法规或中国证监会允许基金投资的其他金融工具。 如法律法规或监管机构以后允许基金投资其他品种,基金管理人在履行适当程序后,可以将其纳入投资范围。
投资理念
首次募资金额 136,958.97万元
代销申(认)购最低额 1元
直销申(认)购最低额 100000元
定期定额最低申购额 1元
管理费用 0.50%
托管费用 0.15%
销售服务费 --
分配原则 1、由于本基金A类基金份额不收取销售服务费,C类基金份额收取销售服务费,各基金份额类别对应的可供分配利润将有所不同; 2、在符合有关基金分红条件的前提下,本基金管理人可以根据实际情况进行收益分配,具体分配方案以公告为准,若《基金合同》生效不满3个月可不进行收益分配; 3、本基金收益分配方式分两种:现金分红与红利再投资,投资者可选择现金红利或将现金红利自动转为相应类别的基金份额进行再投资;若投资者不选择,本基金默认的收益分配方式是现金分红;基金份额持有人可对其持有的A类基金份额和C类基金份额分别选择不同的收益分配方式; 4、本基金同一基金份额类别的每一基金份额享有同等分配权; 5、法律法规或监管机关另有规定的,从其规定。
投资策略 本基金主要采用组合复制策略及适当的替代性策略以更好的跟踪标的指数,实现基金投资目标。当指数编制方法变更、成份股发生变更、成份股权重由于自由流通量调整而发生变化、成份股派发现金股息、配股及增发、股票长期停牌、市场流动性不足等情况发生时,基金管理人将对投资组合进行优化,尽量降低跟踪误差。 1、组合复制策略 本基金主要采取复制法,即按照标的指数成份股及其权重构建基金的股票投资组合,并根据标的指数成份股及其权重的变动对股票投资组合进行相应地调整。 2、替代性策略 对于出现市场流动性不足、因法律法规原因个别成份股被限制投资等情况,导致本基金无法获得足够数量的股票时,基金管理人将通过投资成份股、非成份股、成份股个股衍生品等进行替代。 3、股指期货投资策略 本基金投资股指期货将根据风险管理的原则,以套期保值为目的,主要选择流动性好、交易活跃的股指期货合约,以降低股票仓位调整的交易成本,提高投资效率,从而更好地跟踪标的指数,实现投资目标。 在正常市场情况下,力争控制本基金日均跟踪偏离度的绝对值不超过0.35%,年跟踪误差不超过4%。在条件允许的情况下,本基金也可以适当参与创业板50指数所包含指数成份股以外的其他个股(非标的指数成份股及其备选成份股),以更好地跟踪指数。如因指数编制规则调整或其他因素导致跟踪偏离度和跟踪误差超过上述范围,基金管理人应采取合理措施避免跟踪偏离度、跟踪误差进一步扩大。 4、资产支持证券投资策略 基金将通过宏观经济、提前偿还率、资产池结构及资产池资产所在行业景气变化等因素的研究,预测资产池未来现金流变化;研究标的证券发行条款,预测提前偿还率变化对标的证券的久期与收益率的影响,同时密切关注流动性对标的证券收益率的影响。综合运用久期管理、收益率曲线、个券选择和把握市场交易机会等积极策略,在严格控制风险的情况下,通过信用研究和流动性管理,选择风险调整后的收益高的品种进行投资,以期获得长期稳定收益。 未来,随着投资工具的发展和丰富,基金管理人可以在不改变投资目标的前提下,相应调整和更新相关投资策略,并在招募说明书中更新,而无需召开基金份额持有人大会。
决策依据 (1)国家有关法律法规和基金合同的有关规定; (2)公司投资及风险控制政策; (3)宏观经济发展态势、证券市场运行环境和走势,以及上市公司的基本面; (4)投资对象的预期收益和预期风险的匹配关系,本基金将在承担适度风险的范围内,选择收益风险配比最佳的品种进行投资。
决策程序 投资决策委员会是本基金的最高决策机构,投资决策委员会定期就投资管理业务的重大问题进行讨论。基金经理、分析师、交易员在投资管理过程中既密切合作,又责任明确,在各自职责内按照业务程序独立工作并合理地相互制衡。具体的投资管理程序如下: (1)研究部宏观分析师、策略分析师、行业分析师、信用分析师、数量分析师各自独立完成相应的研究报告,为投资决策提供依据; (2)投资决策委员会每月召开投资决策会议,对资产配置比例提出指导性意见,并讨论股票、债券的投资重点等; (3)基金经理根据投资决策委员会决议,依据宏观分析师、策略分析师的宏观经济分析和策略建议、行业分析师的行业分析和个股研究、信用分析师的债券市场研究和券种选择、数量分析师的定量投资策略研究,结合本基金产品定位及风险控制的要求,在权限范围内制定具体的投资组合方案; (4)基金经理根据基金投资组合方案,向中央交易室下达交易指令; (5)交易指令通过风控系统的自动合规核查后,由中央交易室执行,中央交易室对交易情况及时反馈; (6)基金经理对每日交易执行情况进行回顾,并审视基金投资组合的变动情况; (7)风险管理部定期完成有关投资风险监控报告,量化投资部定期完成基金业绩评估报告。 投资决策委员会有权根据市场变化和实际情况的需要,对上述投资管理程序作出调整。
投资标准 基金的投资组合比例为:本基金投资于创业板50指数成份股及其备选成份股的比例不低于基金资产净值的90%;每个交易日日终在扣除股指期货合约需缴纳的交易保证金后,本基金保留的现金或者投资于到期日在一年以内的政府债券的比例合计不低于基金资产净值的5%,其中现金不包括结算备付金、存出保证金、应收申购款等。 如果法律法规或中国证监会变更投资品种的投资比例限制,基金管理人在履行适当程序后,可以调整上述投资品种的投资比例。
风险收益特征 本基金是一只股票型基金,其预期风险和预期收益高于混合型基金、债券型基金和货币市场基金。 本基金为指数型基金,主要采用组合复制策略及适当的替代性策略跟踪创业板50指数,具有与标的指数以及标的指数所代表的股票市场相似的风险收益特征。
风险管理工具
按月检索:
日期 单位净值 累计净值 复权净值 万份收益 7日年化% 日涨跌
{{$val.JsonDate({ForDate})}} {{Unit}} {{Accumulated}} {{Adjusted}} {{Unityield}} {{Annualizedyield}}
基金分红
公告日期 单位份额分红 权证登记日 场外除息日 红利发放日 默认分红方式
{{$val.JsonDate({ForDate})}} {{UnitBonus}} {{$val.JsonDate({RegDate})}} {{$val.JsonDate({XDDate})}} {{$val.JsonDate({PayDate})}} {{Mode}}
拆分折算
年份 拆分折算比例(10:x) 拆分折算日 类型
{{Year}} {{Proportion}} {{$val.JsonDate({ConverDate})}} {{Mode}}
份额变动
报告期 期末份额 季度申购量 季度赎回量 季度净申购额 份额变化率
{{$val.JsonDate({ForDate})}} {{FinalScale}} {{QtrPurchase}} {{QtrRedemp}} {{QtrNetPurchase}} {{ChangedRate}}
资产配置
  • 报告期:
报告期 基金代码 资产 占总资产比例%
{{$val.JsonDate({ForDate})}} {{Code}} {{Asset}} {{Proportion}}
行业配置
  • 报告期:
报告期 基金代码 行业 占基金资产净值比例%
{{$val.JsonDate({ForDate})}} {{Code}} {{Industry}} {{Proportion}}
持股明细
  • 报告期:
