天天基金专题研究：偏股型基金业绩量化综合评价初探

1、HYPERLINK http:/fund.eastm/jjjz.html#1_2_0_dwjz,desc_1偏股型基金业绩量化综合评价初探报告摘要：风险收益指标的选取：我们采用特雷诺指数作为描述基金风险调整后收益能力的指标。而对于基金通过主动管理获取超额收益的能力，我们将采用Carhart四因素模型中的四因素阿尔法作为其评价指标。由此，我们将描述基金收益水平的两个单项指标选为特雷诺指数和四因素阿尔法。由于比起总体风险，投资者更为关注基金的亏损风险水平，因此我们将采用下行风险作为衡量基金风险水平的单项指标。单项评价指标的标准化：由于不同指标的数量级不同，我们在将各个指标整合成综合评价指标时需要先

2、对各项指标进行标准化处理，依据其在所有样本基金中的排名进行打分。对于特雷诺指数和四因素阿尔法，我们采用降序排名，而对于下行风险指标我们采用升序排名，并使指标得分的取值范围为0-100分，排名越高的基金其在该指标上的得分也就越高。评价区间与各单项评价指标权重的确定：我们将分别对近三年、近两年和近一年的基金业绩进行评价，遵循“长期业绩比短期业绩更为重要”的逻辑将近三年业绩、近两年业绩和近一年业绩的权重分别设定为50%、30%和20%。在对每个时间区间内的基金业绩表现进行评价时，我们将依据该时间区间内各单项评价指标与基金复权单位净值增长率的相关性判断其对基金业绩的贡献度，按照比例将贡献度较大的单项指

3、标赋予较高的权重，将贡献度较小的单项指标赋予较低的权重。在纳入统计的392只偏股型基金中，综合业绩得分前十名的基金为：HYPERLINK http:/fund.eastm/070013.html嘉实研究精选股票、HYPERLINK http:/fund.eastm/470009.html汇添富民营活力股票、HYPERLINK http:/fund.eastm/290005.html泰信优势增长混合、HYPERLINK http:/fund.eastm/213006.html宝盈核心优势混合A、HYPERLINK http:/fund.eastm/110029.html易方达科讯股票、中海蓝筹混

4、合、HYPERLINK http:/fund.eastm/070001.html嘉实成长收益混合、HYPERLINK http:/fund.eastm/519674.html银河创新成长股票、HYPERLINK http:/fund.eastm/080002.html长盛创新先锋混合、银河成长股票。投资者通过本文提供的业绩综合评价方法可筛选出具备收益优势且亏损风险较小的基金，同时筛选过程亦兼顾了基金的长期业绩与中短期业绩。在今后的研究中，我们将对量化综合评价指标对基金未来业绩的预测性进行关注，并以此为依据适时对各单项评价指标以及各评价区间的权重进行优化。一、 构建基金业绩量化综合评价指标的意义

5、对基金进行业绩评价具有十分重要的意义，合理评价一只基金的投资业绩可以帮助我们了解与评估基金管理人的投资策略以及管理能力，从而为投资者提供选择基金时的参考依据。而对基金业绩构建量化综合评价指标可以方便投资者在较短的时间内从数量庞大的基金中的筛选出其中的优质基金，提高了选基的效率。因此，国内众多机构(包括券商、独立基金评价机构以及媒体)均对基金业绩的量化评价进行了研究并建立了各自的基金业绩评价体系。本文中我们将参考各机构的基金业绩评价框架对构建基金业绩评价指标的方法进行初步研究，为个人投资者进行自主选基提供参考。二、 单项评价指标的选取与评价方法绝大多数基金业绩评价体系均囊括了投资者最为关注的两项

6、业绩指标：风险与收益。简单来说，具有较高收益能力且业绩波动风险较低的基金更容易得到投资者的青睐。因此本文将通过分别选取收益与风险两方面的单项评价指标并加以整合的方式初步构建基金业绩的综合评价指标。(1) 收益水平指标的选取我们假设基金的收益能力可分为风险调整后收益能力以及通过主动管理获取超额收益的能力两种。常见的风险调整后收益指标包括夏普指数、特雷诺指数和索丁诺比率。根据HYPERLINK http:/fund.eastm/jjjz.html#1_2_0_dwjz,desc_1股基业绩延续性分析的研究结果，我们发现特雷诺指数的选基效果较好且延续性较强。因此我们采用特雷诺指数作为描述基金风险调整

