牌局下的利益“钓鱼” Under the deal of interest“fishing”

　　金证券记者 胡春春

Gold securities HuChunChun reporters

　　“没事的时候，公司研究部的几个人就凑在一起玩德州扑克，这个游戏要5个人以上才好玩，有的时候人不够，就去市场部拉几个过来。”任职于北京一家中型基金公司的张娜（化名），刚刚和同事一起报名参加了东方证券举办的第二届“东方杯”德州扑克联赛。

“Fine time，Company research few people together to play poker，The game will more than five people just fun，Sometimes people aren't enough，Will go to the Marketing Department to pull a few come over。”Employment in Beijing a medium-sized company of fund of ZhangNa（alias），Together with colleagues and you just sign up to participate in the event of the second annual Orient securities“Oriental cup”Poker league。

　　张娜已经是第二回参赛。她告诉《金证券》记者，今年兴业证券(601377,股吧)、申银万国等大券商也有意组织类似活动。

ZhangNa is already the second back to competition。She told《Gold securities》reporter，This year the stock(601377,guba)、All the nations, etc ShenYin big securities trader is also intended to organize similar activities。

　　这是个牌局，设局的人有自己的心思，入局的人也有着各自的盘算。在文明休闲的包装之下，围绕着或明或暗的巨大利益，投资圈内的买卖双方、甚至卖方之间，借题发挥、处处攻防、巧言算计。

This is a match，Subtlety as people have their own state of mind，Incoming people also have their own thinking。In civilized leisure under packaging，Around the openly or covertly great interests，Investment circles of buyers and sellers、Even between the seller，Comes to the、Everywhere attack、Blarney calculate。

　　

邀请函的暗示 Invitation letter imply

　　行情惨淡时期搞这个扑克赛，绝对不是无事佬的瞎折腾，其中的心机甚深。

Quotation is pale and period to make this poker game，Absolutely not nothing guy's blind flounder，One of the scheming very deep。

　　对于举办德州扑克联赛的动机，东方证券倒是毫不掩饰。《金证券》记者注意到，在东方证券发给基金等机构人士的第2届“东方杯”德州扑克联赛邀请函中，最后一句不是“欢迎莅临参赛”等邀请语，而是“2012年新财富评选之时希望得到您珍贵的一票”。

Held for Texas poker league motivation，Oriental securities is no secret。《Gold securities》Reporter noticed，In the east to fund securities institutions such as the second person“Oriental cup”Texas poker league in the invitation，The last sentence is not“Welcome to the”Invite language such as，but“In 2012 the new wealth of the hope to get your precious one ticket”。

　　张娜向《金证券》介绍，东方证券举办德州扑克联赛的流程一般是，由销售人员将比赛邀请函发给基金等平时有联络的机构人士。邀请函是公关的第一步，这里面很有讲究。

ZhangNa to《Gold securities》introduce，Oriental securities held poker league process is generally，By sales personnel will match invitation to funds usually have contact organization personage。Invitation letter is the first step of public relations，It's very has exquisite。

　　首先，邀请参赛的人员范围非常有针对性，必须是基金、保险和私募等机构人士。而这些人士全是年底新财富评选有资格给券商投票的人。

First of all，Invite the staff range is very targeted，Must be fund、Insurance and private institutions such as people。And these people all is the end of the year new wealth selection is eligible to vote securities of the people。

　　以2011年为例，新财富的评选活动中，主办方累计向64家公募基金、48家证券公司、64家保险资产管理公司(资产管理部)、全国社保理事会、121家私募基金、25家上规模银行、30家QFII、16家信托公司、15家财务公司、80多家海外投资机构发放了2157张选票。其中公募基金、保险基金、私募基金的投票情况直接决定了各家券商的最终得票数。

Taking 2011 as an example，The new wealth of selection activities，Organizers accumulative total to 64 GuGong public enlisting fund、48 stock company、64 the insurance assets management companies(Assets management department)、The national social security council、121 private fund、25 home on the scale of the bank、30 QFII、16 trust company、15 financial company、More than 80 home overseas investment institutions issued 2157 votes。The public offering fund、Insurance fund、Private equity fund situation vote directly determine the securities houses the final vote。

　　《金证券》了解到，很多圈内人本身就热衷玩德州扑克，加上活动表面看上去没有什么利害冲突，所以主办方的精心组织之下，自行应声报名的人十分踊跃，甚至基金公司等机构本身都不完全掌握参赛的人员名单。

《Gold securities》To understand，Many coterie itself is keen to play poker，Add activity surface looks no conflict of interest，So the organizers under careful organization，To answer the person very enthusiastically，Even fund companies, such as the mechanism itself is not a complete mastery of the list。

　　“我们领导也不赞同我们参加，我们可以说是偷偷报名的，几个人组个队，然后找个老大哥当队长。”张娜补充说。

“We don't agree we take part in leadership，We may say that is a registration，A few people group team，And then find a big brother when captain。”ZhangNa added。

