基金最新风控出台，小盘股或遇冷！

（曙光初现。摄影：平姐姐）

今日市场比较给力，延续了昨日的上涨行情。事实上，目前日线上证指数有形成双底的可能，但是周线仍未能走好，重仓者应趁反弹减仓，收缩资产集中在更优质的个股上。

或许是受某基金在股票空仓的情况下，净值竟然也大跌涨幅的影响，监管部门在今日发布的最新一期机构监管情况通报中，对于公募基金流动性风险管理提出了新的要求。通报提出了五项完善意见，并表示基金管理人的风控管理可以“包括但不限于”以下要求：

一是要有针对性地加强基金投资者结构与组合资产流动性的匹配管理。即基金管理人应加强对投资者集中度的监控与管理，根据基金持有人类别与集中度变化情况，严格控制低流动性证券的持有比例及单一证券投资上限；

二是进一步强化组合投资原则，重仓证券投资应有充分且持续的研究支持和内部信用评级管理；

三是审慎开展基金估值，切实履行估值责任主体的职责；

四是建立完善巨额赎回情形的风险管控措施，做牢做实流动性风险管理工具使用机制；

五是落实主体责任，持续建立健全流动性风险防范与化解机制。

由于一些基金散户持有者不多，份额高度集中在机构手中，因此机构的赎回往往带来巨额以及巨大比例的赎回，而在计算赎回净值时，由于四舍五入的原因，如果大量赎回者享受到了“五入”的待遇，即每份赎回净值为1.2345元时，实际清算变成1.235元，那么就会导致基金净值的大幅下跌，而基金公司为了弥补这一行为对留守的持有人带来的伤害，第二天会自掏腰包补足这些因为“五入”而多出的资金，此时由于基金的规模已经大幅缩小，又会带来基金净值的暴涨，这样基金的净值表现就会扭曲，给投资者带来困扰。

还有一个重要的原因是，如果大持有人突然赎回，基金不得不卖出所持有的股票，如果股票成交非常低迷，或者流通盘过小，基金组合里停牌股较多，那么重仓股就不得不以跌停的方式出货，也会给市场带来损害。

所以新的监管要求基金公司在持有人非常集中的情况下，注意这一问题，做好流动性管理，尽量避免小盘股，严格预防出现流动性风险。

现在小盘股，尤其是大股东质押率高的股票，一旦下跌进入强平，股价就会连续跌停，给基金的投资带来很大的负面影响，在跌停股无法成交的情况下，只有砍杀其它无辜的重仓股，导致优质股错杀。

今日有媒体曝出暴风集团净利润，如果是扣非后，同比跌幅是6000%多！半年报显示，总共7.92亿元营业收入，却有7.97亿元的应收款！

蓝色光标也因为前几年的大力收购，而收购对象无法达到业绩承诺而陷入困境。由于收购中高溢价积累了巨大的商誉，一旦业绩无法达到，计提商誉便会带来巨大的损失。

此前很多收购都达不到业绩承诺的资产，原卖出方以股票下跌，没有现金或是资产为由，无法补齐业绩差额。其实监管部门要真心杜绝这一类可能存在欺诈的重组，只要提出0元回购业绩承诺方相应的股份数量作为重组的前置条件即可。即以每股收益为标准，如果业绩达不到，就通过减少业绩承诺方的股票，令每股收益达到业绩承诺的每股收益水平即可。

今日还看到了一组有趣的数据，说是到8月份，全国百亿规模以上的私募基金才出现亏损。如此说来，这些私募基金确实比较有水平，指数都跌了快30%，这些基金才开始亏损，而同期公募股票型基金的平均跌幅是17%，私募是13%，当然公募混合型基金的平均跌幅是10%左右，所以私募基金的成绩介于公募的股票型基金与混合型基金中间。可见，股票型基金在一路熊市的情况下，在仓位较高的约束下，只能眼睁睁地挨空头暴打！

今日场内基金两头起，上证50与创50基金的成交量最为活跃。而投资港股的H股基金与恒生ETF的成交量也相当活跃，估计炒不了港股通的小散只有借这些基金实现购买港股的愿望了。

今天已经是腾讯第9天连续出手回购股票了，累计资金已达3个亿，腾讯今年8月份授出2万股的认股权，每股认购价是354港元，如果公司近期不出手回购，股价估计要跌破300元。今日的收盘价是321.6港元。买入恒生ETF，就意味着买进了比授权股还便宜的腾讯了。

双语阅读~

The latest risk control of the fund was introduced, 

and the small-cap stocks may be cold!

Today's market is relatively strong, continuing the rising market yesterday. In fact, the current online online index has the possibility of forming a double bottom, but the weekly line is still not good. The heavy positions should rebound and lighten up, and shrink the assets in higher quality stocks.

