⊙记者 潘高颖 ○编辑 李剑锋

Reporter GaoYing ○ ⊙ pan LiJianFeng editor

　　首个拿到我国外管局“合格的境外投资者”牌照的法国埃德蒙德资产管理公司昨日在京透露，该公司今年年初新增的1亿美金到现在几乎已全部投出，A股市场的电力、石化和非银行类金融服务业如寿险等获得青睐。

First get safe in our country“Qualified foreign investors”The licensing of French Edmund DE asset management company in Beijing said yesterday，Earlier this year the company, the number of new $100 million to now almost all have cast，The A share market power、Petrochemical and non-bank financial services such as life insurance, etc of gain favour。

　　公司香港区总经理汤熠称：“电力行业的投资在二季度获得了较大的收益。”

Company general manager of Hong Kong area ShangYi says：“The electric power industry investment in the second quarter, won the big gains。”

　　对于目前形势复杂的宏观经济情况，埃德蒙德公司认为经济最坏的时点就是现在，下半年会渐渐走好，当中会有一定的政策性因素。并且短期内中国经济要往上走还是要靠投资拉动。

For the present situation of the macro economic situation complex，Edmund's worst point, that the economy is now，The second half will gradually go well，Of certain policy factors。And China's economy in the short term to go up or want to rely on investment pulling。

　　“我们对后市保持乐观的一个原因是目前工资成本上涨已经得到了有效控制，如果不是政府已经不要求每省市最低工资标准提高12%以上，在经济持续坏下去的时候就会出现大量民企裁员，这是一个符合经济规律的事情。但现在中国经济体的广度深度比过去好很多了。”汤熠称。

“We remain optimistic is one reason is the wage costs have been effectively controlled，If not the government has not asked every provinces and cities of minimum wage standard increased by more than 12%，The sustained economic bad going down will appear a large corporation layoffs，This is a line with the economic law things。But now China economy breadth depth better than past a lot。”ShangYi says。

　　谈到该公司目前投放在A股市场的7亿美金，汤熠表示包括新增的1亿美金额度在内，这7亿美金几乎已经投放完毕。而对下半年的市场整体看法，他认为应该把视线从银行股转向其他个体板块，“并且今后指数板块将会出现明显的分化”。

The company is now talking about on the $700 million A share market，ShangYi said $100 million including the newly added amount inside，The $700 million has put almost finished。And in the second half of the overall view of the market，He thought should move away from bank shares to turn to other individual plate，“And in the future will be obvious index plate of differentiation”。

　　“无论是沪深300、摩根、恒生指数，它们成分很大一块是金融银行，有20%左右的权重。从日本、韩国等国的经验来看，银行又会是利率市场化开端受波及最大的行业，从开始实行利率市场化之后的5-7年都会出现一个或大或小的金融系统危机。”

“Whether csi 300、Morgan、The hang seng index，They composition is a lot of financial bank，About 20% of the weight of。From Japan、South Korea and other countries experience，Bank interest rate marketization and is the biggest industry beginning abysmal，From the beginning of a market-oriented interest rate after 5-7 years will appear a big or small financial system crisis。”

　　“所以中国的利率市场化会对银行的盈利能力造成非常大的冲击，现在银行的净息差在3个百分点左右，而国际平均水平可能在1.5个百分点左右，这就意味着有50%左右的下降空间，在这样的下行空间中银行的经营能力和风控能力好坏则会对银行业绩、甚至是资本金产生巨大的冲击。”

“So China's market-oriented interest rate of the bank profitability will cause great impact，Now the bank net spreads at about 3%，And the international average may at about 1.5%，That means 50% or so down space，In such a downside in space of bank management ability and wind control ability is good or bad for bank performance、Even is the capital of the impact of the enormous。”

　　汤熠认为，在一个占指数权重20%以上份额的行业不可能出现大牛市的情况下，今后指数板块将会出现明显分化。他还表示，下半年比较具有投资价值的行业包括中国资源要素价格合理化的公司行业，包括石化和电力；此外他还看好非金融类服务行业，例如寿险、产险。

ShangYi think，In a accounted for more than 20% of the share index weight industry possible bull market，Future index plate will appear obvious differentiation。He also said，The second half has investment value is the industry including China resources price reasonable company industry elements，Including petrochemical and electric power；In addition, he also non-financial sectors valued service industry，Such as life insurance、property。