投资小瑀宙 | 新股破发频现，打新不挣钱了吗
<img src="https://mmbiz.qpic.cn/mmbiz_jpg/V0M3FJ9wzBXO8xTARl9ibLMHXNOqiagPibrGsBN1oYqBbONAcEz3CgXlIlp5C5eklZG63pWRk3jT5fic9EF992eGYQ/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"><img src="https://mmbiz.qpic.cn/mmbiz_jpg/V0M3FJ9wzBXO8xTARl9ibLMHXNOqiagPibriceIhM6xI84jiaLY7e0mDapGXOPo8Y1yrB30aj8eRO3ny94kCNTeic6HQ/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"><img src="https://mmbiz.qpic.cn/mmbiz_jpg/V0M3FJ9wzBXO8xTARl9ibLMHXNOqiagPibrpLFHw0hDdwQicicc8A1c5xrDEZnaWcUL9AJFpiasVnP0GicXRSWekqiag2Q/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"><p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><strong style="color: blue;">核心观点</strong></span><strong style="color: blue;"><span style="color: black;">●</span><span style="color: black;">●</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><strong style="color: blue;">Q1:新股破发的<span style="color: black;">重点</span><span style="color: black;">原由</span>是什么？</strong></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">田瑀：</span></strong><span style="color: black;"><span style="color: black;">日前</span>新股破发的<span style="color: black;">重点</span><span style="color: black;">原由</span>是一二级市场的价格倒挂，而产生一二级市场价格倒挂的<span style="color: black;">重点</span><span style="color: black;">原由</span>是市场环境并<span style="color: black;">欠好</span>，<span style="color: black;">同期</span>前期新股的<span style="color: black;">挣钱</span>效应使得大<span style="color: black;">都数</span><span style="color: black;">公司</span>投资者的报价并不<span style="color: black;">小心</span>。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><strong style="color: blue;">Q2:近期新股破发，是<span style="color: black;">危害</span>还是机会，你怎么看？</strong></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><strong style="color: blue;"><span style="color: black;">田瑀：</span></strong>新股破发<span style="color: black;">针对</span>打新策略而言，毫无疑问是一个风险。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">Q3:<span style="color: black;">将来</span>新股破发会是常态吗？</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><strong style="color: blue;"><span style="color: black;">田瑀：</span></strong>新股破发并不会是一个常态，<span style="color: black;">由于</span>市场的价格<span style="color: black;">发掘</span>机制本身是有</span><span style="color: black;"><strong style="color: blue;">负反馈</strong></span><span style="color: black;">的。<span style="color: black;">亦</span><span style="color: black;">便是</span>说，当前频频破发的新股，使得新股的<span style="color: black;">挣钱</span>效应大幅降低，<span style="color: black;">亦</span><span style="color: black;">寓意</span>着大<span style="color: black;">都数</span>投资者在报价的时候会更加<span style="color: black;">小心</span>，参与报价的投资者数量会逐步降低。当降低到<span style="color: black;">必定</span>程度了之后，就<span style="color: black;">再也不</span>会<span style="color: black;">显现</span>一二级市场倒挂的<span style="color: black;">状况</span>，<span style="color: black;">亦</span>就不会<span style="color: black;">显现</span>新股频频破发的<span style="color: black;">状况</span>。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">Q4:过去<span style="color: black;">非常多</span>基金经理<span style="color: black;">亦</span>会<span style="color: black;">经过</span>打新增厚收益，你<span style="color: black;">此刻</span>还打新吗？怎么打？</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><strong style="color: blue;"><span style="color: black;">田瑀：</span></strong><span style="color: black;">日前</span><span style="color: black;">咱们</span>仍然在打新，<span style="color: black;">亦</span>继续把打新<span style="color: black;">做为</span>收益率增厚的手段之一。<span style="color: black;">然则</span>有两点<span style="color: black;">必须</span><span style="color: black;">重视</span>。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">一是品种上要优中选优，要优选质地优良的新股。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">同期</span><span style="color: black;">咱们</span>的报价要基于<span style="color: black;">机构</span>的基本价值进行<span style="color: black;">必定</span>的折扣，在报价的过程中，<span style="color: black;">咱们</span>以赚钱为首要<span style="color: black;">目的</span>，而非入围。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">这般</span>做就<span style="color: black;">能够</span>有效地<span style="color: black;">掌控</span><span style="color: black;">咱们</span>的胜率，从而增厚<span style="color: black;">咱们</span>的收益。</span></p><img src="https://mmbiz.qpic.cn/mmbiz_jpg/V0M3FJ9wzBXO8xTARl9ibLMHXNOqiagPibrsNAEOqsibYLssJdcVAjbSiaM1mOTY1CibicJ2vHJzTTj4OjHY4EgEE5ziaA/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;">
