交易所债券市场和分级基金产品介绍

交易所债券市场和分级基金产品介绍 一(理财小窍门 作为聪明的投资者理财需要许多小窍门，这里给大家介绍一个简单易懂的小窍门“80法则”。“80法则”就是投资者的股票投资占可投资总资产的比例等于80减去投资者的年龄再乘以100%，其他的资产主要以低风险的资产为主。我们以30岁的投资者为例:其股票的投资占比=(80-30)*100%=50%，其它50%的投资主要以低风险资产为主，并且随着年龄的增加，这类资产的比重也应该逐年上升。 低风险资产的投资标的主要是固定收益和类固定收益类产品，固定收益类产品主要指的是各种债券，而类固定收益类产品是指有债券基本性质的一些创新产品，比如信托和分级基金的A份额。接下来我们主要介绍一下普通投资者可以投资的债券市场和分级基金A份额。 二(债券市场介绍 1. 我国债券市场现状 我国债券市场相对于发达国家债券市场来说整体上还较为落后。从债券托管量来看，截止2011年年末银行间市场的托管量余额为21.4万亿元，与GDP的比值为45.38%，即使加上交易所市场的托管债券，这一比值也只在50%左右。而债券市场比较发达的美国市场2005年的这一比值已经超过了200%。从融资功能来看，我国债券的融资功能要远远弱于银行业，2011年我国整个信用类债券净发行量为1.5万亿，仅相当于工商银行和农业银行的新增贷款之和。从债券种类和结构来看，债券种类不够丰富，结构也不太合理。我国现阶段债券主要以国债、央行票据和政策类金融债为主，非政府信用债占比不超过20%，资产支持债券仅有15亿元，基本可以忽略不计，高收益债券还没出现，而美国的企业债和资产支持债券占比则已经超过了60%。因此证监会主席郭树清上台伊始就提出要大力发展债券市场，所以未来几年将是债券市场大发展的时期。 市场构架来看，我国债券市场主要分为银行间市场和交易所市场，具体构架见图1-1。从 其中银行间市场从债券托管量和交易量来说都占绝大部分，债券品种主要有国债、政策性金融债、央行票据、短期融资券和企业债，交易者主要以机构投资者为主，普通投资者无法参与。交易所债券市场虽然现在规模较小，但却是未来的主要发展方向，而且也是普通投资者当前唯一可以参与的债券市场。交易所市场的债券品种主要有国债、企业债和可转债。接下来我们主要介绍交易所市场。 图1-1: 2.交易所债券市场概况 交易所债券市场挂牌交易的债券品种主要有国债、企业债和可转债，可转债有股权特from young teachers access of website view, integrated class website of proportion highest, up 70.83%, a is integrated class website influence strong, social visibility high; II is integrated class website of various information resources rich, can meet everyone on various information resources of needs. Followed by education networks, educational networks and closely related to the work of young teachers, so the large amount of visitors, access. Third is the search engine, the Internet has been for us to expand our knowledge, sharing resources, and gain more knowledge, open a window, has become an important reason for our use of the Internet. But what is worth noting is the visitor turned out to be at least the school campus network, my school's website did not meet everyone's needs, mainly because of the small amount of resources, to meet everyone's needs, categories are not rich, and school Web site-building needs to up the horses, fast. (C) data analysis of teachers professional development 1.62nd questions what do you think of knowledge and ability of teachers ' professional development, your lack of student ... Excellent teachers of guide f. School of teachers team construction measures G. School of learning research atmosphere h. other six, and teacherson local evening, and daily of identity, and recognized; ranking third of is other, this reflect we of young teachers reading of publications also has many above by column, also description has they of reading interest widely, and dabbled in quite wide; other for not for analysis. We believe the China education daily, and as the authority of the education system of the people's education press, as too few readers of educators, not normal, it is not. 61st problem you often browse of website is () [more topics] option small meter proportion a,. integrated class website (Xinhua, and Sohu, and SINA, and Yahoo) 34 70.83% b. education network 25 52.08% c. search engine (GOOGLE Baidu) 18 37.5% d. school campus network 4 8.33% e. personal blog 16 33.33% f. professional sex website (literature network, and financial network,) 8 16.67% g. on the NET 4 8.33% h. shopping network (such as Taobao, dangdang, etc) 13 27.08% I. other types of site 5 10.42% j. do not go 0 0% k. effective fill out the passengers were not like the Internet 0 0% point 48 design point is to understand the young teacher's website. As life Internet of we, life, and work has without network has, from statistics data bar see, select "not Internet", and "not like Internet" of are for 0, also can description This is; 性，暂不做介绍，这里主要介绍国债和企业债。 