第1页:马明哲先行 The first page: Mr Ma first 第2页:光大金控沉浮 Page 2: light daikin accused of ups and downs 第3页:改良分业监管 Page 3: improved supervised respectively

《财经国家周刊》2012年第18期 《Financial country weekly》In 2012, the 18th period

　　利率市场化的改革正在倒逼金融机构转型，马明哲的成功是否意味着，未来中国的金融发展模式将进一步与国际接轨，走向混业金融时代？

Interest rate marketization reform is DaoBi financial institution transformation，Mr Ma success means，In the future China's financial development model will further and international standards，To mixed financial times？

　　温州金改前夕，国务院一位领导在上海召集部分金融界人士座谈时，对平安的混业金融模式给出肯定的表态。

Wenzhou gold to eve，The state council a leadership in Shanghai called financial circles when part of the discussion，Peace to the mixed financial model given certain comment。

　　通过10年时间的摸索，平安集团通过后援集中平台的建设，将旗下保险、银行、证券、信托的后台服务统一到一个电话，将金融后援业务综合到一起。马明哲以这种综合金融方式，做到了集团内部金融机构之间的业务融合，即集团混业，子公司分业的格局。

Through 10 years of exploration，Peace group through the backup concentrated platform construction，Its insurance、The bank、securities、Trust background service unified to a phone call，Will financial backing business integrated together。Mr Ma in this comprehensive financial mode，Do group internal financial institutions, business between fusion，Namely group mixed，The pattern of the dividing of the subsidiary。

　　尽管历经各种舆论风波，但马明哲一直在努力着他的一个梦想，将平安打造成一个巨大的混业金融帝国。

Although after all kinds of public opinion storm，But Mr Ma has been trying to his a dream，Peace will hit to cause a huge mixed financial empire。

　　国务院高层领导的态度，市场面给出各种意味深长的解读，当前最需要厘清的，是中国的金融改革下一步会走向何方。

Top leaders of the state council attitude，Market surface given various meaningful interpretation，The most need addressing，Is China's financial reform the next step will happen to me。

　　目前，我国正在进行利率市场化的改革，当传统的息差盈利模式消失后，银行靠什么生存与发展？同时进行的人民币国际化、金融深化等，都在倒逼银行等金融机构的转型。

At present，In our country's present interest rate marketization reform，When the traditional spreads profit model disappears，Banks rely on what survival and development？At the same time of RMB internationalization、Financial deepening, etc，In DaoBi Banks and other financial institution transformation。

　　从技术上说，IT技术、互联网技术的发展让各金融机构之间的融合成为可能；从市场发展而言，金融混业给客户提供了便利，让客户获得了一站式服务；对于金融机构来说，通过金融超市方式，获得边际效益的最大化。

technically，IT technology、The development of Internet technology for all financial institutions of the fusion between possible；From the market for development，Financial mixed to provide the convenience，Let the customer get the one-stop service；For for financial institutions，Through the financial supermarket way，Obtain marginal benefit maximization。

　　这一背景下，是否意味着在下一届政府的主导之下，中国的金融发展模式将进一步与国际接轨，逐步走向混业金融时代？

Under the background of the，Does that mean the next government under the leadership of，China's financial development model will further and international standards，Gradually to mixed financial times？

　　现实的制约是显见的，在当前的分业监管模式下，混业金融的风险防范一直是没有解决的“头号难题”。

Reality is the restriction of the obvious，In the current supervised respectively mode，Mixed financial risk prevention has been no solution“Number one problem”。

　　从解剖平安开始，《财经国家周刊》记者在大量调研基础上，力求探讨在当前的经济、金融环境下，金融混业的意义，以及实行混业经营的可能性，并给出适当的混业监管建议。

From anatomy peace began，《Financial country weekly》Reporter in a large number of research basis，Tries to explore in the current economy、Financial environment，Financial mixed significance，And the possibility of implements mixes industry the management，And give appropriate mixed supervision Suggestions。

　　马明哲先行 Mr Ma first

　　在金融发展方面，平安一直是一个领舞者，但身上的“镣铐”如影随形

In the financial development，Peace has always been a collar dancer，But on the“bonds”ruyingsuixing

　　新平安银行(000001,股吧)（000001.SZ）的揭牌仪式，马明哲并没有出席。

New pingan bank(000001,guba)（000001 SZ）Was inaugurated the，Mr Ma did not attend。

　　在24年的平安历程中，收购深发展(000001,股吧)具有里程碑意义，这不仅让平安的总资产突破2万亿元大关，也使得平安银行成为全国性银行，更让马明哲的混业帝国越来越现实。

In 24 years of peace process，Acquisition shenzhen development(000001,guba)A landmark，This not only let the peace of total assets exceed 2 trillion yuan RMB，Also makes pingan bank into a national bank，More let Mr Ma's mixed empire more realistic。

　　8月24日，平安集团公布了上半年业绩，在今年保险行业业绩普遍滑坡的背景下，平安实现净利润139.59亿元，同比增长9.4%。同时，保险、银行、投资三大板块的业务融合度越来越高。

