央行连续两周净回笼1000亿元 The central bank for two weeks net cage 100 billion yuan

　　本周央行公开市场共进行逆回购1000亿元，本周未进行正回购操作，且未发行央票。

This week the central bank open market a total of inverse buy 100 billion yuan，This week is not the buyback operation，And no central issue ticket。

　　统计显示，本周公开市场央票及正回购到期资金共计450亿元，本周有2050亿元逆回购到期，据此估算，若不进行其他操作，本周央行实现净回笼资金600亿元，为连续第二周实现净回笼，央行连续两周共计净回笼1000亿元。上周央行净回笼400亿元，为连续五周净投放后的首度净回笼。

Statistics show that，This week the open market and buy tickets are central due capital adds up to 45 billion yuan，This week there were 205 billion yuan inverse repurchase expires，Accordingly estimation，If other operations，This week the central bank realize net cage capital of 60 billion yuan，For the second week in a net cage realization，The central bank for two weeks in 100 billion yuan net cage。Last week the central bank net cage 40 billion yuan，For five weeks after the launch of the first net net cage。

　　点评：从目前债券市场利率的走势看，目前市场预计央行很快将下调银行的存款准备金率，连续两周通过公开市场操作净回笼资金，表明央行提前从市场抽走资金，防止降准后大量资金涌入市场导致流动性过高。

Comment on：From the bond market interest rates on the movements of the look，At present the market is expected to cut the central bank will soon be bank deposit reserve rate，For two weeks through the open market operation net receivables，Show that the central bank advance from market pumping away money，Have a lot of money to prevent drop to flood the market liquidity is too high。

　

　股票基金开户数有所回升 Stock fund accounts have rebounded

　　中登公司最新公布数据显示，上周（7月9日~7月13日），沪深两交易所新增A股开户数为77480户，较之前一周（71992户）环比增加7.62%；此外，深沪两交易所新增基金开户数40494户，较前一周（38386户）增加5.5%。

Put the company in the latest figures，Last week（July 9 ~ on 13 July），Shenzhen two exchange A share for new accounts of 77480，A week before（71992 homes）Annulus increases by 7.62%；In addition，Two new deep Shanghai stock exchange fund accounts of 40494，A week before（38386 homes）5.5% increase。

　　点评：虽然这两周股市并没有明显反弹迹象，但是不少投资者开始认同市场处在底部，前几周出现销户的局面开始逆转，这表明一部分投资者的信心在修复。

Comment on：Although the two weeks of stock market and no obvious signs rebound，But many investors began to agree that the market in the bottom，A few weeks before the situation began to sell a door in reverse，This suggests that part of the investor confidence in repair。

　　6月末房地产贷款余额同比增10.3% 6 month increased by 10.3% compared to the real estate loan balances

　　央行7月19日发布统计报告显示，6月末，主要金融机构及农村合作金融机构、城市信用社、外资银行人民币房地产贷款余额11.32万亿元，同比增长10.3%，增速比上季度末高0.2个百分点；上半年增加5653亿元，同比少增2271亿元，上半年增量占同期各项贷款增量的12.3%，比1季度占比高2个百分点。

The central bank released on July 19 statistics report shows，6 month，Major financial institutions and rural cooperative financial institutions、Urban credit cooperatives、Real estate loans outstanding foreign Banks RMB 11.32 trillion yuan，Year-on-year growth of 10.3%，Growth is 0.2% higher than the quarter；Up to $565.3 billion in the first half，By 227.1 billion yuan less year-on-year，The same period in the first half of the loan increment increment of 12.3%，More than 1 quarter than 2% of high。

　　点评：虽然房地产信贷严控，但是各地经济依然以房地产作为支柱，保持较高的同比增幅也不奇怪，政府是一方面期望严控抑制房价，另一方面担心断了主要的收入来源，因此才表现出高贷款余额的增速。

Comment on：Although real estate credit tight control，But the economy is still around in real estate for a pillar，Keep higher year-on-year rate of increase is no surprise，The government is expected to prevent housing price on one hand tight control，On the other hand worry that broke the main source of income，So they show the rate of growth of high loan balances。

　　中国保监会发布险资投资债券办法 Issued by the China insurance regulatory commission (risk investment to bonds

