同基不同命：国泰医药B涨6.6% 申万医药B涨停

　　同基不同命！富贵险中求！

　　本文首发于微信公众号：平点金基

　　1

　　今日市场表现，最令人感叹的便是两只医药类基金！

　　其中医药B因为没能扛过市场的大跌，在高溢价的情况下发生折价，折价后因为杠杆缩小了，所以今日市场医药板块反弹，这只基金只上涨了6.65%，估计这只基金的持有人也是被该基金之前的溢价弄怕了，所以，今日其涨幅相当保守，在基金净值上涨8.97%的情况下，二级市场的交易价格只上涨了不到7%，令该基金在折算后出现了折价2.13%的情况。

　　该基金在折算前由于溢价在26%左右，加上折算期间净值仍有小幅下跌，令持有者在折算后账面损失了将近40%，亏损严重。

　　同样也是医药分级B的SW医药B，这只基金反而因祸得福，这只医药指数基金里上海莱士的权重较高，而上海莱士因为炒股巨亏，12月7日复牌以来连续吃了10个跌停板，投资者担心它对SW医药B的影响，所以不停地抛售这只基金，结果却因为恐慌过了头，导致这只基金的二级市场价一直低于其净值。

　　没想到，在近期医药股大跌之下，跌得过头的上海莱士却提前止跌了，加上目前SW医药B杠杆较高，达到3.5倍左右，所以今日该基金反而得以涨停，一举又从折价状态翻身变到溢价状态了。

　　换句话说，投资者原本为了安全起见，选择了上海莱士只占比1.57%的医药B，但是反而因为杠杆太高，投资者太乐观，溢价太高，在市场下跌之际因折算而亏损严重，而SW医药B却因为投资者担心占比高达3%的上海莱士拖累股价，一直令其交易价格处于折价状态，这导致即使其出现折算情况，不但不会因为溢价吃大亏，反而会收获折算带来的折价减少的收益。当然，由于SW医药B的净值相对较高，所以这轮下跌它终于挺到了折算之前迎来了反弹，从而一举成为目前两市中杠杆最大的医药类分级B，而医药B却倒在了行业止跌反弹之前，在反弹前因为折算而痛失最大杠杆的宝座！

　　数据显示，自12月6日以来，国证医药指数下跌了14.25%，而医药B因为杠杆超过3倍，所以市价下跌了40%，就这样还积累了将近20%多的溢价。

　　只能说，人算不如天算，在市场上要赚个钱真是不容易，时也、运也、命也！

　　2

　　今日来自税局的消息称，已经有800万人申请个人所得税抵扣了，目前到明年还有一周时间，由于抵扣的项目较多，估计这一抵扣政策能有不少人受益，因此，最终申请人数很有可能会超过2000万人。

　　因此，受益于这一政策的逐步落实，国内的消费板块很有可能最终受益。考虑到年关将近，或许酒类消费是最直接的受益板块。

　　而市场今日的表现是5G概念全面走强。这与5G已在部分国家投入商用，国内也在加快试点有关。 日前工信部已经正式发布了5G试验频率使用许可，中国移动与中国电信都在大力的推进相关的设备布局。

　　3

　　值得关注的是，今日中信证券拟发行股份收购广州证券。通常此类消息传出前，同一板块都会做出利好上涨的反应，但是今日比较反常，券商板块却不涨反跌。一个可能的判断是，广州证券一直谋求单独上市，但是在目前市场环境下，居然要面对被收购的命运，反应了券商经营的困难局面。估计以广州证券未来几年的业绩来测算，短期内能够独立上市的可能性不高。

　　事实上，股市三年多来的持续下跌，令券商经营面临了极大的风险，比如大股东质押盘的爆仓，强平不能实现的话，一些亏损就要压到券商的头上了，这样一些中小券商的业绩将会出现大幅的下降。毕竟之前股东质押业务是很多券商竭力争取的。

　　4

　　今日上市公司继续在重组事项上爆雷，天山生物发行股份收购的大象广告，目前出现其执行董事涉嫌合同诈骗的事项；而银禧科技则对2018年的业绩做出亏损4亿到7亿的预告，主要是去年并购的兴科电子业绩承诺未达预期，将形成5.29亿元的商誉减值与专利权减值。

　　每次投资者都对重组寄以过高的希望，以为能收购到一个会下金蛋的企业，但基本上，真正会下金蛋的鸡是没人会卖的，比如华为、比如老干妈，所以上市公司与证监会能不能不要再自欺欺人地申报跟审批啥重组事项了，基本上都是买了一堆烂资产，差别只在于爆雷时间不同而已。

