《金证券》独家对话资本圈红人黄生 《Gold securities》Exclusive dialogue capital circle HuangSheng blue-eyed boy

　　金证券记者 胡春春

Gold securities HuChunChun reporters

　　“中信证券(600030,股吧)、SOHO中国……”没有人知道黄生下一步将要干什么，唯一肯定的是，他仍然在做空，目光所及不仅是A股公司。

“Citic securities(600030,guba)、SOHO China...”No one knows HuangSheng the next step would be to do，The only sure is，He is still in short，Look place and is not only A shares of the company。

　　黄生跳入大众的视野是在8月13日。那一天，中信证券因为突如其来的四大负面传言冲击，A股股价逼近跌停。14时18分，他通过新浪官方微博公开宣称“融券做空了中信证券”，随后通过一系列微博谈及目前券商股存在高估值的风险。相似的情况同样发生在SOHO中国等地产股上，因为高调唱空做空，他很自然地被市场冠以“中国浑水人士”的名号。

HuangSheng plunged into public view is on August 13,。That day，Citic securities because all of a sudden that four negative impact，A shares approximation drop stop。The 18 points，He through the sina official micro bo avow“Securities make empty citic securities”，Then through a series of micro bo about current existing stock brokers high valuation of the risk。Similar situation happens in SOHO China on the sector，Because the high-profile sing empty do empty，He is very naturally by market words“Chinese people of muddy water”name。

　　在双向套利已成为现实的如今，像黄生这样的股市游侠，究竟有着怎样特立独行的生存方式？

In the two-way arbitrage has become the reality of today，Like HuangSheng such stock market rider，What is maverick survival way？

　

　沽空中信一语惊人 Ask the air YiYuJingRen letter

　　该来的终归要来。半个月前，新浪微博上一个自称“风雨下黄山-黄生的博”，忽然集聚了市场强烈关注。原因无他，8月13日该微博公开承认“做空中信证券”。

This will come to。Half a month ago，Sina micro bo on a claim“Under the wind and rain huangshan - HuangSheng bo”，Suddenly gather the market strong concern。Reason does not have him，On August 13, the micro bo publicly admitted“Do the air letter securities”。

　　高调亮相的结果是，其微博粉丝一路狂飙至23万多人次。粉丝中可谓大腕云集，如经济学家滕泰、东吴基金总裁徐建平、英大证券研究所所长李大霄、兴业创新资本执行董事张小龙等，涉及资深投资人、券商研究员、公募基金人士、上市公司董秘甚至是财经公关公司老总各色人等。

The result is high-key appear on，The micro Po fans all the way hurricane to more than 230000 people。The fans is top notch swarms，If economists TengTai、Soochow fund President xu、The big securities institute director LiDaXiao、Industrial innovation capital executive director ZhangXiaoLong, etc，Involving senior investors、Brokers researchers、Public offering fund personage、The listed company dong secret even financial pr company manager all kinds of people, etc。

　　而在成名之前，虽然此前“风雨下黄山-黄生的博”在自己的新浪博客也曾经常发表一些市场观点、财经文章，但是发布频率和关注度都不高。从其微博最初的粉丝来看，也都是没有认证的普通粉丝。

But before he became famous，Although previous“Under the wind and rain huangshan - HuangSheng bo”In his own sina blog have often published some market point of view、Financial articles，But release frequency and attention is not high。From the micro Po original fans to see，Also is not the authentication of ordinary fans。

　　《金证券》记者发现，“风雨下黄山-黄生的博” 新浪认证为“职业投资人黄生”。在被市场关注后，其个人说明也变为“安全边际的守望者，用心思考，思想分享。致力于寻找物超所值的优质股权和债权，提供上市公司股权质押贷款服务。”

《Gold securities》Reporter discovery，“Under the wind and rain huangshan - HuangSheng bo” Sina the authentication for“HuangSheng professional investors”。After the market attention，The personal elucidation also have become“Margin of safety of the watchers，Attentively thinking，Thought share。Looking for value-added high-quality equity and creditor's rights，Provide the listed company equity pledge loan service。”

　　

“我不是浑水也不是清水” “I am not muddy water is not clear water”

　　6年银行投资部门工作经历，7年PE投资工作背景，现在是深圳一家名叫“光孚投资”公司的投资总监……《金证券》记者8月29日下午拨通黄生的电话后，他在开场白中如是介绍自己。

6 years working experience in investment banking department，7 years working background PE investment，Now is the shenzhen a name“Light fu investment”The company's investment director...《Gold securities》Reporter on August 29, afternoon HuangSheng called after a phone call，He in his opening remarks so to introduce myself。

