央行预测8月后CPI同比回升 The central bank forecast after August CPI up to bounce back

　　央行2日发布的今年第二季度货币政策执行报告指出，下一阶段继续实施稳健的货币政策，密切监测国内外经济金融形势发展变化，关注需求变化，增强调控的前瞻性、针对性和灵活性，适时适度进行预调微调。进一步提高货币政策的有效性，有效解决信贷资金供求结构性矛盾，切实强化金融服务实体经济的功能，为经济结构调整创造稳定适中的货币金融环境。 对于物价形势，央行强调，受到基数降低等影响，8月份后同比CPI有可能出现一定回升，目前看回升力度不会太大。当然也需要注意的是，受劳动力成本、资源性产品和部分不可贸易品价格存在趋势性上涨压力等影响，当前物价对需求扩张仍比较敏感，扩张性政策刺激增长的效应可能下降、刺激通胀的效应则在增强。

The central bank released 2, the second quarter this year of the monetary policy implementation report said，The next stage, continue to implement the steady monetary policy，Closely monitoring the economic and financial development and change the situation at home and abroad，Attention needs change，Strengthen the regulation of prospective、Targeted and flexibility，Timely and measurable under attack for fine-tuning。To further improve the effectiveness of monetary policy，Effectively solve the credit funds structural contradiction of supply and demand，To strengthen financial services to the real economy function，For the readjustment of the economic structure of moderate to create a stable monetary and financial environment。 For the price situation，The central bank emphasize，Decreased base by the impact，After August CPI likely year-on-year must pick up，Now see picks up strength is not too large。Of course also need to pay attention to it，Labor costs by、Resource products and parts do not trade product price trend upward pressure on existing such impact，The current price of demand expansion remains are more sensitive，Expansionary policies of spurring growth effects may decline、Stimulating inflation is in effect increased。

　　点评：随着宽松的货币政策的不断推出，物价的稳步回升是必然的，即便不在8月份出现，也会在此后的不久出现。

Comment on：As the loose monetary policy has introduced，Prices rebounded steadily is inevitable，Even if not appear in August，Also in the next soon appear。

外汇局:外资主动撤离尚不明显 Safe: foreign active evacuation is unclear

　　中国外汇管理局有关部门负责人31日表示，上半年，我国确实出现了一定程度的资本外流，但不等于外资大规模集中撤离，从统计数据来看，外资主动撤离的迹象尚不明显。该负责人介绍，今年上半年，我国国际收支经常项目顺差832亿美元，同比下降5%，经常项目顺差与国内生产总值之比为2.3%，较上年下降0.5个百分点。资本和金融项目逆差203亿美元。

The China foreign exchange administration in charge of relevant departments of the 31 said，In the first half，Our country do have a certain degree of capital outflow，But do not be equal to focus on foreign large-scale evacuation，From the statistical data and see，Foreign active signs of withdrawal is unclear。The director of，In the first half of this year，China's international payments a current account surplus of $83.2 billion，5% year-on-year drop，A current account surplus and gross domestic product of the ratio is 2.3%，A year fell 0.5%。Capital and financial project deficit of $20.3 billion。

　　点评：在欧债危机持续发酵的大背景下，一定时间范围内的热钱外流不可避免，小部分热钱外流不会给经济带来剧烈冲击，而长久来看，中国对跨境资金的吸引力依然强烈。

Comment on：In the European debt crisis continued under the background of fermentation，Certain time within the scope of the outflow of hot money cannot be avoided，Small hot money not to bring the outflow of economic strong impact，And in the long run，China's capital of cross-border attractive still intense。

证监会下调A股交易费20% Securities regulatory commission cut A shares trading fee of 20%

　　证监会网站8月2日下午发布消息，再次大幅降低A股交易手续费，过户费和期货交易手续费。上海证券交易所A股证券交易经手费收费由目前按成交金额0.087‰双向收取下调至按成交金额0.0696‰双向收取；深圳市场A股交易经手费收费标准由现行的按交易额0.087‰收取下调为按交易额0.0696‰收取。调整后的收费标准将从9月1日起实施。在今年剩余的四个月内证券市场和期货市场这次收费调整分别预计降低相关收费6亿元和10亿元。

Securities regulatory commission web site on August 2, afternoon news release，Once again to sharply reduce A shares trading，Transfer fee and futures trading commission。Shanghai stock exchange A shares securities transaction charges fees according to clinch A deal amount from the current 0.087 ‰ two-way charge down to clinch A deal amount according to 0.0696 ‰ two-way charge；Shenzhen market share A transaction charges fees from the current 0.087 ‰ according to the turnover for 0.0696 ‰ according to cut for volume charge。After the adjustment the standard will charge from September 1,, to implement。In the rest of this year's four months securities market and futures market adjustment is expected to reduce the fees are related with the charge of 600 million yuan and 1 billion yuan。