　　祝广大投资者平安夜喜乐！

　　平点金基已关联讯飞快读基金 小程序~

　　双语阅读~

　　Today‘s market performance， the most amazing is the two medical funds！

　　Among them， Medicine B failed to survive the market‘s plunge． Under the high premium situation， the discount occurred． After the discount， the leveraged market contracted． So the market’s pharmaceutical sector rebounded． This fund only rose by 6.65%． It is estimated that this fund only The holder was also afraid of the previous premium of the fund， so today‘s gains are quite conservative． In the case of a 8.97% increase in the fund’s net worth， the transaction price of the secondary market only rose by less than 7%， making the fund After the conversion， there was a discount of 2.13%．

　　Before the conversion， the fund had a premium of around 26%， and the net value during the conversion period still fell slightly， causing the holder to lose nearly 40% of the book value after the conversion， and the loss was serious．

　　It is also SW Medicine B of Pharmaceutical Grade B． This fund is a blessing in disguise． This drug index fund has a higher weight in Shanghai Lai Shi， and Shanghai Lai Shi has eaten 10 consecutively since the resumption of trading on December 7 due to huge losses in stock trading． On the down limit， investors worried about its impact on SW Pharmaceuticals B， so they kept selling the fund． The result was that the fund’s secondary market price was lower than its net value because of the panic．

　　Unexpectedly， under the recent slump in pharmaceutical stocks， Shanghai Lai Shi， who has fallen too far， has stopped falling ahead of time． In addition， the current leverage is relatively high， reaching 3.5 times， so today it has been able to limit daily， and once again turned from a discounted state． Changed to a premium state．

　　In other words， investors originally chose Shanghai Lai Shi to account for only 1.57% of medicine B for safety reasons， but because the leverage is too high， investors are too optimistic， the premium is too high， and the loss is due to the loss when the market declines． Seriously， SW Medicine B has been squandering its trading price because investors are worried that Shanghai Lace， which accounts for 3% of the share price， has been in a discounted state．

　　This will result in not only a big loss due to the premium， but even a big loss． Will benefit from the reduction in discounts brought by the conversion． Of course， due to the relatively high net value of SW Medicine B， this round of decline finally ushered in a rebound before the conversion， thus becoming the most leveraged pharmaceutical class B in the two cities， while Medicine B fell in the industry． Before the rebound， before the rebound， lost the biggest leverage because of the conversion！

　　The data shows that since December 6， the Guozheng Pharmaceutical Index has fallen by 14.25%， while the pharmaceutical B has lost more than three times because of leverage， so the market price has fallen by 40%， and this has accumulated a premium of nearly 20%．

　　It can only be said that people are not as good as days， it is not easy to make money in the market， and time， luck， and life！

　　According to the information from the tax bureau today， 8 million people have applied for personal income tax deduction． There is still one week to next year． Due to the large number of deductible projects， it is estimated that this deduction policy can benefit many people． The final number of applicants is likely to exceed 20 million．

　　Therefore， benefiting from the gradual implementation of this policy， the domestic consumer sector is likely to ultimately benefit． Considering that the year is approaching， perhaps alcohol consumption is the most direct benefit．

　　The performance of the market today is that the 5G concept is comprehensive． This is related to the fact that 5G has been put into commercial use in some countries， and the domestic is also accelerating the pilot． Recently， the Ministry of Industry and Information Technology has officially released the 5G test frequency license， and both China Mobile and China Telecom are promoting the relevant equipment layout on a large scale．

　　It is noteworthy that today CITIC Securities intends to issue shares to acquire Guangzhou Securities． Usually， before such news is sent out， the same sector will make a favorable response， but today it is more unusual， but the brokerage sector does not rise and fall． One possible judgment is that Guangzhou Securities has always sought to go public separately， but in the current market environment， it has to face the fate of being acquired， reflecting the difficult situation of brokerage business． It is estimated that the performance of Guangzhou Securities in the next few years will not be high．

　　In fact， the stock market has continued to fall for more than three years， which has led to great risks for brokerage operations． For example， when a large shareholder pledges a position， if the balance cannot be achieved， some losses will be pushed to the broker’s head． The performance of some small and medium-sized brokers will drop significantly． After all， the previous shareholder pledge business is what many brokers are striving for．

　　Today‘s listed companies continue to explode on reorganization matters． The elephant advertisements acquired by Tianshan Bio-issuing shares are currently suspected of contract fraud by their executive directors； while Yinhao Technology has made a loss of 400 million to 700 million in 2018． The forecast is mainly that the Xingke electronic performance commitments of the merger last year did not meet expectations， which will result in the impairment of goodwill and the impairment of patent rights of 529 million yuan．

　　Every time investors put forward too high hopes for reorganization， thinking that they can acquire a company that will lay down golden eggs， but basically， no one will sell chickens that will really lay golden eggs， such as Huawei， such as Laogan． Mom， so the listed company and the CSRC can no longer deceive themselves and apply for reorganization and reorganization． Basically， they all buy a bunch of bad assets． The only difference is that the time of the mine is different．

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