金证券记者 孙卉

Gold securities SunHui reporters

　　北京神农投资管理有限公司的投资总监陈宇，在私募界算比较特殊的一位。他是北京大学光华管理学院工商管理硕士，曾在多家企业任董事会秘书等重要职位。所以，陈宇的投资风格也多有实业家的战略眼光。

Beijing shennong investment management co., LTD., investment director researh material - 11，In the private world is a very special。He is Beijing university guanghua school of management master of business administration，Worked in a number of enterprises as the secretary of the board of directors and other important position。so，Researh material - 11 investment style also has the businessman's strategic vision。

　　陈宇告诉《金证券》记者：“我的投资理念就是，买好的公司，做一个价值投机者。”

Researh material - 11 tell《Gold securities》reporter：“My investment idea is，Buy good company，Do a value speculators。”

　　陈宇认为，国内不少投资人没有实际的企业经营经历，只是从宏观或者从公司财务报表上去判断一家公司的好坏，却不知道公司实际面临的困难，尤其是公司战略的实施上面临的问题，“我们所理解的好企业，一定是这个行业的从业者也觉得便宜的公司。我们是从产业资本的角度去估一个企业值多少钱。”

Researh material - 11 think，The domestic many investors had no practical enterprise management experience，Just from the macro or from company financial statement up judge the stand or fall of a company，But he didn't know the practical difficulties，In particular, the company on the implementation of the strategy are faced with the problem，“We understand the good enterprise，Must be the industry practitioners also feel cheap company。From the point of view of our industrial capital to estimate how much money a enterprise value。”

　股市里的实业家 In the stock market the industrialist

　　陈宇曾任北大招商创业投资有限公司董事长助理、招商地产(000024,股吧)股份有限公司董事会秘书、上海重阳投资公司董事副总经理、白云山股份有限公司董事，这些经历让他看起来更像是一名实业家。

ChenYuCeng let north investment venture investment co., LTD., chairman of the board assistant、Investment real estate(000024,guba)Co., LTD., the secretary of the board of directors、Shanghai the double ninth festival investment company director deputy general manager、Baiyun mountain director of a joint stock limited company，These experiences let he looks more like a man of business。

　　同时，陈宇股市沉浮的经历也不少。师从《证券法》起草小组副组长曹凤岐教授，2005年11月，他在招商证券(600999,股吧)年度策略会上发表《牛市王者归来》的报告，判断A股将迎来大牛市，并向银行抵押借款入市。2007年，出任重阳投资董事副总经理。直到2009年，创立北京神农投资管理有限公司。

At the same time，Researh material - 11 stock market's ups and downs and many experience。from《Securities law》Drafting group deputy leader CaoFengQi professor，In November 2005，He in the investment securities(600999,guba)Annual strategies published at the meeting《Bull market the return of the king》report，Judge A shares will have big bull market，And to the bank mortgage loan market。In 2007,，As the double ninth festival investment director deputy general manager。Until 2009，Founded Beijing shennong investment management co., LTD。

　　陈宇的实战经验也颇为丰富。2006年三四月份，在五粮液(000858,股吧)认购权证上市第一天建仓，当时陈宇满仓五粮液，“买的时候是1.2元/股，三个月的时间翻了十倍。”

The actual combat experience researh material - 11 also very rich。In 2006 three April，Wu liang ye in(000858,guba)Subscribe authority card listed on the first day open a position，At that time ManCang researh material - 11 wu liang ye，“Buy is 1.2 yuan/share，Three months time turned over ten times。”

　　东阿阿胶(000423,股吧)也是陈宇抓到的一只大牛股。2005年8月，陈宇到东阿阿胶调研，他形容当时的东阿阿胶是“干柴烈火”，产品本身具有极大的卖点，可惜老字号的营销能力影响了公司的发展。后来华润入主东阿阿胶，东阿阿胶的营销能力得到很大的提升。陈宇告诉《金证券》记者：“当时我就在布局买入这只牛股。重阳1期、2期买了很多。”

DongA colla(000423,guba)Also caught a big researh material - 11 winners。In August 2005，Researh material - 11 to DongA colla research，He describes the DongA colla is“Ganci agni”，The product itself has great selling points，But the old marketing ability affected the development of the company。Then capturing huarun DongA donkey-hide gelatin，DongA colla marketing ability get a lot of ascension。Researh material - 11 tell《Gold securities》reporter：“I was just in the layout to buy this only winners。1) the double ninth festival、Phase 2 bought a lot of。”

　高调反对非市场化 High-profile against non-market

　　最近，陈宇很高调。原因在于他对上交所ST股征求意见稿高声提出了自己的意见。陈宇在致上交所的公开信中称，“反对意见稿第七条中不对称设置风险警示股票价格的涨跌幅限制”。

recently，Researh material - 11 very high-profile。The reason is that he ShangJiaoSuo ST shares draft loudly the author puts forward his own opinions。Researh material - 11 in the ShangJiaoSuo said in the letter，“Against the draft in article 7 asymmetric set risk warning stock price price limit”。

　　《金证券》记者了解到，意见稿全文第七条是：风险警示股票的涨幅限制为1%，跌幅限制为5%。

《Gold securities》The reporter understands，The draft is the full text article 7：Risk warning stock gains were limited to 1%，Drop a limitation for 5%。

　　陈宇在公开信中指出，单独对ST股票设置不对称涨跌限制，造成股票与股票间的不对等，ST股票将因此普遍丧失流动性，从而被完全边缘化，这样的安排对市场整体长期健康发展构成影响。ST股在意见稿公布后，已连续两个交易日有近百家ST股跌停，让投资人遭受较大损失，ST股的投资或投机价值，恰恰是原本不完善的市场本身所造就的。