7、后收益能力的指标。而对于基金通过主动管理获取超额收益的能力，我们将采用Carhart四因素模型中的回归模型截距项(即四因素阿尔法)作为其评价指标(该模型的详细介绍请参考HYPERLINK http:/fund.eastm/news/1596,20140606390708857.html基于Carhart四因素模型的基金业绩评价).由此，我们将描述基金收益水平的两个单项指标选为特雷诺指数和四因素阿尔法。计算特雷诺指数时我们以月为周期，无风险HYPERLINK http:/data.eastm/cjsj/yhll.html利率和市场基准收益率分别选取一年期定存HYPERLINK http:/dat

8、a.eastm/cjsj/yhll.html利率以及沪深300指数收益率。四因素阿尔法的计算各收益率指标的选取同HYPERLINK http:/fund.eastm/news/1596,20140606390708857.html基于Carhart四因素模型的基金业绩评价一文。(2) 风险水平指标的选取常见的基金风险水平指标包括收益率波动率(标准差)、系统风险、下行风险等等。由于比起总体风险，投资者更为关注基金的亏损风险水平，因此我们将采用下行风险作为衡量基金风险水平的单项指标。下行风险指标描述了基金的收益率低于无风险利率部分的波动情况，能较好的反映出基金的亏损风险水平，我们在计算下行风险时同

9、样以月为周期，无风险利率亦选取一年期定存利率。(3) 评价指标的标准化由于不同指标的数量级不同，我们在将各个指标整合成综合评价指标时需要先对各项指标进行标准化处理，依据其在所有样本基金中的排名进行打分，具体的操作方法如下：其中x代表业绩指标的绝对数值，y代表该业绩指标的得分，n代表纳入评价范围的样本基金的数量，Rank(x)则代表基金的该项指标在样本基金中的排名。对于特雷诺指数和四因素阿尔法，我们采用降序排名(即指标值越高的HYPERLINK http:/fund.eastm/data/fundranking.html基金排名越高)，而对于下行风险指标我们采用升序排名(即指标值越低的基金排名越

10、高)。这样，指标得分的取值范围为0-100分，排名越高的基金其在该指标上的得分也就越高(在该指标上排名第一的基金其得分为100分，而在该指标上排名最后一位的基金其得分为0分).三、 评价区间与各单项评价指标权重的确定我们将分别对近三年、近两年和近一年的基金业绩进行评价，然后将这三个时间区间上的评价结果赋予不同的权重进行加和，得到兼顾长短期业绩的综合评价指标。这里我们遵循“长期业绩比短期业绩更为重要”的逻辑将近三年业绩、近两年业绩和近一年业绩的权重分别设定为50%、30%和20%。综合评价指标z的数学表达式如下：其中z1、z2和z3分别HYPERLINK http:/fund.eastm/jjj

11、z.html#1_5_0_dwjz,desc_1指基金在近一年、近两年和近三年的业绩表现得分。在对每个时间区间内的基金业绩表现进行评价时，我们将依据该时间区间内各单项评价指标与基金复权单位净值增长率的相关性判断其对基金业绩的贡献度，按照比例将贡献度较大的单项指标赋予较高的权重，将贡献度较小的单项指标赋予较低的权重。其具体的数学表达式为：其中tri，i和dri分别代表基金在近i年的特雷诺指数得分、四因素阿尔法得分以及下行风险得分。Wtri，Wi和Wdri分别表示各单项指标在近i年业绩评价中的权重。各单项指标的权重由以下公式决定：其中ri表示基金在近i年的复权单位净值增长率，(tri，ri)、(i

12、，ri)和(dri，ri)分别表示基金在近i年的特雷诺指数得分、四因素阿尔法得分和下行风险得分与基金复权单位净值增长率的Spearman秩相关系数。由此可以看出，与HYPERLINK http:/fund.eastm/fund.html基金净值增长率表现相关性越大的单项指标在业绩评价中被赋予的权重越大。四、 实证分析结果样本选取方面，考虑到基金6个月建仓期，我们以2011以前成立的392只偏股型基金(包括普通HYPERLINK http:/fund.eastm/jjjz.html#1_2_0_dwjz,desc_1股票型基金、偏股HYPERLINK http:/fund.eastm/jjjz.

