第1页:1400亿券商资管江湖大起底：311只产品缩水一半，仅8家规模超50亿 Page 1:140 billion brokers endowment pipe up the river：311 product shrink only half done，Only 8 scale super 5 billion 第2页:浙商资管大起大落：金惠1号重回榜首，9产品正收益 Page 2: introductory im zheshang falling：JinHui 1 to return to the top spot，9 products are income

　　1400亿券商资管江湖大起底：311只产品缩水一半，仅8家规模超50亿 140 billion brokers endowment pipe up the river：311 product shrink only half done，Only 8 scale super 5 billion

　　理财周报记者 杨庆婉/文

Finance YangQing wan/the weekly newspaper reporters

　　市场在恶化，券商资管生存如何？

Market deterioration in，Brokers endowment tube survival？

　　券商资管规模近1400亿元，今年来新发行了47只产品，平均规模比去年“瘦身”2亿，第一创业出招免收管理费，“创业创金季享收益”规模28.28亿冲锋。

Brokers endowment pipe scale of nearly RMB 140 billion yuan，This year to new issue 47 products，Average size than last year“Thin body”200 million，The first venture recruit from management fee，“Entrepreneurship and JinJi enjoy earnings”Scale 2.828 billion charge。

　　集合理财产品业绩分化，浙商3只产品占据前五，浙商金惠1号经历低谷重回榜首，收益率达16.29%，“国泰君安君富香江” 收益率-17.33%垫底。而长跑冠军东方红4号今年来不甚突出，但在三年的周期中业绩排行第一。

Set financial product performance differentiation，Zhejiang merchants 3 only the top five products，Zhejiang merchants JinHui 1 experience lows to return to the top spot，Yields of 16.29%，“Cathay Pacific hand to prince hong rich” Yields-17.33% in last place。And long-distance running champion dongfanghong 4 this year to less prominent，But three years period performance ranking first。

　　二级市场不明朗，80亿资管资金参与打新，光大阳光集结号收益型1期最热衷，动用15亿参与19只新股申购，锁定股票浮盈2651.32万元。

Secondary market is not clear，8 billion endowment funds in the new play，Everbright sunshine, 1) type income was the most popular，Use 1.5 billion participate in 19 new stock purchase only，Lock stock float tracker 26.5132 million yuan。

　　规模缩水49%，一创28.28亿元冲锋 Size shrink 49%，A and 2.828 billion yuan charge

　　尽管券商资产管理规模不及公募资金，但在弱市中发行困难，规模成为考验券商资管实力的一大指标。截止6月30日，券商资管业务的总规模合计1393.86亿元，共有311只理财产品在运行当中，较它们总成立规模缩水了1355.61亿元，缩水幅度达49.3%。

Although brokers asset management scale than public offering funds，But weak in the issuance of the difficulties，Scale test tube power brokers information as a great indicator。By June 30,，The total business information brokers scale amounted to RMB 139.386 billion，A total of 311 only in the operation of the financial product，They established a total size shrink 135.561 billion yuan，Shrink rate of 49.3%。

　　和去年末相比，有近70%的产品规模出现缩水。其中股票型产品中银河金星1号缩水58.79%最多，混合型产品中广州证券红棉1号缩水69.79%最大，FOF产品中安信基金宝缩水30.9%最大。

And compared to the proceedings，Nearly 70% of the products appear shrink scale。One stock type products in the galaxy Venus 1 shrink at most 58.79%，Hybrid products in guangzhou securities red 1 shrink 69.79% is the largest，FOF products access fund treasure shrink 30.9% is the largest。

　　今年以来，新发行的产品有47只，规模合计219亿元，平均每只规模4.66亿，比去年平均“瘦身”了2亿。

Since this year，The new issue of the products are only 47，Scale amounted to RMB 21.9 billion，Average only 466 million scale，Than last year the average“Thin body”The 200 million。

　　其中，最大的一只产品“创业创金季享收益”发了有28.28亿元，是最小的“银河水星2号”（1.16亿）的24倍。

Among them，The biggest a product“Entrepreneurship and JinJi enjoy earnings”Hair have 2.828 billion yuan，Is the smallest“Galaxy mercury 2”（116 million）24 times。

　　这是第一创业的第8只集合理财产品，属限定性债券型产品，“这种投资债券的稳健型产品，风险比较小，所以把规模给冲上去了”。某业内人士说道。

This is the first business only 8 set financial products，Bonds of finite type products，“This kind of bonds investment and the steady type products，Risks are small，So the scale to flush up”。Some industry insiders said。

　　记者发现，在新发行的47只集合理财产品中，有9只产品免受管理费，“创业创金季享收益”就是其中之一。该产品除了收取0.2%/年的托管费外，申购赎回均无手续费，且不收取固定管理费，并且管理人按推广期募集规模的1%投入自有资金，这样才换来投资人的信心，逆势把规模做大。

