点评：央行仍然可能在适当时候采取降息和降准。

Comment on：The central bank is still in the appropriate time to cut interest rates and drop quasi。

　　上市公司分红不规范上交所有权介入

The listed company ownership of share out bonus in intervention

　　上海证券交易所21日召开新闻发布会，再谈出台分红指引政策。上交所上市公司监管二部负责人林勇峰称，上交所以发展蓝筹股市场为己任，一直倡导上市公司主动积极、连续稳定地分红，以切实保护投资者权益。交易所期望通过出台分红指引政策达到提高分红比率、鼓励连续分红、明确分红预期这三个目的。

Shanghai stock exchange 21 held a press conference，To discuss on dividends policy guidance。ShangJiaoSuo listed company regulatory department 2 person in charge LinYongFeng says，So in the development of blue chip market as our duty，The listed company has been advocated actively、Continuous steady share out bonus，In order to protect investors' interests。Exchange expectation through the issued share out bonus guide policy to enhance the ratio of share out bonus、Encourage continuous share out bonus、Clear bonus expect this three purpose。

　　点评：虽然8月不断推出利多政策，投资者就是不买账，主要因为力度太弱。

Comment on：Although August has introduced the policy，Investors are not go for it，Mainly because strength is too weak。

　　证券公司再获降费利好

Securities companies will regain JiangFei bullish

　　继交易所连续三次降低收费标准后，证券公司再获降费利好支持。中国证券投资者保护基金公司大幅降低了证券公司投资者保护基金的缴纳比例，降幅达30%~50%。初步估算，所有证券公司平均降低幅度接近四成。据测算，中信证券(600030,股吧)、海通证券(600837,股吧)等大型券商，每家将减少缴纳3000万元~5000万元保护基金。

The exchange three consecutive lower charge standards before，Securities companies will regain JiangFei good support。The China securities investor protection fund company greatly reduced the securities investor protection fund company pay scale，Drop of 30% ~ 50%。Preliminary estimate，All securities company average reduction of close to forty percent。According to the calculation，Citic securities(600030,guba)、Haitong securities(600837,guba)And other large brokerages，Each will reduce pay 30 million yuan to 50 million yuan protection fund。

　　点评：粗略估算，券商每年可少缴投保基金十亿元。

Comment on：Rough estimation，Brokers may be less a year to pay insurance fund one billion yuan。

　　证监会松绑券商做大资管业务可期

Securities regulatory commission relax brokers do big endowment pipe business period

　　证监会22日发布通知，拟对《证券公司客户资产管理业务试行办法》及其配套实施细则进行修改并向社会公开征求意见。修订后的资管新规拟取消集合资产管理计划行政审批，改为备案管理。投资范围拟增加中期票据、保证收益及保本浮动收益商业银行理财计划，并允许资产管理参与融资融券交易。

Securities regulatory commission published a notice 22，Intends to《Customer asset management business of securities companies for trial implementation measures》And the detailed rules for the implementation of form a complete set to change and to the public to solicit their opinions。The revised endowment tube new gauge intends to cancel the aggregate asset management plan administrative examination and approval，To record management。The investment scope intends to increase the medium-term notes、Ensure that income and break-even floating income commercial bank financing plan，And allow asset management to participate in margin trading。

　　点评：备案制的实施将促使资管规模快速增加，投资范围调整则将大大增强券商资管产品的市场竞争力。

Comment on：The implementation of the records will be prompted endowment pipe scale rapid increase，The investment scope adjustment will greatly enhance the securities trader endowment tube market competitiveness of products。

　　券商可卖银证保金融产品

Brokers to sell silver-colored card to the financial products

　　证券公司创新大会上讨论的诸项创新举措正陆续落地。继资产管理大幅松绑之后，券商代销多种金融产品的闸门也将打开。证监会 23日发布《证券公司代销金融产品管理规定（草案）》，并向社会公开征求意见。根据规定，在目前允许销售基金及其他券商资管计划的基础上，券商代销范围将扩大至包括证券公司理财产品、商业银行理财产品、信托公司信托计划、保险产品等多种金融产品。

A securities company innovation conference to discuss the items of the innovation measures are also fall to the ground。The asset management greatly after relax，Brokers sell a variety of financial products of the gate will open。Securities regulatory commission issued 23《Securities companies sell financial product management provisions（draft）》，And to the public to solicit their opinions。According to the regulation，In the present allowing the sale of fund and other brokers endowment pipe on the basis of the plan，Brokers sell goods on a commission basis range will expand to include securities company financial products、Commercial bank financing products、Trust company trust plan、Insurance products and so on the many kinds of financial products。

　　点评：这几类产品代售的开放，券商几乎可以做一个完整的金融超市了。

Comment on：These kinds of products in the open，Brokers almost can do a complete financial the supermarket。

　　海外机构加紧抄底A股

Overseas institutions to copy the bottom A share

　　与目前低迷的A股市场形成鲜明对照的是，海外投资者近期似乎正加紧抄底A股市场。作为第二批RQFII之一的南方富时A50ETF发行首日销售火爆，50亿元额度短期售罄，这不仅有望近期为A股市场带来50亿元的增量资金，更显示出海外投资机构对A股市场蓝筹股投资价值的认同，以及对人民币权益资产巨大的投资需求。

And now the weak a-share market as contrasted，Overseas investors recent seems to is stepping up copy the bottom A share market。As the second batch of RQFII one of the rich A50ETF issue when first hot sales，5 billion yuan limit short-term sold out，This is not only for the a-share market in the near future is expected to bring 5 billion yuan of incremental funds，More show overseas investment institutions to a-share market blue chip stock investment value of identity，As well as to the RMB interest assets huge investment demand。

　　点评：彭博统计显示，海外机构投资者正在以空前的速度买进中国境内A股。据统计，自去年12月份以来，中国的合格境外机构投资者（QFII）总计获得69亿美元的新投资额度，这一水平超过了QFII计划启动以来任何一年的总量。

Comment on：Bloomberg statistics show that，Overseas institutional investors are with the unprecedented speed within the territory of China to buy A share。According to the statistics，Since December since last year，China's qualified foreign institutional investors（QFII）A total of $6.9 billion of new investment quota，This level than the QFII plan since the launch any years of total amount。

　　期货资管一对多模式或一年内推出

Futures endowment tube one-to-many mode or a year out

　　权威人士透露，期货资管最快将于《试点办法》施行后的一年内推出“一对多”模式；期货公司自营业务短期内难有进展，可能先在“禁止期货公司变相自营”上取得突破。《期货公司资产管理业务试点办法》9月1日起施行，试点初期将采取“一对一”模式，首批试点公司约17家。大地、招商、东海、金瑞、五矿、中大和光大等多家期货公司正酝酿增资。

Authorities said，Futures endowment tube in the fastest《Pilot measures》A year after the enforcement of the launch“A pair of many”mode；Futures companies operating business short-term NaNan have progress，May at first in“Ban futures companies disguised self-supporting”Breakthrough on。《The futures company asset management business pilot measures》On September 1,，At the early pilot stage will take“one-on-one”mode，The first batch of pilot company of about 17 home。earth、investment、East China sea、kamshui、ore、And in the forward and so many futures companies are brewing capital increase。

　　点评：目前有意在期货市场进行配置的资金需求量不小，待资管业务平稳运行后，“一对多”模式的开闸将会刺激期货市场容量。

Comment on：At present in the futures market to the configuration of the small capital demand，Stay endowment pipe business smoothly after the operation，“A pair of many”Model of breaking will stimulate the futures market capacity。