融资融券市场跟踪：融资融券标的再次扩容融资增速短期或将下降0129.ppt

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1、10!03!31,10!05!12,10!06!24,10!08!03,10!09!10,10!11!01,10!12!09,11!01!19,11!03!07,11!04!18,11!05!27,11!07!07,11!08!16,11!09!26,11!11!10,11!12!20,12!02!07,12!03!16,12!05!02,12!06!11,12!07!20,12!08!29,12!10!15,12!11!22,10,10,10,10,10,10,10,11,11,11,11,11,11,11,11,11,12,12,12,12,12,12,12,12,12,0331,0511

2、,0622,0729,0906,1025,1201,0110,0223,0401,0513,0622,0729,0906,1021,1129,0109,0222,0330,0515,0621,0731,0906,1022,1128,A,5,1,8,2012,1,29,1278,25,500,010-S1010510120029010-60836754,1,24,1069.8,12,S1010512110001,28.7%,20,91.4,12,93.8%,79.4,12,82.1%,90,900,12,20,23.8%,1,24,18.9,40.2,12,8070605040,80070060

3、0500400,26%,18.6,12,28%,3020,300200,5%1,5,20300,5,1002500,3500,1000,300,20001500,300025002000,300ETF22%,ETF300ETF,155.7%50ETF,180ETF,ETF,10005000,150010005000,ETF,57.5%,300ETF,57.6%ETF,50ETF,154.2%ETF,300ETF,192.6%2ETF 87.9%,ETF,87.5%,50ETF300ETF,.2013.1.10,50ETF,ETF,2,73.1%,:,ETF,74.3%,3,.2013.1.10

4、,TMT.2012.12.10,45,Alpha,2012.9.4.2012.8.10,6789,A,20.2011.11.2820.2011.7.22.2010.3,ETF,.1,.1,.2,.2,.2,.3.4.5,1,2,5,6,1 ETF,2 ETF,3,.2.2,34,vs,300300,.3.3,.5.5.3.4.4,4467,20202020,.5.6.6.7,1,25,2013,1,31,180,300,ETF,4,5,300,=2,/,A,+,/,A,83.4%74.3%,98,200,1,31,3.2200,=2,54.46%,/,42.26%,/A,A,+,500,A,1

5、6.4,13.9,A,27.2,A,18.3,60.2%75.6%,A,2012,2011,89,278,10,ETF,A,70%A,1,10,10,10,10,10,10,10,11,11,11,11,11,11,11,11,12,12,12,12,12,12,12,12,12,03,05,06,08,09,11,12,01,03,04,06,07,09,10,11,01,02,04,05,07,08,09,11,12,31,13,28,06,16,08,17,28,17,29,13,22,01,20,30,12,29,13,28,09,17,27,14,25,10,10,10,10,10,

6、10,10,11,11,11,11,11,11,11,11,12,12,12,12,12,12,12,12,03,05,06,08,09,11,12,02,03,05,06,08,09,11,12,02,03,05,06,08,09,11,12,31,14,30,11,27,15,27,15,29,13,27,08,20,08,20,09,22,10,21,03,14,02,14,1,24,1069.8,12,28.7%,20,91.4,12,93.8%,79.4,12,82.1%,1,24,40.2,12,23.8%,20,1,12,18.9,28%,12,2,26%,18.6,140120

7、1008060402000,5%,32012,1,2001,000800600400200020112011,300025002000150010005000,20,20%,4,5004,0003,5003,0002,5002,0001,5001,0005000,10%,1,300,5,2011,4,4,5,300,3002,201294,201114,201124,201134,201144,201164,201154,201174,201184,201194,201214,201224,201234,201254,201244,201274,201264,201284,2012104,20

8、12114,2011104,2011114,2011124,2012124,201314,5,335.0%30.0%25.0%,vs300,300,470.0%60.0%,vs HS300,300,1y=1.3652x+0.0377R=0.0905,20.0%15.0%10.0%5.0%0.0%5.0%10.0%15.0%,50.0%40.0%30.0%20.0%10.0%0.0%10.0%20.0%30.0%,8.0%,6.0%,4.0%,2.0%,0.0%,2.0%,4.0%,6.0%,8.0%,20,ETF,5,1,2,2013,1,24,300ETF,55.7%50ETF,22%,30

