What is the basis for the fund s intraday valuation

Intraday valuations cannot be accurate, and if they are, it is a coincidence.

This is based on the exposure to heavy exposure to stocks and bonds as shown in the quarterly report at the end of the previous quarter.

Active investment** can be changed at any time, rebalancing and swapping shares.

The company's quarterly report shows the situation at the last day of a quarter, for example, the fourth quarter of 2014 quarterly report shows the position at the time of December 31, 2014.

Quarterly reports are generally released about 20 days after the quarter, for example, the quarterly report for the fourth quarter of 2014 was released around January 20, 2015. Therefore, even the latest quarterly report can no longer truly reflect the current position.

Therefore, the intraday valuation cannot be accurate, and the usual ** position situation is confidential, and it is impossible for outsiders to know.

The **net value published daily is accurate, and it is a **net asset value calculated after the working day**.

This net value is not an intraday valuation.

What is the basis--- because the **type**bought** is constantly changing during the daily trading hours, so the net value of ** is also constantly changing. Through the **bought**, you can estimate the real-time profit.

The rise and fall of the day's holdings of this **, as well as the **in** of these**!

According to the position at the end of the previous quarter announced by the company and the rise and fall of the market on the same day, there is a big difference between it and the actual net value.

Current positions are confidential and no one knows about them.

Hello, if Alipay is a green light for an index, it means that the valuation of the current index ** is low, and if an index is on the red light, it means that the current ** is relatively high.

1.High valuation and low valuation refer to the P/E ratio of this one, and generally speaking, the index type has a P/E ratio for investors to refer to. For example, the Alipay traffic light index will show that an index** is in the overvalued or undervalued area.

2.If Alipay is a green light for an index, it means that the valuation of the current index** is low, and the probability of future profitability in the undervalued area** is high; If an index turns on the red light, it means that the current ** is relatively high, in the overvaluation area, and there is little room for future profits, so you can continue to pay attention when the valuation is normal.

3.In addition to the equity class other than the index type, investors can use the historical percentile of PE and the historical percentile of PB to judge the level of valuation: Generally speaking:

When the percentile is below 20, it is undervalued; When its percentile is above 80, it means that it is overvalued.

When the percentile is below 20, it is undervalued; When its percentile is above 80, it means that it is overvalued. The percentile is between 20 and 80, which is a reasonable range.

Extended Information: 1: What is **.

1) According to whether the **share can be increased or redeemed, it can be divided into open-ended and closed-ended. Open-ended non-listed trading (as the case may be), the scale is not fixed through the subscription and redemption of banks, companies, and companies; Closed-end has a fixed duration and is generally listed and traded on the exchange. Investors buy and sell** units through the secondary market.

2) According to the different organizational forms, it can be divided into legal person ** and contract **. **It is the establishment of an investment company through the issuance of **shares, commonly referred to as a company**; Commonly referred to as a contractual type, it is established by the manager, custodian and investor through a contract. China's **investment** is contractual**.

3) According to the different investment risks and returns, it can be divided into growth**, return** and balance**.

4) According to different investment objects, it can be divided into ****, bonds**, money market**, ****, etc.

In accordance with the provisions of the "Investment Accounting Measures", the valuation should follow the following principles:

1 Any valuable** listed and circulating is valued at the market price (average price or ** price) of the exchange listed on the ** exchange on its valuation date; If there is no transaction on the valuation date, the valuation shall be based on the market price of the nearest trading day.

2 Unlisted ** should be treated differently in the following situations:

1) Allotment of shares and issuance of new shares shall be valued at the market price of the same ** listed on the ** exchange on the valuation date;

2) Initial public offering**, valued at cost.

3. The allotment warrant shall be valued at the difference between the market price and the allotment price from the ex-rights date of the allotment to the confirmation date of the allotment; If the market price is lower than the allotment price, the valuation is zero.

4 If there is conclusive evidence that the valuation according to the above method does not objectively reflect its fair value, the ** management company shall, after agreeing with the ** custodian on a case-by-case basis, make a valuation at the ** that best reflects the fair value.

