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许你一世繁华
2020-11-17
什么乱七八糟的东西
底部来临！芯片、苹果终于要涨了
许你一世繁华
2019-05-10
$标普500ETF(SPY)$ 就盯着我这几千块钱？卖了就涨。
许你一世繁华
2019-02-19
$标普500ETF(SPY)$交易被拒了，难道期权也要保证金了？各位有没有遇到这样的情况？
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19:41","market":"us","language":"zh","title":"底部来临！芯片、苹果终于要涨了","url":"https://stock-news.laohu8.com/highlight/detail?id=2084499991","media":"爱投顾","summary":"假设一年后，这个基金上涨了30%。我从基金公司内部要了一份四个科创板50ETF的资料，其中“净值/指数”那一项，基本上可以近似认为是ETF的仓位情况。这股是A股射频芯片龙头，产品以射频开关及LNA产品为主，目前已经打入三星、小米、华为、Vivo、Oppo等手机厂商供应链。射频前端是无线通信系统的组成，所以卓胜微的成长逻辑，主要是5G手机射频芯片价值量提高和国产替代。","content":"<html><body><article><p>先来回答一下昨天的两个问题。</p><p><strong>为什么基金的<span>累计净值</span>和累计涨幅不一样？</strong></p><p>这个问题有老铁已经答出来了，关键就在于<span>分红</span>。</p><p>昨天我们讲到，单位净值之所以和累计净值不一样，是因为基金为了让自己看起来更“便宜”，吸引更多人去买，会经常做净值折算，单位净值就是折算后的净值，累计净值就是折算前的净值。</p><p>基金在分红后也会做净值折算，比如一份原本净值是1.5000元的基金，每份基金份额分红0.2000元的话，单位净值变成1.3000元，累计净值还是1.5000元。</p><p><strong>基金分红有两种处理方式，一种是直接落袋利润，一种是红利再投资，由此产生了第三种衡量<span>基金净值</span>的标准：</strong>复利净值<strong>。</strong></p><p>复利净值就相当于把分红的钱不取出来，继续放到基金里换取更多的基金份额，获取复利收益。如果一只基金的表现好，那么用分红的钱换来的基金份额，还能继续帮你赚钱，这就导致了复利净值高于累计净值。</p><p>打个比方。</p><p>如果一只基金的净值是2.0000元，现在分红0.5000元。</p><p>分红完成后，单位净值变成了1.5000元，累计净值依然是2.0000元。</p><p>现在对于0.5000元的分红，有两种处理方式，一种是直接落袋收益，一种是用红利买更多的份额。</p><p>假设一年后，这个基金上涨了30%。</p><p>单位基金原本净值是1.5000元，上涨30%后即为1.5000x130%=1.95000元。</p><p>选择分红直接落袋的话，分红是吃不到30%涨幅的，所以累计净值为1.95000+0.5000=2.4500元。</p><p>选择<span>分红再投资</span>的话，分红可以吃到那30%涨幅，所以复权净值为2.000x130%=2.6000元。</p><p>那选择分红再投资，是不是比落袋分红更明智的抉择呢？</p><p>不一定。</p><p>股票型基金都有80%的最低股票仓位配置，如果行情不好，将分红转化为更多的基金份额的话，也会承受加倍的亏损。不过一般情况下，我还是建议大家选择分红再投资，特别是像白马风格的基金，赚的就是个复利收益，把分红拿出来违背了基金投资的初衷。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201117194623665v173d6wc66poqxh\"/><p>就拿招商中证白酒基金来说，成立5年多时间，如果选择落袋分红，累计收益183.10%，如果选择分红再投资，累计收益355.98%，差的可不是一点点。</p><p>这个问题还比较好理解，简单来说就是单利和复利的区别。我们再回答第二个问题：</p><p><strong>基金在建仓期的涨跌幅，会算到净值里面去吗？</strong></p><p>答案是会。</p><p>其实咱们翻一下昨天上市的几个科创板50<span>ETF</span>的历史净值就知道了，虽然ETF昨天才上市，但是净值变动从9月份的建仓期就开始。有的基金建仓在股票低位，上市前已经赚钱；有些基金建仓在股票高位，上市前已经亏钱。</p><p>华夏科创50ETF（证券代码588000），上市前一天累计净值0.9996，亏钱。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201117194629705v1733mr4ib4r0yw\"/><p>工银科创ETF（证券代码588050），上市前一天累计净值1.0026，赚钱。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201117194630584v173gm0i2l3rngb\"/><p>易方达科创板50ETF（证券代码588080），上市前一天累计净值1.0083，赚钱。