体育彩票七星彩

分享到微信

打开微信,点击底部的“发现”,
使用“扫一扫”即可将网页分享至朋友圈。

流动性危机中的ETF:“帮凶”还是“救火队员”?

第一财经 2020-03-18 21:12:05

ETF被妖魔化了

体育彩票七星彩“ETFBEIYAOMOHUADEYOUDIANYUAN。”3YUE18RIXIAWU,ZAITANDAOETFJINLAIYINFADEZHENGYISHI,YIWEILIANGHUATOUZIBURENSHIGANKAI。

ZUIJIN,YIQINGYINGXIANGHEYUANYOUDADIE,HAIWAISHICHANGYOUQISHIMEIGUCHUXIANLISHIXINGDEDADIE,BUDUANCHUFARONGDUAN“JIANZHENGLISHI”。ZAIMEIGUZHEIYILUNZHANGDASHIYUNIANNIUSHI,DALIANGDEZIJINTONGGUOETF、ZHISHUJIJINHEBEIDONGXINGTOUZICANYUDAOSHICHANGZHONG。SUIZHEMEIGUBAODIE,ETFFENEZENGZHANGDEFANSHENXINGCHENGWEISHICHANGDEJIAODIAN。

BUGUO,DUOWEISHOUFANGRENSHIRENWEI,ZAIAGUSHANGBUBIYOUZHEIYANGDEDANXIN。

FANGZHENGFUBANGJIJINZHISHUTOUZIBUZONGJINGLIWUHAORENWEI,LEIBIYUYIQINGQIJIANSUOTIXIANCHUDEZHIDUYOUYUEXING,AGUSHICHANGDEETFSUIRANMEIYOUJINGWAISHICHANGGANGGANETF、FANXIANGETFDENGYANSHENGPINLEIDUOYANGHUA,CHUANGXINCHENGDUHESUDUJIAOWEISHENSHEN,DANZHEIYANGQUEJIANGDILEZAISHICHANGWEIWANQUANCHENGSHUDEQINGKUANGXIAKENENGZAOCHENGDECHONGJIHEYINGXIANG。

体育彩票七星彩YUCITONGSHI,SHUJUYEXIANSHI。JINLAIAGULIANXUDIAOZHENGZHONG,ETFGUIMOQUESHIZHONGCHUYUJINGSHENGOUZHUANGTAI。DANDAN3YUE17RI,BIANYOUCHAOGUOBAIYIZIJINLIURUETF“CHAODI”。

流动性危机矛头指向ETF

3YUE18RIXIAWU,YITIAOGUANYUQIAOSHUIJIJINDECHUANYANZAIZIBENSHICHANGBUJINGERZOU:ZHIMINGDEQUANQIUDIYIDUICHONGJIJINQIAOSHUICHUXIANLIUDONGXINGWEIJI,MIANLINBAOCANG。

ERMEIGUZUIJINJIRIDEBUDUAN“JIANZHENGLISHI”DEBAODIE、RONGDUAN,YIXIEDUICHONGJIJINJINGLIJIANGMAOTOUZHIXIANGLEETF。

YOUDUICHONGJIJINJINGLIBIANRENWEI,ZAIJIDUANQINGKUANGXIA,ZHANGDA10NIANDEJINGLIURUKENENGHUISHUNJIANBIANCHENG“BUFAYIZHI”DEMAICHU。

体育彩票七星彩“DANGZHEIYANGDEMAICHUFASHENGSHI,RUGUOZHISHUJIJINZHANBIZUGOUGAOERZHUDONGXINGTOUZIRENBUGOU,YINWEIMAIDERENYUANYUANCHAOGUOMAIDEREN,DABUFENLIUDONGXINGBUZUDEGUPIAODOUHUICHUXIANJIAGEBENGKUI。ZAIJIASHANGKENENGHUIYINFADELIANSUOFANYING,SHICHANGJIUHUIBENGPAN。”YOUYENEIRENSHIFENXI。

GONGKAIZILIAOXIANSHI,MEIGUOETFFAZHANCHENGSHUCHENGDUJIAOGAO,ETFDEGUIMOZHANZHENGGEGUPIAOSHICHANGDEBIZHONGYEBIJIAOGAO。TONGJIXIANSHI,JIEZHI2019NIANDI,MEIGUOGUPIAOETFZHANMEIGUSHICHANGDEBIZHONGYIJINGDADAO7%,ZHANZHENGGEGONGMUJIJINDEBIZHONGYUEWEI18%。CHENXINGTONGJI,JIEZHI2019NIANNIANDIMEIGUOGUPIAOXINGJIJINSHICHANGGUIMO51.2%YOUETFGONGXIAN,ZONGZICHANGUANLIGUIMOCHAOGUO4WANYIMEIYUAN,QIZHONGCHAOGUO1600YIMEIYUANWEIDANGNIANLIURU。

