来自中登公司最新披露的周报显示，上周期末持仓A股账户数为5634.36万户，相比前一周增加约0.5万户。尽管只是微弱的增长，但这却是持仓账户数近12周来首度环比回升，显示出市场人气随着股指的弱反弹略有恢复。另据开户数据显示，上周两市新增股票账户数为85675户，相比前一周上升7.7%，股票周开户数创出近6周的新高；上周两市新增基金账户数为50406户，相比前一周下滑8.6%。此外，上周两市参与交易的A股账户数为853.69万户，相比前一周上升24.6%，创近七周新高；A股交易账户占比回升至5.13%。

The company's latest disclosure from the weekly report，Last week the final position A shares account number for 56.3436 million households，A week before compared to add about 05000 households。Although just weak growth，But it is open account number nearly 12 weeks the first link picks up，Show the market stock index popularity with weak rebound slightly recovery。According to another account data display，Last week, two new stock account number for 85675 households，A week before compared rose 7.7%，Stock accounts weeks creating nearly six weeks of the new highs；Last week, two new fund account number for 50406 households，A week before compared fell 8.6%。In addition，Last week two cities to participate in trade A shares account number for 8.5369 million households，A week before compared rose 24.6%，Gen nearly seven ZhouXinGao；A shares account for trading accounts than back up to 5.13%。

　　点评：持仓账户回升表明多空双方的观点正在发生微妙的转变。

Comment on：Position account rebound indicates that multiple empty the arguments on both sides of the subtle change is happening。

　　广发首推拉卡拉信用卡分期还款服务

Guangdong development first la cara credit card installment reimbursement service

　　为了让持卡人能够更加方便快捷地办理分期还款服务，广发银行携手拉卡拉推出信用卡账单分期还款服务，成为国内首家推出拉卡拉信用卡分期还款服务的银行。据了解，此次账单分期还款服务的推出是在广发银行信用卡拉卡拉还款服务原有基础上的升级与创新，据广发信用卡市场负责人介绍，首批服务在广州地区进行试点，服务范围覆盖广州地区所有拉卡拉终端，该项服务将于今年7月至8月间在全国范围内铺开。

In order to let the cardholder can more convenient and quick to deal with in installment reimbursement service，Guangdong development bank hand in hand to pull out Carla credit card bills in installment reimbursement service，As the first domestic launch la cara credit card installment reimbursement bank service。It is understood，The bill in installment reimbursement service is introduced in guangdong development bank credit caracalla reimbursement service on the basis of original upgrade and innovation，According to the guangdong development credit card market chief introduction，The first service in guangzhou area pilot，Service scope covers all guangzhou pull Carla terminal，The service will be in July to August in between nationwide spread out。

　　点评：方便了信用卡客户，但分期还款手续费尚未得知。

Comment on：Convenient credit card customers，But in installment reimbursement commission is not known。

　　光大链式融资“贷”动小微企业

Everbright chain financing“credit”Moving small micro enterprise

　　截至2012年7月末，在不到5个月时间内，光大“易快发”实现透支余额31亿元，其中的诀窍就在于——以链式融资“贷”动小微企业。“易快发”以银行有授信或充分了解下游产业链的企业为核心，由核心企业为下游企业担保，银行为被担保企业发放采购卡，用于产业链下游企业定向交易，全面满足小微企业“小、频、快”的融资需求。

By the end of 2012 by the end of July，In less than five months time，everbright“Easy fast hair”Realize overdraft balance is 3.1 billion yuan，The trick lies - to chain financing“credit”Moving small micro enterprise。“Easy fast hair”To the bank credit or fully understand the downstream industry chain enterprise as the core，By the core enterprise for the downstream enterprise guarantee，Bank to guarantee enterprise issuing purchasing card，Used in the downstream industry chain enterprise directional trading，Fully meet the small micro enterprise“small、frequency、fast”Financing demand。

　　点评：通过由核心企业为下游企业担保，减少了一定风险，但仍不等于没有了风险。

Comment on：Through by the core enterprise for the downstream enterprise guarantee，To reduce a certain risk，But still is not equal to have no risk。