On August 24,，Peace group released the first half performance，In this insurance industry performance universal under the background of landslide，Peace a net profit of 13.959 billion yuan，Year-on-year growth of 9.4%。At the same time，insurance、The bank、Investment three big plate business alignment is more and more high。

　　这是马明哲愿意看到的结果。在当天的业绩新闻发布会上，马明哲再次强调，未来8到9年，“保险、银行、投资”三大业务对集团的贡献达到三分天下。

This is Mr Ma would like to see the results。On the day of the performance news conference，Mr Ma again，The future 8 to 9 years，“insurance、The bank、investment”Three big business for the group's contributions to the three points。

　　但这个目标实现并不容易。现阶段平安集团的板块结构中，保险利润贡献占到60%，银行约30%，投资仅为10%左右，后者相差悬殊。投资板块包括信托、证券、基金以及股权投资等。其次，投资板块的业务的提升依赖保险、银行两大板块的支持，保险提供销售支持，银行提供渠道支持。但在分业监管环境下，投资板块的业务与前两者的融合存在障碍。

But this goal is not easy to achieve。At the present stage peace group plate structure，Insurance profit contribution account for 60%，The bank about 30%，Investment is only 10% or so，The latter six to one。Investment plate including trust、securities、Funds and equity investment, etc。secondly，Investment plate business ascension rely on insurance、Bank two big plate support，Insurance to provide sales support，Bank provide channel support。But in the dividing of the regulatory environment，Investment plate business and the former both of fusion obstacle。

　　平安的法宝是进行交叉销售，这在一定程度上获得了进展。但在许多环节，特别是保险与证券、银行的业务销售上，受到法律的严格限制。这种限制一定程度上阻碍了平安集团发展。

Peace is a magic weapon for cross selling，This, to a certain extent, made much progress。But in many links，Especially insurance and securities、Bank business sales，By law strictly limited。The restrictions to some extent hindered the peace group development。

　　马明哲自己也称，混业金融犹如带着镣铐在跳舞。

Mr Ma himself has called，Mixed financial like in chains in the dance。

　　平安混业步伐 Peace mixed pace

　　随着“平深恋”的顺利收官，平安综合金融帝国成形。

with“Flat deep love”Running smoothly，Peace comprehensive financial empire forming。

　　创业24年。从一个13人的小作坊，到现在正式员工8万多人的“平安金融帝国”。马明哲看着中国平安(601318,股吧)几何式发展壮大，其中的机遇和挑战只有他自己“甘苦自知”。

Venture 24 years。From a small workshop 13 people，Up to now the official staff more than 80000 people“Peace financial empire”。Mr Ma look at China's peace(601318,guba)Geometric type development，One of the opportunities and challenges only himself“These despite the bitterness”。

　　上世纪90年代，马明哲去香港。在那里看到香港的银行既能发信用卡，还能代销证券、保险等产品，就萌生了混业金融的想法。回来不久，马明哲就把想法跟时任证监会主席刘鸿儒沟通。刘表示，这个意识绝对符合我国金融机构改革的方向。马明哲的想法由此而定。

In the 1990 s，Mr Ma to Hong Kong。Saw there a bank in Hong Kong can send the credit card，Can also sell securities、Insurance and other products，Will initiation of the mixed financial ideas。Come back soon，Mr Ma took idea with the securities regulatory commission chairman LiuHongRu communication。Liu said，This consciousness absolute conforms to our country financial institutions in the direction of the reform。Mr Ma idea this and decide。

　　马明哲当年并没有“综合金融”这一清晰的想法，只是设想把保险做起来后，未来有没有机会做银行、做信托都不得而知。

Mr Ma is not in“Comprehensive financial”This clear idea，Just imagine the insurance after it，The future have a chance to do bank、Do trust are unknown。

　　其实1991年，深交所成立时，平安就设立了平安证券部，开始了金融混业之路。那时的所有金融行业都统一归人民银行管辖，还没有分业经营的概念。

In fact in 1991，At the establishment of shenzhen，Peace will set up a peace bond department，Start the financial mixed road。Then all the financial industry are unified to the jurisdiction of the people's bank，Haven't separate operation concept。

　　这条路没走多久就碰上了1992年下半年开始出现的金融秩序混乱、金融市场失控的局面。对此，国务院在1993年颁布了《关于金融体制改革的决定》，明确对银行业、证券业和保险业实行“分业经营、分业管理”的原则。

The road didn't walk as long as met the second half of 1992 began to appear financial order、Financial markets out of control of the situation。this，In 1993 the state council promulgated the《Decision on financial reform》，Clear for the banking industry、Securities and insurance practice“Separated operation、Separated management”principle。

