市场动态

Market dynamic

　　长江证券

Yangtze river securities

　　发布未来三年股东回报规划 Release the next three years planning shareholder returns

　　⊙记者 浦泓毅 ○编辑 李剑锋

Reporter PuHongYi ○ ⊙ LiJianFeng editor

　　长江证券(000783,股吧)今日发布其未来三年股东回报规划，承诺在未来三年内分配利润不少于未来三年实现的年均可分配利润的30%。

Yangtze river securities(000783,Shares it)The next three years released today shareholder returns planning，Commitment in the next three years profits of not less than three years of the realization of the future annual allocated 30% of the profits。

　　该规划中表示，公司实施现金利润分配应至少同时满足以下条件：该年度实现的可分配利润为正值；符合公司业务发展对净资本等监管要求；无重大投资计划或重大现金支出等事项发生。

This planning said，We implement cash profit distribution should be at least at the same time satisfy the following requirements：This year the distributable profits to realize positive；In line with the company business development for net capital regulatory requirements；No major investment plan or significant cash payments, etc in the items。

　　在上述条件同时满足情况下，长江证券承诺未来三年以现金方式累计分配的利润不少于未来三年实现的年均可分配利润的30%。

In the above conditions at the same time satisfy the conditions，The Yangtze river securities commitment future three years cash accumulative total distribution profits of not less than three years of the realization of the future annual allocated 30% of the profits。

　　长江证券同时表示，公司留存的未分配利润主要用于补充公司营运资金，提高公司净资本水平，以提升公司的市场竞争力和抗风险能力。公司将使用留存的未分配利润，在扩大传统业务规模的同时，大力发展创新业务，优化收入结构，以促进公司快速发展和股东资产保值增值。

The Yangtze river securities also said，The company left undistributed profit mainly used to add the company operating funds，Improve the company net capital level，In order to improve the company's market competitiveness and anti-risk ability。The company will use the left undistributed profit，In traditional business scale expansion at the same time，Vigorously develop innovative business，Income structure optimization，In order to promote the rapid development and shareholder value assets。

　　此前，广发证券(000776,股吧)、东北证券(000686,股吧)也公布了其2012至2014年的三年股东回报规划。其中，广发证券规划与长江证券大致相同，而东北证券则承诺未来三年每年以现金方式分配的利润不少于公司当年实现的归属于母公司可供股东分配利润的20%。

after，Wide hair negotiable securities(000776,Shares it)、Northeast securities(000686,Shares it)Also published the 2012 to 2014 over the three years planning shareholder returns。Among them，Wide hair negotiable securities planning and the Yangtze river securities roughly the same，The northeast is commitment and securities in the next three years to the distribution of cash every year profit not less than the company that year realization in the ownership of the parent company shareholders distribution for 20% of the profits。

　　国债期货仿真震荡调整 Treasury futures simulation shock adjustments

　　⊙记者 叶苗 ○编辑 李剑锋

Reporter YeMiao ○ ⊙ LiJianFeng editor

　　23日，国债期货仿真合约继续在10日均线附近震荡调整。TF1209合约收于99.768，涨幅0.01%，成交16465手，持仓37765手，减仓650手。TF1212合约收于99.708，跌幅0.08%，成交11016手，持仓32246手，增仓342手。TF1303合约收于99.522，跌幅0.12%，成交7231手，持仓12794手，增仓876手。

23，Treasury futures contract in 10 average daily to continue the line area shock adjustments。TF1209 contract closed at 99.768，Or 0.01%，Clinch a deal 16465 hand，The open hand 37765，Decrease a storehouse 650 hand。TF1212 contract closed at 99.708，Fall 0.08%，Clinch a deal 11016 hand，The open hand 32246，Ing 342 hand。TF1303 contract closed at 99.522，Fall 0.12%，Clinch a deal 7231 hand，The open hand 12794，Ing 876 hand。

　　昨日风险资产价格全线下跌，交易所国债指数收于134.04，上涨0.04%。银行间4-7年期国债价格涨跌互现，由于本周有1000亿逆回购到期，银行间短期资金面依然较为紧张。昨日定盘回购利率隔夜品种攀升了21bp至3.34%，7天品种回落1bp至3.57%，14天品种则上升9bp至3.91%。公开市场已连续两周净回笼货币，货币市场利率也出现反弹迹象，阻碍国债收益率继续下行。

Yesterday risk asset prices fallen，Exchange Treasury index closed at 134.04，Up 0.04%。Between bank 4-7 10-year Treasury prices go up drop to each other now，Because this week 100 billion inverse repurchase expires，Short-term financing area between Banks still more nervous。Yesterday the buyback overnight interest rates will set up the varieties 21 bp from 3.34% to，7 day 1 bp to 3.57% back varieties，Day 14 varieties rose and bp from 3.91% to。The open market for two weeks already net cage currency，Money market rates are also signs of a rebound，Block Treasury yields continue to the downside。

　　中国国际期货(博客,微博)分析师郭佩洁表示，目前TF1209合约价格与由最便宜可交割券计算的理论价格相比仍存在一定高估，由于降准迟迟不兑现，后市震荡回调的概率较大。

China international futures(blog,Micro bo)Analysts GuoPeiJie said，At present TF1209 contract by the cheapest price and delivery coupons can be compared with the price in the theories of calculation still has certain overvalued，Due to drop must has not cash，The probability of concussion callback is larger。

　　招商证券(600999,股吧)推“智远避险二期” Merchants securities(600999,Shares it)push“Wisdom is second phase of a hedge”

　　⊙记者 刘伟○编辑 李剑锋

⊙ reporter liu wei ○ LiJianFeng editor

　　招商证券旗下集合理财新产品“智远避险二期”集合计划于7月23日推出，在招商证券、招商银行(600036,股吧)、浦发银行(600000,股吧)发售，推广规模不超过30亿份。

Merchants securities set new products, financial management“Wisdom is second phase of a hedge”Pool plan on July 23, launched，Investment in the securities、China merchants bank(600036,Shares it)、Shanghai pudong development bank(600000,Shares it)selling，Promotion scale of no more than 3 billion copies。

　　该计划运用CPPI保险策略配置资产，力求规避风险、获取超额收益，同时，招商证券还将投入自有资金，对推广期参与并持有到期而亏损的委托人承担有限补偿责任。根据Wind数据，招商证券截至6月底运作满一年的集合理财产品，近一年投资业绩多数位居券商同类产品前四分之一，部分产品近一年获得正收益。

The plan to use CPPI insurance policy configuration assets，Strive to avoid risk、Extra yield，At the same time，Merchants securities will also put into their own funds，For promotion period and hold expires and participate in the loss of the principal responsibility for limited compensation。According to the Wind data，Merchants securities at the end of June by the operation of the full year set financial products，Almost a year most investment performance in brokers similar products one quarter，Part of the products are income for nearly a year。