体育彩票七星彩ETFZAIGUIMOJIJUKUODADETONGSHI,YEJISHICHANGDAILAILEQIANZAIFENGXIAN:ZAISHICHANGSHANGSHENGQIJIANXIANGANWUSHI,DANSHISHICHANGXIADIEDESHIHOUZICHANDUOMENERTAO,LIUDONGXINGHUIJIJUXIAOSHI,JINERCHUXIANSHICHANGCAITA。

体育彩票七星彩“JIEGOUCHANPINDUICHENGYIGEDAOJINZITA,TAIDUODEETFDENGCHANPINJIANLIZAIJISHAOSHUGUPIAOZHISHANG,YIDANSHICHANGXIADIEZHISUNHUOZHESHUHUI,JIUFASHENGCAITASHIGU。”

“HEWOGUODEETFBUTONG,MEIGUOHENDUOETFDOUSHIZIDAIGANGGANDE,ZHEIYIDIANKEYICANKAOZIDAIGANGGANDEQIHUOSHICHANG,RUGUOBAGANGGANYENARUKAOLV,QIHUODEBODONGYAOYUANDAYUGUPIAO。ZHEIZHONGDAIGANGGANDEETF,ZAISHICHANGSHANGZHANGDESHIHOU,DANGRANGEFANGDOUHUIXIANGANWUSHI;DANSHI,YIDANSHICHANGCHUXIANBIJIAODAFUDEXIADIE,JIUXUYAODALIANGDIZHUIJIAOBAOZHENGJINHUOZHEBEIQIANGZHIPINGCANG。”XINGSHITOUZIXIANGGUANRENSHIFENXI,DALIANGZIDAIGANGGANDEETFDECUNZAI,YOUKENENGHUIJIAJUMEIGUSHICHANGDEBODONG。

BEIJINGDAXUEHUIFENGJINRONGYANJIUYUANZHIXINGYUANZHANG、ZHONGGUOYINXINGYEXIEHUISHOUXIJINGJIXUEJIABASHUSONGYEBIAOSHI,“XIAYIBURUGUOMEIGUETFCHUXIANLIUDONGXINGWENTI,ZEYIWEIZHEZICHANPAOSHOUDEYALICHUANDAOZHIZUOSHISHANG,HUIDUIJINRONGJIGOUGOUCHENGYIDINGCHONGJI。

ETF获百亿净申购,抄底资金吸筹

体育彩票七星彩“MEIGUDEETFHEGUONEIETFLINGYIGEZHONGYAODEQUBIE,JIUSHIMEIGUETFBUJINKEYIZUODUO,HAIKEYIZUOKONG。2018NIAN2YUE,WAIWEISHICHANGCHUXIANLEBIJIAOMINGXIANDEHUIDIAO,BIXIANQINGXUSHANGSHENG,CONGERDAIDONGVIXZHISHUBAOZHANG。GERENTOUZIZHEBAOCANG,JIGOUTOUZIZHEMEIYOUDUISHOUPANLAIDUICHONGFENGXIAN,JIUXUYAOJINYIBUMAICHUBIAOPUDEETF(ZHUYAOSHISPDR)LAIJIANGDIFENGXIANCHANGKOU,CONGERJIAJULEGUSHIDEXIADIE。”GAIXINGSHITOUZIXIANGGUANRENSHICHENG。

“SHICHANGETFJUYOUYIXIAJIGEZHONGYAOTEDIAN:YI、CHENGFENGUWANQUANTOUMING,BUTONGYULAJIZICHANBAOZHUANGZAIXIAOSHOUCHANPIN,AGUSHICHANGDEETFCHANPINCHICANGJIEGOUWANQUANTOUMING,BINGMEIYOUSUOWEIDETOUZIRENBEIYINXINGDE‘XINYONGXIACHEN’DEFENGXIAN。ER、GUIMOJIAODA、LIUDONGXINGJIAOHAODEETFCHANPINZAIZHISHUSHEJISHIJIUYIJINGKAOLVLESHIZHI、LIUDONGXINGDENGYINSU,ERGUIMOJIZHONGYEYIKUANJIZHISHUWEIDUO。ZHIYAOFEIJIDUANDEXITONGXINGLIUDONGXINGKUJIE,WOMENSHIWUSHENSHUDEETFSHIBUHUICUNZAILIUDONGXINGWENTIDE。”WUHAOBIAOSHI。

