截至6月30日，有10只产品资产净值低于1亿元，26只产品资产净值介于1亿-1.1亿之间 By June 30,，10 products only net assets of less than 100 million yuan，26 only products between net assets between 100 million-110 million

　　理财周报记者 钱文俊/文

Finance QianWenJun/the weekly newspaper reporters

　　券商资管的日子一天比一天难过。

In the days of the brokers day sad。

　　去年全年，有16只券商集合理财产品终结，其中7只因资产净值连续20个交易日低于1亿元而被迫清盘，占比44%。

Last year，16 only brokers set financial products to an end，Among them 7 for 20 consecutive trading day net assets of less than 100 million yuan and was forced to reconcile，More than 44% of。

　　今年截至7月27日，有12只集合理财产品闭关，其中有10只产品被迫清盘，占比83%。

As this year on July 27,，There are 12 set only financial product retreat，There are only 10 products were forced to reconcile，More than 83% of。

　　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、国信金理财限额特定一号、华泰紫金策略优选、平安年年红债券宝、平安稳健增值一期、招商海外宝和浙商汇金新经济(310358,基金吧)。

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、Gold financing limit expressed a specific number、China peaceful zijin optimization strategy、Year after year peace red treasure bonds、A steady appreciation of peace、Investment promotion overseas treasure and zheshang huijin new economy(310358,Fund it)。

　　然而，“钻石底”已破，单边下行的行情仍将继续，而目前资产净值低于1.1亿的产品还有36只，其中10只的资产净值已低于1亿元，如没有”帮忙资金”，它们将随时面临清盘的危机。

however，“Diamond bottom”Already broken，Unilateral will continue to be the market down，And the net assets of less than 110 million products and 36 only，10 of the net assets only has less than 100 million yuan，If not”Help fund”，They will always face winding crisis。

　　“史上最短命”浙商汇金 “History's short life”Zheshang huijin

　　新经济仅存4个月 The new economy have only 4 months

　　“我们也很无奈，业绩稍微做得好点，在现在的市场环境下，客户只要有一点收益，就会赎回，产品一下子就到了清盘红线。”一位负责浙商证券资管渠道销售告诉记者。

“We also very helpless，Results a little do well point，Now in the market environment，Customers with a little income，Will redeem，The product was to reconcile red line。”A responsible for zhejiang merchants securities endowment tube channel sales told reporters。

　　7月16日，浙商证券发布公告，宣布汇金新经济提前终止。这只在今年3月12日刚成立的“大集合”理财产品，认购规模不足3亿元，与50亿元的募集目标相距甚远，存续期为7年，可惜仅过4个月就不幸夭折。

July 16,，Zhejiang merchants securities issued announcement，Announced new economic terminated vision finance。It only on 12 March start-up“Large collection”Financial products，Subscribe size less than $300 million，With 5 billion yuan of raising goal ahead，For seven years during，But only four months tragically died young。

　　虽然成立规模小，但是汇金新经济的业绩却可圈可点。截至终止日，其成立以来回报率也有6.86%，在今年新成立的产品中，业绩仅次于长江超越理财3号。

Although small scale was established，But new economic performance but let huijin admirably。By the end day，Since the establishment of the return was 6.86%，In this year of its new products，Performance next to the changjiang river beyond financial number three。

　　公开资料显示浙商汇金新经济的投资经理为刘俊、耿广琪和周良。

Public data shows zheshang huijin investment manager of new economy for LiuJun、GengGuangQi and ZhouLiang。

　　“市场不好，散户赚了就跑，我们产品4个月的收益率为7.3%。”上述浙商资管渠道销售无奈地告诉记者。

“Market is bad，Retail investors earned run，Our product four months of return of 7.3%。”The above information zheshang tube channel sales helplessly told reporters。

　　3月29日，大盘下挫至低位2242点，其后一路走高，一路上扬至5月8日的2453点。此后，由于6月风险密集释放，大盘再次走弱。

March 29,，The low down to 2242 points，Behind all the way walk tall，All the way up to May 8 2453 points。Since then，June risk due to intensive release，The weaker again。

　　“在今年这样一个普遍亏损的市场环境里，做到这样是不容易的。近两年市场整体比较低迷，投资者投资信心不足。对于盈利高的产品，部分投资者反而选择了锁定盈利、落袋为安。导致新经济在首个开放期，规模从2.8亿被赎回到1亿以下。”浙商资管副总经理周良告诉记者。