5. If there are any new items, they will be valued according to the latest national regulations.

**Valuation procedures and valuation date requirements.

a) Valuation procedures.

Looking at the ** valuation procedures in various countries around the world, there are mainly the following ways:

1. The **Manager shall independently complete the valuation of ** and announce the net asset value of the ** unit to the outside world, and the **Manager shall bear all the responsibility for valuation errors;

2. After the manager completes the valuation, it will be handed over to the custodian for review, and the manager will announce the net asset value of the unit, and both parties shall bear the corresponding responsibilities;

3. The ** manager entrusts the custodian or professional institution to conduct the valuation, and the custodian or professional institution notifies the manager of the valuation results, and the manager announces the net asset value of the ** unit. The custodian or professional body bears full responsibility for valuation errors.

For investment products with an active market, if there is a market price on the valuation date, the market price should be used to determine the fair value; If there is no market price on the valuation date, but there is no significant change in the economic environment after 2013 and there is no major event affecting the issuer, the fair value must be determined by using the market price of the transaction.

For investment varieties with an active market, such as no market price on the valuation date, and the economic environment has undergone major changes after 2013 or major events affecting the issuer, the potential valuation.

Valuation principles, what is valuation? It refers to the process of calculating and valuing the value of assets and liabilities according to fairness to determine the net asset value and the net value of shares. It is a method of using estimation to **** net worth.

The fair value is determined. Valuation date none**: If there is no major event affecting the fair value measurement after the latest transaction date, the fair value shall be determined using the latest transaction date; There is sufficient evidence that the valuation date or the most recent transaction date** does not reflect the fair value.

Valuation is the process of calculating and evaluating the value of assets and liabilities in accordance with fairness, and determining the net asset value and the net value of the share. Valuation is a useful reference in the process of investing. Most investors will choose to sell at a low valuation** and at a high valuation.

In the process of investing, what do we need to pay attention to about the valuation?

Index valuation percentiles.

We usually judge the valuation of an index by the valuation percentile, what does the valuation percentile mean? For example, if the valuation percentile of an index is 80%, it means that the valuation of the index is higher than the valuation of 90% of the historical level.

The main thing that needs to be done here is that the valuation level is different in different time intervals, so there will be such a phenomenon: the same valuation percentile is based on the valuation percentile, the valuation of the past 10 years shows that the index is in the normal valuation range, and the valuation of the past 5 years shows that the index has entered the high valuation area. The level of the valuation percentile is different for different time periods.

So what kind of valuation range should we choose? Generally speaking, it is reasonable to choose a valuation range that includes at least one complete round of bull and bear markets, with both bull and bear market data, such as valuations in the last ten years.

Different industries, due to different cyclicalities, choose different valuation methods.

For example, in strong cyclical industries, we generally use the price-to-book ratio (market capitalization ratio to net assets) valuation, because this type of industry is more volatile, and the volatility of profitability is relatively strong, but the net assets are relatively stable, such as brokers, banks, etc.

For cyclical industries, it is more suitable to use the P/E ratio (market capitalization ratio to net profit) method, because this type of industry is less affected by the economic cycle and has strong rigid demand, so the profit is relatively stable, such as consumption, medical care, etc.

There are many investors who like to decide whether to **** according to the level of valuation, for example, when they see a certain sector, although the rise is gratifying, they will not dare to buy it because the valuation is relatively high, and then this plate has risen all the way, and all secretly regret it. In fact, valuation represents past data, but our investment is indeed the future of assets, and we cannot make investment decisions based on valuation one-sidedly.

Valuation can be used as an auxiliary tool for our judgment, after a complete analysis of the industry's prospects, profitability, etc., supplemented by valuation as a judgment of entry time.

Net worth is calculated after the trading day, while valuations are different. Valuations are the same as those in that they are updated in real-time during trading hours.

The valuation algorithm is more complex, and the valuation platform will build a valuation model based on the regularly published annual reports, semi-annual reports, quarterly reports, industry information, and position ratios, and calculate the valuation.

