1. Closed-end funds have dual valuation advantages-large blue-chip stocks held in heavy positions have low valuation and high discount rate. In addition, the possible compulsory dividend measures will force the transaction price to return to the net value, so closed-end funds will have better investment value and risk prevention ability.
2. With the establishment of China Financial Futures Exchange, the upcoming domestic stock index futures trading is expected to activate the 810.2 billion closed-end fund market, which will lead to a downward trend in the discount rate of closed-end funds, and its annualized arbitrage return rate will return to a reasonable level.
3. The emergence of short-selling system of stock index futures is expected to give investors a brand-new arbitrage trading mode of closed-end funds, that is, shorting stock index futures and buying closed-end funds at the same time, and using hedging transactions to obtain the discount space of closed-end funds. In fact, this arbitrage trading for closed-end funds and stock index futures has promoted the discount rate of closed-end funds in Britain and the United States to return to rationality to varying degrees.
4. The opening of margin financing and securities lending business will also make closed-end funds become collateral for margin financing and securities lending business, enjoying a high conversion ratio of 80% like national debt, and its stable income will become the most valuable bargaining chip for brokers in this business.
5. The management's ideas on the reform of closed-end funds and the new closed-end funds to be launched soon provide an opportunity for the existing closed-end funds to launch the market.
6. The transaction cost is lower than that of open-end funds, and the liquidity is better than that of open-end funds. We can pay attention to closed-end funds due in 2008, such as Hui Ke and fund Handing (1.758, -0.00, -0. 1 1%). The discount rate of these two funds is 13%, the internal rate of return is 15%, and the annualized rate of return is 8 ~ 9.