　　这时，刚从美国进修回来的马明哲敏锐地感觉到，国际金融业的流行趋势是由昔日的分业走向混业，各国的金融保险业都在降低成本、提高效率和提高国际竞争力的压力下，纷纷通过集团控股的组织模式实行分业经营和专业化管理。综合金融服务集团模式或许才是最好的选择。但此时，监管部门明确规定，在平安分业没有完成之前，不审批平安新的产品和新的分支机构。

At this time，Just come back from the United States education Mr Ma keenly feel，The popular trend of international financial industry by former separated to mixed，Countries in the financial insurance industry to reduce cost、To improve efficiency and improve the international competitiveness of the pressure，In group holdings through the organization mode of the implement separate operation and professional management。Integrated financial services group mode maybe is the best choice。But at the moment，Regulators specific provision，In peace before dividing didn't finish，No peace for examination and approval of the new products and new branches。

　　1997年，背负着分业改革的平安聘请麦肯锡出了一份关于平安“集团控股，分业经营”模式的报告，即由一个集团公司全资拥有或控股产、寿子公司和投资子公司，由集团控股公司对业务、财务、投资、人事、计划和风险内控等重大决策进行统一管理的分业模式。

In 1997,，Carried the separated reform peace employ a McKinsey about peace“Group holdings，Separated operation”Mode report，That is by a group company wholly owned or holding production、Life subsidiaries and affiliates investment，The group holding company for business、financial、investment、personnel、Plan and risk internal control and the important decisions of the dividing of the unified management mode。

　　历经多次艰难沟通，平安“集团控股、分业经营、分业监管、整体上市”的原则几经打磨，最终确定下来并获得了监管部门的认可。马明哲此前在接受本刊记者采访时称，那时往往为了见一名监管人员，要等好几天。

Through many difficult communication，peace“Group holdings、Separated operation、Supervised respectively、Whole appears on the market”The principle of several burnish，Is finalized and won regulatory approval。Mr Ma previously told this reporter interview said，Then tends to see a regulators，Have to wait for several days。

　　2002年，国务院批准中信集团、光大集团、平安集团为三家综合金融控股集团试点，平安明确了“集团控股、分业经营、分业监管、整体上市”的金控架构。此后，马明哲及其团队坚定了平安综合金融的战略目标，即便是在金融危机爆发后综合金融模式饱受质疑的2008年。

In 2002,，The approval of the state council citic group、Everbright group、Peace group for three comprehensive financial holding group pilot，Peace has been clear about the“Group holdings、Separated operation、Supervised respectively、Whole appears on the market”Gold control architecture。Since then，Mr Ma and the team strengthened peace comprehensive financial strategic target，Even after the outbreak of the financial crisis comprehensive financial mode question contains 2008 years。

　　马明哲当年在一次内部座谈会上称，金融危机的实质，是由风险极大又缺乏监管的高杠杆非传统金融业务传递到传统金融业务，进而形成波及全球的系统性风险，这和某一家金融企业采取何种业务模式没有关系。甚至，综合金融控股集团的恢复还会更快。

Mr Ma during an internal symposium says，The essence of the financial crisis，The risk is great and the lack of supervision of high lever non-traditional financial business transfer to traditional financial business，Then forms sweep global systemic risk，This and a financial enterprise what business model no relationship。even，Comprehensive financial holding group's recovery will be faster。

　　这一点从平安自身的数据上也可以看出，2009年平安集团的总资产仅为9357.12亿元，2012年6月底已经达到了2.6万亿元。

This peace from own data also can see，In 2009 the peace group total assets is 935.712 billion yuan only，At the end of June 2012 has reached 2.6 trillion yuan。

　　在2008年之后，平安加快了综合金融的脚步，混业模式日渐清晰。即未来的平安就是一个金融超市，在这个超市既可以办理银行业务，也可以进行基金、证券、以及其他投资产品的操作。

In the 2008 years later，Peace to speed up the comprehensive financial steps，Mixed mode increasingly clear。That is the future of peace is a financial supermarket，In this supermarket can deal with banking，Also can undertake fund、securities、And other investment products operation。

　　十年银行之谋局 Ten years of bank seeks the bureau

　　2002年，平安获得金控牌照时，银行业务还是一片空白。

In 2002,，Peace get gold control when licence，Banking or a blank。

　　直到2003年12月份，平安联手汇丰开始收购福建亚洲银行。2004年交易完成，福建亚洲银行更名为“平安银行”，此时平安的金控架构才得以完善。

Until December 2003，Peace to HSBC began buying fujian Asian bank。2004 transaction complete，Fujian Asian bank was renamed“Pingan bank”，The peace of the gold control architecture to perfect。

　　当时的平安银行局限于福建，平安希冀的能与保险客户产生协同效应的信用卡业务受到限制。此后几年，马明哲不断试探着与珠海商业银行、广州银行、广东发展银行等银行的收购。2006年，得益于深圳当地资源，平安集团成功收购第一家城商行——深圳市商业银行。