　　中国保监会近日发布《保险资金投资债券暂行办法》，进一步规范投资债券行为，促进保险市场平稳增长，主要内容：

Issued by the China insurance regulatory commission recently《Insurance funds invest in bonds tentative measures》，Further standardize investment bond behavior，Promote insurance market steady growth，The main content：

　　一是增加投资品种，可投资品种基本覆盖了现有市场公开发行的品种；二是调整投资比例，提高了无担保债券投资上限，保留了单品种比例限制，强化了交易对手、关联企业和分散化要求；三是适度放宽发行限制。结合市场需要，在原有公开招标方式的基础上，增加了符合规定的簿记建档方式，放松了一级市场和二级市场的投资限制；四是加强风险管控。明确了发行人资质，统一信用评级，规范担保方式，强调内部评级的约束力，建立了偏离度评估制度，增强了偿付能力预警机制。

One is to increase investment products，But investment products covering the basic public issuance of the existing market varieties；2 it is to the investment proportion，Improve the guarantee of bonds investment is upper limit，Keep the single variety proportion limit，To strengthen the counterparty、Associated enterprises and decentralization requirements；Three moderate relax restrictions is issued。Combined with the needs of the market，In the original public bidding basis，The increase in conformity with the provisions bookkeeping way file，Relax the primary market and the secondary market investment restrictions；4 it is to strengthen the risk control。Clear the issuer qualification，Unified credit rating，Standard assure means，Emphasis on internal rating of the binding upon both parties，Establish the deviation degree evaluation system，Enhance the solvency of early warning mechanism。

　　点评：顺应当前债券市场的投资需要，既满足保险机构的迫切需求，又能够加强风险控制，将对优化资产结构，提升投资收益，促进债券市场和保险市场健康发展产生积极的影响。

Comment on：The bond market with the current investment needs，Not only satisfy the demands of the insurance institutions，And to strengthen the risk control，Will the optimization assets structure，Improve investment income，The bond market and promote the healthy development of the insurance market have positive effects。

　

　农行启动“百强千优”信贷服务工程 Agriculture bank start“Top thousand optimal”Credit service engineering

　　农业银行(601288,股吧)14日在京举办“百强千优”专业市场信贷服务工程大型启动仪式。启动仪式上，农行分别与浙江义乌中国小商品城(600415,股吧)市场、浙江中国轻纺城(600790,股吧)等10家全国性大型专业市场签署个人金融服务战略合作协议。根据协议，农业银行将全面加强对大型专业市场内优质商户的个人信贷资金支持力度，并积极提供全方位、便捷优惠的结算、理财等个人金融服务，支持商户的经营发展。据介绍，“百强千优”工程正式启动后，农业银行将对入选工程的数百家市场，由总、分行分别实行名单制管理、给予差异化的信贷政策和资源配置、加大产品创新力度。

Agricultural bank(601288,Shares it)14, held in Beijing“Top thousand optimal”Professional market credit service engineering large start ceremony。Start ceremony，The agriculture bank respectively with the zhejiang yiwu China commodity city(600415,Shares it)market、Zhejiang China light textile city(600790,Shares it)The national large and professional market signed personal financial services strategic cooperation agreement。According to the agreement，Agricultural bank will strengthen professional market for large businesses within the individual credit quality financial support，And actively provide comprehensive、Convenient preferential settlement、Personal finance service financial management，Support their business development。According to introducing，“Top thousand optimal”Engineering after officially launched，Agricultural bank of the project will be in hundreds of market，By the、Branch of list system management, respectively、Given the diversity of the credit policy and the allocation of resources、Increase the product innovation。

　　点评：服务小微企业已经不再仅仅是个口号，在利率市场化逐步推进、金融脱媒趋势日渐明显的今天，银行过去仰赖大企业的传统优势正在削弱，面临的竞争压力愈渐加大，优质的小微企业真正成为下一个待开发的“金矿”，农行采取与大型专业市场合作的模式，有助于该行快速找到目标客户。

Comment on：The enterprise has no longer small service is only a slogan，In the interest rate marketization promoted step by step、Financial to take off the media trend obviously become today，The bank in the past relied on the big enterprise's traditional strengths are weakened，Face the competition gradually increase the pressure，The high quality of small micro enterprise really become the next to be developed“gold”，The agriculture bank take and large professional market cooperation pattern，Help to quickly find the target customers。

