理财周报实习记者 代红叶/文

Financial management practice reporter generation hongye/weekly newspaper articles

　　博时副总李雪松离职，今年已流失多员大将

When rich LiXueSong vice-president to leave，This year has lost many franchise

　　博时基金人事再变。继分管投研的副总杨锐离职之后，分管市场的副总李雪松也要走。

When the rich personnel change again。The cast of the research YangRui vice-president in charge after the departure，Responsible for the vice-president of market LiXueSong also to go。

　　“确实有这个打算。”8月10日，李雪松在电话中回应理财周报记者，目前仍然在博时，离职后打算先休息一段时间。据了解，李雪松下一站可能仍然是北京的公募基金。

“Do have this plan。”August 10,，LiXueSong in a telephone call in response to finance a weekly newspaper reporters，Still in the Po，After leaving plans to rest for a period of time。According to understand，LiXue panasonic one station may still is the Beijing public offerings of new fund。

　　李雪松是博时基金分管市场的副总裁，2001年加入博时，是公司元老之一，2010年被博时前任总裁肖风提拔为副总裁。其在任期间提出的“持续营销”市场策略，为博时近年规模稳定有较大贡献。

When the rich LiXueSong is responsible for the vice President of the market，2001 to join bo，Is one of the elders of the company，2010 XiaoFeng former President when rich promoted as vice-president。During the term of the proposed“Continued marketing”Market strategy，For when rich in recent years have large scale stability contribution。

　　今年以来，博时已接连流失多员大将，包括分管投研的副总裁杨锐，去年的业绩状元、首席策略分析师夏春、基金经理汤义峰等。

Since this year，Bo, has continued erosion many franchise，Including the vice President of research for shots YangRui，Last year's top performance、Chief strategy XiaChun analysts、Fund manager ShangYiFeng, etc。

　　杨锐或将靠拢万向集团，夏春已确定赴新成立的英大基金担任总裁，汤义峰被大成基金挖角担任数量投资部总监。

YangRui or will close universal group，XiaChun has determined to set up the new funds as their President，ShangYiFeng becomes fund was dug a number TouZiBu director Angle。

　　此外，值得留意的是，博时基金在2012年半年报的基金公司规模榜单上，已经跌出前五大公司之列。

In addition，It is important to note is，When the rich in 2012 half annals of fund company scale on the list，Have dropped out of the top five big companies list。

　　（理财周报记者 刘梦/文）

（Finance LiuMeng/the weekly newspaper reporters）

　　基金券商竞逐险资管理 23家机构有望入围 Funds for securities risk resource management and agencies are expected to cut

　　随着《保险资金委托投资管理暂行办法》的公布，意味着保险公司可以委托证券公司、基金公司开展委托资产管理业务。保险公司可能需要通过招标方式完成对基金、券商投资管理人的选聘，最终通过股东会或董事会决策。保监会对基金、券商要求门槛高，目前数据显示具备竞标资格的有12家基金公司和11家券商。

as《Entrust investment of insurance funds the provisional measures》Announced the，Means that insurance companies can entrust securities company、Fund company entrust in the asset management business。The insurance company may need through the bidding for funds to complete、Brokers selecting the investment manager，Finally through the shareholders' committee or the board of directors decisions。Circ to fund、Brokers requirement high threshold，At present data shows have bid for qualification of the 12 home fund company and 11 home brokers。

　　机构增持分级A：银华鑫利、银华金利份额增长47% Institutions take A classification：Silver HuaXin the、Silver HuaJinLi share is growing by 47%

　　据深交所公布数据，截至8月3日，银华鑫利和银华金利的场内交易份额均为72.58亿份(不包括场内母基金份额)，较6月30日增涨47%，为增量最多的分级基金。有机构表示，这主要源于保险资金对A类份额的增持。上周股票分级基金A类份额价格平均上涨0.59%，其中，银华金利上涨2.1%居首。

According to data released shenzhen，As of August 3,，The silver and silver HuaXin HuaJinLi field trade share are 7.258 billion copies(Not including field the mother fund share)，A June 30 closed up 47%，For most of the incremental grading fund。Have agency says，This mainly comes from insurance funds to A kind of additional share。Last week A kind of share stock grading fund average price increase of 0.59%，Among them，Silver HuaJinLi heading up 2.1%。

