中國調結構「共同富裕」新主調 A股後市解析

近期中國強力監管及經濟結構調整，政策主調更拋出「共同富裕」概念，使得投資市場短期內對陸股產生疑慮及不安情緒，不過，中國A股今年以來仍維持上揚及正報酬。

瀚亞中國A股基金投資顧問–中信保誠基金管理帶來在地觀察，認為中國股市中的壞消息逐步落地，俗話說「放水無熊市」，隨著經濟結構調整、預期第四季寬鬆政策出台，A股可望震盪向上，透過經理團隊主動式選股、由下而上精選潛力個股與產業板塊，可望為基金進一步尋找超額收益機會。

最新看法：最壞時刻過去了

儘管中國面臨鄭州大水、疫情、中美貨幣政策轉向等變動因素，可能讓中國整體經濟面出現下行壓力，但是，此時可望讓中國政府在第四季陸續推出寬鬆政策，俗話說「放水無熊市」，當產業秩序與市場穩定性逐漸改善，後續激化資金流入股市。預計A股市場將呈現寬幅震盪走勢，個股波動加大，對A股市場持審慎樂觀態度。

其次，中國將迎來「金九銀十」的傳統消費旺季，在目前打壓教育及房產的風向下，市場資金持續轉入股市，A股表現將備受投資人期待，以消費內需、醫療保健類股，可望接力為盤面上的主流產業。

上證指數站穩3,700點，自第四季至2022年中國股市迎向全面的牛市機會更大，而選擇個股和細分板塊，仍然是獲取超額收益的主要路徑，預期所有的政策調控皆陸續出檯後，樂觀看好下半年及明年市場表現。

基金各期間績效、排名有目共睹

境內中國A股類型基金今年以來表現落差大，瀚亞中國A股基金今年以來及短中長期各期間績效表現良好，排名更均居於境內中國A股同類型基金前四分之一，充分凸顯主動式管理之優勢，以及研究團隊挖掘個股及產業之操作能力極佳。
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資料來源：投信投顧公會，統計至2021/8/31，新台幣計價，分類以投信投顧公會分類跨國股票-中國A股類型為準。

                                                                                基金成立以來淨值走勢
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資料來源：瀚亞投資，統計自2010/10/11成立以來至2021/9/10。

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• 下載最新基金報告

 

本基金經金管會核准或同意生效，惟不表示絕無風險。基金經理公司以往之經理績效不保證基金之最低投資收益；基金經理公司除盡善良管理人之注意義務外，不負責本基金之盈虧，亦不保證最低之收益，投資人申購前應詳閱基金公開說明書。本文提及之經濟走勢預測不必然代表本基金之績效，本基金投資風險請詳閱基金公開說明書。本基金主要投資於中國及在中國營運但於其他市場(如：香港)上市之有價證券，投資人須留意中國市場特定政治、經濟與市場等投資風險。
匯率變動風險：本基金外幣計價受益權單位以人民幣計價，如投資人以其他非本基金計價幣別之貨幣結匯後投資本基金，須自行承擔匯率變動之風險。當人民幣相對其他貨幣貶值時，將產生匯兌損失。因投資人與銀行進行外幣交易有賣價與買價之差異，投資人進行結匯時須承擔買賣價差，此價差依各銀行報價而定。此外，投資人尚須承擔匯款費用，且外幣匯款費用可能高於新臺幣匯款費用。投資人亦須留意外幣匯款到達時點可能因受款行作業時間而遞延。 本基金人民幣計價受益權單位之人民幣匯率主要係採用離岸人民幣匯率（即中國離岸人民幣市場的匯率，CNH）。人民幣目前受大陸地區對人民幣匯率管制、境內及離岸市場人民幣供給量及市場需求等因素，將會造成大陸境內人民幣結匯報價與離岸人民幣結匯報價產生價差（折價或溢價）或匯率價格波動，故人民幣計價受益權單位將受人民幣匯率波動之影響。同時，人民幣相較於其他貨幣仍受政府高度控管，中國政府可能因政策性動作或管控金融市場而引導人民幣升貶值，造成人民幣匯率波動，投資人於投資人民幣計價受益權單位時應考量匯率波動風險。
有關基金應負擔之費用已揭露於基金之公開說明書或投資人須知中，投資人可至下列網址查閱：公開資訊觀測站:http://newmops.tse.com.tw、瀚亞證券投資信託股份有限公司：http://www.eastspring.com.tw或於本公司營業處所：臺北市松智路1號4樓，電話：(02)8758-6699索取/查閱。
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