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201117194631641v1737mqznwupj1p\"/><p>华泰柏瑞科创板ETF（证券代码588090），上市前一天累计净值1.0071，赚钱。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201117194634392v173d0qqg6qrbdp\"/><p>昨天4个ETF昨天涨幅最高的0.71%，最低的0.66%，差距只有0.05%，但是买了易方达科创板50ETF（1.0152）的股民，收益要比买了华夏科创50ETF（1.0067）股民高出0.85%，这就是建仓期的收益差距了。</p><p><strong>有些读者可能会疑惑，科创板的股票波动都很大，按理说ETF建仓期不同的话，净值差异也会很大，为什么最高的和最低的差距只有1%左右</strong>？</p><p>这主要和建仓节奏有关。</p><p>在建仓期前半段，四个ETF的股票仓位都很低，大部分都是现金，所以即使股票波动大，基金的净值变动也不会大。</p><p>另外，上面四个ETF的规模都超过50亿，为了尽可能避免基金买入给个股带来的波动， ETF的建仓期拉得比较长，而且时间分布上比较平滑。</p><p><strong>我从基金公司内部要了一份四个科创板50ETF的资料，其中“净值/指数”那一项，基本上可以近似认为是ETF的仓位情况。</strong>可以看到，四个ETF的建仓节奏基本上是一致的，这就导致了股票涨跌给四只基金带来的净值影响也是基本一致的。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201117194637389v173hpt4m0q9b69\"/><p>另外还有个问题，<strong>为什么三只基金在上市前的累计净值不一样，而昨天开盘的初始净值却是一样的？</strong></p><p>这个问题其实我昨天就回答了，四个ETF基金在11月9日统一做过净值折算，目的就是为了把初始净值做成一样。累计净值高的基金，折算后的份额多，累计净值低的基金，折算后的份额少，纯数字游戏。</p><p>……</p><p>行情方面，今天上午还是和昨天一样的剧本，白酒、地产、银行等“顺周期”领涨，下午突然风格切换，白酒股集体跳水，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>、芯片触底反弹，<a href=\"https://laohu8.com/S/300433\">蓝思科技</a>、<a href=\"https://laohu8.com/S/002475\">立讯精密</a>、<a href=\"https://laohu8.com/S/002241\">歌尔股份</a>、<a href=\"https://laohu8.com/S/300782\">卓胜微</a>、<a href=\"https://laohu8.com/S/603986\">兆易创新</a>、<a href=\"https://laohu8.com/S/603501\">韦尔股份</a>等收大长腿，日内完成了一次情绪反转。</p><p>当然了，今天一天的走势并不能说明“顺周期”完蛋了，没准明天钢铁、煤炭又集体暴走。不过我想提醒大家都是，A股从2019年易会满上任、资本市场改革加速以来，风格就一直是成长股碾压周期股的，这一点和宏观经济层面上，国内GDP增速逐渐下滑，产业链优势逐渐丢失，外围打压不断增加，经济转型需求愈发强烈的大逻辑是匹配的。</p><p>我不会把成长股一天的上涨，当作周期股持续一周反弹的结束，大家也不要把周期股一周的反弹，当做成长股持续近2年牛市的结束。</p><p>周期股里也有大牛股。<a href=\"https://laohu8.com/S/002271\">东方雨虹</a>、<a href=\"https://laohu8.com/S/600585\">海螺水泥</a>、<a href=\"https://laohu8.com/S/600031\">三一重工</a>等公司，靠着规模优势、品牌优势、品类扩张等方式，实现了远超行业平均的业绩增速，证明了自己的价值，市场也给予了TA们充分的认可。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201117194638236v1734hljk724cax\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20201117194638820v173qy7ygqxtkku\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20201117194649780v173p4001srz1hd\"/><p>所以与其纠结未来的市场风格是什么，还不如回归投资本身，安安静静地选好股票。市场的价值发现功能，早晚会表现出来。</p><p>……</p><p>“斯巴达”历史表现情况：</p><p><strong>今日涨幅：-0.35%</strong></p><p><strong>历史涨幅（2020.10.29~今日收盘）：3.71%</strong></p><p>今天成分股里表现相对好一点的是卓胜微，涨5%。这股是A股射频芯片龙头，产品以射频开关及LNA产品为主，目前已经打入<a href=\"https://laohu8.com/S/SMSN.UK\">三星</a>、小米、华为、Vivo、Oppo等手机厂商供应链。