资本黑马华夏天元调查 Capital dark horse huaxia tian yuan survey

　　理财周报记者 滕晓萌 李沪生/北京、上海报道

Financial weekly reporter TengXiaoMeng LiHuSheng/Beijing/Shanghai reported

　　 在定增市场，华夏天元已经成为一个敏感词。

In the increasing market,Huaxia tian yuan has become a sensitive word.

　　 “我当然听说过这家公司，但是我不知道他们任何事情。”一名基金经理对理财周报记者有关该公司的问题讳莫如深。虽然他和该公司的高管曾经在同一家知名机构共事。

"Of course I heard of this company,But I don't know them anything."A fund manager to finance a weekly newspaper reporter about the company's problems to keep secret.Although he and the company's executive once in the same well-known institutions work together.

　　 民生证券投行负责人表示，“根本不知道这家公司。”虽然这家公司刚在1个多月前参与了他们操作的烽火通信(600498,股吧)定增项目。

The people's livelihood in securities investment bank said,"Don't know the company."Although the company has just in more than one months ago to participate in the operation of the beacon communication(600498,guba)Constant increase project.

　　 在过去半年中，华夏天元成为定增市场上最活跃的黑马。自2011年11月首次募集产品以来，这家公司已经投资了6个定增项目，累计投资额超过5亿元，获利颇丰。2012年7月，更是接连发出9只定增产品。

In the past half a year,Huaxia tian yuan become the most active in the market will increase the dark horse.From nov. 2011 to raise for the first time since the products,The company has invested in six constant increase project,Accumulated investment of more than 500 million yuan,A profitable.In July 2012,Is a set on nine increase product.

　　 这家管理规模可能已经在20亿元左右的神秘公司，除了逆市赚钱引人瞩目之外，更大的卖点是，它与公募老大华夏基金千丝万缕的联系。

The management scale may have is in 2 billion yuan or so mysterious company,In addition to inverse city money outside eye-catching,The more big selling point is,It and the public offering fund of an ancient name for the connection of countless ties.

　

　华夏基金高管当家， Fund of an ancient name for the executives,

　　投资总监程海泳坐镇 Investment return ChengHaiYong director

　　在定增市场上，华夏天元管理的产品已经有两个系列：2011年底发出的华元丰收信托计划（共3期），和2012年7月发出的华基丰泽信托计划（共9期）。

In the increasing market,Huaxia tian yuan management products already have two series:By the end of 2011 out of China yuan trust plans harvest(A total of three phase),In July 2012 and a HuaJiFeng ze trust plan(A total of 9 period).

　　 由于这两个系列全部由外贸信托发出，并且都托管在华夏银行(600015,股吧)，对外不披露资料，因此外界对于其详细情况了解并不多。

As a result of these two series all by foreign trade a trust,And trust in huaxia bank(600015,guba),Foreign not disclosure of information,Therefore the outside world for its detailed understanding situation is not much.

　　 理财周报记者获得的一份华夏天元产品推介资料显示：2011年10月9日，HUAYUAN CAPITAL LIMITED以200万美元注册资本、160万美元实际出资，在上海注册成立了华夏天元（上海）股权投资管理有限公司。

Financial weekly reporter obtained a Chinese tian yuan product promotion data shows:On October 9, 2011,HUAYUAN CAPITAL LIMITED to $2 million registered CAPITAL/$1.6 million actual investment,The huaxia was incorporated in Shanghai tian yuan(Shanghai)Equity investment management co., LTD.

　　 一位知情人士向理财周报记者表示，HUAYUAN CAPITAL LIMITED是华夏基金（香港）有限公司的子公司。华夏（香港）是华夏基金的全资子公司。

A source to finance a weekly newspaper reporters,HUAYUAN CAPITAL LIMITED is fund of an ancient name for China(Hong Kong)Co., LTD., a subsidiary of the company.huaxia(Hong Kong)Is a wholly owned subsidiary company of fund of an ancient name for China.