13、html#1_3_0_dwjz,desc_1混合型基金和平衡HYPERLINK http:/fund.eastm/jjjz.html#1_3_0_dwjz,desc_1混合型基金)作为研究样本，取近3年(2011年7月2014年6月)间各基金及各指数的月度收益率数据进行各项指标的计算。(1)各评价区间内单项指标的权重392只样本基金在近一年、近两年和近三年的各单项指标与复权单位净值增长率的Spearman秩相关系数计算结果如下：表格 1: 不同时间区间内各单项指标的得分与复权单位净值增长率的Spearman秩相关系数近一年近两年近三年特雷诺指数0.960.990.98四因素alpha0.450

14、.850.92下行风险0.200.310.37注：各指标与复权单位净值增长率的Spearman秩相关系数均通过了95%的显著性检验数据来源：Choice资讯、天天HYPERLINK http:/fund.eastm/news/cjjyj.html基金研究中心，数据区间：2011/7/1-2014/6/30由此，我们可以通过(4)-(6)式计算不同时间区间内各单项指标在业绩评价中的权重，得到的结果如下：表格 2: 不同时间区间内各单项指标在业绩评价中的权重近一年近两年近三年特雷诺指数59.46%46.12%43.11%四因素alpha28.01%39.35%40.47%下行风险12.54%14.

15、53%16.42%数据来源：Choice资讯、天天基金研究中心，数据区间：2011/7/1-2014/6/30(2)基金业绩综合评价结果我们根据上一节中计算出的权重计算纳入统计的392只偏股型基金的业绩表现综合得分，得到的结果如下(按照综合得分降序排列)：表格 3: 392只偏股型基金的综合业绩得分排名(左侧为前196名，右侧为后196名)排名基金代码基金简称综合得分排名基金代码基金简称综合得分1070013.OF嘉实研究精选股票95.91197240002.OF华宝兴业宝康配置混合50.002470009.OF汇添富民营活力股票95.55198200011.OFHYPERLINK http:

16、/fund.eastm/200011.html长城景气行业龙头混合49.543290005.OF泰信优势增长混合93.27199202003.OFHYPERLINK http:/fund.eastm/202003.html南方绩优成长股票49.384213006.OF宝盈核心优势混合A92.43200110005.OFHYPERLINK http:/fund.eastm/110005.html易方达积极成长混合49.185110029.OF易方达科讯股票92.33201070099.OFHYPERLINK http:/fund.eastm/070099.html嘉实优质企业股票49.09639

17、8031.OF中海蓝筹混合92OFHYPERLINK http:/fund.eastm/519183.html万家双引擎灵活配置混合48.907070001.OF嘉实成长收益混合91.35203519026.OFHYPERLINK http:/fund.eastm/519026.html海富通中小盘股票48.808519674.OF银河创新成长股票91.23204450003.OFHYPERLINK http:/fund.eastm/450003.html国富潜力组合股票48.719080002.OF长盛创新先锋混合89.89205460001.OFHYPERLINK

18、 http:/fund.eastm/460001.html华泰柏瑞盛世中国股票48.6610519668.OF银河成长股票89OFHYPERLINK http:/fund.eastm/110011.html易方达中小盘股票48.4711240017.OF华宝兴业新兴产业股票88.96207360001.OF光大保德信量化股票48.2912377530.OF上投摩根行业轮动股票88.89208217010.OFHYPERLINK http:/fund.eastm/217010.html招商大盘蓝筹股票47.8713163804.OFHYPERLINK http:/fun