射频前端是无线<a href=\"https://laohu8.com/S/JCS\">通信系统</a>的组成，所以卓胜微的成长逻辑，主要是5G手机射频芯片价值量提高和国产替代。</p><p>上半年公司推出了一个30亿元的定增计划，布局滤波器业务，抢占射频前端最大的蛋糕。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201117194655674v173kznvlqd7b43\"/><p>今天表现最差的是<a href=\"https://laohu8.com/S/300015\">爱尔眼科</a>，跌4%。这股估值高得离谱，对应明年业绩都快120倍了，我如果买了估计也拿不住。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201117194657547v173w7181cucpb2\"/><p>后面如果继续下跌的话，考虑换一下<a href=\"https://laohu8.com/S/000661\">长春高新</a>(行情000661)。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20201117194658356v173b0dwxykhi2m\"/><p>【以上内容仅代表个人投资建议，不构成买卖依据，股市有风险，投资需谨慎！】</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>底部来临！芯片、苹果终于要涨了</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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}\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n底部来临！芯片、苹果终于要涨了\n</h2>\n\n<h4 class=\"meta\">\n\n\n2020-11-17 19:41 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202011171946587a384a12&s=b><strong>爱投顾</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>先来回答一下昨天的两个问题。为什么基金的累计净值和累计涨幅不一样？这个问题有老铁已经答出来了，关键就在于分红。昨天我们讲到，单位净值之所以和累计净值不一样，是因为基金为了让自己看起来更“便宜”，吸引更多人去买，会经常做净值折算，单位净值就是折算后的净值，累计净值就是折算前的净值。基金在分红后也会做净值折算，比如一份原本净值是1.5000元的基金，每份基金份额分红0.2000元的话，单位净值变成...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202011171946587a384a12&s=b\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/f5e8aba7de194dc92d26747c1cfec057","relate_stocks":{"159813":"芯片","03086":"华夏纳指","AAPL":"苹果","09086":"华夏纳指-U"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202011171946587a384a12&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2084499991","content_text":"先来回答一下昨天的两个问题。为什么基金的累计净值和累计涨幅不一样？这个问题有老铁已经答出来了，关键就在于分红。昨天我们讲到，单位净值之所以和累计净值不一样，是因为基金为了让自己看起来更“便宜”，吸引更多人去买，会经常做净值折算，单位净值就是折算后的净值，累计净值就是折算前的净值。基金在分红后也会做净值折算，比如一份原本净值是1.5000元的基金，每份基金份额分红0.2000元的话，单位净值变成1.3000元，累计净值还是1.5000元。基金分红有两种处理方式，一种是直接落袋利润，一种是红利再投资，由此产生了第三种衡量基金净值的标准：复利净值。复利净值就相当于把分红的钱不取出来，继续放到基金里换取更多的基金份额，获取复利收益。如果一只基金的表现好，那么用分红的钱换来的基金份额，还能继续帮你赚钱，这就导致了复利净值高于累计净值。打个比方。如果一只基金的净值是2.0000元，现在分红0.5000元。分红完成后，单位净值变成了1.5000元，累计净值依然是2.0000元。现在对于0.5000元的分红，有两种处理方式，一种是直接落袋收益，一种是用红利买更多的份额。假设一年后，这个基金上涨了30%。单位基金原本净值是1.5000元，上涨30%后即为1.5000x130%=1.95000元。选择分红直接落袋的话，分红是吃不到30%涨幅的，所以累计净值为1.95000+0.5000=2.4500元。选择分红再投资的话，分红可以吃到那30%涨幅，所以复权净值为2.000x130%=2.6000元。