　　创新中国2012时尚专场总决顺利举行

China's 2012 fashion innovation special total runoff was held successfully

　　近日，由创业邦（cyzone.cn）与时尚传媒集团联合主办的创新中国2012时尚专场总决赛在北京798尤伦斯当代艺术中心举行。在10家时尚互联网创业项目的激烈角逐中，LC风格网、稀品（上海）信息科技有限公司和上海渐石网络科技有限公司这三家新创企业脱颖而出，直接晋级创新中国2012于8月23、24日在杭州举行的总决赛。

recently，The entrepreneurial nations（Cyzone. Cn）And fashion media group jointly sponsored by the China's 2012 fashion innovation special finals in Beijing 798 held the ullens center for contemporary art。In the 10 fashionable Internet businesses in the fierce competition，LC style network、A rarity（Shanghai）Information technology co., LTD. And Shanghai gradually stone network technology co., LTD. This three start-up enterprise stand out，Direct promotion innovation China 2012 on August 23、24 in hangzhou at the finals。

　　点评：把握时尚产业与互联网紧密结合催生的创业投资的全新局面。

Comment on：Grasp the fashion industry and the Internet closely ecbolic venture investment of the new situation。

　　《财经-宜信财富·中国财富管理系列论坛》将启动

《Financial - appropriate letter wealth · China wealth management series BBS》Will start

　　8月28日，由《财经》(博客,微博)杂志和宜信财富联合主办的《财经-宜信财富?中国财富管理系列论坛——大众富裕阶层财富管理的挑战与机遇》将在北京拉开帷幕。届时，来自监管机构、学术机构、财富管理机构、新闻媒体等各方的专家、学者、从业人员将齐聚一堂，深入探讨并论剑大众富裕阶层财富管理之道，为财富管理行业更好地服务大众富裕阶层指明方向。

On August 28,，by《financial》(blog,Micro bo)Magazines and appropriate letter wealth co-hosted《Financial - appropriate letter wealth?China's wealth management series BBS, the rich class wealth management challenges and opportunities》The curtain will be in Beijing。the，From regulators、Academic institutions、Wealth management mechanism、The news media, and other parties of experts、scholars、Employees will be gathered，Further discussed and popular among rich strata wealth management way，For wealth management industry to better serve the public the rich strata indicate the direction。

　　点评：大众富裕阶层正在迅速崛起，并成为社会的中坚力量和主体。

Comment on：Mass affluent class is rapidly rising，And become the backbone of the social power and subject。

　　广州证券异军突起

Guangzhou securities rise

　　截至上半年末，广州证券在净资产、营业网点分别仅为57名和74名的情况下，总资产、营业收入、净利润行业排名大幅提升，总资产升至第34名，较2009年上升了25位；营业收入跃升至第42名，较2009年上升了28位；净利润跃升至第35名，较2009年上升了34位，成为行业排名上升最快的证券公司之一。此前一向不温不火的广州证券逆势而上，异军突起，如一匹“黑马”飙出。广州证券的突围，其成绩并非一蹴而就。自2009年以来，广州证券已经在悄然发生变化。2009年11月，刘东经股东的全球招聘加盟广州证券担任总裁，对公司进行了大刀阔斧的改革，三年后，努力已见成效。

As at the end of the first half，Guangzhou securities in the net assets、Business network is only 57 respectively name and 74 cases，Total assets、Operating income、Net profit industry rankings improve，Total assets to name 34，A 2009 rose 25；Operating income jumped to 42nd name，A 2009 rose 28；Net profit jumped to name 35，A 2009 rose 34 patients，As an industry ranking rose the fastest one of the securities company。Previously has always been tepid guangzhou securities contrarian up，Rise of the，Like a horse“Dark horse”Get the。Guangzhou securities Sally，The result is not accomplish in one move。Since 2009，Guangzhou securities has been quietly changed。In November 2009，LiuDongJing shareholders global recruitment to join guangzhou securities served as President，To company for a shake-up，Three years later，Efforts have paid off。

　　点评：广州证券的实践经验或许可为众多谋求突破的中小券商提供一定的借鉴意义。

Comment on：Guangzhou securities practice experience or license for many seek breakthrough the small and medium-sized brokerages provide certain reference significance。

　　看多理由

See many reasons

　　华商基金田明圣认为，经济增长模式的转变催生了另一种投资逻辑，即从传统的中上游向消费、服务及更高精尖的领域发展。市场虽然没有系统性机会，但不乏结构性机会，尤其在品牌消费品、节能环保和农业等领域。

Chinese businessman fund TianMing holy think，The transformation of economic growth mode gave another investment logic，That is, from the traditional hierarchical to consumption、Service and more advanced field development。Although there is no systematic market opportunity，But there is no lack of structural opportunity，Especially in brand consumer goods、Energy conservation and environmental protection and agriculture, etc。