国债:日常有交易的国债品种在15只左右，债券代码为010XXX,目前中长期国债的到期年化收益率在3.5%左右。 企业债:企业债主要包含公司债和城投债，平常有交易的品种在200只左右，债券代码为111XXX、112XXX、120XXX、122XXX。目前AA级中长期债券的到期年化税前收益率在8%左右，AAA级债券的到期年化税前收益率大约为5%。 .交易所债券交易规则 3 计价单位:债券交易的基础单位是“张”，一张债券指的是面值为100元的债券，而计价单位是每百元面值债券的价格。 交易单位:债券交易的交易单位为手，1手等于10张债券。 交易交收:国债和企业债的交易交收规则是“净价交易，全价交收”。交易时填的买入卖出价格是行情软件中的现价也就是净价，这个价格不包含已产生的利息，而当天结算时则会计入已产生的应计利息，也就是债券过户时所付的现金为结算价全价，这就是“净价交易，全价交收”。 from young teachers access of website view, integrated class website of proportion highest, up 70.83%, a is integrated class website influence strong, social visibility high; II is integrated class website of various information resources rich, can meet everyone on various information resources of needs. Followed by education networks, educational networks and closely related to the work of young teachers, so the large amount of visitors, access. Third is the search engine, the Internet has been for us to expand our knowledge, sharing resources, and gain more knowledge, open a window, has become an important reason for our use of the Internet. But what is worth noting is the visitor turned out to be at least the school campus network, my school's website did not meet everyone's needs, mainly because of the small amount of resources, to meet everyone's needs, categories are not rich, and school Web site-building needs to up the horses, fast. (C) data analysis of teachers professional development 1.62nd questions what do you think of knowledge and ability of teachers ' professional development, your lack of student ... Excellent teachers of guide f. School of teachers team construction measures G. School of learning research atmosphere h. other six, and teacherson local evening, and daily of identity, and recognized; ranking third of is other, this reflect we of young teachers reading of publications also has many above by column, also description has they of reading interest widely, and dabbled in quite wide; other for not for analysis. We believe the China education daily, and as the authority of the education system of the people's education press, as too few readers of educators, not normal, it is not. 61st problem you often browse of website is () [more topics] option small meter proportion a,. integrated class website (Xinhua, and Sohu, and SINA, and Yahoo) 34 70.83% b. education network 25 52.08% c. search engine (GOOGLE Baidu) 18 37.5% d. school campus network 4 8.33% e. personal blog 16 33.33% f. professional sex website (literature network, and financial network,) 8 16.67% g. on the NET 4 8.33% h. shopping network (such as Taobao, dangdang, etc) 13 27.08% I. other types of site 5 10.42% j. do not go 0 0% k. effective fill out the passengers were not like the Internet 0 0% point 48 design point is to understand the young teacher's website. As life Internet of we, life, and work has without network has, from statistics data bar see, select "not Internet", and "not like Internet" of are for 0, also can description This is; 交易频率:债券交易支持T+0交易，所以当天可以买卖多次。 申报数量:普通申报的数量为1手或其整数倍，单笔申报最大数量不超过1万手，而大宗交易申报数量最低为1万手。 交易费用:上交所和深交所规定为不超过万分之二，而且上交所规定单笔费用最低为1元。 税收问题:个人投资者投资企业债需要缴纳20%的利息税，机构投资者不需要缴纳。但个人投资者可以在派息前卖出债券来规避利息税。 4.