19、d.eastm/163804.html中银收益混合88.76209160613.OFHYPERLINK http:/fund.eastm/160613.html鹏华盛世创新股票(HYPERLINK http:/fund.eastm/jjjz.html#1_8_0_dwjz,desc_1LOF)47.8514630001.OFHYPERLINK http:/fund.eastm/630001.html华商领先企业混合88.44210410006.OFHYPERLINK http:/fund.eastm/410006.html华富策略精选混合47.7715260101.OFHYPERLINK ht

20、tp:/fund.eastm/260101.html景顺长城优选股票88.42211160607.OFHYPERLINK http:/quote.eastm/SZ160607.html鹏华价值优势股票(LOF)47.5616240001.OF华宝兴业宝康消费品混合88.05212180001.OFHYPERLINK http:/fund.eastm/180001.html银华优势企业混合47.0317373010.OF上投摩根双息平衡混合87.99213290008.OFHYPERLINK http:/fund.eastm/290008.html泰信发展主题股票47.0018519095.OF

21、HYPERLINK http:/fund.eastm/519095.html新华行业周期轮换股票87.67214162607.OFHYPERLINK http:/fund.eastm/162607.html景顺长城资源垄断股票(LOF)46.7719163406.OFHYPERLINK http:/fund.eastm/163406.html兴全合润分级股票87.39215519993.OFHYPERLINK http:/fund.eastm/519993.html长信增利动态策略股票46.4120360011.OF光大保德信动态优选混合87.21216270001.OFHYPERLINK h

22、ttp:/fund.eastm/270001.html广发聚富混合46.2821470006.OFHYPERLINK http:/fund.eastm/470006.html汇添富医药保健股票86.02217162204.OFHYPERLINK http:/fund.eastm/162204.html泰达宏利精选股票46.2622260104.OFHYPERLINK http:/fund.eastm/260104.html景顺长城内需增长股票86.00218360006.OF光大保德信新增长股票46.0523166002.OFHYPERLINK http:/fund.eastm/166002.

23、html中欧新蓝筹混合85.77219610002.OFHYPERLINK http:/fund.eastm/610002.html信达澳银精华配置混合45.7824660005.OFHYPERLINK http:/fund.eastm/660005.html农银中小盘股票85.24220450009.OFHYPERLINK http:/fund.eastm/450009.html国富中小盘股票45.7425240008.OF华宝兴业收益增长混合85.23221630006.OFHYPERLINK http:/fund.eastm/630006.html华商产业升级股票45.582651999

24、1.OFHYPERLINK http:/fund.eastm/519991.html长信双利优选混合84OFHYPERLINK http:/fund.eastm/470008.html汇添富策略回报股票45.4727233007.OFHYPERLINK http:/fund.eastm/233007.html大摩卓越成长股票84.06223410003.OFHYPERLINK http:/fund.eastm/410003.html华富成长趋势股票45.1228260109.OF景顺长城内需贰号股票83.73224580001.OFHYPERLINK http:/fu

25、nd.eastm/580001.html东吴嘉禾优势精选混合45.0729630005.OFHYPERLINK http:/fund.eastm/630005.html华商动态阿尔法混合83.73225481010.OF工银瑞信中小盘股票45.0530519670.OF银河行业股票82.90226050008.OFHYPERLINK http:/fund.eastm/050008.html博时第三产业股票45.0231340006.OFHYPERLINK http:/fund.eastm/340006.html兴全全球视野股票82.84227213002.OFHYPERLINK http:/f

26、und.eastm/213002.html宝盈泛沿海增长股票44.9532180018.OFHYPERLINK http:/fund.eastm/180018.html银华和谐主题混合82.49228320001.OFHYPERLINK http:/fund.eastm/320001.html诺安平衡混合44.5233100029.OFHYPERLINK http:/fund.eastm/100029.html富国天成红利混合82.42229310368.OF申万菱信竞争优势股票44.3134288001.OF华夏经典混合81.91230519089.OFHYPERLINK http:/fun

27、d.eastm/519089.html新华优选成长股票44.2635100016.OFHYPERLINK http:/fund.eastm/100016.html富国天源平衡混合81.48231210004.OFHYPERLINK http:/fund.eastm/210004.html金鹰稳健成长股票44.0436550009.OFHYPERLINK http:/fund.eastm/550009.html信诚中小盘股票81.38232160610.OFHYPERLINK http:/quote.eastm/SZ160610.html鹏华动力增长混合(LOF)43.9437002021.OF

