定位决定地位，格局决定结局：最好的竞争格局是“月朗星稀”，就是一家独大，其它竞争对手都不成气候。次优的是“一超多强”，彼此有竞争，但老大的优势明显。再次的是“两分天下”和“三足鼎立”。最差的格局就是“百舸争流”的高度竞争行业。南方基金投资总监邱国鹭

Localization decision status，Pattern decided to end：The best competition pattern is“Month lang star rare”，Is monopoly，Other rivals have no climate。Subprime is“How strong joint”，Competition with each other，But Steve advantage。Again is“Two world”and“Tripartite confrontation”。The pattern of the worst is“win”The highly competitive industry。The southern fund investment QiuGuoLu director

　　两次非对称减息，看似对银行业是沉重打击，为此大量机构减持。大盘在这期间又下跌近200点。然而，有银行股股价却超过利率调整前水平。估值与公司治理差异是因？

Two asymmetric reduction，Looks for the banking industry is a heavy blow，For this large institutions holdings。In this period and market is down nearly 200 points。however，A bank shares but more than interest rate adjustment before level。Valuations and corporate governance difference is the cause？

　上海市人大代表李迅雷 Shanghai people's congress to represent the LiXunLei

　　一些银行经营转型陷入尴尬境地。一曰“转型绑架”，数年如一日将人财资源大规模投入零售业务，迄今未获预期的真金白银的回报，食之无味又弃之不舍，不情愿又抽身不得。二曰“转型陷阱”，锲而不舍地耕耘中间业务并持续投入大量资源，而今却遭遇前所未有的大力度合规调查，未曾料到会如此深陷困境。

Some Banks business transformation in embarrassing position。A day“Transformation kidnapped”，ShuNianRuYi day will and resources into mass retail business，So far the expected return real gold and silver，Tasteless and not give up，Reluctant away and may not be。Two yue“Transformation trap”，Focus among business and continued work spending a large amount of resources，Today it has suffered an unprecedented fully compliance survey，Not expected that so troubled。

　　交通银行(601328,股吧)首席经济学家连平 Traffic bank(601328,Shares it)Chief economist even flat

　　理论上来说，在税负重的情况下，如果民间投资回报率高于国债利率，政府就应该减税，改为通过发行债券弥补财政支出。这样好比用政府的高信誉来为民间投资的发展提供支持。我国现在民间借贷利率在15%以上，政府真的到了该减税的时候了。

Theoretically speaking，In the heavy tax burden，If the return on investment is higher than the national debt interest rates folk，The government should tax cuts，Through the issuing of bonds to offset finance expenditure。This is like with government high credit for the development of the private investment to provide support。Now our country folk lending rate of 15% or more，The government really came to the tax cuts。

　　兴业全球(340006,基金吧)基金管理公司副总经理徐天舒 Industrial global(340006,Fund it)The fund management company's vice President XuTianShu

　　我国债券市场可能爆炸性发展，前几日遇美国某最大资产管理公司合伙人，他介绍了美国八十年代资本市场的情况，一为遏制通胀不断收紧银行信贷；二是股市长期低迷；三是各类债券产品大发展，有效弥补了银行信贷的短缺。我国未来数年情形与此十分相近。

China's bond market may be explosive development，Several days ago when a U.S. largest asset management company partners，He introduced the United States in the eighty s the capital markets，In order to curb inflation a constantly tightening bank credit；2 it is long-term stock market downturn；Three is all kinds of bonds products development，Effective to make up for the shortage of bank credit。China's future years with this situation very similar。

　　中信证券(600030,股吧)董事总经理徐刚 Citic securities(600030,Shares it)XuGang managing director

　　（陈春雨 整理）

（ChenChunYu finishing）