报告期 股票名称 股票代码 股票数量(万股) 股票市值 占净值比例% 占流通市值比例%
{{$val.JsonDate({ForDate})}} {{StockName}} {{StockCode}} {{Amount}} {{Value}} {{PctValue}} {{PctCirculation}}
持债明细
  • 报告期:
报告期 债券品种 债券代码 债券市值 占净值比例%
{{$val.JsonDate({ForDate})}} {{BondName}} {{BondCode}} {{Value}} {{PctValue}}
基金明细
  • 报告期:
报告期 基金代码 基金名称 基金数量(万股) 基金市值 占净值比例%
{{$val.JsonDate({ForDate})}} {{Code}} {{FundName}} {{FundAmount}} {{FundValue}} {{Proportion}}
持有结构
  • 报告期:
报告期 机构持有份额 机构持有比例 个人持有份额 个人持有比例 总份额
{{$val.JsonDate({ForDate})}} {{InstShare}} {{InstProp}} {{IndShare}} {{IndProp}} {{TotalShare}}
份额规模
  • 报告期:
报告期 期间申购量 期间赎回量 期末份额 份额变化率
{{ForDate}} {{PurShare}} {{RedeemShare}} {{FinalShare}} {{ChangeRate}}
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巴黎银行:疫情改变欧元区经济走向

05/19
2020
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巴黎银行:疫情改变欧元区经济走向(2020.05.19) .zhubiaoti {font-family: 黑体;font-size:18pt;line-height:23pt; text-align:center;FONT-weight:800;color:black} .fubiaoti {font-family: 黑体;font-size:14pt;line-height:20pt; text-align:center;FONT-weight:700;color:black} .zhongwen{font-size:12pt;line-height:180%} .yingwen{font-size:13pt;line-height:150%} .tiyao{font-family: 楷体_GB2312;font-size:14pt;line-height:150%}   提要:欧元区经济在经历了一年半的困难期之后,原本已显示出一定韧性,甚至是企稳迹象。然而,疫情引发了需求、供给和不确定性三重冲击,从而完全改变了欧元区经济前景。疫情防控措施是保护民众的必要之举,却引发了经济衰退。欧元区货币和财政政策当局应对迅速。然而,经济复苏前景仍不明朗。这次疫情危机对欧元区经济提出了很多问题。   (外脑精华·北京)新冠疫情所引发的欧元区经济衰退看起来将是严重但却短暂的。欧元区经济在经历了一年半的困难期之后,原本已显示出一定韧性,甚至是企稳迹象。然而,疫情引发了需求、供给和不确定性三重冲击,从而完全改变了欧元区经济前景。疫情防控措施是保护民众的必要之举,却引发了经济衰退。欧元区货币和财政政策当局应对迅速。然而,经济复苏前景仍不明朗。   就在3个月前,我们和许多其他观察家一起期待着经济稳定的开始。全球和欧元区经济体都设法克服了许多挑战和不平衡,例如国际贸易紧张局势显著加剧、中国经济明显放缓、制造业困难以及某些市场估值捉襟见肘。然而,事实证明,这些因素都不足以使全球经济陷入衰退。显然,今天的情况有所不同。新冠疫情造成了巨大的冲击,这将使今年欧元区经济陷入衰退。   三重冲击   直到近期,我们通常监测的经济指标只反映了部分冲击情况。在那个阶段,新冠疫情被视为是中国独有的,并且相当遥远的现象。欧元区经济主体的预期并未立即恶化,美国经济也是如此,预测的标准差仍然很高,反映出围绕可能出现的经济情景存在相当大的不确定性。3月份采购经理人指数(PMI)的公布改变了这一局面。综合PMI从2月份的51.6降至3月份的31.4。此次暴跌的主要原因是服务业PMI突然回落,PMI创下28.4的历史新低。此前的低点可追溯到2009年2月,服务业PMI降至39.2,凸显了当前冲击的规模。这些数字证实了实时数据。   新冠疫情对经济来说是三重打击。首先是供应冲击,表现为工厂被迫关闭和工人短缺,他们不再前往工作场所。其他生产设施受到上游中间产品短缺的冲击,相应缩减业务量。然后是来自消费者的需求冲击。欧洲各国采取的限制措施和许多商店的关闭,打击了消费者支出。最后,仍有许多不确定因素,特别是限制措施的期限、被压抑的需求的强度和经济刺激政策的有效性。这些不确定性将阻碍公司投资,并导致预防性储蓄的增加。   根据经合组织的初步评估,疫情对欧元区国家的影响可能是暂时的,但影响很强烈。最初对卫生措施的冲击将导致欧洲最大经济体经济活动的实际损失在25%到30%之间。鉴于不同经济体构成的性质,对德国运输部门的影响将大于法国。   欧元区经济仍有相当大的不确定性,一些因素可能会加重或减弱最初的影响。这将取决于封闭措施的持续时间和短期内可能收紧的封闭措施,以及中期内收复失地的程度。例如,在“餐厅和酒店”和“休闲服务”方面的支出损失,加起来占欧元区总消费支出的12%,无法收回。因此,这将是一个巨大的损失。相反,在“衣服和鞋子”上的消费至少可以部分兑现,要么通过网络购物的替代,要么在商店重新开张后增加消费。这一部门占总消费支出的近5%。此外,消费者在封闭期间积累的“被迫”储蓄可能为强劲复苏提供了坚实的基础。然而,恢复正常的消费模式将取决于欧元区的消费者信心。然而3月份出现的信心恶化,消费者信心指数降至-11.6,那么预防性行为可能会限制复苏。   公共政策挑战   欧元区采取的公共卫生措施对经济增长有着不可避免的直接影响。届时,经济政策将发挥作用,确保强劲复苏的条件。为避免流动性短缺而采取的短期措施,需要辅之以对许多公司偿付能力的威胁的限制措施。鉴于以往危机的经验,迄今为止采取的措施看来是合乎逻辑的。因此,向公司提供短期工作设施和现金流支持看起来是明智的做法,实际上在一些国家已经采用。这些行动应减轻危机对就业和生产能力的影响。也就是说,新冠疫情冲击的规模和采取的健康措施的程度因国而异,财政对策也是如此。因此,与法国、意大利或西班牙相比,德国目前可自由支配的财政刺激要大得多。在欧洲一级,已经做出了一些决定,尽管这仍然相对有限,而且在共同的财政工具方面还没有达成共识。最值得注意的是,欧盟委员会已经启动了“一般免责条款”,因为这一冲击既具有特殊性,又不受政府控制。这一条款允许成员国通过中止规则来减损公共财政目标。换言之,现在允许各国偏离3%的名义赤字目标,或实施结构性调整。   欧洲央行(ECB)采取的货币政策再次促进了财政支持。欧洲央行已经宣布了大规模和灵活的措施,以应对新冠疫情的经济影响。在3月12日的货币政策会议上,拉加德已经推出了几项支持措施,特别是从现在到2020年底再增加1200亿欧元的预算。3月18日又宣布了一项紧急方案。临时大流行病紧急采购计划(PEPP),总价值7500亿欧元,可能会持续到2020年底,将限制欧元区金融环境收紧和分裂的风险。