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">作者简介</strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;">田瑀，现任中泰资管基金业务部副总经理，中泰开阳价值优选混合A（007549）基金经理、中泰兴诚价值一年持有混合A（010728）、中泰星宇一年封闭混合A（012001）基金经理。</strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;">复旦大学材料学学士，复旦大学<span style="color: black;">理学</span>学硕士。10年投研经验（其中7年投资管理经验）曾任安信基金特定资产管理部投资经理、中泰资管权益投资部高级投资经理。<span style="color: black;">保持</span>价值投资理念，善于寻找<span style="color: black;">拥有</span>宽阔护城河的成长股，分享企业成长的价值。</p><img src="https://mmbiz.qpic.cn/mmbiz_jpg/V0M3FJ9wzBXO8xTARl9ibLMHXNOqiagPibrpLFHw0hDdwQicicc8A1c5xrDEZnaWcUL9AJFpiasVnP0GicXRSWekqiag2Q/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;">
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不<span style="color: black;">保准</span>基金<span style="color: black;">必定</span>盈利，<span style="color: black;">亦</span>不<span style="color: black;">保准</span>最低收益。投资有<span style="color: black;">危害</span>，基金过往业绩不<span style="color: black;">表率</span>其<span style="color: black;">将来</span>表现。基金管理人管理的其他基金的业绩不<span style="color: black;">形成</span>对本基金业绩表现的<span style="color: black;">保准</span>。投资者投资基金时应认真阅读基金的基金合同、招募说明书等法律文件。基金管理人提醒投资者基金投资的“买者自负”原则，请投资者<span style="color: black;">按照</span><span style="color: black;">自己</span>的<span style="color: black;">危害</span>承受能力<span style="color: black;">选取</span>适合自己的基金<span style="color: black;">制品</span>。</span></p><img src="https://mmbiz.qpic.cn/mmbiz_png/V0M3FJ9wzBXO8xTARl9ibLMHXNOqiagPibr8nnGsNUfBOuKlu0NvuGxrndROsGia9zzmiaUr4BW5dZCsQVa21mH3eGg/640?wx_fmt=png&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"><img src="https://mmbiz.qpic.cn/mmbiz_jpg/V0M3FJ9wzBWr1eY3Z7ZvsEYUFefmgjjyBwKmGXNQKK4YJFiaianLT9beW83vSqsZe999jpBeJUwQtJ6qC6SMqTdQ/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;">长按二维码<span style="color: black;">发掘</span>惊喜<img src="https://mmbiz.qpic.cn/mmbiz_png/V0M3FJ9wzBWr1eY3Z7ZvsEYUFefmgjjyjkqjPr61IcXdVRk24uFwibRtGHkqIT0vZeCLWBLbhabVr3ibiaugqJziaQ/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;">
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><strong style="color: blue;">识别二维码 关注<span style="color: black;">咱们</span></strong></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><img src="https://mmbiz.qpic.cn/mmbiz_jpg/V0M3FJ9wzBVbIh8meme3g2hbycnq8bJg1rJasX2ibko7HFic2buAnMTfHZ7kJ9dHP4DSzL2RrucER0faUM70w5kQ/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"><a style="color: black;"><img src="https://mmbiz.qpic.cn/mmbiz_png/V0M3FJ9wzBVO3uzVDB4ibpJLg2bUymI4caHJUeIHTtKsicIAPOoaAwYFZqldLvIYkMdOt1NvicqtjDDZpYvk3YdOA/640?wx_fmt=png&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></a></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"> <img src="https://mmbiz.qpic.cn/mmbiz_png/V0M3FJ9wzBVO3uzVDB4ibpJLg2bUymI4cgt9EYeaAibib49A3vH3XbZtk5VsO6GWmn2JuygmQKmic1RvQ1bkCTfn5g/640?wx_fmt=png&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"> <img src="https://mmbiz.qpic.cn/mmbiz_jpg/V0M3FJ9wzBX6LAyRJ8RmOXXbJKW6DqsaCbrV4dI4N6wcxuqOZeYzTibv2uOW0p3HTeqGuaw3HSic3t8RneyapTpg/640?wx_fmt=jpeg&tp=webp&wxfrom=5&wx_lazy=1&wx_co=1" style="width: 50%; margin-bottom: 20px;"></p>
“NB”（牛×的缩写，表示叹为观止） “板凳”（第三个回帖的人） 我完全同意你的观点，说得太对了。 论坛外链网http://www.fok120.com/ “沙发”（SF，第一个回帖的人） 感谢楼主的分享！我学到了很多。 你的话语如春风拂面，温暖了我的心房，真的很感谢。
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