　　分仓？话事人说了算 Points bin？Words that have the final say

　　拜票是可预期的“交易”。一旦券商或者任职券商的分析师摘得新财富奖项，券商和券商分析师都将“身价大涨”：券商在来年的销售中有了更大的派点返佣，行业地位有望增强；获奖的券商分析师则名利双收，薪酬暴增。

Worship ticket can be expected“trading”。Once the securities trader or office of the securities analysts took new wealth awards，Securities brokers and analysts will be“Status of”：Brokers in next year's sales have more pie point maid back，Industry status is expected to strengthen；The winning brokers analysts fame and wealth，Salary jumps。

　　据《金证券》了解，目前新财富最佳分析师的年薪都在百万以上。除了薪酬的变化外，最佳分析师们也有了跳槽和升职的筹码。

According to《Gold securities》understand，The present new wealth best analysts salary are millions of above。In addition to the salary change，The best analysts also had job-hopping and promotion chip。

　　而扑克赛并非只为了拜票，在情感沟通的幌子下，比赛被赋予了更多心照不宣的用意，例如分仓。

And poker game is not only to worship the ticket，In under the guise of emotional communication，The game was endowed with more understood intention，For example points bin。

　　所谓分仓，是指基金公司不能申请交易席位，只能从券商那里租席位，基金公司定期会将交易量按一定配比分给券商，同时给券商交易手续费。目前基金公司向券商缴纳的佣金率为万分之八，虽然这一价格被称为是“批发价”，但由于量大，对券商来说这笔交易仍有不菲的收益。尤其是在市场低迷、经纪业务不济的情况下，从基金公司分仓的多少就显得尤为重要。

The so-called points bin，Refers to the fund company cannot apply for transaction seat，Only from the securities trader there rent seats，Fund company will regularly trading according to certain proportion among brokers，At the same time give brokers trading。Current fund company to brokers pay commission rate was eight over ten thousand，Although the price are called“Wholesale price”，But due to the large amount of，The transaction of securities dealers, there are still significant income。Especially in the market downturn、Brokerage business under the condition of losing，From the fund company points bin how many are particularly important。

　　“分仓的事情，大部分由高层决定，尤其是中小基金公司，更是领导说了算。今年因为行情不好，有几家基金公司被明令禁止参与东方证券搞的这个比赛。”张娜口中的这几家基金公司，就包括国内一家知名的大佬级基金公司，其明星基金经理今年年中刚刚离职。

“Points bin things，Most of the top decision，Especially small and medium-sized fund company，More leadership have the final say。This year because the market is bad，Several fund company has been banned in Oriental securities make of this game。”ZhangNa mouth this several fund company，Including a domestic famous big brother level fund company，The star of this year the fund manager has just left。

　　但生存环境的严峻，逼着券商不得不侥幸一搏。WIND统计数据显示，前7个月股基成交量进一步萎缩，日均仅1434亿元，机构分仓数据延续此前两年的下滑趋势似乎不可避免。在此形势下，加强和机构的感情联络，确保有限份额不失、甚至有所进一步斩获，就显得非常关键。

But the serious survival environment，Force brokers have to get away with a stroke。WIND statistical data display，For the first seven months stock base volume further atrophy，Average daily only 143.4 billion yuan，Institutions points bin data continue after two years of decline trend seems inevitable。In this situation，Strengthen and institutions feelings contact，Ensure that limited share do not break、Even to further success，It is very key。

　　张娜承认，分仓的事情，当然是和参赛者中具有相当高级别、资历的话事人进一步“切磋”。具体什么方式，她不愿透露。

ZhangNa admit，Points bin things，And, of course, is the has quite high level、What qualifications words people further“notes”。What specific way，She doesn't want to reveal。

　　她对《金证券》坦言，比起喝茶吃饭、公费游玩、甚至是一度被基金等机构热捧的泳装秀，德州扑克赛确实更容易联络感情。“你说吃饭聊天，有多少话能聊啊，但是一上牌桌就不一样了，而且德州扑克和投资的思维模式很像，现在是圈子中最潮的休闲方式。”

she《Gold securities》said，Rather than eat tea、Fee play、Even once was fund holding institutions such as heat the swimsuit show，Texas poker game indeed easier to contact feelings。“You say to eat and talk，How many words can chat ah，But a card table is not the same，But Texas poker and investment thinking mode is very like，It is in the circle of the tide in the leisure。”

　　竞逐者的好处 Compete for the benefits of those

　　有人肯定要问，既然搞这个活动，工夫在“赛”外的券商或多或少能有收获，在讲究对等交换的投资圈，那些参赛者、尤其是其中有较高话事权的人，能得到什么好处呢？

Someone sure to ask，Now that make this activity，Time in“"”Outside the securities trader more or less can harvest，In the exquisite peer exchange investment ring，Those participants、Especially there are words of higher powers，Can get any good？