债券投资分析 投资债券主要关注以下几方面: 通货膨胀率:债券的收益率与通货膨胀率大体上是同向运动，高通货膨胀会导致债券高收益率，从而导致债券的低交易价格;相反低通货膨胀会拉低债券收益率，同时推升债券的交易价格。 货币政策:稳健的货币政策有助于稳定通货膨胀预期，长期利好于债券投资。 信用情况:主要可以关注债券信用评级、企业的现金流和资产负债情况，也需要考虑抵押和外部增信情况。 久期:久期是债券以未来时间发生的现金流，按照目前的收益率折现成现值，再用每笔现值乘以其距离债券到期日的年限求和，然后以这个总和除以债券目前的价格得到的数值。久期主要是描述债券对利率变化的敏感性，久期越大，债券交易价格对利率变动就越敏感，杠杆就越大，当利率下行时，久期越大的债券收益也越大。 5.2012年债券市场展望 我们认为2012年通货膨胀率处在下行区间，有利于推高债券价格，温和的货币政策将有利于债券市场的长远发展，同时基于监管层要大力发展债券市场的方针，未来政策将会向债券市场倾斜。 由于高信用等级债券收益率的下降已经反应了通货膨胀下降的趋势，我们认为未来债券市场的机会将主要集中于中低等级的债券品种，主要以AA级的债券为主。 6.当前交易所债券与银行理财产品的比较 交易所债券相对于银行理财产品的优势主要有:收益率高、持有期限灵活和投资门槛低。交易所AA级债券的到期税前收益率在8%左右，并且可以在交易时间随时卖出并取得持有期间的利息，同时投资门槛也只有1000元。银行理财产品的收益率大多小于6%，较高收益的银行理财产品都有固定持有期限，非固定期限理财产品的收益率一般都比较低，同时银行理财产品的投资门槛也相对较高，一般在5万元以上。 到期税前购买起投资期投资品种 收益率优缺点 点 限 (%) AA级企业债 1000元 不定期 7-8.5 风险低、收益率高 普通银行理财5万以3月-24-6 收益率较高、门槛较高 产品 上 年 AAA级企业债 1000元 不定期 4.5-5.5 风险非常低、收益较高 一年期定期存无门槛 1年 3.5 无风险、收益率一般 款 国债 1000元 不定期 3.5 无风险、收益率一般 三月定期存款 无门槛 三个月 3.1 无风险、收益率较低 from young teachers access of website view, integrated class website of proportion highest, up 70.83%, a is integrated class website influence strong, social visibility high; II is integrated class website of various information resources rich, can meet everyone on various information resources of needs. Followed by education networks, educational networks and closely related to the work of young teachers, so the large amount of visitors, access. Third is the search engine, the Internet has been for us to expand our knowledge, sharing resources, and gain more knowledge, open a window, has become an important reason for our use of the Internet. But what is worth noting is the visitor turned out to be at least the school campus network, my school's website did not meet everyone's needs, mainly because of the small amount of resources, to meet everyone's needs, categories are not rich, and school Web site-building needs to up the horses, fast. (C) data analysis of teachers professional development 1.62nd questions what do you think of knowledge and ability of teachers ' professional development, your lack of student ... Excellent teachers of guide f. School of teachers team construction measures G. School of learning research atmosphere h. other six, and teacherson local evening, and daily of identity, and recognized; ranking third of is other, this reflect we of young teachers reading of publications also has many above by column, also description has they of reading interest widely, and dabbled in quite wide; other for not for analysis. We believe the China education daily, and as the authority of the education system of the people's education press, as too few readers of educators, not normal, it is not. 61st problem you often browse of website is () [more topics] option small meter proportion a,. integrated class website (Xinhua, and Sohu, and SINA, and Yahoo) 34 70.83% b. education network 25 52.08% c. search engine (GOOGLE Baidu) 18 37.5% d. school campus network 4 8.33% e. personal blog 16 33.33% f. professional sex website (literature network, and financial network,) 8 16.67% g. on the NET 4 8.33% h. shopping network (such as Taobao, dangdang, etc) 13 27.08% I. other types of site 5 10.42% j. do not go 0 0% k. effective fill out the passengers were not like the Internet 0 0% point 48 design point is to understand the young teacher's website. As life Internet of we, life, and work has without network has, from statistics data bar see, select "not Internet", and "not like Internet" of are for 0, also can description This is; 活期存款 无门槛 不定期 0.5 无风险、收益率较低 三(分级基金介绍 当前市场上交易的分级基金结构大多主要包含三个份额，基础份额、A份额和B份额,基础份额是在场内进行申购和赎回，而A份额和B份额则是在二级市场上交易买卖。