　　

首只债券型ETF 或在国泰、博时中产生 The first only bonds at cathay Pacific airways or type ETF、When bo produced in

　　继跨市场ETF和发起式基金后，又一项全新的基金创新——债券型ETF的产品方案也已基本成熟，即将进入最后的产品申报阶段。据记者了解的信息，未来的首只债券ETF很可能将在国泰基金和博时基金之间产生。其中，国泰基金较早前即获得了上交所授权，有关工作已进入到实质性推进阶段，目前处于行业领跑位置。博时基金也接近这个阶段。

The cross market ETF and launch type the fund，And a new fund innovation-bond type of products has also ETF basic mature，Is entering the final product declaration phase。According to reporter understanding of information，The first of the future only bond ETF is likely to cathay Pacific fund and when the rich between cells。Among them，Cathay Pacific fund earlier that won the ShangJiaoSuo authorized，The related work has come to to promote stage，At present is in the industry leading position。When the rich and close to the stage。

　　上交所招标17只ETF开发名额 ShangJiaoSuo bidding and development only ETF quota

　　近期，上海证券交易所发布了《基金产品开发与创新服务指引》，《指引》放开了“一个指数只能开发一只ETF产品”的限制。8月6日，上交所公示了最新一批境内重要指数名单与产品开发申请情况。被纳入重要指数范畴的包括了上证综指、上证50、上证100、上证150、上证180、上证380、沪深300、中证100、中证500在内的9只指数。

recent，Issued by the Shanghai stock exchange《Fund product development and innovation service guidelines》，《guidelines》To release the“An index can only development a ETF products”restrictions。August 6,，ShangJiaoSuo fair show the latest a batch of domestic important index the list and product development application。Into the important index of the category include the Shanghai composite index、Shanghai 50、The 100、The 150、The 180、The 380、Csi 300、Has 100、500, has nine index。

　　首批跨境ETF募集逾55亿 国企ETF或下周建仓 The first cross-border ETF to raise more than 5.5 billion state-owned enterprises or ETF warehouse next week

　　首批跨境ETF已经结束募集。据渠道消息，华夏旗下的恒生ETF首募规模逾35亿元，以机构客户为主，易方达旗下的恒生中国企业ETF募资估计20亿-30亿元，两只基金共计募集逾55亿元的资金。据悉，两只跨境ETF的联接基金仍在发行之中，8月17日结束后方能统计总体数据。业内人士表示，恒生中国企业ETF验资完毕后可能会于下周开始建仓，建仓期大概3个月。

The first cross-border ETF is over collect。According to news channel，China's first offering of hang seng ETF scale more than 3.5 billion yuan，Give priority to with institutional clients，YiFangDa its hang seng China enterprises ETF whip round an estimated 2 billion-3 billion yuan，Two funds to raise more than $5.5 billion in funds。It is reported，Two of the ETF funds still cross-border connection in the issue，August 17, the end can aggregate data statistics。People in the industry say，Hang seng China enterprises after the may capital verification ETF in a warehouse begins next week，Warehouse period about three months。

　　国投瑞银有望与北京公租房合作试点发行REITS Ubs, is expected to Beijing international trust &investment male rent cooperation pilot issue REITS

　　北京市住房保障办公室官员8月7日下午透露，为了降低公租房建设成本，拟允许公租房项目最多配建45%的商品房，以实现零成本持有。北京已经将五个公租房项目进行打包，申请试点发行REITS，一旦获得证监会批准即可将公租房进行资产证券化。据进一步了解，朝阳区政府推出的5个公租房项目，约二三千套，与国投瑞银进行合作。

Beijing housing security office on 7 August afternoon disclosed，In order to reduce the construction cost and rent，Plans to allow public rental PeiJian most 45% of commodity house project，In order to achieve zero cost hold。Beijing has five male rent project package，Pilot issue for REITS，Once get approved by the commission can rent for male asset securitization。According to the further understanding of，The chaoyang district government launched five male rent project，About 23000 set，Cooperate with international trust &investment ubs。

