[[alternative]]An Study of China ETF with the Application of KD and MACD Indicators

[[abstract]] 本研究主要運用技術指標KD搭配MACD，以日線、週線、月線搭配不同之KD指標參數加以分析陸股ETF-【006205】富邦上證、【0061】元大寶滬深、【006206】元大上證50以及【00636】國泰中國A50，其獲利績效是否有不同的影響。 本研究主要探討運用KD指標搭配MACD指標，以日線、週線、月線搭配不同之參數加以分析報酬率，並與買進持有方式進行績效比較。研究發現不同追蹤標的指數ETF以相同的策略操作並沒有一致性的結果。 本研究實證顯示短期投資可選擇「元大上證50」及「元大寶滬深」之日線技術分析策略進行交易、中週期投資選擇「富邦上証」並採用週線技術分析策略進行交易、長週期投資選擇「元大寶滬深」並採用月線技術分析策略進行交易，以達最佳投資獲得超額報酬；而「國泰中國A50」則以買進持有法的年化報酬率較佳。[[abstract]] This study mainly uses technical indicators of KD and MACD to analyze performance of the daily, weekly and monthly data of Fubon SSE, Yuantabao Shanghai and Shenzhen, Yuanta SSE 50 and Cathay China A50. This study investigates the use of KD indicators with MACD indicators to analyze the return with different parameters of daily, weekly and monthly frequency, and compares the performance with the way of buying and holding. The result finds that different tracking index ETFs with the same strategy do not have consistent results. The empirical result shows that short-term investment asset can choose the daily technical analysis strategy of ＂Yuanda SSE 50＂ and ＂Yuanda Bao Shanghai and Shenzhen＂, and mid-term investment asset chooses the weekly technical analysis of ＂Fubon SSE＂. For long-term investment asset, the result suggests the monthly technical analysis of ＂Yuandabao Shanghai and Shenzhen＂ to achieve the best excess returns. Finally, ＂Cathay China A50＂ has the best annualized return of the buy-and-hold