7月25日，出海近5年的中国主权基金中投公司发布其第四份年报，2011年中投境外投资组合全年收益率为-4.3%，为4年来的最差业绩，但其营业成本却约是2010年的两倍。

July 25,，Out to sea in recent 5 years of China's sovereign fund cic release its fourth annual report，2011 annual yield of overseas investment combination has 4.3%，For the worst results in four years，But the business cost is about is twice over that of 2010。

　　从年报上看，截至2011年底，中投总资产4821.67亿美元，较2010年底的4095.79亿美元增长了17.72%。但2011年投资收益合计为485.89亿美元，较上年末下降12.28%，净利润为484.22亿美元，同比下降6%。

On the annual report from，By the end of 2011，Has total assets of 482.167 billion dollars，A $409.579 billion by the end of 2010 rose 17.72%。But in 2011 investment gains add up to 48.589 billion dollars，A ShangNianMo fell 12.28%，Net profit for 48.422 billion dollars，6% year-on-year drop。

　　此前市场广为流传的中投获注资传闻，也在中投公司年报中得到证实，金额却大幅“缩水”。年报介绍，为了充分发挥中投国际外汇资金多元化投资平台的作用，2011年12月，国家陆续向中投国际注入300亿美元现金。而此前市场传闻，将获500亿美元注资。

After the market has widespread speculation in capital injection，In the annual report also formed to be confirmed，Amount is a“shrink”。Introduced annual report，In order to give full play to the international convention of foreign exchange capital diversified investment platform role，December 2011，Countries to international convention in injecting $30 billion cash。And the market rumours，Will receive $50 billion capital injection。

　　2011年是中投公司进入满仓运作的第一年。中投公司2007年9月以2000亿美元作为注册资本金开始运行，此后，规模从2008年的2975亿美元、2009年的3324亿美元增至2010年末的4095亿美元，再到2011年的4821.67亿美元，持有现金规模分别为478亿美元、186亿美元、145亿美元和201亿美元。

2011 is the cic ManCang into the operation of the first years。Cic in September 2007 to $200 billion as a registered capital running，Since then，Scale from $2008 in 297.5 billion、$2009 in 332.4 billion to $409.5 billion at the end of 2010，And then to $2011 in 482.167 billion，The scale of cash held separately for $47.8 billion、$18.6 billion、$14.5 billion and $20.1 billion。

长期投资占31% Long-term investment accounts for 31%

　　对于境外收益浮亏4.3%的成绩，中投的年报解释称，主要是由于全球经济复苏缓慢，受欧债危机等负面因素冲击较多，国际环境复杂多变，中投公司面临的外部环境充满巨大挑战。

For foreign earnings FuKui 4.3% of the results，The annual report says has explained，Is mainly due to the global economic recovery is slow，Europe debt crisis by the negative impact more，The international environment is complicated，Cic is the external environment of face filled with huge challenge。

　　中投公司新闻发言人也表示，与世界上其他大型主权财富基金、机构投资者一样，中投公司的境外投资业绩也受到整体市场下跌影响，加上中投公司长期资产中对金融、资源能源等周期性行业投资占比较大，私募股权投资基金和投资项目大多尚处于投资期，一些对能源资源等领域上市公司的直投项目市值出现较大波动，因此2011年公司境外投资业务收益率为-4.3%。

Cic news spokesman also said，And the world other large sovereign wealth funds、Institutional investors，Cic overseas investment performance is the overall market down effect，Plus cic in long-term assets to finance、Energy resources such as cyclical industry investment accounts for of relatively large，Private equity funds and investment project is still in a most investment horizon，Some of the energy resources, etc of the listed company of straight investment project's value appear bigger fluctuations，So in 2011 the company overseas investment business return of-4.3%。

　　多家已经公布年报的世界其他主权财富基金业绩均有不同程度的下降。据新华社报道，2010年收益率9.6%的挪威政府养老基金（GPFG）2011年亏损860亿克朗（约合154亿美元），投资回报率直线下降为-2.5%。

Many home has been reported annual world other sovereign wealth funds performance are different levels of decline。According to xinhua news agency，In 2010, 9.6% of the Norwegian government return on pension fund（GPFG）2011 million losses（$15.4 billion dollars），The return on investment is straight down 2.5%。