“SHENZHIYOUDESHIHOUSHICHANGDADIESHI,ETFHUICHENGWEIWENDINGSHICHANGDEYOULIGONGJU。BIJINGETFJIUSHIWEILEPINGYIGUSHIBODONGDANSHENGDE。”SHANGSHULIANGHUATOUZIRENSHICHENG。

DIYICAIJINGYEZHUYIDAO,ZAIAGULIANXUDIAOZHENGSHI,GUONEIETFZECHUXIANLEJINGSHENGOU。TEBIESHISUIZHESHICHANGJINYIBUTANDI,YIXIE“CHAODI”ZIJINKAISHITONGGUOETFRUSHIXICHOU。

TONGJIXIANSHI,3YUE13RIZHI3YUE17RIZHIJIANDE3GEJIAOYIRI,SHANGZHENGZONGZHIXIADIE4.92%,ZHEISANGEJIAOYIRIFENBIEXIADIE1.23%、3.4%HE0.34%;HUSHEN300FENBIEXIADIE1.41%、4.3%HE0.49%。

体育彩票七星彩BUGUO,ZHEIDUANSHIJIANNEI,ETFMEITIANDOUSHIJINGSHENGOU。TONGJIXIANSHI,HUSHENETFZAI3YUE13RI、16RIHE17RIFENBIEJINGSHENGOU41.96YIFEN、62.84YIFENHE53.73YIFEN;TONGYANG,SHANGZHENGETFFENBIEJINGSHENGOU36.23YIFEN、30.33YIFENHE36.48YIFEN。

体育彩票七星彩YINHEZHENGQUANJIJINYANJIUZHONGXINDESHUJUYEXIANSHI,AGUETFJIJINZAI3YUE17RIZHENGTIZIJINLIURUSHI100.73YIYUAN。QIZHONGHUATAIBORUIHUSHEN300ETFDE23.4YIYUANJUSHOU,HUAXIASHANGZHENG50ETF、NANFANGZHONGZHENG500ETF、YIFANGDACHUANGYEBANETFYIJIHUAXIAZHONGZHENGYANGQIJIEGOUDIAOZHENGETFFENLIE2~5WEI。

“ZAIXIANYOUDEETFCHANPINGUANLIMOSHIXIA,ETFSHIHEGUANGDATOUZIRENJIANDINGDIZHANZAITONGYIZHANHAOZHONGDEDUOTOUCHIYOUZHE。ETFJIAOYIGUOCHENGZHONGMEIYOUGANGGANYINSUDECUNZAI,SUOYIJIAGEHEIOPVFEICHANGTIEJIN,JIBIANSHIJIDUANXINGQINGXIAYEBUHUICUNZAITAIDADEZHEYIJIAKONGJIAN,ERGUANLIRENHUITONGGUOGEZHONGFANGSHIBAOZHANGETFCHANPINDELIUDONGXINGHEWENDINGXING。GUERETFBENSHENQIDAODESHIHUANCHONGCHISIDEWENDINGZUOYONG。”WUHAOCHENG。

ETF与股票价格关联性探讨

LINGYOUTOUZIZHERENWEI,BEIDONGTOUZIDEKUODAHUISHIDESHIZHIDADEGONGSISHOUDAOGENGDUOMAIRU,CONGERJINYIBUTIGAOQISHIZHI,ZAOCHENGYIGEZHENGFANKUIXUNHUAN,ZUIZHONGSHIDEDASHIZHIGUPIAOCHUXIANMINGXIANDEPAOMO。

BUGUO,BlackRock(BEILAIDE)DEYANJIUBIAOMING,2017NIANDISHICHANGSHANGETFCHANPINGUIMOJINZHANQUANQIUZIBENSHICHANG4.5%ZUOYOU,ERZHENZHENGDEJIAGESHIYOUMAIMAICAOZUODEZHULI——ZHUDONGTOUZIZHEJUEDINGDE,YEJIUSHISHUO,BEIDONGTOUZIZHESHISHICHANGDEJIAGEDEJIESHOUZHE,ERBUSHIJIAGEDEJUEDINGZHE。