基础份额可以分拆为A份额和B份额，A份额和B份额也可以合并为基础份额，分拆合并比例主要以1:1和4:6居多。我们以银华中证等权重90指数分级基金(简称银华等权重90基金)为例来说明一下:两份基础份额可以分拆为1份银华金利(A份额)和1份银华鑫利(B份额)，1份银华金利与1份银华鑫利可以合并成2份基础份额。 基础份额的特性大多与普通的指数基金相似，主要是进行被动性的投资来跟踪指数，银华等权重90基金的基础份额跟踪的指数就是中证等权重90指数;A份额的性质与债券类似，根据基金条款来约定收益，银华等权重90基金的A份额约定收益为一年期定期存款利率加3.5%，所以当前的约定收益率为7%，但由于现在A类份额的交易价格处于折价状态，所以真实收益率会有所提高，当前大多数A类份额的收益率在8%左右;B份额的特性主要体现为高杠杆性，弹性比较大，具体的弹性取决于具体基金的杠杆率。 我们认为当前分级基金A份额的收益率作为类固定收益产品来说已经具有相当的投资价值，同时由于有B类份额的保障，所以A类份额基本不存在信用风险，而且随着未来通货膨胀的降低，这一品种将会更具吸引力。 from young teachers access of website view, integrated class website of proportion highest, up 70.83%, a is integrated class website influence strong, social visibility high; II is integrated class website of various information resources rich, can meet everyone on various information resources of needs. Followed by education networks, educational networks and closely related to the work of young teachers, so the large amount of visitors, access. Third is the search engine, the Internet has been for us to expand our knowledge, sharing resources, and gain more knowledge, open a window, has become an important reason for our use of the Internet. But what is worth noting is the visitor turned out to be at least the school campus network, my school's website did not meet everyone's needs, mainly because of the small amount of resources, to meet everyone's needs, categories are not rich, and school Web site-building needs to up the horses, fast. (C) data analysis of teachers professional development 1.62nd questions what do you think of knowledge and ability of teachers ' professional development, your lack of student ... Excellent teachers of guide f. School of teachers team construction measures G. School of learning research atmosphere h. other six, and teacherson local evening, and daily of identity, and recognized; ranking third of is other, this reflect we of young teachers reading of publications also has many above by column, also description has they of reading interest widely, and dabbled in quite wide; other for not for analysis. We believe the China education daily, and as the authority of the education system of the people's education press, as too few readers of educators, not normal, it is not. 61st problem you often browse of website is () [more topics] option small meter proportion a,. integrated class website (Xinhua, and Sohu, and SINA, and Yahoo) 34 70.83% b. education network 25 52.08% c. search engine (GOOGLE Baidu) 18 37.5% d. school campus network 4 8.33% e. personal blog 16 33.33% f. professional sex website (literature network, and financial network,) 8 16.67% g. on the NET 4 8.33% h. shopping network (such as Taobao, dangdang, etc) 13 27.08% I. other types of site 5 10.42% j. do not go 0 0% k. effective fill out the passengers were not like the Internet 0 0% point 48 design point is to understand the young teacher's website. As life Internet of we, life, and work has without network has, from statistics data bar see, select "not Internet", and "not like Internet" of are for 0, also can description This is; 交易所债券和分级基金投资标的 一、债券投资标的 代码 简称 等级 票面利率 到期收益率(%) 到期日 112015 09泛海债 AA 7.2 8.89 2014-11-13 122023 09万业债 AA 7.3 8.87 2014-09-17 122836 11盘锦债 AA 7.42 8.59 2018-03-01 122060 