　　易方达博时获准开发黄金ETF 可投资实物黄金 YiFangDa when rich gold ETF can be allowed to development investment physical gold

　　日前，深交所对其黄金ETF产品进行了招标竞选，嘉实基金(博客,微博)、易方达基金、博时基金、汇添富基金和诺安基金(博客,微博)等多家基金公司此前均已经向深圳交易所提交相关竞选方案。记者获悉，易方达基金和博时基金获得了深圳交易所黄金ETF的开发资格。相比较于今年理财产品的创新，深圳交易所此次的创新幅度更大，因为该黄金ETF或将可投资实物黄金。

a，The shenzhen gold ETF bidding for the products，Fine fruit fund(blog,Micro bo)、YiFangDa fund、When the rich、Collect the fund's Ann and add fund(blog,Micro bo)And a number of fund company had all have to the shenzhen exchange submit relevant campaign strategy。The reporter learns，YiFangDa funds and when the rich won the shenzhen exchange gold ETF development qualification。In comparison to the innovation of the financial product this year，Shenzhen exchange the innovation more range，Because the gold ETF or will investment physical gold。

　　股票型指数基金规模达3500亿 Stock index fund size of 350 billion type

　　指数基金以低成本、结构透明获得市场平均收益的特点赢得市场青睐，发展迅猛，美国2011年年底整个指数基金规模已经达到了2万亿美元以上，其中股票型基金占总体股票基金的比例16%以上。到今年上半年，整个国内股票型的指数基金已经有173只左右，现在还在不断的增加，规模有3500亿元人民币，占整个基金的比例14%左右。

Index funds at lower cost、Structure of the average income of market transparency get win market favor characteristics，Rapid development，The United States by the end of 2011 the whole index fund scale has reached more than 2 trillion dollars，One stock fund accounts for the proportion of the total stock fund more than 16%。To the first half of this year，The whole domestic stock type of index funds have only 173 or so，Now also in constant increase，Size is 350 billion yuan RMB，The proportion of the total fund 14% or so。

　　易方达首席产品执行官范岳认为：“股票指数其实也是高风险的品种，需要做一个长期投资的考虑。运用指数来进行投资也需要有一定的判断能力，要对各类产品做一个比较清晰的了解，然后才能根据自己的风险收益的预期来进行判断。”

YiFangDa chief product executive FanYue think：“Stock index is actually the variety of high risk，Need to do a long-term investment consideration。Using index for investment also needs to have some judgment，To all kinds of products do a clear understanding，And then you can according to their own risk premium expected to judge。”

　　ETF七周累计净申购已逾50亿份 ETF seven weeks accumulative total net explain buy already more than 5 billion copies

　　截至8月第一个周末，被视为机构动向风向标的ETF基金连续第七周出现整体净申购，且连续第二周净申购超10亿份，ETF七周累计净申购已逾50亿份。而在沪深300市盈率基本处于历史底部的背景下，蓝筹风格的ETF持续获得青睐，成为净申购主力。

As of August first weekend，Be regarded as institutions of the trend indicator sizable ETF seventh straight weeks appear overall net explain buy，And the second week of 1 billion net explain buy super，ETF seven weeks accumulative total net explain buy already more than 5 billion copies。And in csi 300 p/e ratio is basic in the bottom of the history background，The blue-chip style of ETF continue to gain favor，Become a net explain buy playmaker。

　　银河证券研究中心总经理胡立峰认为，ETF出现较大申购可能有长线资金看好因素或短线交易性因素等多种因素导致，但如果连续3~4周出现净申购，未来市场态势就比较明朗。部分机构对后市持相对乐观态度，已开始选择左侧入市博取反弹。

Galaxy securities research center HuLiFeng think general manager，ETF appear bigger explain buy may have long term capital value factors or short term trading sexual factors and so on many kinds of factors，But if continuous 3 ~ 4 weeks appear net explain buy，The future market trend is clear。Part of the organization is relatively optimistic attitude，The left has started to choose from entering the market rally。