28、HYPERLINK http:/fund.eastm/002001.html华夏回报二号混合81.29233310328.OF申万菱信新动力股票43.5738002001.OF华夏回报混合81.28234519013.OFHYPERLINK http:/fund.eastm/519013.html海富通风格优势股票43.1539100026.OF富国天合稳健股票81.22235571002.OF诺德灵活配置混合43.0740165508.OFHYPERLINK http:/quote.eastm/SZ165508.html信诚深度价值股票(LOF)80.72236540003.OFHYPERL

29、INK http:/fund.eastm/540003.html汇丰晋信动态策略混合42.8741660001.OFHYPERLINK http:/fund.eastm/660001.html农银行业成长股票80.63237320011.OFHYPERLINK http:/fund.eastm/320011.html诺安中小盘精选股票42.7042519093.OFHYPERLINK http:/fund.eastm/519093.html新华钻石品质企业股票79.89238100039.OFHYPERLINK http:/fund.eastm/100039.html富国通胀通缩主题股票42.

30、6743320012.OFHYPERLINK http:/fund.eastm/320012.html诺安主题精选股票79.87239161605.OFHYPERLINK http:/fund.eastm/161605.html融通蓝筹成长混合42.2544519087.OFHYPERLINK http:/fund.eastm/519087.html新华优选分红混合79.60240519035.OF富国天博创新股票41.8745163801.OFHYPERLINK http:/quote.eastm/SZ163801.html中银中国混合(LOF)79.39241540006.OFHYPERL

31、INK http:/fund.eastm/540006.html汇丰晋信大盘股票41.6146160505.OFHYPERLINK http:/quote.eastm/SZ160505.html博时主题行业股票(LOF)78.35242206007.OFHYPERLINK http:/fund.eastm/206007.html鹏华消费优选股票41.4547160106.OFHYPERLINK http:/quote.eastm/SZ160106.html南方高增长股票(LOF)78.33243100020.OFHYPERLINK http:/fund.eastm/100020.html富国天

32、益价值股票41.3848240009.OF华宝兴业先进成长股票78.33244160215.OFHYPERLINK http:/quote.eastm/SZ160215.html国泰价值经典股票(LOF)41.3449020015.OFHYPERLINK http:/fund.eastm/020015.html国泰区位优势股票78.06245519039.OF长盛同德主题股票41.1150162207.OFHYPERLINK http:/fund.eastm/162207.html泰达宏利效率优选混合(LOF)77.96246002011.OFHYPERLINK http:/fund.east

33、m/002011.html华夏红利混合40.8951519069.OFHYPERLINK http:/fund.eastm/519069.html汇添富价值精选股票77.83247162202.OFHYPERLINK http:/fund.eastm/162202.html泰达宏利周期股票40.4452590003.OFHYPERLINK http:/fund.eastm/590003.html中邮核心优势灵活配置混合77.81248162006.OFHYPERLINK http:/quote.eastm/SZ162006.html长城久富股票(LOF)40.4053213008.OFHYPE

34、RLINK http:/fund.eastm/213008.html宝盈资源优选股票77.76249040008.OFHYPERLINK http:/fund.eastm/040008.html华安策略优选股票40.3454180010.OFHYPERLINK http:/fund.eastm/180010.html银华优质增长股票77.24250240011.OF华宝兴业大盘精选股票40.3355200001.OFHYPERLINK http:/fund.eastm/200001.html长城久恒平衡混合77OFHYPERLINK http:/fund.eastm/

35、180013.html银华领先策略股票40.0056200010.OFHYPERLINK http:/fund.eastm/200010.html长城双动力股票77.02252519015.OFHYPERLINK http:/fund.eastm/519011.html海富通精选贰号混合39.9257020010.OFHYPERLINK http:/fund.eastm/020010.html国泰金牛创新股票76.52253260103.OFHYPERLINK http:/fund.eastm/260103.html景顺长城动力平衡混合39.8958163807.OF中银优选混合76.4125