　　张娜对《金证券》透露，尽管是文明比赛，不来真金白银豪赌——那就成了聚众赌博了，但德州扑克赛的奖品还是比较诱人的。“初选赛每场团队冠军和个人冠军将获得精美礼品，总决赛的前三名团队及个人更将获得惊喜大奖”。

ZhangNa to《Gold securities》revealed，Although civilization game，Don't come of gold silver gamble - that became all gambling，But Texas poker game prize or compare inviting。“XuanSai at the beginning of every team champion and individual champions will get exquisite gift，The finals of the top three team and individual more will be a pleasantly surprised prize”。

　　《金证券》采访中还了解到，作为基金等机构，其实内部也藏着小九九。

《Gold securities》Interview also know that，As a fund institution, etc，In fact the internal also hide career to think about。

　　据了解，北京某大型基金公司，研投部门和市场部门势同水火。在与券商的感情沟通中，研投部门希望通过基金分仓来换取券商提供的金融终端等智力支持，而市场部门则希望通过基金分仓来换取更多的基金发行份额。

It is understood，Beijing a large fund company，For research department and Marketing Department with potential fire and water。In and brokers feelings in communication，For research department hope through the fund points bin for brokers to provide financial terminal and intellectual support，And market department is hope through the fund points bin for more fund share issue。

　　“这时候就看哪个部门的话语权强了，所以矛盾比较深的两个部门都会积极争取和券商沟通的机会。”张娜说。

“At that time see which section of the strong voice，So contradiction is deep two departments will actively and brokers communication opportunity。”ZhangNa said。

　　察、诈、变、控四字诀 was、cheat、change、Control four word tactic

　　说来有意思。德州扑克赛不仅仅成为券商、投资机构买卖双方暗通款曲的一次契机，也成了投资机构之间相互进一步摸清投资脾性、以备不时之需的良机。

It's funny。Texas poker game to not only become brokers、Investment agency buyers and sellers dark form effectivedesired hitting through an opportunity，Also became investment mechanism between the further investment temperament、The opportunity for a rainy day。

　　这是因为，扑克赛的游戏规则和投资有着众多的相似之处。据悉，德州扑克一共有52张牌，没有大小王。每个玩家拿到手两张暗牌作为底牌，台面上则有陆续发出的公共牌。经过所有的押注圈以后，若仍不能分出胜负，游戏会进入摊牌阶段。牌面以皇家同花顺(300033,股吧)为最大。

This is because，Poker game of the rules of the game and investment has many similarities。It is reported，Texas poker a total of 52 CARDS，No big wang。Each player in our hands two dark brand as the ace in the hole，Mesa in succession is a public brand。After all the bet ring later，If you still cannot the tie，The game will be into the showdown stage。Brand surface to royal straight flush(300033,guba)As the largest。

　　一家基金公司人士，参与过东方证券的上一届德州扑克联赛，他对《金证券》透露，德州扑克赛入门容易精通难，由于是一种技巧性非常强的游戏，德州扑克有一定的运气成分，但也涉及风控、智慧和概率，而这些都是投资市场时必须考虑的问题。“要想‘可持续’常赢，必须掌握好察、诈、变、控四字诀。”

A fund company people，Participated in the Orient securities the poker league，he《Gold securities》revealed，Texas poker "introduction to easy to master，Because is a technical very strong game，Poker has a certain element of luck，But it also involves the wind control、Wisdom and probability，And these are the investment market must consider the question。“If you want to‘sustainable’Often win，Must master was good、cheat、change、Control four word tactic。”

　　“实际上在和其他投资圈朋友的博弈中，也可以看到其他机构的风格、套路、处理问题的方式等，这对年轻的基金从业人员增进阅历很有好处。”他说。

“In fact in and other investment circle friend's game，We can also see that the style of other institutions、routines、The way to deal with problems, etc，The young fund employees improve experience is very good。”He said。

　　张娜也表示，德州扑克是学一时、精一世。“要么就像我这样，纯粹玩，直接拿牌死扛到底；要么就是谨小慎微，不愿意给团队丢脸，随便打打只要不把筹码输光了就行。平时玩的时候随意性更大。”

ZhangNa also said，Poker is to learn at that time、Fine I。“Either will be like me so，Pure play，Direct take card dead carry exactly；Or is an old maid，Don't want to give the team lose face，Just as long as it is not a dozen chip lost will do。Usually play more optional。”

　　《金证券》了解到，目前热衷玩德州扑克的大多集中在投资经理的年轻一辈，或是拥有国外投行背景的投资人，而基金、保险公司等机构中高管玩的并不多。

《Gold securities》To understand，At present most of the keen to play poker focused on investment manager of young generation，Or have foreign investment banking background of investors，And fund、Institutions such as insurance company executives in the play is not much。