01
今天A股的走势果然按照本人昨天分析的双穿失败的走势奋力向上，以目前这个架势来分析，超过3130点再创反弹新高已无悬念。
市场一好，投资者便跃跃欲试，更何况是头顶光环的基金业大佬发行新基金，更多的投资者几乎是望风而投：从而令市场爆出自上投亚太(377016)以来最大的基金首发规模了。
今天睿远成长价值基金的首发刷爆了朋友圈。而它能够刷爆朋友圈，只是证明了投资者的不成熟！有消息称，这只基金开售半小时便卖了破百亿，到了中午数额已经攀升至400亿，收盘以后的最新消息是募集将超过700亿了。如无意外，现在睿远基金正忙着发布基金提前售罄和比例配售的公告了。
02
之前就有不少读者来问，这只基金是否值得买？毕竟睿远基金掌门人陈光明和基金经理傅鹏博历史业绩实在是太好了。尤其是陈光明领导的东方红旗下的基金，在2017年全市场亏损惨重的情况下，重仓价值股，从而取得了极为难得的暴涨业绩，从而再次树立起王亚伟之后的公募基金的神话。
不过，有太多的因素令这只基金面临着许多不确定性了，所以本人一概建议以观望为主。一个是发行时间来看，就算现在马上发行结束，新基金有半年的建仓期，在这个建仓期中，如果建仓过快，很可能会套到高位，如果建仓过慢，那么再是精选个股，也难以跑赢目前满仓的好基金。如果真是看好现在的市场，不如买老基金更能跟上目前上涨的过程。
二是太多的网红基金未能持续保持历史上的光荣。一个很重要的原因是物是人非了。尤其是陈光明与傅鹏博，历史上东方证券与兴全基金的投研团队都是相当不错的，目前只是两边各带了部分人马过来新起炉灶，团队的配合与管理都需要时间去磨合。要知道投资是相当个性化的事情，一个团队只有相互之间非常信任，好的调研才能获得好的投资结果。所以对新团队，还是先观望一下比较稳妥。
第三，爆款基金往往由于规模太大，超预期，导致投资困难。可选标的不足。基金业内目前公认比较合适管理的规模在百亿元左右，太小与太大管理起来都比较困难。这也就是前两年那些“网红”基金未能持续辉煌的重要原因。
第四，中国证券市场结构性行情的特点非常显著，而投资者往往容易路径依赖，对自己过去的成功经验非常迷恋，这样也会导致风格与市场不一致的情况发生，从而出现较大的亏损，比如中邮系列的基金就是最好的例子。
03
事实上，今年以来的结构性行情的特点也很明显，指数上涨了25%左右，但是不少基金的涨幅超过了50%，显示很多个数的涨幅是大盘的两倍。而5G概念、边缘计算、工业大麻、科创板概念更是此起彼伏，选准热点、踏准节奏还是非常重要的。
从今日的市场表现来看，市场热点有再次转换的劲头，也正如本号昨日所言，哪怕没有房地产税的利好，主力也一定会挖出新的利好让市场再涨一涨的。
今日来看，高校概念股因为蕴含了一定的创投概念而热火朝天。尤其是龙头股复旦复华(600624)，因为参股了部分有望登陆科创板的公司，股价已经连续9次打上涨停板了，今日终于公开声明说与科创板无关，才在尾市打开涨停。
还有两个板块开始热身了，一个是知识产权板块，还有一个是传媒娱乐。当然大概念来说还是科技类股票走势较强。这表明投资者对于科创板带动上市公司科技类股票走强抱有较高的期望。
04
今日还有一个消息相当正面：上交所公示第一届科创板股票上市委员会委员候选人名单 。从这份名单来看，委员的构成相当有代表性，如果真能落实，对科创板当属利好。这份名单显示，科创板股票上市委员会人员构成如下：地方证监局4名，行业协会3名，高校4名，保险资管机构3名，公募基金5名，上市公司4名（包括三一重工(600031)、克来机电、中国中车(601766)、中国重工(601989)），律师事务所11名，会计师事务所11名，上交所3名。
从这份名单来看，与其它板委员尽是专家教授相比有了实质性的进步。因为学院类的专家教授，对于企业的科技含量总有一种纸上谈兵的感觉，这回加入行业协会的人，话说不怕不识货，就怕货比货，行业协会的人通常能够货比货，二是加入了三一重工这样具备技术开发优势的民营企业，恐怕一般的企业更难糊弄了。毕竟很多技术是否有实用性、经济性，民营企业会考虑得更加全面。
平点金基已关联讯飞快读基金小程序~
双语阅读~
Today's A-share trend is struggling to follow the trend of the double-failure analysis that I analyzed yesterday. With this analysis of the current situation, it is no suspense to hit a new high of more than 3,130 points.