那选择分红再投资，是不是比落袋分红更明智的抉择呢？不一定。股票型基金都有80%的最低股票仓位配置，如果行情不好，将分红转化为更多的基金份额的话，也会承受加倍的亏损。不过一般情况下，我还是建议大家选择分红再投资，特别是像白马风格的基金，赚的就是个复利收益，把分红拿出来违背了基金投资的初衷。就拿招商中证白酒基金来说，成立5年多时间，如果选择落袋分红，累计收益183.10%，如果选择分红再投资，累计收益355.98%，差的可不是一点点。这个问题还比较好理解，简单来说就是单利和复利的区别。我们再回答第二个问题：基金在建仓期的涨跌幅，会算到净值里面去吗？答案是会。其实咱们翻一下昨天上市的几个科创板50ETF的历史净值就知道了，虽然ETF昨天才上市，但是净值变动从9月份的建仓期就开始。有的基金建仓在股票低位，上市前已经赚钱；有些基金建仓在股票高位，上市前已经亏钱。华夏科创50ETF（证券代码588000），上市前一天累计净值0.9996，亏钱。工银科创ETF（证券代码588050），上市前一天累计净值1.0026，赚钱。易方达科创板50ETF（证券代码588080），上市前一天累计净值1.0083，赚钱。华泰柏瑞科创板ETF（证券代码588090），上市前一天累计净值1.0071，赚钱。昨天4个ETF昨天涨幅最高的0.71%，最低的0.66%，差距只有0.05%，但是买了易方达科创板50ETF（1.0152）的股民，收益要比买了华夏科创50ETF（1.0067）股民高出0.85%，这就是建仓期的收益差距了。有些读者可能会疑惑，科创板的股票波动都很大，按理说ETF建仓期不同的话，净值差异也会很大，为什么最高的和最低的差距只有1%左右？这主要和建仓节奏有关。在建仓期前半段，四个ETF的股票仓位都很低，大部分都是现金，所以即使股票波动大，基金的净值变动也不会大。另外，上面四个ETF的规模都超过50亿，为了尽可能避免基金买入给个股带来的波动， ETF的建仓期拉得比较长，而且时间分布上比较平滑。我从基金公司内部要了一份四个科创板50ETF的资料，其中“净值/指数”那一项，基本上可以近似认为是ETF的仓位情况。可以看到，四个ETF的建仓节奏基本上是一致的，这就导致了股票涨跌给四只基金带来的净值影响也是基本一致的。另外还有个问题，为什么三只基金在上市前的累计净值不一样，而昨天开盘的初始净值却是一样的？这个问题其实我昨天就回答了，四个ETF基金在11月9日统一做过净值折算，目的就是为了把初始净值做成一样。累计净值高的基金，折算后的份额多，累计净值低的基金，折算后的份额少，纯数字游戏。……行情方面，今天上午还是和昨天一样的剧本，白酒、地产、银行等“顺周期”领涨，下午突然风格切换，白酒股集体跳水，苹果、芯片触底反弹，蓝思科技、立讯精密、歌尔股份、卓胜微、兆易创新、韦尔股份等收大长腿，日内完成了一次情绪反转。当然了，今天一天的走势并不能说明“顺周期”完蛋了，没准明天钢铁、煤炭又集体暴走。不过我想提醒大家都是，A股从2019年易会满上任、资本市场改革加速以来，风格就一直是成长股碾压周期股的，这一点和宏观经济层面上，国内GDP增速逐渐下滑，产业链优势逐渐丢失，外围打压不断增加，经济转型需求愈发强烈的大逻辑是匹配的。我不会把成长股一天的上涨，当作周期股持续一周反弹的结束，大家也不要把周期股一周的反弹，当做成长股持续近2年牛市的结束。周期股里也有大牛股。东方雨虹、海螺水泥、三一重工等公司，靠着规模优势、品牌优势、品类扩张等方式，实现了远超行业平均的业绩增速，证明了自己的价值，市场也给予了TA们充分的认可。所以与其纠结未来的市场风格是什么，还不如回归投资本身，安安静静地选好股票。市场的价值发现功能，早晚会表现出来。……“斯巴达”历史表现情况：今日涨幅：-0.35%历史涨幅（2020.10.29~今日收盘）：3.71%今天成分股里表现相对好一点的是卓胜微，涨5%。这股是A股射频芯片龙头，产品以射频开关及LNA产品为主，目前已经打入三星、小米、华为、Vivo、Oppo等手机厂商供应链。射频前端是无线通信系统的组成，所以卓胜微的成长逻辑，主要是5G手机射频芯片价值量提高和国产替代。上半年公司推出了一个30亿元的定增计划，布局滤波器业务，抢占射频前端最大的蛋糕。今天表现最差的是爱尔眼科，跌4%。这股估值高得离谱，对应明年业绩都快120倍了，我如果买了估计也拿不住。后面如果继续下跌的话，考虑换一下长春高新(行情000661)。【以上内容仅代表个人投资建议，不构成买卖依据，股市有风险，投资需谨慎！】","news_type":1},"isVote":1,"tweetType":1,"viewCount":307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":901145856,"gmtCreate":1557500778775,"gmtModify":1704802818875,"author":{"id":"3481683333891124","authorId":"3481683333891124","name":"许你一世繁华","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3481683333891124","authorIdStr":"3481683333891124"},"themes":[],"htmlText":"$标普500ETF(SPY)$ 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