　　一丝自信包裹着些许文艺气息，是记者对黄生的第一感受。电话那头的他笑称，自己其实是个文科生。北京大学毕业，主修经济法，不过却对投资情有独钟。

A confident parcel some literary breath，Reporters HuangSheng is the first impression。Telephone the head of his smile said，I was a liberal arts。Graduated from Peking University，Major in economic law，But have a special liking for investment。

　　对于外界安装的“中国浑水人士”称号，他并不接受。“我不是浑水也不是清水，我是一个纯价值投资者。”

For the outside world installed“Chinese people of muddy water”title，He did not accept。“I am not muddy water is not clear water，I am a pure value investors。”

　　诚然，单看其在微博等公开领域对公司财报的分析，不论是观点、逻辑还是引用的公开数据，确实有值得称道的地方。深圳颇具资历的投资人浏览过他的微博后，也忍不住告诉《金证券》记者，“确实很有说服力”。

admittedly，Single see its in micro bo public domain such as to the company earnings analysis，Both views、Logic or referenced public data，Do have the place is worth commend。Shenzhen had seniority investors browsing his micro after bo，Also could not help but tell《Gold securities》reporter，“Really very convincing”。

　　在承认做空中信证券当天，黄生在微博上写道，“中信证券收购里昂，光股权就要支付70多亿人民币等值美元……可见其资金多么紧张，加上估值过高，被做空大跌是必然的。”在承认做空SOHO中国后，黄生更是用了不下十条微博，剖析SOHO中国目前的财报情况，其在微博中写道，“SOHO中国的上半年净利润6.13亿，比去年同期下降65%，如果你以为仅下降这么多，那就错了，6.13亿净利润中其中3.8亿是靠投资的物业评估增值带来的，实际上真正净利润只有2.33亿，同比下降85%以上。”

While acknowledging the letter on securities，HuangSheng in micro blog wrote，“Citic securities purchase Lyon，Light equity will pay 70 RMB equivalent dollars...The money is how nervous，Plus is overvalued，Be made air crash is inevitable。”In admit being empty SOHO China，HuangSheng is not with the article 10 micro bo，Analyzes SOHO China's current earnings situation，The micro bo wrote，“SOHO China's net profit in the first half of 613 million，65% lower than the same period last year，If you thought that only decreased so much，But it would be wrong to，613 million net profit in 380 million of them were on investment property assessment value-added brings，Actually only 233 million net profit，More than 85% year-on-year decline。”

　　那么，上述举动为什么会给外界唱空又做空，并且这么高调的印象？“我确实有多年融券做空的经历，并且未来还会把精力投入到融券做空上。但我并没有一边唱空、一边做空。”他澄清说。

so，The move will give the outside world why sing empty and empty，And so high-key impression？“I really have many years of securities short experience，And the future will also put energy into securities do on empty。But I have not side sing empty、While doing empty。”He clarified。

　

　做空“还有很长的路” Do empty“There is still a long way”

　　不过，黄生对于国内市场的做空前景并不乐观。尽管随着转融通试点的推行，国内可能兴起一轮做空高潮，做空的空间也被放大，但是他告诉《金证券》记者，“国内做空举步维艰，还有很长的路要走。”

but，HuangSheng for the domestic market prospect is not optimistic to empty。Although with the implementation of the pilot to refinance，Domestic could arise round do empty climax，Do empty space has also been enlarged，But he told《Gold securities》reporter，“Domestic short life difficult，There is still a long way to go。”

　　“国内的投资者习惯了做多思维，一下子做空，思维很难改变，这是历史原因造成的，需要积累经验；而经验的积累都是烧钱的，都是在一次次投资失败后才有的。另外，目前沪深300还没有完全成为融券标的，这是一个限制，这个市场什么时候完全放开，完全看监管层。再说，做空需要研究，需要基本面的配合，但是现在很多投资机构没有这样的人才，没有这样的团队，你看看公募研究员基本上都是唱多出身，不可能一下子变得会唱空。”黄生一口气给出三点理由。

“Domestic investors accustomed to do much thinking，Suddenly do empty，Thinking is very difficult to change the，This is the historical reasons，Need to accumulate experience；And the accumulation of experience is burn money，Is in a meeting after a failed investment to some。In addition，At present Shanghai and shenzhen 300 is still not fully be securities mark，This is a limit，When the market completely let go，Fully see supervision layer。besides，Do empty need to study，The basic need to cooperate，But now many investment institutions without such talent，There is no such team，You look at public offering researchers basically all is more than sing was born，Can't suddenly becomes can sing empty。”HuangSheng breath three reasons are given。