9、0ETF,180ETF,ETF,ETF57.5%,ETF,154.2%192.6%,300ETF,50ETF,ETF300ETF,57.6%,50ETF,ETF,87.5%,ETF,87.9%,300ETF,50ETF,ETF,73.1%1ETF,ETF,74.3%,100ETFETFETF300ETFETF,100532640744869128934588650531442803444,1241219168748874860412742346304792,102561693662373731847332989115068,46820100501832321249861434485196106

10、,300809447559945293183170744760,307936558355207323630645866660,180,ETF50ETF180ETF300ETFETF,10512085459223424316713984302225459210423650,7385961900166946701125908589477177,83437589867598825737140664627694049,42945287932664474568242356891043211607,1043617302076214790354370505952809396,8525268246227127

11、64672371662099573754,2013,1,24,3,2,ETF,100ETFETFETF300ETFETF,-9.1%46.2%-30.2%-1.7%19.6%,44.4%107.3%22.7%-0.5%34.0%,86.6%9.3%75.8%13.0%-65.3%,15.0%2.1%60.7%78.5%5.0%,17.7%3.6%125.1%287.9%-100.0%,30.2%53.2%265.3%83.7%-100.0%,180,ETF50ETF180ETF300ETFETF,57.5%22.0%33.2%55.7%26.3%,-11.9%-9.6%-16.2%74.2%8

12、3.7%,93.5%-15.3%122.5%53.9%2089.7%,129.3%56.3%154.2%57.6%192.6%,75.3%73.9%-8.0%-2.0%122.6%,78.3%59.3%-18.7%-1.1%230.6%,2013,1,24,1,3,0.24%0.65%1.73%1.23%2.12%1.27%1.52%0.82%1.51%0.59%1.02%2.36%1.16%1.93%2.49%2.65%0.75%2.97%5.98%1.41%4.35%0.48%0.81%1.29%0.47%0.77%1.60%,0.19%0.53%1.49%1.01%1.86%1.14%1

13、.29%0.73%1.06%0.38%0.85%2.05%1.02%1.94%2.07%2.35%0.59%2.64%3.90%1.52%3.37%0.45%0.51%1.13%0.37%0.62%1.36%,29.2%22.0%16.0%22.0%13.9%11.2%17.4%12.4%42.2%55.1%20.7%15.3%13.8%-0.3%20.5%13.2%28.7%12.8%53.3%-7.33%28.9%7.0%57.6%14.3%27.3%25.0%18.10%,0.0160%0.0801%0.1410%0.0995%0.19%0.1473%0.1429%0.1039%0.30

14、73%0.0679%0.0519%0.1851%0.0642%0.1698%0.3283%0.2871%0.0335%0.4421%0.2493%0.10%0.3498%0.0410%0.06%0.0780%0.06%0.1354%0.19%,0.0084%0.0383%0.1073%0.0682%0.09%0.0719%0.0937%0.0730%0.0576%0.0402%0.0551%0.1062%0.1000%0.1243%0.1360%0.1023%0.0153%0.1640%0.0724%0.05%0.1962%0.0153%0.02%0.0329%0.02%0.0537%0.08

15、%,90.9%108.9%31.4%45.9%108.80%104.7%52.6%42.4%433.4%69.0%-5.8%74.2%-35.8%36.6%141.4%180.7%119.7%169.5%244.4%107.37%78.3%168.5%212.05%137.3%220.97%152.0%149.43%,7.2%3.9%2.6%6.2%10.05%6.6%9.6%4.3%34.5%5.3%7.1%5.3%4.6%11.5%7.4%6.4%5.9%7.2%9.1%9.98%11.6%5.7%3.30%6.7%15.02%8.7%12.06%,2013,1,24,4,5,vs,6,v