“ZHIYOUDANGETFJIAOYIXINGWEIZHANJUEDUIZHUDAODIWEI,DAOZHIQIJIAOYIXINGWEICHAOGUOLEQIGONGXINGYINGZHANYOUDEDINGJIAHUAYUQUANSHI,DUIYUETFNIUQUSHICHANGDINGJIADEZHIYICAINENGBEIKENDING。ERCONGDANGQIANERYAN,HONGGUANJINGJIBUQUEDINGXINGDEDAILIBIANLIANGZUYIJIESHIXIANGGUANXINGSHUIPING,YINCI,ZHEIZHONGYOUYUETFDAILAIDEEWAIDEXIANGGUANXINGBINGBUMINGXIAN。”ZHAOSHANGZHENGQUANJINRONGGONGCHENGFENXISHIRENTONGYEBIAOSHI。

LINGYOUFENXIRENSHIBIAOSHI,ETFDEGUIMOYUSHICHANGDEXIANGGUANXINGCUNZAIZHENGXIANGGUANXING,DANSHIZHEIBEIHOUGENGDADEKENENGSHIYOUHONGGUANSHICHANGBIANDONGDAILAIDETONGXIANGBIANHUA,ERLIANGZHEZHIJIANBUYIDINGCUNZAIBIRANDEYINGUOGUANXI。

“MEIYOUSHIZHENGZHENGJUNENGGOUZHENGMINGETFZIJINDELIURUYINGXIANGLEZICHANSHOUYIXIANGGUANXING、JICHUZICHANDELIUDONGXINGHUOJIJINJINGLICHANSHENGCHAOESHOUYIDENENGLI。”RENTONGFENXI。

体育彩票七星彩“ZHIYUETFDUIXINGYEHEGEGUDEGUZHIYINGXIANGQINGKUANG,ETFBENSHENYESHISHICHANGDECANYUZHE,HEGUANGDATOUZIRENYIYANGDUISHANGSHIGONGSIJINXINGTOUZI。GONGSIDEJIBENMIANHEYUQICAISHIYINGXIANGGUJIADEHEXIN,SHICHANGCUNZAIZIJIDEJIAGEFAXIANHEPINGHENGJIZHI,JIBIANDUANQIDEYUQIBIANHUAYEHUIHENKUAIBEISHICHANGTAOLIJIHUIMOPING。QIEETFSUOGENZONGDEZHISHUYIBANDOUSHIFEICHANGFENSANDE,ZAIDANZHICHENGFENGUSHANGDEYINGXIANGHENXIAO,WUXUGUODUDANXIN。”WUHAOJINYIBUBIAOSHI。

TONGJIXIANSHI,DUIBUFENDANRIZHANBIJIAOGAODEGEGULAISHUO,ETF DESHENGOUZIJINKENENGSHIQIZHONGYAODEZIJINLAIYUANZHIYI,ERPINGJUNLAIKAN ETF SHENGOUZIJINZAIGEGUCHENGJIAOZHONGDEZHANBIBINGBUGAO。

“MEIGUODEBEIDONGCHANPINFAZHANYIZHIZOUZAISHIJIEDEQIANYAN,ERXIANGDUIERYAN,WOGUOETFYIJIBEIDONGTOUZIDEFAZHANSHANGCHUYUCHUBUJIEDUAN,BEIDONGTOUZIDEBILIYIRANJIAODI。”ZAIRENTONGKANLAI,MEIGUODEHUANJINGXIA,ETFDUISHICHANGDINGJIAYOUXIAOXINGCHANSHENGDEYINGXIANGSHANGQIEJIAOXIAO,ZAIWOGUOJIAODULAIKAN,BEIDONGCHANPINDUISHICHANGDINGJIADEYINGXIANGGENGSHIWEIHUQIWEI,GUXIANGGUANCHANPINYIRANYOUJIAODADEFAZHANKONGJIAN,WOMENBINGWUBIYAODUIQIDUISHICHANGDENIUQUCHANSHENGGUODUODEGULV。

责编:钟强

此内容为第一财经原创,著作权归第一财经所有。未经第一财经书面授权,不得以任何方式加以使用,包括转载、摘编、复制或建立镜像。第一财经保留追究侵权者法律责任的权利。 如需获得授权请联系第一财经版权部:021-22002972或021-22002335;banquan@hz1106.cn。
  • 第一财经
    APP

  • 第一财经
    日报微博

  • 第一财经
    微信服务号

  • 第一财经
    微信订阅号

点击关闭