在新的发展中,最初的资产购买方案中,现有的资产购买限额将不适用于紧急方案,使其具有更大的灵活性。此外,PEPP计划将针对短期资产,从而增加对流动性问题的反应。假设每月净购买200亿欧元,欧洲央行将在2020年购买总计1000亿欧元的资产,占欧元区GDP的近10%。   从中期来看,新冠疫情的影响将对欧元区的实际自然利率产生持久的下行影响,如果不是负利率的话,实际自然利率已经接近于零。投资将会减少。相反,可自由支配的储蓄将增加,要么由于采取更谨慎的做法,要么因为人们将寻求重建在疫情阶段损失的资本。   总之,这场危机提出了许多问题。它迫使货币政策在使用非常规工具方面走得更远。下一步可能是什么?已经在讨论向经济代理人直接分配现金的可能性,但提出了重大问题,特别是从民主的角度。对各国政府来说,危机带来的必要支持,以及预期的经济活动崩溃,将增加政府赤字和债务。接下来是财政整顿吗?危机会加速欧元区的日本化吗?一旦卫生和经济紧急情况得到处理,我们将回到所有这些问题上来。   英文原文: 英文原文:A new, massive shock   The Covid-19 pandemic has triggered a recession in the Eurozone that looks likely to be deep but short-lived. After a difficult year and a half on the economic front, the Eurozone was showing some resilience and was even beginning to show signs of stabilisation. The current shock – in demand, supply and uncertainty simultaneously – has completely changed the outlook. The health measures taken- which have been necessary to protect the population from the virus- have created the conditions for a recession. Monetary and fiscal policymakers have reacted swiftly and, so far, proportionately. However, the profile of the economic recovery remains unclear and will be crucial in assessing the damage ultimately caused by the pandemic.   Just three months ago we, along with many other observers, were expecting the beginning of an economic stabilisation. Both the global and Eurozone economies had managed to come through many challenges and imbalances, such as the significant rise in tensions in international trade, the marked slowdown in China and the difficulties of the manufacturing sector and stretched valuations in certain markets. However none of these factors had proved sufficient to send the global economy into recession. Clearly, the picture today is different. The Covid-19 pandemic has created a massive shock, which will push the Eurozone economy into recession this year.   A three-pronged shock: supply, demand, uncertainty   Until recently, the available economic indicators that we usually monitor only partially reflected the shock. At that stage, the Covid-19 was seen as a uniquely Chinese - and thus fairly distant-phenomenon. The expectations of economic agents in the Eurozone did not deteriorate immediately, and the same was true in the US economy, where the standard deviations of forecasts is still high, reflecting the considerable uncertainty surrounding possible economic scenarios. The publication of the Purchasing Managers Index (PMI) figures for March has changed the picture. The composite PMI fell from 51.6 in February to 31.4 in March. This collapse was largely due to the abrupt fall in the service sector PMI, which hit a record low of 28.4. The previous low point, dating back to February 2009, saw the service sector PMI drop to 39.2, highlighting the scale of the current shock. These figures confirm the real-time data.   