　　信达等4券商跻身A级券商 The top four brokers such as class A brokers

　　近日，证监会最新公布了2012年证券公司分类评级结果，96家受评公司全部都是正常经营公司，其中中信、招商、海通等15家券商获得AA评级，去年39家B级券商中，仅信达、东兴、华福、南京证券四家券商提高了公司在A类A级证券公司中的排名，跻身A级券商行列。

recently，Securities regulatory commission announced the latest in 2012 securities company classification rating results，By 96 the company all home is normal business company，One citic、Investment promotion、Haitong securities 15 home get AA rating，Last year and grade B brokers in the home，Only the、following、HuaFu、Nanjing securities four brokers improve the company in A kind of grade A securities company ranking，Top level A brokers ranks。

　　点评：分类评级是监管部门对证券公司的综合性评价，主要体现的是证券公司合规经营、财务稳健，在A级以下的券商，某些创新业务开展会受到限制。一年一度的券商评级不仅是各大券商基本功的比拼，也是创新业务的竞技场。

Comment on：Classification rating is supervision department of securities company comprehensive evaluation，Mainly reflects the securities company compliance management、Financial steady，In A below the rank of brokers，Some business innovation could be limited。The annual brokers rating is not only a sign of the basic skills competition，Is the arena of business innovation。

　　广州证券预测准确率46%夺榜眼 Guangzhou securities predict accuracy 46% BangYan away

　　日前金融界慧眼识券商2012上半年榜单将陆续出炉，结果显示，2012上半年38家券商周策略平均准确率仅为28%，相当于26周仅7周命中大盘走势。从各家券商准确率来看，仅12家券商准确率超过33%，其余26家券商均告失利。

A general brokers in the first half of 2012 eye finance from the list will be built，The results show，The first half of 2012 and an average home brokers weeks strategy rate is only 28%，26 weeks just seven weeks is equivalent to hit market trends。From his brokers accuracy and see，Just 12 home brokers more than 33% accuracy，The rest of the 26 brokers have reported defeat。

　　排名靠前的这些券商规模都不大，如广州证券以46%的准确率排名第二。对于这个成绩，广州证券首席策略分析师袁季表示，广州证券的策略研究立足于分不同周期进行分析，以避免各种因素交杂在一起形成矛盾而带来判断的困扰。短期市场的研判在长中短三个周期中属于从属地位，需服从上一层级的研判。当然，短期市场也很重要，毕竟长期就是由许多短期累积起来的，从这个角度看，我们比较重视的是对变化的思考和研究：短期变化是否足以改变中期的趋势。

The top of these brokers are not big scale，Such as guangzhou securities in 46% of accuracy in second。For the record，Guangzhou securities chief strategy analysts YuanJi said，Guangzhou securities strategy research based on different cycle analysis，To avoid all sorts of factors mixed together form contradictions and bring judgment problems。The short-term market to analyze in three short long cycle in belong to subordinate position，Be required to follow a level to analyze。Of course，Short-term market is also very important，After all, long-term is built up by many short-term，From this perspective，We more important is to change the thought and study：Short-term change enough to change the trend of whether the middle。

　　点评：广州证券虽然规模不大，但是，今年的各项业务发展较快，投研实力开始在中小券商中冒尖。

Comment on：Guangzhou stock although scale is not large，but，This year's various business developed rapidly，Throw in the small and medium-sized brokerages began to research strength of MaoJian。

　　

2012克莱斯勒杯黑马大赛掀起创业高潮 2012 Chrysler cup competition venture climax a dark horse

　　近日在北京举行的“2012克莱斯勒杯黑马大赛夏季赛”开幕式，又一次掀起了创业高潮。据了解，黑马大赛经过三届赛事的培育和实践，已累计有3000余家企业报名参赛，每场平均可促成2亿元的投融资对接，目前已有共计400多家的参赛企业获得了风投对接。

Recently held in Beijing“2012 Chrysler cup competition the dark horse in the summer”Opening ceremony，Once again the entrepreneurial a climax。According to understand，The black horse contest after three of the game, cultivate and practice，Already accumulative total have over 3000 enterprises compete，An average of 200 million yuan per game to the investment and financing docking，Far more than 400 companies in the enterprise won the wind cast docking。

　　点评：参加黑马大赛的企业将获得的不仅仅是融资机会——各行各业先锋齐聚，赛事中更孕育着无限商机与合作。

Comment on：The dark horse in competition enterprise will gain is not only the financing opportunities-all walks of life in pioneer，Events in more gestates unlimited business opportunities and cooperation。