16、s,20%18%16%14%12%10%8%6%4%2%0%,y=0.0341x+0.0739R=0.0176,16%14%12%10%8%6%4%2%0%,y=0.0077x+0.0613R=0.0883,40%,30%,20%,10%,0%,10%,20%,30%,100%,0%,100%,200%,300%,400%,500%,600%,2013,1,24,20,2013,1,24,20,4,20,/,0.9%0.5%1.0%2.7%0.4%2.8%0.6%3.6%1.0%2.2%6.7%1.8%2.0%3.3%1.4%1.9%1.6%1.2%0.1%,0.3%0.2%0.4%1.2%0

17、.2%1.3%0.3%1.8%0.5%1.1%3.4%0.9%1.0%1.7%0.8%1.0%0.9%0.7%0.1%,205.9%198.2%184.2%136.5%116.3%112.6%104.4%103.0%102.9%100.2%97.3%96.4%93.7%88.8%87.1%84.8%79.0%76.6%75.7%,0.0093%0.0141%0.0245%0.0119%0.0078%0.0279%0.0004%0.0901%0.0702%0.0178%0.0245%0.0174%0.1312%0.0590%0.0366%0.0147%0.0011%0.0153%0.0187%,

18、0.0268%0.0306%0.0304%0.0019%0.0207%0.0115%0.0031%0.0830%0.0684%0.0216%0.0313%0.0236%0.1610%0.0334%0.0189%0.0332%0.0007%0.0178%0.0338%,-65.2%-53.9%-19.2%541.3%-62.5%143.5%-86.6%8.6%2.6%-17.5%-21.9%-26.1%-18.5%76.8%93.3%-55.8%70.1%-13.9%-44.6%,1.8%1.7%2.6%0.9%1.6%3.6%0.1%2.2%6.7%1.7%0.8%0.9%4.6%1.3%5.

19、3%1.4%0.2%2.8%5.2%,-0.5%-4.5%4.8%2.3%1.8%8.9%5.9%20.7%9.6%0.2%-7.9%4.5%8.3%39.5%19.3%-0.9%4.8%1.6%-2.8%,2013,1,24,5,4,20,/,0.6%,1.7%,-64.9%,0.0183%,0.0916%,-80.0%,2.8%,1.4%,A,0.3%1.1%1.3%1.7%0.2%1.1%0.7%0.5%0.6%0.1%0.2%0.3%1.5%2.2%2.2%2.4%0.9%1.3%,0.5%1.9%2.1%2.6%0.4%1.7%1.1%0.7%0.8%0.1%0.2%0.3%2.0%

20、2.8%2.8%2.9%1.1%1.5%,-43.6%-43.3%-37.0%-36.0%-34.2%-33.3%-32.9%-31.4%-27.1%-26.7%-24.5%-23.2%-22.4%-22.3%-19.0%-17.8%-17.1%-17.1%,0.1022%0.0862%0.0189%0.0412%0.0372%0.0157%0.0250%0.0308%0.0574%0.0111%0.1161%0.0077%0.0093%0.0563%0.0897%0.0222%0.0168%0.0825%,0.0910%0.0533%0.0069%0.0205%0.0626%0.1105%0

21、.0174%0.0228%0.0349%0.0026%0.0988%0.0027%0.0073%0.0215%0.0588%0.0229%0.0175%0.0370%,12.3%61.8%172.3%100.6%-40.6%-85.8%43.3%35.1%64.6%335.1%17.5%180.6%26.8%161.8%52.6%-2.9%-3.7%122.9%,4.9%5.7%0.7%3.7%8.5%1.6%4.4%3.6%9.4%5.1%38.0%3.2%1.9%3.5%3.1%1.2%2.9%5.0%,25.1%20.5%20.7%9.2%15.2%-6.1%8.8%11.8%6.6%1

22、9.8%15.6%7.4%10.5%15.6%20.1%12.0%4.7%19.1%,6,20,2013,1,24,/,5.9%1.6%2.7%0.1%0.2%0.0%1.5%4.9%3.2%0.3%1.3%3.2%3.5%2.2%0.2%1.3%2.8%2.4%1.4%,5.5%1.6%1.2%0.1%0.1%0.0%1.3%3.6%2.5%0.3%2.1%3.0%3.0%2.8%0.2%1.0%1.3%1.7%1.1%,6.6%1.5%136.5%-26.7%67.5%-16.3%19.4%34.8%31.7%-23.2%-37.0%7.6%16.1%-22.3%-4.6%21.2%112