36、4160105.OFHYPERLINK http:/fund.eastm/160105.html南方积极配置股票(LOF)39.7759340007.OFHYPERLINK http:/fund.eastm/340007.html兴全社会责任股票76.25255519018.OFHYPERLINK http:/fund.eastm/519018.html汇添富均衡增长股票39.4560460007.OFHYPERLINK http:/fund.eastm/460007.html华泰柏瑞行业领先股票75.52256161606.OFHYPERLINK http:/fund.eastm/16160

37、6.html融通行业景气混合39.4261410007.OFHYPERLINK http:/fund.eastm/410007.html华富价值增长混合75.38257420003.OFHYPERLINK http:/fund.eastm/420003.html天弘永定价值成长股票39.2162257050.OFHYPERLINK http:/fund.eastm/257050.html国联安主题驱动股票75.28258050007.OFHYPERLINK http:/fund.eastm/050007.html博时平衡配置混合38.9163340008.OFHYPERLINK http:/f

38、und.eastm/340008.html兴全有机增长混合75.24259519011.OF海富通精选混合38.8964580005.OFHYPERLINK http:/fund.eastm/580005.html东吴进取策略混合75.09260620006.OFHYPERLINK http:/fund.eastm/620006.html金元惠理消费主题股票38.8365519692.OFHYPERLINK http:/fund.eastm/519692.html交银成长股票75.07261519066.OFHYPERLINK http:/fund.eastm/519066.html汇添富蓝筹

39、稳健混合38.7966151001.OFHYPERLINK http:/fund.eastm/151001.html银河稳健混合74.97262160212.OFHYPERLINK http:/quote.eastm/SZ160212.html国泰估值优势股票(LOF)38.7767519110.OF浦银安盛价值成长股票74.23263540009.OFHYPERLINK http:/fund.eastm/540009.html汇丰晋信消费红利股票38.7368160211.OFHYPERLINK http:/fund.eastm/160211.html国泰中小盘成长股票(LOF)73.992

40、64206001.OFHYPERLINK http:/fund.eastm/206001.html鹏华行业成长混合38.5669270021.OFHYPERLINK http:/fund.eastm/270021.html广发聚瑞股票73.80265519005.OFHYPERLINK http:/fund.eastm/519005.html海富通股票38.4970350001.OFHYPERLINK http:/fund.eastm/350001.html天治财富增长混合73.77266350005.OFHYPERLINK http:/fund.eastm/350005.html天治创新先锋

41、股票38.3371166005.OFHYPERLINK http:/fund.eastm/166005.html中欧价值发现股票73.46267580007.OFHYPERLINK http:/fund.eastm/580007.html东吴新创业股票37.9072590005.OFHYPERLINK http:/fund.eastm/590005.html中邮核心主题股票73.28268020009.OFHYPERLINK http:/fund.eastm/020009.html国泰金鹏蓝筹混合37.8773270025.OFHYPERLINK http:/fund.eastm/270025

42、.html广发行业领先股票73.07269202005.OFHYPERLINK http:/fund.eastm/202005.html南方成份精选股票37.6274630008.OFHYPERLINK http:/fund.eastm/630008.html华商策略精选混合73.00270070003.OFHYPERLINK http:/fund.eastm/070003.html嘉实稳健混合36.9075519008.OFHYPERLINK http:/fund.eastm/519008.html汇添富优势精选混合72.54271610001.OFHYPERLINK http:/fund.