　　点评：该政策的出台，以及对外宣称正在研究降低印花税，这表明管理部门已经感到市场岌岌可危，如果不采取措施，市场可能会跌破2000点，对于投资策略来说，这一定程度表明或许市场确实已在底部了。

Comment on：This policy appearing，And foreign announced it is lowering stamp duty，This suggests that management has felt market in jeopardy，If measures are not taken，Markets may be below 2000 points，Investment strategy for it，A degree of show that may have been in the bottom of the market。

　7月PMI创8个月新低 July PMI and eight months to new lows

　　上周中国物流与采购联合会、国家统计局服务业调查中心联合发布了7月份的中国制造业采购经理人指数（PMI）。数据显示，7月份制造业PMI为50.1%，环比微落0.1个百分点，创下8个月以来的新低。从11个分项指数来看，同上月相比，只有原材料库存指数略升，其余指数均不同程度下降。其中产成品库存指数降势突出，降幅达到4.3个百分点，指数下降到48.0%，其余指数降幅较小，多在1个百分点以内。

Last week the Chinese logistics and procurement federation、The national bureau of statistics service industry research center in July jointly issued by China's manufacturing purchasing managers' index（PMI）。Data shows，In July, manufacturing PMI for 50.1%，Annulus comparing micro fell 0.1%，8 months since a low。From eleven breakdown index to see，Compared with the previous month，Only raw material inventory index rose slightly，The rest of the index are decreased to different extent。One stock index finished goods JiangShi outstanding，Fell to 4.3%，Index dropped to 48.0%，The rest of the index fell by less，Many within 1%。

　　点评：数据显示经济增长筑底企稳迹象进一步明显。新订单指数的降幅明显缩小；原材料采购指数略升，产成品库存指数继续加快降低，预示库存调整活动接近尾声。受稳增长各项政策效果的影响，未来市场需求增速预计将稳中略升。企业订单减少态势有望改变，经济增长水平将趋于稳定或略有提高。

Comment on：Data showed that economic growth built stabilising the further obvious signs。The new orders index fell by decrease；Raw material purchase index rose slightly，Finished goods stock index continue to speed up reduced，Inventory adjustment activities that close。Steady growth by the policy effect，The future market demand growth is expected to rise slightly stability。The enterprise is expected to reduce the situation change orders，Economic growth levels will be more stable or slightly increased。

　　7月近四成新股首日破发 July nearly forty percent of new shares the first break

　　7月共有18只新股首发上市，募集资金额总计134.94亿元，其中有7只在上市首日便宣告破发，首日破发率达39%，环比下降16个百分点。受大盘疲弱影响，从市值角度看，全部新股上市首日总市值为143.3亿元，月末收盘已减少至127.78亿元，蒸发了15.52亿元。从市场表现看，本月上市的新股出现“冰火两重天”的分化。处在“冰”之极端的是银邦股份(300337,股吧)，该股上市首日跌幅高达14.8%，成为本月IPO新股跌幅之首。其余6只首日破发的新股中，有4只首日跌幅逾6%。

A total of 18 July only starting new shares listed，A total of 13.494 billion yuan to raise funds，There are 7 only in market-watchers they declared a break，The first break rate is 39%，Annulus comparing fell 16%。Be weak market influence，From the perspective of market value，All new shares market-watchers total market value of 14.33 billion yuan，Closed end has decreased to 12.778 billion yuan，Evaporation is 1.552 billion yuan。From the performance of the markets look，This month, the new shares listed there“Between sultry”differentiation。in“ice”The extreme is silver bond shares(300337,Shares it)，The stock market fell as much as 14.8% in first，This month the new shares fell as IPO。The remaining six only the first break in the new shares，4 only fall more than 6% in the first。

　　点评：市场重心逐步下移严重影响了投资者信心，导致市场出现停发新股以救市的声音。从历年IPO上市新股数量和募集资金规模看，2010年是IPO上市高峰期，而从2011年到目前，IPO上市新股无论从数量还是募资规模上，都出现了逐步回落趋势。

Comment on：Gradually move down serious market focus on investor confidence，The market appears in new equity to save, stop hair voice。From calendar year IPO new shares to raise funds see quantity and size，2010 is the peak IPO，From 2011 until now，IPO either from the number of new shares or whip round on the scale，There are easing gradually trend。

7月投行IPO项目入账逾4.4亿 July more than 440 million an IPO project investment Banks

　　7月的首次公开发行(IPO)市场较6月份有所回暖。据统计显示，券商7月份完成20个IPO项目上市，已公布的IPO承销及保荐收入为4.4亿元，同比下降68.6%。由于还有5个IPO项目未公布，因此7月份券商保荐承销实际收入要高于4.4亿元。7月份发行规模最大的一单IPO项目是由华西证券主承销的和邦股份(603077,股吧)，为华西证券带来4725万元的承销及保荐收入。中信证券(600030,股吧)7月份在IPO市场取得不俗的业绩，以3个IPO项目位列承销家数第一位；在承销保荐收入方面，虽然部分项目尚未公布收入数据，但中信证券仍以获得近7150万元的承销及保荐收入暂居第一。