The Covid-19 is a triple shock for the economy. First there is a supply shock, seen in the forced closure of factories and a shortage of workers, who no longer go to their workplaces. Other production facilities are hit by the shortage of intermediate goods flowing from upstream, and scale back business volumes in response. Then there is a demand shock, coming from consumers. The confinement measures taken in various European countries and the closure of many shops automatically hit consumer spending. Finally, there are still many uncertainties, notably regarding the duration of confinement measures, the strength of pent-up demand and the effectiveness of economic stimulus policies (see below). These uncertainties will hold back company investment and lead to a build-up in precautionary savings.   According to the OECD’s initial evaluation3, the impact on Eurozone countries is likely to be temporary but strong. The initial shock of the health measures will lead to an overall loss of economic activity, in real terms, of between 25% and 30% in the largest European economies (relative to a normal situation). Given the nature of the composition of the different economies the impact will be greater in the transport sector in Germany than in France for example.   Considerable uncertainty remains, however, and several factors could accentuate or attenuate the initial effect. This will depend on the duration of confinement measures and the possible tightening of the lockdown in the short term, and the extent to which the lost ground can be regained in the medium term. For example, lost spending in “restaurants and hotels” and “leisure services”, which together account for 12% of total consumer spending in the Eurozone, cannot be regained. It would therefore be a dead loss. Conversely, spending on “clothes and shoes” is at least partially redeemable, either through the substitution of online purchases or increased spending once shops re-open. This sector accounts for nearly 5% of total consumer spending. In addition, the ‘forced’ savings built up by consumers during confinement could provide a strong base for a vigorous recovery (particularly as oil prices have fallen significantly, thus helping boost purchasing power). However, the return to normal patterns of consumer spending will depend on consumer confidence in the Eurozone. If the deterioration in confidence seen in March (The European Commission consumer confidence index fell to -11.6, the lowest figure since the end of 2014) continues, then precautionary behaviours could limit the recovery.   The key challenge for public policy: ensuring the best conditions for a robust recovery   The health measures taken in the Eurozone have an inevitable and immediate effect on growth. Economic policy will then have a role to play to ensure the conditions for a vigorous recovery. Short-term measures to avoid a shortage of liquidity will need to be backed up with measures to limit the threat to the solvency of many companies. The measures taken so far look logical given the experience of previous crises. The introduction of short-time working facilities and cash flow support for companies (through government guarantees on loans or deferred-payment deadlines for tax and social security costs) would therefore look like sensible moves, and indeed have been adopted in several countries. These actions should mitigate the impact of the crisis on employment and productive capacities. That said, the scale of the Covid-19 shock and the extent of health measures