When peace YinHangJu limited to fujian，For peace to insurance customers produce synergistic effect of credit card business is restricted。After a few years，Mr Ma constantly tempted and zhuhai commercial Banks、Guangzhou bank、Guangdong development bank and other Banks acquisition。In 2006,，Benefit from the shenzhen local resources，Peace group successful acquisition of the first a city business - shenzhen commercial bank。

　　两次收购，让平安集团的银行板块稍有起色。但银行业务仍旧是短板，平安集团的资产结构中，一直是保险一股独大，银行板块一直处于劣势，资产规模仅为四分之一。原平安银行截至2009年末的总资产仅为2200亿元，属于地方性银行，缺乏在全国的网点布局，这就无法满足集团追求的综合金融的要求。

Two acquisition，Let peace group bank plate has settled down。But banking is still short plate，Peace group's assets structure，Has been a single big insurance，Bank plate has been at a disadvantage，Asset scale is only a quarter。The original pingan bank by the end of 2009, the total assets is 220 billion yuan only，Belong to the local bank，Lack of in the national network layout，It is unable to meet group the pursuit of the comprehensive financial requirements。

　　在并购深发展后，银行板块资产占到57%，利润贡献也接近30%。

In m&a after shenzhen development，Bank plate assets accounted for 57%，Profit contribution was close to 30%。

　　对于平安集团来说，收购深发展不仅仅是表现在银行板块资产的大幅度提升，更重要的是，深发展给平安银行带来的网点以及业务的明显改善。

For peace for group，Acquisition of shenzhen development is not only displays in bank plate assets greatly enhance，More important is，Shenzhen development bank to bring peace to the network and business obviously improved。

　　深发展在北京、上海、广州、深圳以及重庆、成都、杭州、南京等重要城市共有270家左右分支机构。这完全能够满足平安保险需要的协同要求。

Shenzhen development in Beijing、Shanghai、guangzhou、Shenzhen and chongqing、chengdu、hangzhou、Nanjing and other major cities there are around 270 branches。It can completely meet the need of ping an insurance cooperative requirements。

　　外界的评价是，在获得深发展的银行客户的同时，平安的保险客户可享受到遍及全国的银行服务，并提升了平安银行的规模效益。其中的全国性银行服务弥补了此前平安综合金融框架下业务融合的不足。

External evaluation is，In the shenzhen development bank customers at the same time，Safe insurance customers can enjoy the banking services throughout the country，And promote the pingan bank scale benefit。One of the national bank service make up the previous peace comprehensive financial framework of the shortage of the business integration。

　　同时深发展在贸易融资领域相对优势明显，其2011年末的贸易融资授信余额为2333.56 亿元，同比增长32.97%，授信客户达到10125 户。而且其贸易融资不良率一直较低，2012 年一季度末为0.30%。

At the same time, shenzhen development in trade financing areas relatively obvious advantages，At the end of 2011 the trade financing credit balance is 233.356 billion yuan，Year-on-year growth of 32.97%，Credit customer reach 10125 households。And the trade financing defect rate has been low，At the end of the first quarter of 2012 to 0.30%。

　　深发展与平安银行的正式合并，使得银行板块顺利成为平安金融控股家族里的核心平台，一直以来“大保险，小银行”的业务格局得到改善。

Shenzhen development bank and peace formal merger，Make bank plate smoothly into peace in the family financial holding the core of the platform，Has been“Big insurance，Small Banks”Business pattern improved。

　　平安银行行长理查德对《财经国家周刊》记者表示，平安金控旗下“新平安银行”的最终战略已成型。以后的发展路径是，第一运用此前深发展在贸易融资方面的优势，着力拓展供应链金融上下游企业，大力推行交叉销售，在终端市场建立地位。第二把深发展零售和平安强大的零售客户群挂钩，推动信用卡业务发展，大力拓展零售银行业务。

Peace bank President Richard to《Financial country weekly》reporters，Peace gold under control“New pingan bank”The final strategy already forming。Future development path is，After the first use shenzhen development in trade financing advantages，Strive to expand financial supply chain downstream enterprise，Vigorously carry out the cross selling，In the terminal market to establish position。The second shenzhen development retail and peace powerful retail customer base hook，To promote the development of credit card business，Vigorously develop retail banking。

　　一位央行研究局人士在接受本刊记者采访时表示，两家银行合并后，平安综合金融的经营模式逐渐发力。在目前寿险行业整体增速放缓的背景下，其综合金融优势更加凸显。

A central bank research personage in accepting this newspaper reporter to interview said，The two Banks after the merger，Peace integrated financial management mode gradually hair force。In the present life insurance industry overall slowdown in the background，Its comprehensive financial advantage become more prominent。

　　平安集团2012年半年报显示，上半年平安的产险、寿险业务分别实现净利润27.46亿元和70.31亿，但同比增速仅为2.0%和4.0%，退保率却同比上提0.1个百分点至0.5%。

Peace group 2012 semi-annual report shows，In the first half of the property of peace、Life insurance business net profit of 2.746 billion yuan and 7.031 billion respectively，But year-on-year growth is only 2.0% and 4.0%，Surrender rate but carry on compared to the 0.1% to 0.5%。