　　益民基金韩宁认为，预计市场可能在8月中下旬将出现转机。一方面，政府已经明确表示下半年加大力度保增长，另一方面，8月中下旬上市公司中报密集公布，或许利空出尽、股市开始上涨。未来一到两年股市将出现缓慢筑底，然后震荡盘升的局面。

YiMin fund HanNing think，Is expected to market may be in late August will appear to transfer。On the one hand，The government has made it clear that the second half of intensify efforts to keep growth，On the other hand，Late August listed companies released dense center daily news，Perhaps bad out do、Stock market begins to rise。The future one to two years the stock market will appear slow build bottom，Then shock plate litres of situation。

　　银河基金认为，对于未来市场，连续的降息行为将加大市场对政策继续出手干预经济下滑的预期，短期可视为利好，部分板块或有交易型机会。但长期来看，更应关注降息行为是否能稳住此轮经济的下滑，企业盈利何时能见底回升。

Galaxy fund think，For future market，Continuous behavior will cut interest rates to increase market policies continue to make moves intervention economic downturn expected，Short-term can be regarded as bullish，Part of the plate or transactional opportunity。But in the long term，More attention should be focused on whether to cut interest rates behavior can hold this round of economic downturn，Corporate profits when can see bottom rebound。

　　看平

Look flat

　　广发基金认为，在改革开放、人口红利和城镇化进程支撑中国经济高速发展近20年后，已经到了这一模式的边缘临界点；国内消费服务市场长期不振，经济结构已从“老态”变成“病态”，需要彻底性的转变。而这一转型时期将持续相当一段时间，期间资本市场将维持震荡波动的整体格局，而有业绩支撑的消费行业和快速发展的非银金融业相对更有可能为基金提供超额收益。

Guangdong development fund think，In the reform and opening up、Demographic dividend and urbanization support China's rapid economic development in recent 20 years，This model has come to the edge of the critical point；Domestic consumption market of service for a long time，The economic structure already from“full”into“pathological”，Need the change of thoroughness。And this transformation period will last a long time，During the capital market will remain concussion fluctuation of the whole structure，And a performance support consumption industry and the rapid development of the silver financial industry relatively more likely for the fund to provide excess earnings。

　　南方基金认为，上证指数从5月份开始连续下跌三个月，在8月份出现一波技术性超跌反弹，但从经济面和资金面的角度看，当前A股市场依然缺乏出现一波大级别反弹的基础。虽然证监会多次出手提振股市信心，下调交易费用，但这些细枝末节的政策对于股市难以形成根本性影响，并且这些利好政策对于提振股市的边际效应递减。中期来看，在经济上升周期来临之前，市场仍将震荡反复。

South fund think，The Shanghai index from started in May, after falling for three months，In August in a wave of technical ultra fall rebound，But from the economic level and capital the perspective，The current a-share market is still lack of appear A wave of big rebound level based。Although many times the CSRC the portable vibration stock market confidence，Cut the cost of trading，But these details for the stock market policy of difficulty in forming the fundamental impact，And these good policy to boost the market for the marginal effect decreasing。The medium term，In the economic cycle before coming up，The market will still shocks repeatedly。

　　看空

See empty

　　大成基金认为，经济增长难言企稳，仍存在一定的下行风险，货币政策、财政政策的力度有必要进一步加大。总体看，近期债券市场的利率风险不大，股票市场难有优异表现；接下来一周对7月份数据的解读将成为股票市场走势的关键，预计经济将继续探底，但物价水平有望触底回升，预计短期股票市场面临下调风险。

Dacheng fund think，Economic growth last stabilises，Still there are some downside risks，Monetary policy、Fiscal policy is necessary to further intensify efforts。On the whole，The recent bond market interest rate risk is not big，The stock market has excellent difficult；The next week for July data interpretation of stock market movements will be the key，The economy will continue to exploratory bottom，But prices are expected to hit bottom rebound，Short-term stock market is expected to face down the risk。

　　博时基金认为，因国内经济的需求收缩仍未见底，基于价格上升的周期判断将有误判风险，价格反弹－需求回升－库存回补的周期逻辑在经济进行结构性调整阶段将难以成立。在不确定经济周期向上的条件下，A股本次反弹以来成交低迷，说明观望气氛浓厚，反弹缺乏自信。

When rich fund think，For the demand of domestic economic contraction is still not see bottom，Based on the price rise the cycle judgment will have the risk of miscarriage of justice，Price rebound - demand picks up - inventory covering cycle logic in the economic structural adjustment on stage will be hard pressed to established。In the uncertain economic cycle up conditions，A equity rallies clinch A deal since the downturn，Explain wait-and-see atmosphere，Rebound lack of confidence。