taken vary from one country to another, as do the fiscal responses. Thus the discretionary fiscal stimulus (excluding loan guarantees and payment deferrals) is currently much greater in Germany than in France, Italy or Spain. At the European level, some decisions have been taken, although this remains relatively limited and no consensus has emerged on a common fiscal tool (such as Coronabonds). Most notably, the Commission has triggered the “general escape clause” due to the shock being both exceptional in nature and out of the control of governments. This clause allows member states derogation from public finance targets, through a suspension of the rules. In other terms, countries are now allowed to deviate from the nominal deficit target of 3% or from imposed structural adjustments.   Fiscal support has once again been facilitated by the monetary policy adopted by the European Central Bank (ECB). The ECB has announced massive and flexible measures to respond to the economic effects of the Covid-19 pandemic. At the monetary policy meeting on 12 March, Christine Lagarde had already introduced several support measures, and in particular the creation of an additional budget of EUR 120 bn between now and the end of 2020 (in addition to the existing asset purchase programme). A further emergency programme was announced on 18 March. Worth a total of EUR 750 bn, the temporary Pandemic Emergency Purchases Programme (PEPP) is likely to last until the end of 2020 and will limit the risk of a tightening of financial conditions and of fragmentation within the Eurozone. In a new development, the existing asset purchase limits in the initial asset purchase programme will not apply to the emergency programme, giving it much greater flexibility. In addition, the PEPP will target short-dated assets, thus increasing the response to liquidity issues. Assuming net monthly purchases of EUR20 billion, a total of EUR 1000 bn in assets will be purchased by the ECB in 2020, or nearly 10% of Eurozone GDP.   In the medium term, the effects of the Covid-19 pandemic will have a lasting downward effect on the real natural interest rate in the Eurozone, which is already close to zero, if not negative. Investment will be reduced. Conversely, discretionary savings will be increased, either due to a more cautious approach or simply because people will seek to rebuild the capital lost during the epidemic phase.   In summary, this crisis poses many questions. It has forced monetary policy to go further in the use of non-conventional tools. What might the next step be? The possibility of a direct distribution of cash to economic agents is already being discussed, but raises significant questions, particularly from a democratic point of view. For governments, the support made necessary by the crisis, and the expected collapse in economic activity, will increase government deficits and debt. Will this be followed by fiscal consolidation? Will the crisis accelerate the Japanisation of the Eurozone? We will return to all these questions once the health and the economic emergencies have been dealt with. 来源:巴黎银行,作者:Louis Boisset \t
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