　　而同期平安银行实现净利润67.31亿元，同比增长180.8%，为平安集团贡献利润34.67亿元，利润贡献占比达到24%。

Over the same period, the ping an bank net profit of 6.731 billion yuan，Year-on-year growth of 180.8%，For the peace group contribution profit is 3.467 billion yuan，Profit contribution reached 24%。

　　平安的混业逻辑 Safe mixed logic

　　马明哲认为，混业金融是当今全球金融业的发展趋势，是时代发展的必然产物。市场竞争的日益加剧，银行、保险和资产管理三者之间将不断互相渗透。未来的金融业，将是一个综合金融集团和经营单一业务的专业机构并存发展的市场，客户既可以找到专业机构购买一种产品，也可以在综合金融集团获得一站式的全面金融服务。无论是哪种模式，谁能够充分利用现代技术，让客户得到实实在在的方便和好处，谁就掌握了金融市场的竞争优势和主动地位。如此相比，综合金融集团显然更胜一筹。

Mr Ma think，Mixed financial is the global financial industry development trend，Is the inevitable outcome of the development of The Times。The market competition becoming more severe day by day，The bank、Insurance and asset management between the three will continue to interpenetrate。The future of the financial industry，Will be a comprehensive financial group and operating a single business professional institutions co-existing development of the market，The customer can find professional institutions to purchase a product，Also can be in comprehensive financial group get one-stop comprehensive financial services。Regardless of which kind of mode，Who can make full use of modern technology，Let the customer get real convenience and benefits，Who have the financial market competition advantage and the initiative。Compared so，Comprehensive financial group more obviously。

　　事实上，早年的平安集团并没有什么优势，保险算是后起之秀，银行板块没有起来，信托、证券资产几乎可以忽略不计。

In fact，Early peace group and no advantage，Insurance is rising star，Bank plate not up，trust、Securities assets almost negligible。

　　为此，平安集团耗资2000万元邀请麦肯锡前来诊断，给出发展方向。同时邀请汇丰、高盛等合作伙伴，加快平安的业务成型。至今，在平安的高层管理团队中，有1/2人员来自麦肯锡、高盛、花旗、保诚等国际著名公司。

therefore，Peace group cost 20 million yuan to invite McKinsey to diagnosis，Given the development direction。At the same time, invite HSBC、Goldman sachs partner, etc，To speed up the peace business forming。So far，In peace in the top management team，Have 1/2 personnel from McKinsey、Goldman sachs、citigroup、Will prudential and other international famous company。

　　借助于外脑，平安确定了发展方向：为客户提供一揽子金融服务。“就像一个金融超市，里面什么都有。”从长远来看，随着经济发展和个人财富增加，消费者已不再满足单一形态的金融服务，而潜在的综合性理财需求，不同金融产品之间的互为代理和交叉销售，必定是一个大趋势。

With the help of outside brain，Peace determines the direction of development：To provide a package of financial services。“Like a financial supermarket，What's inside。”In the long run，With the development of economy and increasing personal wealth，Consumer is no longer meet a single form of financial services，And potential comprehensive financial needs，Different financial products each other between the agent and cross selling，Must be a big trend。

　　平安将这种模式定义为“一个客户、一个账户、多个产品、一站式服务”。力求改变当前客户办存贷款要到银行，买保险要找保险公司，买股票要到证券公司，买基金要找基金公司的现状。

Peace will this model defined as“A customer、An account、Multiple products、One-stop service”。Strive to change the current customer loan to the bank to do，Buy insurance to find the insurance company，Buy stocks to securities companies，Buy fund to find the current situation of the fund company。

　　对于平安而言，这种模式的核心是增强各版块之间的协同效应。平安集团目前有 7000万零售客户，200万中小企业客户，还有50多万的销售大军，这种优势不是单个保险公司或是银行机构能比拟的。

For peace in，This model is to enhance the core of each part of the coordination effect between。Peace group currently have 70 million retail customers，2 million small and medium-sized enterprise customer，There are more than 50 sales force，This advantage is not single insurance company or bank agencies can match。

　　有个例子，在深发展时代，信用卡销售采用的是直销队伍。每张卡的佣金是200元，激活率仅有20%。算下来，每张活卡的成本是1000元。现在新平安银行利用集团的寿险和电销推销信用卡，每张卡的成本是40元，卡激活率是40%，活卡的成本降至100元。

Is an example，In the era of shenzhen development，Credit card sales by direct selling team。Each card commission is 200 yuan，Activation rate is only 20%。Count down，Each living card cost is 1000 yuan。Now new pingan bank use group life insurance and electric pin sell credit CARDS，The cost of each card is 40 yuan，Card activation rate is 40%，The cost of living card dropped to 100 yuan。