“This year in such a widespread loss of market environment，It is not easy to do。In the past two years the market overall low，Investor confidence。For the product with high profit，Some investors instead chose lock profits、Fall bags for an。Lead to new economy in the first opening period，Scale from 280 million to 100 million the following be redeemed。”Zhejiang merchants endowment tube deputy general manager ZhouLiang told reporters。

　　而记者了解到，6月12日恰好为浙商汇金新经济3个月封闭期后首日打开封闭，此时的单位净值为1.04元。6月20日，公司发布公告称自2012年6月18日起，资产净值低于1亿元，如截至7月16日仍低于1亿元，则本集合计划终止。

But the reporter understands，June 12,, just for zhejiang merchants huijin new economy 3 months after the closing period first open closed，At this time of the unit net value is 1.04 yuan。June 20,，The company issued announcement said since June 18, 2012 up，Net assets of less than $100 million，Such as by July 16 is still less than 100 million yuan，Is this pool plan terminated。

　　“净值在0.9至1.1区间内是最危险的，行情不好时，客户赚了点就会跑，净值在0.9以上，也不会亏多少，客户也会跑。”一位资管业内人士告诉记者。

“Net worth in 0.9 to 1.1 range is the most dangerous，Market is bad，Our customers make a little will run，Net worth of more than 0.9，How much will not deficient，Clients would run。”An endowment personage inside the tube, told reporters。

　　此外还有，招商海外宝、创业金益求金、平安稳健增值一期和国泰君安君享节能成立均不到一年就被迫清盘。

In addition to the，Investment overseas treasure、Venture JinYi for gold、Steady appreciation of a peace HeGuoTai prince was established at hand to energy conservation are less than a year are forced to reconcile。

　　其中，创业金益求金是国内首只券商对冲量化基金。招商海外宝是首只被清盘的QDII类产品。而平安证券仅有的4只集合理财产品，就有2只已于今年被迫清盘。

Among them，Venture JinYi for gold is domestic first only hedge fund brokers quantification。Investment promotion overseas treasure is only by the winding QDII first class products。And the peace of the securities only four only set financial products，He was 2 this year was forced to reconcile only has to。

　

　小集合的无奈 Small set of helpless

　　1亿清盘红线，对小集合产品来说很无奈。

100 million liquidated red line，Small set of products it very helpless。

　　所谓“小集合”，就是首次参与最低认购金额为100万，参与人数不得高于200人，推广期规模上限为5亿元,存续期规模上限为10亿元。

The so-called“Small set”，The first is involved in the lowest subscription amount for 1 million，In the number of people may not be higher than the 200，Promotion period of maximum size is 500 million yuan,Upper limit for 1 billion yuan during scale。

　　理财周报记者统计，上半年10只被迫清盘产品中，有5只为“小集合”产品。

Financial weekly reporter statistics，Only in the first half was forced to reconcile products in 10，5 for“Small set”products。

　　其中，长江超越理财宝2号的成立规模1.07亿元，国泰君安君享节能1.15亿元，国信金理财限额特定一号1.49亿元，平安稳健增值一期1.09亿元，华泰紫金策略优选2.81亿元，创业金益求金2.36亿元。

Among them，The Yangtze river beyond financial treasure no. 2 on the establishment of the scale of 107 million yuan，Cathay Pacific hand at 115 million yuan prince energy saving，Gold financing a certain limit expressed no. 149 million yuan，Peace of 109 million yuan to a steady appreciation，China peaceful zijin strategies optimizing 281 million yuan，Venture JinYi for nt $236 million。

　　“市场不好，不少集合理财产品发行的规模也就一个亿多点，如果遭遇赎回，资产净值马上掉下去了。”华中一位券商资产管理老总告诉记者。

“Market is bad，Many set the scale of the financial product release and a more，If encounter redemption，Net assets dropped down right away。”The central China a brokers asset management old total told reporters。

　　根据《证券公司集合资产管理业务实施细则》第三十六条规定：集合计划存续期间，客户不得少于2人；计划资产净值不得连续20个交易日低于1亿元人民币。

According to《Securities companies set the detailed rules for the implementation of the asset management business》Article 36 the provisions：Set duration of the plan，The customer shall not be less than 2 people；Plan for the 20 net assets shall not the day less than 100 million RMB yuan。

　　也就是说，1亿元是券商集合理财产品清盘的红线。为了摆脱清盘的命运，不少券商会寻求帮忙。

That is，100 million yuan is brokers set financial products winding red line。In order to get rid of the fate of the liquidation，Many brokers will seek help。