Perhaps it is because of the impact of a fund's short position in the case of a short position in the stock market. In the latest issue of the agency supervision report released today, the regulatory authorities put forward new requirements for the liquidity risk management of public funds. The circular put forward five suggestions for improvement, and said that the fund manager's risk management can “including but not limited to” the following requirements: 

First, it is necessary to strengthen the matching management of fund investor structure and portfolio asset liquidity. That is, the fund manager should strengthen the monitoring and management of investor concentration, and strictly control the holding ratio of low-liquidity securities and the single securities investment ceiling according to the changes in the types and concentration of fund holders. 

The second is to further strengthen the principle of portfolio investment. Shouzhong securities investment should have sufficient and sustained research support and internal credit rating management. 

The third is to prudently carry out fund valuation and earnestly perform the duties of the subject of valuation responsibility. 

The fourth is to establish and improve the risk management and control measures for the huge redemption situation, and to establish a mechanism for the use of liquidity risk management tools. 

The fifth is to implement the main responsibility and continue to establish and improve the liquidity risk prevention and resolution mechanism.

Since some funds have few retail holders and their shares are highly concentrated in the hands of institutions, the redemption of institutions often leads to huge and large proportions of redemptions, and in the calculation of redemption net worth, due to rounding reasons, if a large number of redemptions The person enjoys the "five-entry" treatment, that is, when the net value of each redemption is 1.2345 yuan, the actual liquidation becomes 1.235 yuan, which will lead to a sharp drop in the net value of the fund, and the fund company will make up for this behavior in order to make up for this behavior. Some people will bring damages. The next day, they will make up their own funds because of the “five-entry”. At this time, because the size of the fund has been greatly reduced, it will bring about a surge in the net value of the fund, so that the fund’s net worth It will be distorted and bring trouble to investors.

Another important reason is that if the big holder suddenly redeems, the fund has to sell the stocks it holds. If the stocks are very small, and there are more stocks in the fund portfolio, then the stocks will have to be Shipment by means of a down limit will also cause damage to the market.

Therefore, the new regulations require fund companies to pay attention to this problem in the case of a very concentrated concentration of holders, do a good job in liquidity management, try to avoid small-cap stocks, and strictly prevent liquidity risks.

Now small-cap stocks, especially stocks with high pledge rates of large shareholders, once they fall into a strong level, the stock price will continue to fall, which will have a big negative impact on the fund's investment. In the case that the down-stop stocks cannot be traded, only the stocks will be cut. Killing other innocent awkward stocks, leading to high quality stocks.

Today, some media have exposed the net profit of Storm Group. If it is deducted, the year-on-year decline is more than 6,000%! The semi-annual report showed a total of 792 million yuan in operating income, but there were 797 million yuan in receivables!

The blue cursor was also in trouble because of the strong acquisitions in previous years, and the acquisition target could not achieve the performance promise. Due to the huge goodwill accumulated in the acquisition of the high premium, once the performance can not be achieved, the accrual of goodwill will bring huge losses.

Previously, many of the acquisitions failed to meet the performance-guaranteed assets. The original sellers were unable to make up the difference in performance due to the decline in stocks and no cash or assets. In fact, the regulatory authorities should really put an end to this type of reorganization that may be fraudulent, as long as the number of shares of the promised party of the 0 yuan repurchase performance is proposed as the precondition for the reorganization. That is, the price-earnings ratio is the standard. If the performance is not achieved, the earnings per share can be achieved by reducing the stocks of the performance-guaranteed parties.

Today, I also saw a set of interesting data, saying that by August, the national private equity fund of more than 10 billion yuan had a loss. In this way, these private equity funds are indeed relatively high, the index has fallen by 30%, these funds began to lose money, while the average decline of public equity funds in the same period was 17%, private equity was 13%, of course, the public fundraising hybrid fund The average decline is about 10%, so the results of private equity funds are between the public equity fund and the hybrid fund. It can be seen that in the case of a stock market, in the case of a bear market, in the case of a higher position, it can only be smashed into a short blow!

At the beginning of the fund today, the trading volume of SSE 50 and Chuang 50 Fund is the most active. The trading volume of H-share funds and Hang Seng ETFs investing in Hong Kong stocks is also quite active. It is estimated that the small-scale distribution of Hong Kong stocks will only be realized by these funds to realize the purchase of Hong Kong stocks.

Today, Tencent has been repurchasing stocks on the 9th day. The accumulated funds have reached 300 million. Tencent granted 20,000 shares in August this year. The subscription price per share is 354 Hong Kong dollars. If the company does not repurchase in the near future. The stock price is estimated to fall below 300 yuan. Today's closing price is HK$321.6. Buying a Hang Seng ETF means buying Tencent, which is cheaper than the authorized stock.

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