As of the close of July 16, the overall discount rates of Guo Fu State-owned Enterprise Reform, Guo Fu CSI Mobile Internet and Information Classification were 4.48%, 4.43% and 4.42% respectively. Take CSI Mobile Internet in Guo Fu as an example. If you buy 50,000 copies of Internet A at 0.862 yuan and 50,000 copies of Internet B at 0.962 yuan before the close of the day, you will apply for merger. Assuming that the net value of the parent fund remains unchanged on the second day, it is 0.998 yuan on July 16. After applying for redemption, after deducting 0.5% redemption fee, the profit is about 8073 yuan. Of course, the net value of the parent fund will also change the next day, which will generally lead to two results. One is that the net value rises, and investors enjoy the double benefits of discount arbitrage and parent fund rise; The other is the decline in net worth, which will reduce the arbitrage space of investors and even cause losses. In other words, discount arbitrage is not a "steady profit without loss".

In order to ensure the income as much as possible and reduce the probability of loss, investors should pay attention to the following points when carrying out discount arbitrage. First of all, we should choose brokers who can merge on the day of buying A and B shares. Because many brokers can merge with T+ 1 and redeem with T+2, investors have to bear the fluctuation risk of two trading days. Secondly, when purchasing Class A and Class B, you must purchase them according to the share ratio stipulated by the fund. If A:B is 5:5, you need to buy 10000 copies of A at the same time. If the ratio is 4:6, you need to buy 10000 A and 15000 B. Third, in order to lock in the income to the maximum extent, you should observe the timing of discount arbitrage before the stock market closes. If the transaction price of A+B is less than the estimated net value+redemption rate of the parent company's closing on the same day, you can buy the corresponding shares of Class B and Class A in the intraday trading, and then send the merger instruction. Because the price of grade B fluctuates greatly relative to grade A, you should buy B first and then A. ..

In addition, in the process of discount arbitrage, for large funds, it is necessary to buy A and B in large quantities at appropriate price stalls.

Sharing is not easy. Especially some graded funds with relatively low liquidity. Therefore, how to successfully buy enough stocks in the trading period with relatively small trading volume before closing?

A and B, and keep the discount rate above the threshold, depending on the speed and level of ordering.