　　黄生并不是国内目前唯一大张旗鼓宣传自己唱空、做空的投资人。随着转融通试点的推行，包括私募在内，越来越多的各色人等将做空作为标榜能力或是宣传产品的噱头。

HuangSheng are not domestic at present only in a big way publicity their singing empty、Do empty investors。With the implementation of the pilot to refinance，Including private,，More and more many different kinds of people as will be empty as flaunt ability or publicity stunt products。

　　黄生对《金证券》透露，目前深圳90%的私募机构会拿“做空”忽悠客户，而在投资招聘市场中，越来愈多的应聘者称自己拥有撰写做空报告的能力。黄生对此有些不屑一顾，他表示，“撰写做空报告并非易事，这需要投资经验、财务知识和基本面的把握。”

HuangSheng to《Gold securities》revealed，At present shenzhen 90% of the private equity institutions will take“Do empty”Flicker customer，And in the investment in the employment market，More to the more candidate said she has the ability to write a short report。HuangSheng have some thumbnail sketch，He said，“Write a short report is not easy，This requires investment experience、Financial knowledge and the basic grasp。”

　　一直以来，券商分析师作为卖方，往往以唱多A股为主，在“做空”成为套利可能的市场氛围下，会否出现更多唱空的声音？黄生表示不可能。

Has been，Securities analysts as the seller，Often in order to sing many A shares is given priority to，in“Do empty”Be arbitrage possible market atmosphere，Will you sing appear more empty voice？HuangSheng said impossible。

　　中部地区一家券商研究所负责人也表示，券商的服务对象主要还是公募基金，没有必要唱空。此外，券商受到投行业务、自营业务的影响，和上市公司一般都存在一定的默契，不愿意得罪上市公司撰写做空报告。该负责任人提醒，未来唱空人士，一定会率先出现在民营投资机构中。

The central region a securities research institute chief also said，Brokers service object is main or public offering fund，There is no need to sing empty。In addition，By securities investment banking、The influence of the self-operated businesses，And listed companies generally exist certain tacit understanding，Don't want to offend the listed company to write a short report。This is responsible for a remind，The future people sing empty，Will take the lead in appeared in the private investment institutions。

　　下一个沽空对象是谁 The next short selling object is who

　　随着沪综指逼近2000点关口，市场对利空越发显得敏感。作为特立独行的股市投资人，黄生下一个看空、做空的对象是什么？

Along with the Shanghai composite index approximation 2000 point passes，Market for bad looks especially sensitive。As a maverick stock market investors，HuangSheng next see empty、Do empty what is the object？

　　对于沽空地产股，他显然意犹未尽。原因之一是微博中提到的“外资在逃离房地产行业”，在他看来，“中国房地产利用外资额从3月开始下降，下降幅度越来越大，3月到7月同比降幅分别为22.4%、42.9%、36.8%、53.9%和54.3%”

For short selling property counters were，He was obviously boundless。One reason is that micro Po mentioned“Foreign investment in real estate industry fled”，In his view，“China's real estate using foreign investment from march began to decline，The decline range is more and more big，March to July respectively year-on-year decline to 22.4%、42.9%、36.8%、53.9% and 54.3%”

　　其次的理由是，目前“像华侨城、万科、保利、招商局等高市净率的一线地产股太危险了”。他告诉《金证券》记者，“我一直不看好房地产板块，正常的万科股价应该在5.5元/股左右。”

The second reason is，At present“Oct like、vanke、poly、China merchants contour city net rate of a line property counters were too dangerous”。He told《Gold securities》reporter，“I didn't value real estate plate，Normal vanke shares should be in the 5.5 yuan/share or so。”

　　截至8月30日收市，万科A股报收7.99元，市净率1.59。华侨城、保利、招商局A股的市净率分别为2.35、1.78和1.54。

As of August 30, closing，Vanke A share at RMB 7.99，City net rate of 1.59。oct、poly、China merchants A share of city net rate were 2.35、1.78 and 1.54。

　　除此而外，近期他“唱空”的公司还包括东阿阿胶(000423,股吧)、中石化、联想等，对于是否做空，黄生不置可否。

In addition，In recent years,“Sing empty”The company also include DongA donkey-hide gelatin(000423,guba)、sinopec、Association, etc，Whether for short，HuangSheng hedge。

　　对于类似浑水式的投资行为，市场猜测其背后有强大的研究团队。黄生告诉《金证券》记者，“公司也就四五个人，既做投资也做研究，每个人都是全能。”据悉，他所在的公司名叫“光孚投资”，在深圳投资圈中少人所知。

For similar muddy water type of investment behavior，The market speculation behind a strong research team。HuangSheng tell《Gold securities》reporter，“The company also is four or five individuals，Not only do investment also do research，Everyone is omnipotent。”It is reported，He company name“Light fu investment”，Investment in shenzhen in the circle less people know。