　　新加坡主权财富基金淡马锡截至今年3月的财政年度中，一年期股东总回报率由上一年的4.6%下降为1.5%。

Singapore sovereign wealth fund temasek so far this year march in the financial year，The one-year return on the last year's total by the shareholders of 4.6% to 1.5%。

　　而香港金融管理局2011年外汇基金投资回报率也仅为1.1%，除了爆发金融海啸的2008年外，创下近十年来最低。

But the Hong Kong monetary authority 2011 exchange fund investment rate of return is only 1.1%，In addition to the 2008 outbreak of financial tsunami outside，In nearly 10 years to a minimum。

　　但中投仍然落后于大多数主权基金，从其诞生起，市场对其“偏好”金融领域一直有争议，认为其应更偏重战略性资源，而不是杠杆高、风险大的金融领域。2008年爆发并愈演愈烈的金融危机，曾让中投巨额浮亏。

But the bank still lags behind that of most sovereign funds，From its birth on，Market for its“preference”The financial sector has been controversial，Think it should be more emphasis on strategic resources，Rather than high leverage、Risk big financial field。Outbreak in 2008 and intensified the financial crisis，Once let has huge FuKui。

　　年报显示，中投境外的股权投资中金融和能源行业仍是其股权投资中的两大领域，分别占比19%和14%。

BNP paribas，Outside the convention the equity investment in financial and energy industry is still the equity of the two fields，More than 19% and 14% respectively。

　　但中投正在不断强化其长期投资者的身份，2011年中投公司投资策略作出三大战略调整，其一将投资周期由原来的5年延长至10年，以10年滚动收益率作为衡量业绩的重要指标。

But has the long-term investors are constantly strengthening of identity，In 2011, cic investment strategy to make three strategic adjustment，One will investment cycle by the original 5 years increased to 10 years，10 years in rolling yield as a measure of an important indicator of a。

　　中投公司董事长楼继伟始终把中投公司属性定位于长期投资者，把滚动年化回报作为评估投资绩效的重要指标。

Cic LouJiWei chairman has the cic attributes in long-term investors positioning，The rolling annualised returns as an important index of the investment performance evaluation。

　　他认为，国际上在评价一家机构投资者的经营和业绩情况时，通常看其在较长时段内整体投资收益能否达到业绩基准或目标，而非仅限于短期业绩或者单个项目情况。

He thinks，On international evaluation institution investors of operation and performance，Usually see its in a long time in the overall investment gains could meet the performance standards or goal，Not confined only to short-term performance or a single project。

　　由此，调整后划分出五大前台部门：资产配置与战略研究部、股权策略投资部、债券与绝对收益投资部、私募股权投资部、专项投资部。这也是中投2011年的战略调整之一。

this，After adjustment divided into five front desk department：Asset allocation and strategic research departments、TouZiBu equity strategy、Bonds and absolute returns TouZiBu、Private equity TouZiBu、Special TouZiBu。This is also has one of the 2011 strategic adjustment。

　　早在2010年报中，中投公司董事长兼首席执行官楼继伟就谈到了这一愿景，“这一改变更契合中投公司作为长期机构投资者的定位，并有助于中投公司以更加长远的角度开展投资，提高对市场短期波动的容忍度，以获得更好的长期财务回报。”

As early as in 2010 report，Cic chairman and chief executive officer LouJiWei just talked about it a vision，“This change has more fit as long-term institutional investors positioning，Cic and help with a more long-term perspective in investment，To improve market of short-term volatility of tolerance，To get better long-term financial returns。”

　　而长期资产的占比也稳中上升，2011年年报显示，在中投境外投资组合分布中，长期资产投资占比最高为31%。财报显示，2011年长期股权投资收益为533.83亿美元，较2010年底的407.61亿美元，约增长了三成。

And long-term assets for stability than also rise，Annual report 2011 shows，In overseas investment combination distribution has，Long-term assets investment accounts for 31% more than the highest。Results show，2011 older QiGuQuan investment income for 53.383 billion dollars，A $40.761 billion by the end of 2010，About growth was thirty percent。