43、eastm/610001.html信达澳银领先增长股票36.6676519091.OFHYPERLINK http:/fund.eastm/519091.html新华泛资源优势混合72.48272162209.OFHYPERLINK http:/fund.eastm/162209.html泰达宏利市值优选股票36.5577162211.OFHYPERLINK http:/fund.eastm/162211.html泰达宏利品质生活混合72.40273519694.OFHYPERLINK http:/fund.eastm/519694.html交银蓝筹股票36.4478202011.OFHYPE

44、RLINK http:/fund.eastm/202011.html南方优选价值股票72.09274450002.OFHYPERLINK http:/fund.eastm/450002.html国富弹性市值股票35.4879257020.OF国联安精选股票71.86275162102.OFHYPERLINK http:/fund.eastm/162102.html金鹰中小盘精选混合35.3680150103.OF银河银泰混合71.75276200008.OFHYPERLINK http:/fund.eastm/200008.html长城品牌优选股票35.1581080005.OFHYPERLI

45、NK http:/fund.eastm/080005.html长盛量化红利股票71.71277460009.OFHYPERLINK http:/fund.eastm/460009.html华泰柏瑞量化先行股票34.3182162201.OFHYPERLINK http:/fund.eastm/162201.html泰达宏利成长股票71.52278040001.OFHYPERLINK http:/fund.eastm/040001.html华安创新混合34.2783080001.OFHYPERLINK http:/fund.eastm/080001.html长盛成长价值混合71.02279160

46、603.OFHYPERLINK http:/fund.eastm/160603.html鹏华普天收益混合34.1684110002.OFHYPERLINK http:/fund.eastm/110002.html易方达策略成长混合70.95280690001.OF民生加银品牌蓝筹混合34.0185240004.OF华宝兴业动力组合股票70.77281270006.OFHYPERLINK http:/fund.eastm/270006.html广发策略优选混合33.6486660003.OFHYPERLINK http:/fund.eastm/660003.html农银平衡双利混合70.7328

47、2090004.OFHYPERLINK http:/fund.eastm/090004.html大成精选增值混合33.5687162605.OFHYPERLINK http:/fund.eastm/162605.html景顺长城鼎益股票(LOF)70.71283519025.OFHYPERLINK http:/fund.eastm/519025.html海富通领先成长股票33.3888210002.OFHYPERLINK http:/fund.eastm/210002.html金鹰红利价值混合70.56284540007.OFHYPERLINK http:/fund.eastm/540007.

48、html汇丰晋信中小盘股票33.3489112002.OFHYPERLINK http:/fund.eastm/112002.html易方达策略成长二号混合70.43285163803.OF中银增长股票33.3090163810.OF中银价值混合70.08286398011.OFHYPERLINK http:/fund.eastm/398011.html中海分红增利混合33.1291020001.OFHYPERLINK http:/fund.eastm/020001.html国泰金鹰增长股票69.88287210001.OFHYPERLINK http:/fund.eastm/210001.h

49、tml金鹰成份优选混合32.7892550008.OFHYPERLINK http:/fund.eastm/550008.html信诚优胜精选股票69.73288450001.OFHYPERLINK http:/fund.eastm/450001.html国富中国收益混合32.4693377020.OF上投摩根内需动力股票69.61289050001.OFHYPERLINK http:/fund.eastm/050001.html博时价值增长混合32.4494519068.OFHYPERLINK http:/fund.eastm/519068.html汇添富成长焦点股票69.382903200

50、03.OFHYPERLINK http:/fund.eastm/320003.html诺安股票32.4495540008.OFHYPERLINK http:/fund.eastm/540008.html汇丰晋信低碳先锋股票69.22291161601.OFHYPERLINK http:/fund.eastm/161601.html融通新蓝筹混合32.4096110013.OFHYPERLINK http:/fund.eastm/110013.html易方达科翔股票69OFHYPERLINK http:/fund.eastm/090009.html大成行业轮动股票32.

51、2797040005.OFHYPERLINK http:/fund.eastm/040005.html华安宏利股票69.10293040016.OFHYPERLINK http:/fund.eastm/040016.html华安行业轮动股票32.1798110001.OFHYPERLINK http:/fund.eastm/110001.html易方达平稳增长混合68.85294570001.OFHYPERLINK http:/fund.eastm/570001.html诺德价值优势股票32.1199070021.OFHYPERLINK http:/fund.eastm/070021.html

52、嘉实主题新动力股票68.78295050012.OF博时策略混合31.97100570006.OFHYPERLINK http:/fund.eastm/570006.html诺德中小盘股票68.69296110010.OFHYPERLINK http:/fund.eastm/110010.html易方达价值成长混合31.89101090007.OFHYPERLINK http:/fund.eastm/090007.html大成策略回报股票68.64297660006.OFHYPERLINK http:/fund.eastm/660006.html农银大盘蓝筹股票31.52102320006.O