Reporter discovery，In the new issue of the 47 only set in financial products，Only nine product against management fee，“Entrepreneurship and JinJi enjoy earnings”Is one of them。This product besides charged 0.2% / year outside to accrue，There were no charges explain buy redemptive，And don't charge fixed management fee，And the administrator of the scale according to promote raise 1% into their own funds，So just for investor confidence，The large scale of contrarian do。

　　就目前的集合理财规模来看，共有8家券商的整体规模超过50亿元，分别是国泰君安、中信证券(600030,股吧)、东方证券、光大证券(601788,股吧)、广发证券(000776,股吧)、招商证券(600999,股吧)、宏源证券(000562,股吧)和东海证券。其中，集合理财管理规模超过100亿元的仅有两家券商，分别是国泰君安与中信证券，管理规模达177.16亿元和113.36亿元。

In the present set financial scale，There are 8 home full scale brokers in the more than 5 billion yuan，Cathay Pacific airways is hand respectively、Citic securities(600030,Shares it)、Orient securities、Everbright securities(601788,Shares it)、Wide hair negotiable securities(000776,Shares it)、Merchants securities(600999,Shares it)、Hongyuan securities(000562,Shares it)Donghai securities and。Among them，Financial management set scale more than 10 billion yuan only two brokers，Cathay Pacific airways is hand respectively with citic securities，Management scale up to 17.716 billion yuan and 11.336 billion yuan。

　　上述311只理财产品来自64家券商，还有11家取得资产管理业务资格的券商尚未发行产品，另外包括西部证券(002673,股吧)在内的18家券商只发行了1只产品。

The 311 only financial products from 64 home brokers，And there were 11 home made the asset management business of securities issuance product qualification have not yet，Also includes the western securities(002673,Shares it)18 home, only the one issue securities products。

　　浙商3产品业绩跻身前五 Zhejiang merchants 3 product performance among the top five

　　“业绩为王”，今年以来（截至7月27日）券商集合理财产品的业绩分化严重，收益率最高的当属浙商金惠1号，收益率为16.29%，垫底的国泰君安君富香江收益率为-17.33%。

“Performance for the king”，Since this year（By July 27,）Brokers set the performance of the financial product differentiation serious，Highest return on JinHui zheshang, when is the no. 1，Return of 16.29%，The bottom of the hand to cathay Pacific airways prince hong yield rich 17.33%。

　　据统计，有261只产品公布了今年以来回报率（截至7月27日），平均回报率为0.42%，有140只券商理财产品实现正收益。

According to the statistics，261 just announced the return on since this year products（By July 27,），Average rate of return of 0.42%，There are 140 brokers financial product is only realize the benefits。

　　其中，债券型产品今年表现最好，平均回报率达0.49%；偏股型产品平均收益率为-0.2%；混合型产品相对表现不佳，平均收益率为-0.3%。

Among them，Best bond type products this year，Average rate of return of 0.49%；Slant model product average yield 0.2%；Hybrid product relatively poor performance，Average yield 0.3%。

　　业绩跻身前五名的分别是浙商金惠1号、浙商金惠引航、东方红2号、长江超越理财3号、浙商汇金大消费。前五名由浙商证券揽获了仨，这家券商的8只偏股型产品今年也全部获得正收益，其中浙商金惠1号近两年的收益也排在第一位。

Performance of the top five were JinHui zheshang is no. 1、Zhejiang ShangJinHui pilot、Dongfanghong 2、The Yangtze river beyond financial number three、Zhejiang merchants huijin big consumption。The top five pulled by zhejiang merchants securities by sa，The brokers of only 8 slant model product this year also all get positive income，Among them JinHui zheshang no. 1 in the past two years profit is the first in line。

　　实际上，浙商的业绩曾在去年遭遇低谷，尤其在2010年第一季度，浙商金惠1号业绩垫底。该产品的投资主办人周良接受理财周报记者采访时表示：“一季度配置了成长型的股票，跑输大盘，后来合理增加了低估值股票和优先级基金的投资，灵活应对不同阶段市场行情。”

In fact，The performance of the zhejiang merchants have encountered in low last year，Especially in the first quarter of 2010，Zhejiang merchants JinHui 1 performance in last place。The products of the investment ZhouLiang accept financial weekly organisers reporter to interview said：“With the growth in the first quarter of the stock，Run lose market，Later added low valuations reasonable stock and priority fund investment，Flexible cope with the different stage market。”

　　如今浙商金惠1号卷土重来，与浙商金惠领航都配置了贵州茅台(600519,股吧)、金种子酒(600199,股吧)、洋河股份(002304,股吧)等消费类个股，业绩逐步回升，获得今年业绩排行冠亚军。

Now JinHui zheshang 1 comeback，And all the ShangJinHui zhejiang leading configuration of guizhou maotai(600519,Shares it)、Golden seed wine(600199,Shares it)、Yanghe shares(002304,Shares it)Consumer stocks such as，Performance rise gradually，For this year's final performance ranking。