23、.6%42.3%26.6%,0.0587%0.0050%0.0119%0.0111%0.0005%0.0005%0.0132%0.0356%0.0132%0.0077%0.0189%0.1205%0.0318%0.0563%0.0070%0.0169%0.0279%0.0033%0.0297%,0.0041%0.0006%0.0019%0.0026%0.0001%0.0001%0.0037%0.0105%0.0044%0.0027%0.0069%0.0445%0.0118%0.0215%0.0028%0.0069%0.0115%0.0013%0.0127%,1315.2%722.0%541.3

24、%335.1%334.2%301.6%256.8%239.8%203.5%180.6%172.3%171.0%168.9%161.8%152.3%143.6%143.5%141.9%133.8%,2.2%0.9%0.9%5.1%0.8%1.6%1.5%0.6%1.2%3.2%0.7%4.7%3.0%3.5%1.8%1.6%3.6%0.3%1.5%,18.8%5.2%2.3%19.8%5.7%4.5%4.5%36.3%6.1%7.4%20.7%30.4%5.1%15.6%10.4%14.5%8.9%3.3%15.9%,2013,1,24,6,7,20,/,5.1%0.6%1.1%1.0%0.6%

25、1.7%3.8%1.3%0.8%0.9%2.5%0.4%2.7%7.8%1.9%3.3%3.7%0.5%1.4%,4.9%0.3%1.7%0.8%1.7%1.3%3.3%1.2%0.5%0.3%2.1%0.2%1.9%6.1%1.0%2.9%2.7%0.2%1.0%,4.9%104.4%-33.3%25.7%-64.9%27.7%14.5%8.4%58.4%205.9%19.4%116.3%40.6%26.8%84.8%11.9%37.9%198.2%45.7%,0.0104%0.0004%0.0157%0.0021%0.0183%0.0070%0.0068%0.0030%0.0059%0.0

26、093%0.0301%0.0078%0.0323%0.0069%0.0147%0.0134%0.0091%0.0141%0.0055%,0.1207%0.0031%0.1105%0.0116%0.0916%0.0316%0.0236%0.0094%0.0175%0.0268%0.0835%0.0207%0.0773%0.0163%0.0332%0.0302%0.0199%0.0306%0.0117%,-91.3%-86.6%-85.8%-81.6%-80.0%-77.7%-71.2%-67.9%-66.3%-65.2%-64.0%-62.5%-58.3%-57.6%-55.8%-55.4%-5

27、4.4%-53.9%-53.3%,0.8%0.1%1.6%0.3%2.8%1.1%0.3%0.6%1.3%1.8%1.1%1.6%1.4%0.5%1.4%1.2%0.6%1.7%0.8%,4.4%5.9%-6.1%1.2%1.4%4.0%1.8%5.2%1.9%-0.5%0.7%1.8%7.4%2.5%-0.9%2.8%-2.6%-4.5%3.3%,2013,1,24,7,-,“,”,Analyst CertificationiiiThe analysts primarily responsible for the preparation of all or part of the resea

28、rch report contained herein hereby certify that:(i)the views expressed in this research report accurately reflect the personal views of each such analyst about the subject securities and issuers;and(ii)no part of the analysts compensation was,is,or will be directly or indirectly,related to the speci

29、fic recommendations or views expressed in thisresearch report.“”,/,(,),(1),(2)/20131,300,20%,6,300,5%,20%,2,6300,6300,300300300300300,-10%5%10%10%-10%10%10%,48,1568,8,1,100125,22,200122,518048,26,Foreign Broker-Dealer Disclosures for Distributing to the U.S.This report has been produced in its entir

30、ety by CITIC Securities Limited Company(“CITIC Securities”,regulated by the China Securities RegulatoryCommission.Securities Business License Number:Z20374000).This report is being distributed in the United States by CITIC Securities pursuant to Rule15a-6(a)(2)under the U.S.Securities Exchange Act of 1934 exclusively to“major U.S.institutional investors”as defined in Rule 15a-6 and the SEC no-action,letters thereunder.,Z20374000,1934“,”,15a-6(a)(2),15a-6,