　　借助集团的资源，目前平安银行的发卡量和业务量增长迅猛，通过交叉销售实现的发卡量占比达到40-50%，2012年一季度末发卡总量达到964 万张。

With the aid of the group's resources，At present pingan bank hairpin quantity and volume is growing rapidly，Through cross selling implementation of hairpin quantity than 40-50%，In 2012 at the end of the first quarter hairpin amounted to 964 units。

　　在其他业务方面，2011年，平安产险车险保费收入的51%来自交叉销售和电话销售，平安银行新发行的信用卡中有42.9%来自交叉销售渠道，新增零售存款中有34.8%来自交叉销售渠道；交叉销售对信托业务和平安银行新增公司日均存款贡献度亦有显着提升，分别达到14.1%和21.1%。

In other business，In 2011,，Peace property auto insurance premium income of 51% from cross selling and phone sales，Pingan bank new issue 42.9% of credit card from cross sales channels，New retail deposit of 34.8% from cross sales channels；Cross sales to trust business and peace new Banks company average deposit also have significant contribution ascension，Was 14.1% and 21.1% respectively。

　　2011年，平安信托计划的9.4%、平安银行新增零售存款中的42.9%和平安大华首只基金募集资金的63.3%均来自于交叉销售。

In 2011,，Ping an trust 9.4% of the plan、Pingan bank new retail deposit of 42.9% peace AnDaHua first fund to raise funds of 63.3% are from cross selling。

　　平安银行行长理查德表示，平安的综合金融和此前说的混业不是一个概念，平安的综合金融是针对一个客户提供多个产品，如在香港走进一家银行可获得银行、保险、证券、外汇、投行产品一样，我们是通过一个网银平台提供最大的便捷性。但在集团内部各个子公司都有严格的公司治理结构。

Peace bank President Richard said，Peace comprehensive financial and previously said the mixed is not a concept，Peace is a comprehensive financial for customers to provide more products，As in Hong Kong walks into a bank can get bank、insurance、securities、Foreign exchange、Investment Banks product，We are through a net platform provides maximum convenience。But in the group's internal each subsidiary has strict corporate governance structure。

　　中信协同制 Citic collaborative system

　　在已经批准的三家金融控股机构中，光大集团因为当年的巨额亏损丧失了光大银行(601818,股吧)的控股权，金控概念有名无实。

In has approved three financial holding institutions，Everbright group because of the huge losses lost everbright bank(601818,guba)controlling，Gold control concept a poor apology。

　　中信集团是中国金融控股领域第一个吃螃蟹者，但因为各种政策的限制，在金控岔路上越走越远。

Citic group is China's financial holding area the first to eat crab person，But because of the limitation of various policies，In gold control branch more walk more far。

　　早在2002年，中信控股就获批挂牌，成为中国第一家获得授权的金融控股公司。目前，中信控股主要负责投资和管理中信集团旗下的金融企业，涉及银行、证券、保险、信托、资产管理、期货、基金、租赁等领域。

As early as in 2002，Citic holdings is approved listing，Became the first Chinese enterprise to obtain authorization of financial holding company。At present，Citic holdings is mainly responsible for investment and management citic group's financial enterprise，Involves bank、securities、insurance、trust、Asset management、futures、fund、Lease, etc。

　　早年的中信也曾设想做实“金控”。时任中信集团董事长的孔丹曾经表示，中信曾想建立一种以客户为中心的模式，为客户提供全面金融服务、综合解决方案。当时设想金控提供三个功能，对子公司进行审计和监控，实现风险控制；统一的IT平台；打破分业界限，提供交叉产品。

Early citic also had assumed that do real“Gold control”。The citic group chairman of the board of KongDan once said，Citic wanted to set up a kind of take the customer as the center of the model，To provide comprehensive financial services、Integrated solutions。At that time imagine gold control provide three function，The subsidiary company through auditing and monitoring，Realization risk control；Unified IT platform；Break the dividing of the limit，Provide cross product。

　　虽然中信集团搭起了“金控”的架子，为旗下子公司创造了联手开拓市场，发展金融交叉产品的机会，但是旗下各子公司合作仍然有限。

Although the citic group set up“Gold control”shelf，For subsidiary company created to expand the market，The development of financial cross product opportunity，But its various subsidiaries cooperation is still limited。

　　中信银行(601998,股吧)2011年年报显示，2011年中信银行与中信证券(600030,股吧)、中信建投证券、中信万通证券、中信证券浙江公司共享机构客户6011户。与中信证券联合为客户主承销发行了共计131.8亿元人民币的债务融资工具。在发行公司理财产品方面，与中信证券合作,全年累计发行“中信聚金理财全面配置系列”公司理财产品191.81亿元人民币。

Citic bank(601998,guba)2011 annual report shows，In 2011, citic bank and citic securities(600030,guba)、Citic securities to build a、Citic securities wantong、Citic securities zhejiang company share 6011 households institutional clients。Combined with citic securities for the customer master underwriting issued a total of 13.18 billion Chinese yuan of debt financing tool。In the issuance of corporate financial management products，Citic securities and cooperation,Annual accumulative total issue“Citic poly golden financing comprehensive configuration series”Corporate finance product is 19.181 billion yuan RMB。