53、FHYPERLINK http:/fund.eastm/320006.html诺安灵活配置混合68.55298233001.OFHYPERLINK http:/fund.eastm/233001.html大摩基础行业混合31.52103110012.OFHYPERLINK http:/fund.eastm/110012.html易方达科汇灵活配置混合68.53299550001.OFHYPERLINK http:/fund.eastm/550001.html信诚四季红混合31.51104570005.OFHYPERLINK http:/fund.eastm/570005.html诺德成长优势股

54、票68.24300090011.OFHYPERLINK http:/fund.eastm/090011.html大成核心双动力股票31OF申万菱信盛利精选混合68.02301270002.OFHYPERLINK http:/fund.eastm/270002.html广发稳健增长混合30.97106519115.OF浦银安盛红利精选股票67.71302240005.OF华宝兴业多策略股票30.87107166001.OFHYPERLINK http:/fund.eastm/166001.html中欧新趋势股票(LOF)67.58303202002.OFHYPERLIN

55、K http:/fund.eastm/202001.html南方稳健成长贰号混合30.79108255010.OFHYPERLINK http:/fund.eastm/255010.html国联安稳健混合67.01304070018.OFHYPERLINK http:/fund.eastm/070018.html嘉实回报混合30.70109260110.OFHYPERLINK http:/fund.eastm/260110.html景顺长城精选蓝筹股票66.93305202001.OF南方稳健成长混合30.70110519021.OFHYPERLINK http:/fund.eastm/519

56、021.html国泰金鼎价值混合66.89306519001.OF银华价值优选股票30.56111519672.OF银河蓝筹股票66.86307202009.OFHYPERLINK http:/fund.eastm/202009.html南方盛元红利股票30OFHYPERLINK http:/fund.eastm/400003.html东方精选混合66.85308360012.OF光大保德信中小盘股票29.33113373020.OF上投摩根双核平衡混合66.25309519017.OFHYPERLINK http:/fund.eastm/519017.html大成积

57、极成长股票28.92114519113.OF浦银安盛精致生活混合66.24310519690.OFHYPERLINK http:/fund.eastm/519690.html交银稳健配置混合28.48115163402.OFHYPERLINK http:/quote.eastm/SZ163402.html兴全趋势投资混合(LOF)65.97311590001.OFHYPERLINK http:/fund.eastm/590001.html中邮核心优选股票28.24116160314.OFHYPERLINK http:/quote.eastm/SZ160314.html华夏行业股票(LOF)65

58、.84312398051.OFHYPERLINK http:/fund.eastm/398051.html中海环保新能源混合28.05117540002.OFHYPERLINK http:/fund.eastm/540002.html汇丰晋信龙腾股票65.81313560003.OFHYPERLINK http:/fund.eastm/560003.html益民创新优势混合27.78118110015.OFHYPERLINK http:/fund.eastm/110015.html易方达行业领先股票65.77314270007.OFHYPERLINK http:/fund.eastm/2700

59、07.html广发大盘成长混合27.66119257030.OF国联安优势股票65.76315519003.OFHYPERLINK http:/fund.eastm/519003.html海富通收益增长混合27.55120257040.OF国联安红利股票65.65316450007.OFHYPERLINK http:/fund.eastm/450007.html国富成长动力股票27.42121162203.OFHYPERLINK http:/fund.eastm/162203.html泰达宏利稳定股票65.40317350007.OFHYPERLINK http:/fund.eastm/350

60、007.html天治趋势精选混合27.37122288002.OFHYPERLINK http:/fund.eastm/288002.html华夏收入股票65.31318090001.OFHYPERLINK http:/fund.eastm/090001.html大成价值增长混合27.23123257010.OF国联安小盘精选混合65.09319000021.OFHYPERLINK http:/fund.eastm/000021.html华夏优势增长股票26.78124070019.OFHYPERLINK http:/fund.eastm/070019.html嘉实价值优势股票65.07320