10银鸽债 AA 7.09 8.55 2017-12-22 112053 11新筑债 AA 8.5 8.42 2016-12-07 122875 10红投02 AA 6.95 8.41 2017-12-09 122841 11渝津债 AA 6.95 8.30 2018-01-06 122834 11牡国投 AA 7.15 8.29 2018-02-15 122009 08新湖债 AA- 9 8.28 2016-07-02 122754 11通化债 AA+ 8.36 8.00 2021-12-13 111047 08长兴债 AA 8.13 7.86 2016-01-06 122843 11绥化债 AA 7.35 7.80 2018-02-28 122840 11临汾债 AA+ 7.23 7.78 2019-02-22 111051 09怀化债 AA 8.1 7.74 2019-02-18 112012 09名流债 AA+ 7.05 7.52 2014-11-03 122040 09新黄浦 AA+ 5.9 7.45 2014-12-16 122921 10郴州债 AA+ 7.1 7.38 2017-01-21 122984 09六城投 AA 7.1 7.37 2016-03-02 122112 11沪大众 AA+ 6.98 6.93 2018-01-06 122033 09富力债 AA+ 6.85 6.53 2014-10-23 122107 11安钢01 AA 6.87 6.50 2018-11-10 126019 09长虹债 AA 0.8 6.12 2015-07-30 122083 11天威债 AA+ 5.75 5.81 2018-07-11 112008 09金街02 AA+ 5.7 5.68 2014-09-01 122089 11马钢01 AAA 5.63 5.51 2014-08-25 112006 08万科G2 AAA 7 5.29 2013-09-05 126018 08江铜债 AAA 1 5.13 2016-09-22 126002 06中化债 AAA 1.8 5.00 2012-12-01 122068 11海螺01 AAA 5.08 4.99 2016-05-23 126014 08国电债 AAA 1 4.97 2014-05-07 122114 11一重债 AAA 5.14 4.86 2016-12-20 115003 中兴债1 AAA 0.8 4.84 2013-01-30 126008 08上汽债 AAA 0.8 4.79 2013-12-19 122065 11上港01 AAA 4.69 4.74 2016-03-30 126011 08石化债 AAA 0.8 4.71 2014-02-20 122092 11大秦01 AAA 5.48 4.68 2013-08-18 126005 07武钢债 AAA 1.2 4.59 2012-03-25 010303 03国债(3) 0 3.4 3.60 2023-04-17 010107 21国债(7) 0 4.26 3.50 2021-07-31 010213 02国债(13) 0 2.6 3.49 2017-09-20 from young teachers access of website view, integrated class website of proportion highest, up 70.83%, a is integrated class website influence strong, social visibility high; II is integrated class website of various information resources rich, can meet everyone on various information resources of needs. Followed by education networks, educational networks and closely related to the work of young teachers, so the large amount of visitors, access. Third is the search engine, the Internet has been for us to expand our knowledge, sharing resources, and gain more knowledge, open a window, has become an important reason for our use of the Internet. But what is worth noting is the visitor turned out to be at least the school campus network, my school's website did not meet everyone's needs, mainly because of the small amount of resources, to meet everyone's needs, categories are not rich, and school Web site-building needs to up the horses, fast. (C) data analysis of teachers professional development 1.62nd questions what do you think of knowledge and ability of teachers ' professional development, your lack of student ... Excellent teachers of guide f. School of teachers team construction measures G. School of learning research atmosphere h. other six, and teacherson local evening, and daily of identity, and recognized; ranking third of is other, this reflect we of young teachers reading of publications also has many above by column, also description has they of reading interest widely, and dabbled in quite wide; other for not for analysis. We believe the China education daily, and as the authority of the education system of the people's education press, as too few readers of educators, not normal, it is not. 61st problem you often browse of website is () [more topics] option small meter proportion a,. integrated class website (Xinhua, and Sohu, and SINA, and Yahoo) 34 70.83% b. education network 25 52.08% c. search engine (GOOGLE Baidu) 18 37.5% d. school campus network 4 8.33% e. personal blog 16 