　　开展交叉设计和交叉销售方面，中信银行与中信信托合作发行个人理财产品386支，实现销售额约1791.40亿元人民币。与中信资本合作的PE产品托管规模本外币合计5.9亿元人民币，与中信证券合作的证券公司集合/定向资产管理项目托管规模为107亿元人民币，与中信信托合作的集合资金信托计划规模为628.58亿元人民币。

Carry out cross design and cross selling aspects，Citic bank and citic trust cooperation issued personal finance products in 386 cigarettes，Achieve sales of about 179.14 billion yuan RMB。And citic capital cooperation PE products trusteeship scale either total is 590 million yuan RMB，Cooperation with citic securities company set/directional asset management project trusteeship scale is 10.7 billion yuan RMB，Citic trust cooperation with the trust plans of assembled funds scale is 62.858 billion yuan RMB。

　　无论是深度、广度以及资金量上都不及平安集团。“中信集团并没有做到综合经营，各子公司还是处于初级对接、推荐客户阶段。现在的各子公司更像是战略联盟。”中信集团一位中层人士在接受《财经国家周刊》采访时表示，目前集团旗下的各个金融公司每年会召开几次联席会议，谈一下各自的合作诉求。联席会议完毕后，各金融子公司将会进行基础合作对接。

Whether depth、Span and there is not the peace group。“Citic group has not done so comprehensive operation，The corporation or in the primary butt、Recommend the customer stage。Now each subsidiary more like strategic alliance。”Citic group a middle personage in accepting《Financial country weekly》Interviews that，At present group's each financial company will be held every year several joint meeting，Talk about their cooperation appeals。After the completion of the joint meeting，All financial subsidiary will carry on the elementary cooperation butt。

　　为了加强各个子公司之间的合作，中信集团专门设立了业务协同部，但是效果有限，各子公司之间仍然缺乏联动。为了改变这种状况，上述中层对本刊记者透露，中信集团的二级机构正在进行干部轮岗，譬如中信银行管理者轮值到中信证券等。

In order to strengthen the cooperation between each subsidiary，Citic group set up business synergy department，But the effect co., LTD.,，The subsidiary is still lacking linkage between。In order to change this situation，The above middle to this reporter revealed，Citic group secondary institutions are cadre work shift，Such as citic bank managers rotating to citic securities, etc。

　　时至今日，中信仍在探索金融综合经营的思路，但金控的提法已改弦更辙。现在的中信集团更注重借助旗下已形成的金融、资源、房地产、基建、制造业等几大主要板块，走“集团控股加子公司专业化经营的新多元化之路”。

today，Citic is still in exploring the financial comprehensive management ideas，But gold controlled formulation of string has changed more point。Now the citic group has formed by paying more attention to its financial、resources、Real estate、infrastructure、Manufacturing and so on several big main plate，go“Group holdings and subsidiary company specialized operation new diversified road”。

　　中信集团董事长常振明此前在接受媒体采访时表示，中信银行与中信证券上市以后，除了保持股权不被稀释之外，中信集团已经不太可能再向金融行业配置资源，因为这部分的市场价值已经实现，未来在资源配置上对非金融投资会多一些。

Citic group chairman of the board ChangZhenMing previously, when being interviewed by the media said，Citic bank and citic securities listed later，In addition to keep equity is not outside dilution，Citic group has not too may again to the financial industry allocation of resources，Because this part of the market value has been achieved，In the future the allocation of resources to the non-financial investment will be more。

　　带着镣铐跳舞 With chains to dance

　　“三家金控，平安的综合经营是做得最好的，原因是集团的强力推动。”上述中信中层感概，平安是唯一在保险基础上打造而成的金控帝国，顶层设计比较好，后台都基本打通了。

“Three gold control，Peace comprehensive management is doing the best，The reason is the group's strength to promote。”The above citic middle are almost，Peace is the only based on the insurance make and become to gold control empire，Top design is better，Background are basic opened。

　　事实上，平安集团尝试的模式是，总部混业，板块分业经营。但这种模式，一开始就被戴上了“分业监管”脚镣。

In fact，Peace group trying to model is，Headquarters mixed，Plate separated operation。But this kind of mode，The beginning was wearing“Supervised respectively”shackles。

　　我国金融业从上世纪九十年代后期开始实行分业监管政策，到2003年银监会成立时最终完善。在现行的监管格局下，平安集团旗下子公司按业务性质分别接受银监会、证监会、保监会监管。平安集团依据主要业务性质归属保监会监管。

China's financial industry since the 1990 s began to implement the dividing of the regulatory policies，By 2003 the CBRC founded final perfection。In the current supervision pattern，Peace group subsidiary company according to the business nature, accept the CBRC、CSRC、Circ regulatory。Peace group according to the main business nature belong to the China insurance regulatory commission supervision。