July the initial public offering(IPO)The market is in June to thaw。According to the statistics show，Brokers in July 20 projects completed IPO market，Published IPO underwriting and sponsor income for 440 million yuan，68.6% year-on-year drop。Because there is still five IPO project not released，So in July, brokers sponsor underwriting real income to be higher than 440 million yuan。In July, the biggest one issue size IPO by the project is west China securities underwriting stock and bond(603077,Shares it)，For the west China securities underwriting and bring $47.25 million sponsorship income。Citic securities(600030,Shares it)In July the IPO market has good performance，Three IPO was the first project of the underwriting number；Underwriting sponsor income，Although part of the project has not released income data，But citic to obtain still nearly 71.5 million yuan of underwriting and sponsor income for the first。

　　点评：目前券商投行业务较为单一，IPO上市辅导、财务顾问等方式成为其主要收入来源。但随着行业的进一步发展，券商投行也将向全能型投行进行业务转型。除了IPO，未来债券承销、并购重组等业务的比重将有所提高。

Comment on：At present brokers investment banking is relatively single，IPO counseling、Financial advisers and become the way the major source of income。But along with the further development of the industry，Brokers investment Banks also will to allround investment banking business transformation。In addition to IPO，The future debt underwriting、The proportion of merger and reorganization and other business will be improved。

　渣打推出家庭财富管理系统 Standard chartered launch family wealth management system

　　近日，渣打中国正式推出智衡家庭财富管理系统，该系统基于现代投资(000900,股吧)组合理论和先进的金融工程模块开发而成，应用于家庭财富状况的评估、分析和理财规划。与传统的财务规划软件不同，智衡系统将视野从投资者个人延伸到了整个家庭。同日，渣打还发布了下半年的投资策略及全球展望，建议超配中、美、韩的股票，认为黄金仍然是抗衡日后再通胀的有效传统工具，做出对黄金维持12个月超配的建议。

recently，Standard chartered China officially launched ZhiHeng family wealth management system，The system based on the modern investment(000900,Shares it)Combination theory and advanced financial engineering module development and into，Used in household wealth assessment of the state、Analysis and financial planning。And the traditional financial planning software is different，ZhiHeng system will view from individual extends to the whole family investors。the，Standard chartered also released in the second half of the investment strategy and the global outlook，Suggestions in the ultra matches、beauty、Korea's stock，Think gold is still against it in later inflation traditional tools effectively，A gold for 12 months ultra matches the suggestion。

　　点评：投资要综合家庭成员及家庭状况来考虑，如何分配规划投资，以一己之力去设计筹划或许会比较困难，渣打此次推出新的财富管理系统，一定程度上迎合了这种需求，但软件终究只能起到辅助作用，最终还需投资者和银行双方提升自己的财富管理能力。

Comment on：Investment to comprehensive family members and family status to consider，How to allocate planning investment，To strength to design planning may be more difficult，Standard chartered the launch new wealth management system，To some extent catered to this kind of demand，But software ultimately can rise auxiliary function，Eventually need to investors and bank both sides improve their wealth management ability。

领峰杯2012全球最大黄金交易大赛启动 World Cup 2012 brought peak biggest gold trading contest start

　　近日,领峰杯2012中国黄金交易大赛在深圳启动。参赛选手来自全球50多个国家和地区，主办方重赏黄金民间高手，可以说是全球最大黄金交易大赛。本次比赛的交易品种主要是伦敦金，超100倍杠杆，可买入或卖出，双向交易，24小时网上交易，无财团机构垄断市场，透明度极高。

recently,The peak of the China gold cup brought 2012 trade competition in shenzhen start。Contestants from more than 50 countries and regions，Four questions the gold folk player，Can say is the world's largest gold trading contest。This game trading products is mainly London gold，Super 100 times the lever，Can buy or sell，Two-way trade，24 hours online trading，No financial group organization monopoly market，High transparency。

　　点评：有人说黄金是当前资本市场中最好的投资品种，有人说黄金是这个世界上最大的泡沫。短期走势可能受阻，但不管怎么样，黄金投资已与证券投资、期货外汇投资成为金融市场中重要的投资方向，是国际金融市场上众多基金管理公司、投资机构和个人投资者实现资产保值、增值、规避投资风险的有效工具。

Comment on：Some say gold is the best investment in capital market varieties，Some say gold is the world's largest bubble。Short-term movements may be blocked，But no matter how，Gold investment already and securities investment、The futures exchange investment in the financial markets become important investment direction，Is the international financial market many fund management company、Investment institutions and individual investors achieve assets、value-added、Avoid the risk of investment effective tools。