　　 种种迹象显示，华夏天元更像是华夏（香港）为了开展A股定增业务而设立的一个壳。在其注册地——上海市浦东新区浦东大道2123号3层A16室，前台工作人员向理财周报记者证实，根本没有一家叫华夏天元或相似名称的公司在此办公。

All sorts of signs,Huaxia tian yuan more like Chinese(Hong Kong)In order to carry out A shares will increase business and the establishment of A shell.The consent of its home country - in pudong, Shanghai pudong avenue 2123 number 3 layer A16 chamber,Front desk staff to finance a weekly newspaper reporter confirmed,Don't have a Chinese name is tian yuan or similar companies in this office.

　　 华夏天元的高管团队，则显示了华夏（香港）浓厚的痕迹。

Huaxia tian yuan executives team,It shows that the Chinese(Hong Kong)Strong trace.

　　 华夏（香港）行政总裁陈佳铃，出任华夏天元董事长、总经理、投资决策委员会委员，同时也是这家公司的法人代表。

huaxia(Hong Kong)ChenJiaLing chief executive,As the Chinese tian yuan chairman of the board of directors/The general manager/The investment decision-making committee,At the same time is also the company's legal representative.

　　 华夏天元另一名董事，是同样来自华夏基金的程海泳。程现任华夏基金总经理助理、管委会成员、投资总监、投资决策委员会委员、华夏基金（香港）有限公司董事。

Another Chinese tian yuan a director,Is also from fund of an ancient name for China's ChengHaiYong.Cheng current fund of an ancient name for China assistant to the general manager/The ac members/Investment director/The investment decision-making committee/Fund of an ancient name for(Hong Kong)Co., LTD., director.

　　华夏天元的第三名董事，是出身台湾元大证券的郭明正。他曾任台湾元大证券国际部经理，统一证券总裁特别助理等职。目前的头衔是Grand Asia Asset Management Limited 董事总经理，这是元大系在韩国注册的一家公司。

Huaxia tian yuan third directors,Is born Taiwan yuan securities GuoMingZheng.He served the Taiwan yuan securities international department manager,United securities special assistant to the President and so on.The title is Grand Asia Asset Management Limited managing director,This is the yuan is a company registered in South Korea.

　　 华夏天元实际投资操盘手，则是和程海泳同出君安证券的金伟春。金伟春虽然并不为投资圈所熟知，但其资历很深。

Huaxia tian yuan actual investment datakeeping,Is ChengHaiYong and with out to JinWeiChun securities.JinWeiChun although is not known for investment circle,But its deep qualifications.

　　公开资料显示，金伟春曾经任职于君安证券、国泰君安的多个部门，在河北证券资产管理部任副总经理，后在中国人保旗下的几家资产管理部门担任过负责人。

Public data shows,JinWeiChun once in office to securities/Guotai junan multiple departments,In hebei securities assets management department appointed deputy general manager,After the insurer in China's several asset management department as a person in charge.

　　 从创立之初，华夏天元就将和华夏基金的关系作为一大卖点。当时的宣传资料反复强调，“华夏天元的产品设计顾问和投资顾问都是华夏基金。华夏基金投研团队超过160人，其中70名研究员对A股行业实现全面覆盖、投资管理团队与各大投行联系紧密，并且凭借其资金优势，也有较多与公司高管直接沟通的机会，因此更能争取到对于项目的深入了解和定增折价”。

From founded at the beginning of the,Huaxia tian yuan will and the relationship between the fund of an ancient name for China as a big selling point.The publicity material reiterated,"Huaxia tian yuan product design consultants and investment advisor is fund of an ancient name for China.Huaxia fund research team for more than 160 people,Of these, 70 researchers to a-share industry achieve universal coverage/Investment management team and each big investment Banks close contact,And with its capital advantage,Also have more and company executives direct communication opportunity,Therefore more could get to the deep understanding of the project and the increasing discount".