　　在每个版块业务方面，都有其相应的从业门槛。

In every edition piece business，Has its corresponding working threshold。

　　目前的相关法律规定，证券业、银行业、信托业、保险业实行分业经营、分业管理，证券、银行、信托、保险业务机构分别设立。

The current related laws and regulations，securities、banking、Trust industry、The insurance industry to separate operation、Separated management，securities、The bank、trust、Insurance agencies shall be established separately。

　　2002年12月，中国证监会颁布了《证券业从业人员资格管理办法》（简称《办法》），将证券业从业人员纳入统一的资格管理体系，规定自2003年2月1日起，中国境内从事证券业务的机构中从事证券业务的专业人员必须在取得从业资格的基础上取得执业证书。

In December of 2002，Promulgated by the China securities regulatory commission《Measures for the administration of the qualifications of securities practitioners》（Referred to as《way》），The securities industry will employees into the unified qualification management system，Since the 2003 regulations on February 1，Within the territory of China to engage in securities business institutions engaged in securities business professionals must be made on the basis of practice qualification obtained the practicing certificate。

　　同样，保险行业需要有保险代理人资格；在银行方面，有要求客户信息保密的问题等等。

The same，The insurance industry need to have insurance agent qualification；In the bank，With requirements of the customer information security problems and so on。

　　目前的情况是，银行可以销售保险产品和其他理财产品，银行具备了这些兼业代理的资格。但保险公司不能销售银行产品，也不能代理证券业务，保险公司不具备这个资格。

The current situation is，Banks can sales of insurance products and other financial products，Banks have the multiple occupations agent qualification。But the insurance company can't sales bank products，Also cannot agency securities business，Insurance companies do not have the qualifications。

　　平安集团副总经理李源祥称，现在一些优质大保险公司已经具备了代理银行产品的能力，只是监管还没有放开。

Peace group deputy general manager LiYuanXiang says，Now some high quality large insurance company has the ability of the agent bank products，Just supervision has not let go。

　　“目前是平安保险的业务员负责把客户介绍给证券，保证具体的销售动作是由证券从业人员完成的。” 平安证券董事长兼CEO杨宇翔表示，这样一来交叉销售其实多了一个转介绍的环节。

“At present is ping an insurance salesman responsible for customers introduced to securities，Ensure that the specific sales action is by the securities employees completed。” Peace securities chairman and CEO YangYuXiang said，So cross selling more actually a turn introduce link。

　　对于杨宇翔而言，一个好消息是，监管层对券商的跨界经营开始松绑。8月23日，证监会公布《证券公司代销金融产品管理规定(草案)》，明确证券公司理财产品、商业银行理财产品、信托公司信托计划、保险产品等都将纳入证券公司代销范围。

As for YangYuXiang，A good news is，Supervision of securities dealers layer cross-boundary operation began to relax。On August 23,，Securities regulatory commission announced《Securities companies sell financial product management provisions(draft)》，Clear securities company financial products、Commercial bank financing products、Trust company trust plan、Insurance products will be included in the securities company scope of sale on a commission basis。

　　平安集团品牌宣传部总经理盛瑞生表示，目前平安只是在后台已经获得融合，统一到一个电话。中台的金融产品，只能部分协同。但前台的销售环节，严格按照法规，组织交叉销售。

Peace group brand publicity department general manager ChengRuiSheng said，At present only peace in the background has won the fusion，Unified to a phone call。Our financial products，Can only part of the collaborative。But the sales link，In strict accordance with the rules and regulations，Organization cross selling。

　　一位接近监管层的人士在接受本刊记者采访时表示，更纵深的综合金融在现有的分业监管环境下很难完成，平安的交叉销售存在灰色地带。

A close supervision layer in the people accept an interview with this reporter said，The more deep comprehensive financial industries managed and supervised respectively in the existing environment difficult to achieve，Safe cross selling existing gray area。

　　交通银行(601328,股吧)首席经济学家连平曾带领项目组就金融控股公司监管进行研究，并撰文表示，“目前金融控股公司尚没有对应的监管部门。没有为金融控股公司制定统一的监管法规，容易出现对部分金融交叉产品监管真空和重复监管，难以对金融控股公司的整体风险进行有效控制。”

Bank of communications(601328,guba)Chief economist even flat had led the project team on the financial holding company supervision were studied，Articles and said，“At present the financial holding company is not corresponding supervision department。Not for financial holding company formulate unified supervision regulations，Easy to the emergence of financial part of the cross product regulation vacuum and repeated supervision，Is difficult to financial holding company's overall risk under effective control。”

　　随着平安集团综合金融战略渐入深水区，对分业监管的挑战也日深。作为本土化的“金控样本”，中国平安如何向纵深发展，这将极大考验马明哲及其高管团队的智慧。

Along with the peace group comprehensive financial strategy and coming into the deep water area，The challenge for supervised respectively, also deep。As the localization of“Gold control sample”，China peace how to developing in depth，This will greatly test Mr Ma and executive team wisdom。