　　有人欢喜有人忧，垫底的“国泰君安君富香江”收益率为-17.33%，其次是东莞旗峰2号，收益率为-15.25%。

Someone glad someone went away，bottom“Cathay Pacific hand to prince hong rich”Return of-17.33%，Second is the dongguan flag peak no. 2，Return of-15.25%。

　　此外，还有10只产品因为“连续20个交易日资产净值低于1亿元”而被迫清盘。它们分别是长江超越理财宝2号、长江超越理财稳健增利、创业金益求金、国泰君安君享节能、国信证券“金理财”限额特定、华泰紫金策略优选、平安年年红债券宝、平安稳健增值一期、招商海外宝、浙商汇金新经济(310358,基金吧)。

In addition，There are ten products because only“20 consecutive trading day net assets of less than $100 million”And forced to reconcile。They were the Yangtze river beyond financial treasure no. 2、The Yangtze river beyond financial ZengLi steady、Venture JinYi for gold、Cathay Pacific airways at hand to prince energy saving、Expressed securities“Gold financial”Limit specific、China peaceful zijin optimization strategy、Year after year peace red treasure bonds、A steady appreciation of peace、Investment overseas treasure、Zhejiang merchants huijin new economy(310358,Fund it)。

　　这已经超过了去年全年被迫清盘的产品数，去年全年仅7只出现此类情况。根据6月30日份额计算，目前还有10只产品资产净值跌破1亿元红线，可能面临着清盘。

That's more than a forced to reconcile last year the number of products，Only 7 last year appeared only such situation。According to June 30 share is calculated，At present, there are also 10 only product below 100 million yuan net assets of the red line，May face liquidation。

　　80亿资金参与打新 8 billion funds in the new play

　　一直以来，券商资产管理业务都希望朝着财富管理之路前行，然而受困于规模、认购门槛等因素，前景似乎并不乐观。目前，在二级市场不明朗的情况下，券商集合理财产品更热衷于参与新股认购和上市公司定向增发。

Has been，Brokers in the asset management business all hope in wealth management way forward，However trapped in scale、Subscribe threshold, and other factors，Prospects seem to not optimistic。At present，In the secondary market is not clear，Brokers set financial products are more enthusiastic participation in new shares subscription and listed company by orientation。

　　据统计，今年以来，共有42只集合理财产品参与新股认购和定增，其中参与打新的资金累计就有79.74亿元，有12亿元资金获配。

According to the statistics，Since this year，There were only 42 set financial products, and the increase in new shares subscription，Participate in new capital of a total 7.974 billion yuan，There are 1.2 billion yuan allocated funds。

　　从单只产品来看，最热衷打新的是光大阳光集结号收益型1期，这只于2010年6月12日成立的产品，成立起至7月26日，回报率达到17.12%。今年以来啊，它共参与了19只新股申购，包括金河生物(002688,股吧)、开元仪器(300338,股吧)、新文化(300336,股吧)等新股，共动用了15亿资金，截至8月2日，锁定股票带来浮盈2651.32万元。

Only from single product and see，The most keen to play new is the number of income was spread 1)，This only in June 12, 2010 established products，Set up to July 26,，Return up to 17.12%。Since this year!，It has participated in the 19 new stock purchase only，Including JinHe biological(002688,Shares it)、Kaiyuan instrument(300338,Shares it)、New culture(300336,Shares it)New stocks such as，Altogether, which involved 1.5 billion funds，As of August 2,，Lock stock bring float surplus 26.5132 million yuan。

　　打新积极分子第二，当属浙商汇金1号，参与了10次新股申购，动用资金13.8亿，目前浮盈1266.6万元。

Play new activists second，When the zheshang huijin no. 1，Involved in the 10 second new subscription，Use capital of 1.38 billion，At present float surplus 12.666 million yuan。

　　浙商证券资产管理部副总经理周良表示：“经历新股发行制度的不断改革，一级市场也越来越成熟。目前一级市场其实和二级市场一样，从投资者的整体看有盈有亏。要从一级市场获利，关键还是选股。这点和二级市场投资是一样的。”

Zhejiang merchants securities assets management of vise general manager ZhouLiang said：“Experience the ipo system reform continuously，Level 1 market also more and more mature。At present level 1 market actually and the secondary market，The whole looks from investors a surplus have a deficit。To profit from the primary market，The key is to choose a。This and the secondary market investment is the same。”

　　此外，券商资管投资主办的更换率依旧很高。今年以来，券商资管共计更换投资主办人81人次，业绩排行倒数第二的东莞旗峰2号几乎每年更换一次投资主办，2011年投资主办人为周祖栋，后来换成了陈家雄，2012年6月11日之后才是现在的投资主办人丁文进。

In addition，Brokers endowment tube investment sponsored by the GengHuanLv remains high。Since this year，The total investment brokers information change to host 81 passengers，Performance ranking second from bottom of the dongguan flag peak 2 almost every year the replacement of a investment，In 2011 the ZhouZuDong human investment，Later ChenGuXiong replaced，June 11, 2012 is now after the investment DingWenJin organisers。