　　“不过，如果银行的渠道不通畅，营业部也找不到愿意帮忙的资金，那么产品就只能够清盘了。”上述资管老总告诉记者，“我们一般不会让产品提前清盘，毕竟发行一只产品需要颇高的费用，只要产品在存续期，就能收取管理费。”

“but，If the bank's channel not unobstructed，Sales to also can not find willing to help fund，So products can only reconcile。”The above information management related old total told reporters，“We usually won't let product liquidation in advance，After all only need to issue a product is quite high costs，As long as the product in the extension，Can charge management fee。”

　　而这些帮忙资金，成本最低的要数其它到期的集合理财产品。“如果其它产品到期或者打开封闭，我们会立刻联系银行的渠道，劝说他们赎回老产品，购买我们的产品。”一位资管部门渠道销售告诉记者。

And these help fund，The lowest cost to several other set of maturity financial products。“If other products due to open or closed，We would immediately contact bank channels，Persuade them to redeem the old products，To buy our products。”An endowment tube channel sales department told reporters。

　　目前，公募基金成立规模下限为2亿，5000万元为清盘红线，而券商集合理财产品成立规模最低为1亿，清盘红线也为1亿。

At present，Public enlisting fund established scale lower limit for 200 million，50 million yuan for winding red line，And brokers set minimum established financial product scale for 100 million，The red line winding for 100 million。

　　因此，不少人纷纷呼吁降低一亿元的清盘红线，此前，有消息称新的清盘红线可能降至5000万元，也可能是3000万元。

so，Many people are calling for reducing one hundred million yuan winding red line，after，Sources say the new winding red line may be down to 50 million yuan，Also may be 30 million yuan。

　

　10产品资产净值跌破1亿， 10 products below 100 million net assets，

　　濒临清盘 Is on the verge of winding

　　市场不尽人意，使得不少产品面临被清盘的危机？

Market unsatisfactory，Make many products faced a winding crisis？

　　据理财周报统计，截至2012年6月30日，已有10只产品资产净值已低于1亿元，它们分别为光大全球灵活配置（0.5482）、国泰君安上证央企50（0.8769）、国信金理财收益增强（0.9468）、中金大中华股票配置（0.9718）、光大阳光稳健添利（0.9746）、东海精选5号0.9903）、国元黄山3号（0.9920）、国泰君安君享套利6号（0.9924）、财通金色钱塘基金优选（0.9938）、中信贵宾5号（0.9990）。

According to financial weekly statistics，By June 30, 2012，Only have 10 products nav has less than 100 million yuan，They are classified as everbright global flexible configuration（0.5482）、Cathay Pacific hand to the Shanghai scholars from renmin 50（0.8769）、Gold financial income increase expressed（0.9468）、Zhongjin greater China stock configuration（0.9718）、Everbright sunshine robust termbray（0.9746）、Selected no. 0.9903 5 of the east China sea）、Countries yuan huangshan 3（0.9920）、Cathay Pacific hand at no. 6 jun arbitrage（0.9924）、The golden qiantang fund optimization wealth（0.9938）、Citic VIP number 5（0.9990）。

　　其中，最低的光大全球灵活配置成立于去年5月25日，成立规模为1.94亿元，为QDII产品。自成立起，此产品的单位净值一直低于1，而8月29日首次开放封闭后，便出现3711万份赎回。今年5月28日，受困于欧洲债务危机的风险释放，更是出现巨额赎回，剩余受托资产仅为8287万元。

Among them，The lowest everbright global flexible configuration was established in last May 25，The scale was established for 194 million yuan，For QDII products。Since founding，This product has been unit net value of less than one，On August 29, and for the first time after open closed，37.11 million will appear a redemptive。This year on May 28,，Trapped in the European debt crisis risk release，Huge is redemptive，The remaining assets is 82.87 million yuan only。

　　此外，还有27只产品资产净值介于微妙的1亿—1.1亿之间。其中光大有3只，国泰君安、海通、华泰各有2只，还包括安信证券今年3月初新成立的安信策略精选。

In addition，27 only products between subtle net assets of 100 million-110 million between。Among them are three only spread，Cathay Pacific hand、haitong、China peaceful each have two，Also includes access securities in early march this year of the newly established access strategy selection。

　　“市场阴跌不断，下半年行情不好转，估计还有不少产品面临清盘。”前述华中券商资管老总告诉记者。

“The market fall Yin constantly，Prices don't get better in the second half，Estimates that there are still quite a few products face liquidation。”The central China brokers endowment tube old total told reporters。