33.33% f. professional sex website (literature network, and financial network,) 8 16.67% g. on the NET 4 8.33% h. shopping network (such as Taobao, dangdang, etc) 13 27.08% I. other types of site 5 10.42% j. do not go 0 0% k. effective fill out the passengers were not like the Internet 0 0% point 48 design point is to understand the young teacher's website. As life Internet of we, life, and work has without network has, from statistics data bar see, select "not Internet", and "not like Internet" of are for 0, also can description This is; 010308 03国债(8) 0 3.02 2.88 2013-09-17 010203 02国债(3) 0 2.54 2.60 2012-04-18 二、分级基金A份额投资标的 基金份额 基金代码 预期收益率 双禧A 150012 6.14% 银华稳进 150018 7.92% 申万收益 150022 8.54% 信诚500A 150028 8.03% 银华金利 150030 8.00% 银华金瑞 150059 8.08% 泰达稳健 150053 8.06% 同瑞A 150064 8.00% 信诚300A 150051 7.85% 中信证券理财顾问 侯茂林 联系方式qq群:7974195 from young teachers access of website view, integrated class website of proportion highest, up 70.83%, a is integrated class website influence strong, social visibility high; II is integrated class website of various information resources rich, can meet everyone on various information resources of needs. Followed by education networks, educational networks and closely related to the work of young teachers, so the large amount of visitors, access. Third is the search engine, the Internet has been for us to expand our knowledge, sharing resources, and gain more knowledge, open a window, has become an important reason for our use of the Internet. But what is worth noting is the visitor turned out to be at least the school campus network, my school's website did not meet everyone's needs, mainly because of the small amount of resources, to meet everyone's needs, categories are not rich, and school Web site-building needs to up the horses, fast. (C) data analysis of teachers professional development 1.62nd questions what do you think of knowledge and ability of teachers ' professional development, your lack of student ... Excellent teachers of guide f. School of teachers team construction measures G. School of learning research atmosphere h. other six, and teacherson local evening, and daily of identity, and recognized; ranking third of is other, this reflect we of young teachers reading of publications also has many above by column, also description has they of reading interest widely, and dabbled in quite wide; other for not for analysis. We believe the China education daily, and as the authority of the education system of the people's education press, as too few readers of educators, not normal, it is not. 61st problem you often browse of website is () [more topics] option small meter proportion a,. integrated class website (Xinhua, and Sohu, and SINA, and Yahoo) 34 70.83% b. education network 25 52.08% c. search engine (GOOGLE Baidu) 18 37.5% d. school campus network 4 8.33% e. personal blog 16 33.33% f. professional sex website (literature network, and financial network,) 8 16.67% g. on the NET 4 8.33% h. shopping network (such as Taobao, dangdang, etc) 13 27.08% I. other types of site 5 10.42% j. do not go 0 0% k. effective fill out the passengers were not like the Internet 0 0% point 48 design point is to understand the young teacher's website. As life Internet of we, life, and work has without network has, from statistics data bar see, select "not Internet", and "not like Internet" of are for 0, also can description This is;