When the market is good, investors are eager to try, not to mention the fact that the fund industry in the top of the aura has issued new funds, and more investors are almost looking at the wind: this has caused the market to break out of the largest fund since the launch of Asia Pacific.
Today's Premiere Growth Value Fund's debut broke the circle of friends. And it can swept the circle of friends, just to prove the immature investors! It is reported that the fund sold for half an hour and sold for 10 billion. By noon, the amount has climbed to 40 billion. The latest news after the close is that the fundraising will exceed 70 billion. If there is no accident, now Ruiyuan Fund is busy publishing the announcement of the fund's early sale and proportional placement.
Many readers have asked before, is this fund worth buying? After all, Ruiyuan’s head Chen Guangming and fund manager Fu Pengbo’s historical performance is really good. In particular, the fund of Dongfanghong, led by Chen Guangming, gained a very rare surge in performance in the case of a heavy loss in the whole market in 2017, thus re-establishing the myth of public funds after Wang Yawei.
However, there are too many factors that make this fund face a lot of uncertainty, so I recommend to wait and see. One is the release time. Even if the issuance is completed immediately, the new fund has a half-year opening period. In this period of construction, if the position is too fast, it is likely to be high. If the position is too slow, then the stock will be selected. It is also difficult to outperform the good funds that are currently full. If you are really optimistic about the current market, it is better to buy old funds to keep up with the current rising process.
Second, too many online red funds failed to maintain their glory in history. A very important reason is that things are wrong. In particular, Chen Guangming and Fu Pengbo, the investment research team of Dongfang Securities and Xingquan Fund in history have been quite good. At present, only some of the people on both sides have come to the new stove, and the team's cooperation and management will take time to work together. To know that investment is quite personal, a team can only have good trust in each other and good research can get good investment results. So for the new team, it is safer to wait and see.
Third, the explosion fund is often too large and exceeds expectations, resulting in investment difficulties. Insufficient optional criteria. The current management scale of the fund industry is about 10 billion yuan. It is difficult to manage too small and too large. This is also the important reason why the “Net Red” funds failed to continue their glory in the previous two years.
Fourth, the characteristics of the structural market in China's securities market are very significant, and investors tend to be easy to rely on, and they are very obsessed with their past successful experiences. This will also lead to inconsistencies between style and market, resulting in large losses. For example, the fund of the China Post series is the best example.
In fact, the characteristics of the structural market this year are also very obvious, the index has risen by about 25%, but many funds have risen more than 50%, showing that many of the increase is twice the size of the broader market. The concept of 5G concept, edge calculation, industrial marijuana, and science and technology board are one after another. It is very important to choose the hot spot and the rhythm.
Judging from today's market performance, the market hotspots have the momentum of re-conversion. Just as this article said yesterday, even if there is no real estate tax, the main force will also dig up new profits to make the market rise again.
Today, college concept stocks are in full swing because of the concept of a certain venture capital. In particular, the leading stocks have been rehabilitated by Fudan. Because of the shareholding of some companies that are expected to land on the board, the stock price has been suspended for 9 consecutive times. Today, it finally announced that it has no head in the market and opened the daily limit in the market.
There are also two sectors that are warming up, one is the intellectual property sector and the other is media entertainment. Of course, in terms of big concepts, technology stocks are still strong. This shows that investors have high expectations for the science and technology stocks of listed companies to drive the strength of listed companies.
There is still a very positive news today: the Shanghai Stock Exchange publicized the list of candidates for the first section of the Science and Technology Board Listing Committee. Judging from this list, the composition of the members is quite representative. If it can be implemented, it will be beneficial to the board. The list shows that the members of the Science and Technology Board Listing Committee are as follows: 4 local securities regulatory bureaus, 3 industry associations, 4 colleges and universities, 3 insurance asset management agencies, 5 public funds, and 4 listed companies (including Sany Heavy Industry, Kelai Electromechanical, China CRRC, China Heavy Industry), 11 law firms, 11 accounting firms, and 3 Shanghai Stock Exchanges.
From this list, there has been substantial progress compared with other board members as experts and professors. Because the experts in the college class have a feeling of knowing the technology of the company, this time people who join the industry associations are not afraid of not knowing the goods, they are afraid of goods, the industry associations usually can shop, and the second is Joining Sany Heavy Industry, a private enterprise with technological development advantages, I am afraid that the average enterprise is even more difficult to fool. After all, whether many technologies are practical and economical, private enterprises will consider more comprehensive.
本文首发于微信公众号：平点金基。文章内容属作者个人观点，不代表和讯网立场。投资者据此操作，风险请自担。
