上(shang)(shang)(shang)周A股震蕩上(shang)(shang)(shang)行(xing),滬指(zhi)再次站上(shang)(shang)(shang)3000點。滬深(shen)300上(shang)(shang)(shang)漲(zhang)(zhang)5.04%,上(shang)(shang)(shang)證指(zhi)數上(shang)(shang)(shang)漲(zhang)(zhang)5.35%,深(shen)證成指(zhi)上(shang)(shang)(shang)漲(zhang)(zhang)5.48%,中(zhong)小板指(zhi)上(shang)(shang)(shang)漲(zhang)(zhang)4.27%,創業(ye)板指(zhi)上(shang)(shang)(shang)漲(zhang)(zhang)5.86%。截至上(shang)(shang)(shang)周五,上(shang)(shang)(shang)證A股動(dong)態市(shi)盈率、市(shi)凈率分別(bie)為13.64倍、1.47倍,市(shi)盈率、市(shi)凈率有所上(shang)(shang)(shang)升。
以簡單平(ping)(ping)均(jun)(jun)方法(fa)計算,上(shang)周全部(bu)參與監(jian)測的股票型(xing)(xing)(xing)(xing)基(ji)(ji)金(jin)(不含指數基(ji)(ji)金(jin),下(xia)同)和混合(he)(he)型(xing)(xing)(xing)(xing)基(ji)(ji)金(jin)平(ping)(ping)均(jun)(jun)倉(cang)(cang)位(wei)為(wei)66.69%,相比(bi)上(shang)期下(xia)降0.14個百(bai)分(fen)(fen)(fen)點(dian)(dian)。其中,股票型(xing)(xing)(xing)(xing)基(ji)(ji)金(jin)倉(cang)(cang)位(wei)為(wei)88.99%,下(xia)降0.17個百(bai)分(fen)(fen)(fen)點(dian)(dian),混合(he)(he)型(xing)(xing)(xing)(xing)基(ji)(ji)金(jin)倉(cang)(cang)位(wei)為(wei)63.96%,下(xia)降0.14個百(bai)分(fen)(fen)(fen)點(dian)(dian)。從細(xi)分(fen)(fen)(fen)類型(xing)(xing)(xing)(xing)看,混合(he)(he)型(xing)(xing)(xing)(xing)基(ji)(ji)金(jin)中,靈活配置型(xing)(xing)(xing)(xing)基(ji)(ji)金(jin)倉(cang)(cang)位(wei)上(shang)升(sheng)0.05個百(bai)分(fen)(fen)(fen)點(dian)(dian),至62.25%;平(ping)(ping)衡混合(he)(he)型(xing)(xing)(xing)(xing)基(ji)(ji)金(jin)倉(cang)(cang)位(wei)下(xia)降0.15個百(bai)分(fen)(fen)(fen)點(dian)(dian),至53.99%;偏(pian)股混合(he)(he)型(xing)(xing)(xing)(xing)基(ji)(ji)金(jin)倉(cang)(cang)位(wei)下(xia)降0.67個百(bai)分(fen)(fen)(fen)點(dian)(dian),至85.1%,偏(pian)債(zhai)混合(he)(he)型(xing)(xing)(xing)(xing)基(ji)(ji)金(jin)倉(cang)(cang)位(wei)上(shang)升(sheng)0.32個百(bai)分(fen)(fen)(fen)點(dian)(dian),至23.5%。
以凈值規(gui)模(mo)加權平(ping)均的方法計算,上(shang)周股票型(xing)(xing)基(ji)(ji)(ji)金(jin)(jin)(jin)和(he)混(hun)合(he)型(xing)(xing)基(ji)(ji)(ji)金(jin)(jin)(jin)平(ping)均估算倉位(wei)(wei)(wei)為73.56%,相比上(shang)期下(xia)(xia)降(jiang)0.03個(ge)百(bai)分(fen)(fen)點(dian)。其中,股票型(xing)(xing)基(ji)(ji)(ji)金(jin)(jin)(jin)倉位(wei)(wei)(wei)為89.75%,下(xia)(xia)降(jiang)0.2個(ge)百(bai)分(fen)(fen)點(dian),混(hun)合(he)型(xing)(xing)基(ji)(ji)(ji)金(jin)(jin)(jin)倉位(wei)(wei)(wei)為71.61%,上(shang)升0.21個(ge)百(bai)分(fen)(fen)點(dian)。從細分(fen)(fen)類型(xing)(xing)看,混(hun)合(he)型(xing)(xing)基(ji)(ji)(ji)金(jin)(jin)(jin)中,靈活配置型(xing)(xing)基(ji)(ji)(ji)金(jin)(jin)(jin)倉位(wei)(wei)(wei)上(shang)升0.63個(ge)百(bai)分(fen)(fen)點(dian),至62.72%;平(ping)衡混(hun)合(he)型(xing)(xing)基(ji)(ji)(ji)金(jin)(jin)(jin)倉位(wei)(wei)(wei)上(shang)升1.03個(ge)百(bai)分(fen)(fen)點(dian),至63.92%;偏股混(hun)合(he)型(xing)(xing)基(ji)(ji)(ji)金(jin)(jin)(jin)倉位(wei)(wei)(wei)下(xia)(xia)降(jiang)0.2個(ge)百(bai)分(fen)(fen)點(dian),至86.21%,偏債混(hun)合(he)型(xing)(xing)基(ji)(ji)(ji)金(jin)(jin)(jin)倉位(wei)(wei)(wei)上(shang)升0.14個(ge)百(bai)分(fen)(fen)點(dian),至21.29%。