Due to the different algorithms used by each platform, the valuation data derived from the cleaned vertical slag will also be different. Moreover, since it is an estimate, the data is not completely accurate, and there are limitations to simply using **valuation** to select**.

In addition, there is a time lag in valuation. Quarterly, semi-annual, and annual reports are published regularly, and most of the reports come out more than half a month late, and the time is not timely. If the ** manager adjusts the position and changes the stock at this time, these changes will reduce the accuracy of the data.

However, for index and ETF ETFs with a relatively stable number and proportion of holdings, the degree of valuation deviation will also be reduced.

Therefore, the valuation and net worth are only used as a reference and are not used as a basis for base selection. If you find that the valuation and net value of ** are always far away from each other for a period of time, it means that this valuation data is not very accurate, and the reference is of little significance at this time.

In other words, we can't speculate like **, to see if a ** is worth investing, but also to combine the investment direction, the strength of the manager, the market environment and so on.

Some. You're talking about off-the-counter**. Valuation, only based on the previous quarter's position to make an estimate, and the closer to the end of the quarter, the more inaccurate the valuation, because the ** manager will empty Zheng to adjust the position.

If you plan to invest in pure gold, you should not pay attention to short-term ups and downs.

You Yelunyan is good, there is no valuation before, and there is no opening, how can there be a valuation in Tongpeng.

The so-called valuation is a data calculated by Gen Song Yu according to the top ten heavy stocks, and the valuation is only available at the opening.

The intraday valuation is an estimate of the net value calculated based on the disclosed position search and simplification, which is different from the real net value, but can be used as a reference. When it is fast before 15 o'clock, you can buy and sell according to the intraday valuation. If the intraday valuation price rises too much, you may have to consider whether it is **.

Of course, if you don't think you need to worry about such details, then you can buy Shizi and sell the mountain ** at any time.

You're talking about off-the-counter**. Valuation, only based on the previous quarter's position to make an estimate, and the closer to the end of the quarter, the more inaccurate the valuation, because the ** manager will adjust the position. If you plan to make ** investment, you should not pay attention to short-term ups and downs, but carefully study the positions of ** Nian Lun Manager.

Valuation refers to the process of calculating and evaluating the value of assets and liabilities in accordance with fairness to determine the net asset value and the net value of the shares.

Generally speaking, on the trading platform, when we go to check a, we can see the valuation of the day, the valuation of the day is simply a**, after the market is closed, what is the net value to be announced at night, and the valuation is also changed according to the market situation, so the significance of the valuation is to give investors a reference for the operation, so that investors can have a number of the trend of the market, and the valuation method of the different trading platforms may be slightly different. But the difference won't be huge.

The valuation of ** is not equivalent to **net worth, and the real ** net value needs to be subject to the ** company's announcement. Valuation is a data that precedes net worth. If the investor wants to operate on the same day, he can refer to the valuation of the day to make a decision.

We also have some issues that need to be paid attention to when making ** valuations.

First, the consistency of valuation methods

Valuation needs to pay attention to the consistency of the gold valuation method, the consistency of the valuation method means that the platform adopts the same valuation method when valuing the platform, abides by the same valuation rules, and the valuation consistency corresponds to the openness of the valuation method, which is considered from the valuation method, and the openness of the valuation method means that the valuation method used needs to be publicly explained and disclosed in the prospectus, and the investor passes the announcement. The prospectus can be viewed in the valuation method of **.

Second, the frequency of valuation

There is a valuation rate problem in the valuation of **, which is easy to ignore, but it is very important that the valuation time of the open ** is the same as the time of the open subscription and redemption. Generally, valuations are carried out at regular intervals, and regulations specify a minimum valuation frequency. As an investor, you need to grasp the frequency of this valuation.

Third, underestimating operations

If the subjective judgment of the valuation of ** is determined by the **manager, there may be the problem of **valuation undervaluation, so the operation and undervaluation of ** operation and undervaluation problems need to be paid attention to when investors value ** assets.