　　7月QDII涨0.92%，海外房产市场受关注 July QDII rose 0.92%，Overseas property market concern

　　二季度下跌5.43%的QDII基金终于在7月打了翻身仗。在海外大宗商品市场大幅反弹的助力之下，QDII基金7月平均净值增长率为0.92%。QDII基金二季度以来的下跌趋势得以止歇，在A股权益类基金几乎尽没的7月，海外大宗商品市场反弹助力QDII基金业绩“逆袭”，月内整体实现近1%的正增长。低利率刺激下，美国房产市场数据近期回暖，长期投资价值已显现，QDII后续投资瞄上美国房产。

In the second quarter of the QDII fund finally fell 5.43% in July played season-to-season turnaround。In overseas commodities market rebound sharply under the booster，QDII fund net value of July average growth rate of 0.92%。QDII fund since the second quarter trend down to rest stop，In A share rights funds as of July almost didn't，Overseas commodities markets rebounded power QDII fund performance“Inverse attack”，Whole month realize nearly 1% of positive growth。Low interest rates under the stimulus，The American housing market data recent thaw，Long-term investment value has revealed，QDII subsequent investment glance the American housing。

　　大成基金：短期有望迎来反弹 仍以结构性机会为主 Becomes fund：Short term is expected to rebound in still mainly structural opportunity

　　市场目前在经济阶段性企稳、流动性支撑力度加强及情绪修复的综合作用下，出现震荡上行的趋势。

The market is currently in stabilising economic stage、Liquidity support efforts and emotional repair the comprehensive function，Volatile uplink trend。

　　大成基金认为，一方面，由于欧洲债务形势持续恶化，美国经济仍未有显著亮点，实体经济似乎有企稳迹象。另一方面，随着前期强势板块逐步回调，市场杀跌动能开始减弱。但是，大成基金提醒，经济虽然有所恢复，但其趋势的稳定性尚需观察。近期房价上涨、油价和国际粮食期货反弹制约了政策放松的步伐，加上距离降息时间较近，降准迟迟未能出台，尚难给予经济复苏较高期待。投资可关注管理层会否进一步出台更实质性的政策以及持续推出的累积效应。

Becomes fund think，On the one hand，Since the European debt situation continued to worsen，The U.S. economy is still not significant window，The entity economy seems to have signs of stabilising。On the other hand，The plate with strong gradually callback，Market winners kinetic energy begin to diminish。but，Becomes fund remind，The economy may be restored，But the trend is needed to the stability of the observation。The recent rise in house prices、Oil prices and the international food futures rebound restricted the policy relaxed pace，And time is close distance to cut interest rates，Drop must continued failure to come，Still hard to give economic recovery high expectations。Investment can look to management will be no further more substantive policy on the launch of the cumulative effects and sustained。

　　投资方面，大成基金建议关注如传媒、医药、TMT这样的符合产业结构调整的股票；而鉴于近期消费股优良的业绩表现，也可关注消费板块，但由于近三年的超额收益，应精选商业模式更加成熟的个股。另外，对于那些对市场反弹有正面预期的投资者，可以关注有资金风向标之称的ETF基金。

investment，Becomes fund Suggestions such as media attention、medicine、This accord with TMT adjustment of industrial structure of the stock；And given the recent consumer stock performance excellent performance，Can also be the consumption plate，But because about three years of excess profits，Should select commercial mode of more mature individual stocks。In addition，For those who have positive expected to market rebound of investors，Can pay close attention to have the funds vane said the ETF fund。

　　8月4日，长信双利优选(519991,基金吧)基金公告，长信双利(519991,基金吧)优选灵活配置混合型证券投资基金的基金经理钱斌因个人原因离职。

August 4,，Long letter double the optimization(519991,Fund it)Fund announcement，Long letter double the(519991,Fund it)Flexible configuration optimization of securities investment fund mixed fund manager QianBin due to personal reason to leave。

　　8月6日，农银沪深300指数基金公告，农银汇理沪深300指数证券投资基金的基金经理张惟因工作调整离任，宋永安接职上任。

August 6,，Agriculture silver csi 300 index fund a public announcement，Agriculture Daniel silver remit csi 300 index securities investment fund manager zhang only by working office adjustment，SongYongAn take office job。