從監測的(de)所(suo)有股票(piao)型(xing)(xing)和混合(he)型(xing)(xing)基金(jin)的(de)倉位(wei)分(fen)(fen)布來(lai)看,上(shang)(shang)(shang)周(zhou)基金(jin)倉位(wei)在(zai)(zai)(zai)九成以(yi)上(shang)(shang)(shang)的(de)占比(bi)26%,倉位(wei)在(zai)(zai)(zai)七成到(dao)九成的(de)占比(bi)37.4%,倉位(wei)在(zai)(zai)(zai)五(wu)成到(dao)七成的(de)占比(bi)7.7%,倉位(wei)在(zai)(zai)(zai)五(wu)成以(yi)下的(de)占比(bi)28.9%。上(shang)(shang)(shang)周(zhou)加(jia)(jia)倉超(chao)過(guo)2個(ge)百(bai)分(fen)(fen)點(dian)(dian)的(de)基金(jin)占比(bi)20.5%,24.8%的(de)基金(jin)加(jia)(jia)倉幅(fu)度(du)在(zai)(zai)(zai)2個(ge)百(bai)分(fen)(fen)點(dian)(dian)以(yi)內,34.4%的(de)基金(jin)倉位(wei)減(jian)倉幅(fu)度(du)在(zai)(zai)(zai)2個(ge)百(bai)分(fen)(fen)點(dian)(dian)以(yi)內,減(jian)倉超(chao)過(guo)2個(ge)百(bai)分(fen)(fen)點(dian)(dian)的(de)基金(jin)占比(bi)20.3%。短期來(lai)看,股票(piao)型(xing)(xing)基金(jin)、混合(he)型(xing)(xing)基金(jin)倉位(wei)均有所(suo)下降。
上(shang)周(zhou)央行(xing)無公開市(shi)場(chang)操作。上(shang)周(zhou)月末財(cai)政投放加(jia)大(da),場(chang)內流動性(xing)持(chi)(chi)續(xu)(xu)充足,銀行(xing)間資金(jin)面(mian)(mian)整體寬松均衡,預(yu)計(ji)資金(jin)面(mian)(mian)繼續(xu)(xu)維(wei)持(chi)(chi)平衡。上(shang)周(zhou)海外(wai)疫情持(chi)(chi)續(xu)(xu)蔓(man)延(yan),短(duan)期避(bi)險(xian)(xian)情緒(xu)再升溫,美債(zhai)收益率連續(xu)(xu)創歷史新低,疊加(jia)A股(gu)走強(qiang),在股(gu)債(zhai)“蹺(qiao)(qiao)蹺(qiao)(qiao)板”效應下,債(zhai)市(shi)走強(qiang)。短(duan)期海外(wai)疫情難以控(kong)制,市(shi)場(chang)避(bi)險(xian)(xian)情緒(xu)持(chi)(chi)續(xu)(xu),債(zhai)市(shi)有望維(wei)持(chi)(chi)強(qiang)勢。
上周A股(gu)震蕩上漲(zhang),滬指重新(xin)收復3000點,申萬一級行(xing)業(ye)中農林牧(mu)漁、紡織服(fu)裝(zhuang)和(he)商業(ye)貿易漲(zhang)幅(fu)較(jiao)大。海外疫情蔓延造(zao)成(cheng)全(quan)球權益市(shi)(shi)(shi)場集體(ti)(ti)回(hui)調,避險情緒同樣給A股(gu)帶(dai)來(lai)(lai)(lai)壓力,市(shi)(shi)(shi)場存(cun)在分(fen)歧;上周兩市(shi)(shi)(shi)成(cheng)交量持續(xu)走高(gao),權重、題材股(gu)走勢分(fen)化,科技(ji)股(gu)回(hui)調幅(fu)度較(jiao)大。當(dang)前(qian)市(shi)(shi)(shi)場面臨的主要風險仍(reng)然(ran)是外盤下跌(die)(die)帶(dai)來(lai)(lai)(lai)的避險情緒,上周美聯儲及多國(guo)央(yang)行(xing)降息無(wu)法緩解(jie)市(shi)(shi)(shi)場跌(die)(die)勢,相(xiang)較(jiao)而言,A股(gu)整(zheng)體(ti)(ti)表現突出,配(pei)置(zhi)價值突出,A股(gu)仍(reng)有上行(xing)空間。長(chang)期來(lai)(lai)(lai)看,市(shi)(shi)(shi)場仍(reng)大概率(lv)修復上行(xing)。具體(ti)(ti)到偏(pian)股(gu)型基金配(pei)置(zhi)上,建(jian)議投(tou)資(zi)(zi)(zi)者堅持長(chang)期投(tou)資(zi)(zi)(zi)與價值投(tou)資(zi)(zi)(zi)的理念,把握A股(gu)長(chang)期修復向上的投(tou)資(zi)(zi)(zi)機會,運用均衡(heng)風格配(pei)置(zhi)來(lai)(lai)(lai)獲(huo)取市(shi)(shi)(shi)場的修復收益,擇取配(pei)置(zhi)低估值績優股(gu)的基金并長(chang)期持有;具體(ti)(ti)到債(zhai)券(quan)(quan)型基金配(pei)置(zhi)上,債(zhai)券(quan)(quan)市(shi)(shi)(shi)場近期或繼續(xu)震蕩,建(jian)議投(tou)資(zi)(zi)(zi)者選取優質債(zhai)券(quan)(quan)產品(pin),首選配(pei)置(zhi)高(gao)等級信(xin)用債(zhai)產品(pin)。
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