Researh material - 11 in the open letter pointed out，Separate to ST stock set limit asymmetric ups and downs，Cause stocks and stock room right, etc，ST shares will therefore generally lose liquidity，To be completely marginalized，This arrangement on the market overall long-term health development to constitute the influence。ST shares in the draft after the announcement，Already two consecutive trading day nearly hundred ST shares drop stop，Let investors suffered great loss，ST shares investment or speculative value，Just is originally not perfect market itself are created。

　　此外，这封公开信还提出监管机构应慎以行政手段干预包括ST股在内的股票交易过程，对人为设置价格导向持慎重态度。

In addition，This open letter is proposed, regulators should be careful to administrative means intervention including ST shares, stock trading process，To human setting the price guide a prudent attitude。

　　对于此次的高声疾呼，陈宇坦言：“我也不想那么高调地说改革，站出来说话是要冒风险的。但自己还是没能耐得住性子。我认为往大了说，这事关金融改革的大局，往小了说，关系到每个股民切身的利益。”

For the speaking loudly，Researh material - 11 said：“I don't want to so high that reform，Speaking up is to take risks。But he still didn't can withstand temper。I think to big said，This is the overall situation of financial reform，To small said，In relation to each people vital interests。”

　　陈宇还向《金证券》记者透露：“虽然证监会、上交所主动征求意见，看上去有接受民意的可能性，但我觉得他们的态度还是骄傲的。比如说我发出去的传真和邮件没有得到任何形式的回复。”

Researh material - 11 to《Gold securities》Reporters revealed：“Although the CSRC、ShangJiaoSuo active seek advice，Look to accept the possibility of public opinion，But I think their attitudes or proud。For example I sent the fax and mail didn't get any form of reply。”

　　除了致上交所的公开信，陈宇还对国内缺乏做空工具颇有微词。陈宇调侃，“私募拿不到做空工具，因为是二娘养的。大娘是证监会，二娘是银监会，私募是银监会‘生’的，却要依赖证监会挣钱。”

In addition to the ShangJiaoSuo open letter，Researh material - 11 also to domestic lack of short tool disapprove。Researh material - 11 poking fun at，“Private take less than do empty tool，Because it is ErNian raise。The big niang is securities regulatory commission，ErNian is banking regulatory commission (CBRC)，Private banking regulatory commission (CBRC) is‘born’of，But will rely on securities regulatory commission to earn money。”

　从太极中看股市 Seen from the tai chi stock market

　　虽然陈宇高调和上交所“唱反调”，稍显叛逆，但在生活中却是一个喜欢安静打太极的人。为了拜师学艺，陈宇曾经专程跑到中华太极拳发祥地——河南省焦作市温县城陈家沟，向太极拳大师学习切磋。

Although the researh material - 11 high-profile and ShangJiaoSuo“naysayers”，Slightly rebel，But in life is a like quiet tai chi people。In order to do obeisance teacher，Researh material - 11 once flew ran to the Chinese taijiquan birthplace - henan jiaozuo city county chenjiagou，Chi master to study notes。

　　谈到太极和投资的关系，陈宇总结：“第一，私募的工作压力很大，打太极可以修身养性，保持身心健康。第二，太极是一种修炼，讲究的是阴阳平衡，暗含阴阳开合之道，包含阴阳转换的思想。这和股市的理念是极其相似的。股市是波浪理论，进三退二，进一退二，也是在熊牛中转换。所以太极可以让我更好地理解股市。在熊市里，也能泡杯茶，静心等待时机。”

When it comes to tai chi and investment relations，Researh material - 11 summary：“The first，Private under a lot of pressure at work，Tai chi can cultivate one's morality raises a gender，Maintain physical and mental health。The second，Tai chi is a kind of practice，Pay attention to is the balance of Yin and Yang，Implied Yin and Yang movable way，Contains Yin and Yang conversion thoughts。This and the concept of stock market is extremely similar。The stock market is wave theory，Into three half astern，Into a half astern，Also in the put call conversion。So tai chi can let me to better understand the stock market。In a bear market，Also can make a cup of tea，Meditation waiting for an opportunity。”

　　正是有了太极阴阳转换的思想指导，在这样的熊市里，陈宇才顺势而为。他告诉《金证券》记者：“现在的股指下滑，是证券市场市场化的必经过程，在这样一波大浪里，不要着急，不要去逆流而上，而是要顺应形势，踏实把业绩做好，等到市场好的时候就会脱颖而出。”

It is the thought of Yin and Yang tai chi conversion guidance，In such a bear market in，ChenYuCai roll with the。He told《Gold securities》reporter：“Now the stock index down，The securities market is the market necessary course，In such a wave in，Don't try so hard，Don't go to upstream，But to conform to the situation，The practical performance well，Wait until the market good time will stand out。”

　　同时，陈宇还告诫“小伞”们：“抄底目标建议不抄偏门，不碰ST，不买中报差的，不买高管小非近期减持的。买就买龙头白马高富帅，中报业绩好或者至少三季度预期转好，无小非减持，有国家政策支持，上周表现好的龙头。”

At the same time，Researh material - 11 also warned“A small umbrella”are：“Copy the bottom target Suggestions don't copy the partial door，Don't touch ST，Don't buy poor center daily news，Don't buy executives small not reduce held recently。Buy buy leading white horse GaoFu handsome，Performance center daily news good or at least expected the third quarter turn good，No small not to reduce their holdings of，National policy support，Last week good bibcock。”