　　 “华夏（香港）和我们是分开核算的，所以我们会向华夏天元收取顾问费。”一位华夏基金内部人士表示。但他没有透露华夏基金的收费标准。

"huaxia(Hong Kong)And we are separate accounting,So we will provide Chinese tian yuan charge consultant fee."A fund of an ancient name for China insiders said.But he did not disclose the rate of fund of an ancient name for China.

　　 2010年，华夏担任投资顾问的几只“一对多”产品表现不佳，曾经引起渠道反弹和媒体巨大压力。从那之后，华夏基金没有再对任何私募或者银行、信托产品提供过投资顾问服务。

In 2010,,The Chinese as an investment consultant few only"A pair of many"Product poor performance,Had caused a channel rebound and huge media pressure.From then,Fund of an ancient name for China no longer for any private or bank/Trust products provide a investment advisory services.

　

　三湾投资掩护， Cover the sanwan investment,

　　华夏天元幕后操作 Huaxia tian yuan behind-the-scenes operation

　　据理财周报记者采访了解，华夏天元成立之初，最早表示认可的，是一家名为“三湾投资”的机构。他们在华元丰收一系列的产品中，充当了合伙公司普通合伙人的角色。

According to financial weekly reporters understand,Huaxia tian yuan at the beginning of its establishment,The first approved by the said,Is called a"The sanwan investment"institutions.They are China yuan harvest a series of products,Act as the partnership general partner role.

　　 公开资料显示，北京三湾投资有限公司成立于2011年4月18日，注册资本人民币1000万元，实收资本人民币1000万元，注册地址为北京市西城区金融大街27号投资广场B1706室，法定代表人为林彤。

Public data shows,Beijing the sanwan investment co., LTD. Was established in 2011 April 18,,The registered capital of RMB 10 million yuan,Paid-in capital of RMB 10 million yuan,Registered address for the Beijing xicheng district financial street 27 investment square B1706 chamber,The legal representative of LinTong people.

　　 而这家公司的核心人物，从履历来看，应该很早就与程海泳、金伟春熟识。其合伙人中，易培剑曾经长期供职于君安证券，活跃于资本市场多年，曾经在2006年，拟任富成证券（后改名华宝证券）董事长。当年因非法挪用客户企业债券1.66亿元、违规开展委托理财业务、违规拆借资金而被吊销证券从业资格。

And the company's core character,From history to see,Should be very early and ChengHaiYong/JinWeiChun familiar.Its partner in,YiPeiJian once worked in long-term to securities,Active in capital market for many years,Once in 2006 years,Aspiring rich into securities(After renamed warburg securities)The chairman of the board.Because of the illegal misappropriation of clients' enterprise bond 166 million yuan/Illegal to carry out financial business entrusted/Illegal lending money and be revoked securities practice qualification.

　　 另一位合伙人崔文立，现任麦星投资总经理，并出任麦星创业投资中心管理合伙人。麦星投资曾经发行过私募产品，也曾经作为PE投资过远望谷、川大智胜(002253,股吧)等企业。

Another partner CuiWenLi,The current MaiXing investment general manager,And as MaiXing venture investment center management partner.MaiXing investment ever published private products,Also once as PE investment over command valley/Su zhisheng(002253,guba)enterprises.

　　 在金融街27号投资广场的企业路标上，B1706室显示为三湾投资。但标牌显示的是“三川投资”。这是易培剑等人旗下另一家公司：三川资产管理（开曼）和香港三川投资基金。

In the financial street 27 investment square enterprise signs,B1706 chamber display for the sanwan investment.But signs show is"Three sichuan investment".This is YiPeiJian, its another company:Three sichuan asset management(cayman)And Hong Kong three sichuan investment fund.

　　 8月29日，三湾投资办公室大门紧闭。隔壁公司的职员表示，这家公司只是偶尔有人上班。

On August 29,,It is pointed out that the sanwan investment office door closed.The next company staff said,The company just occasionally someone to work.

　　 “我们和华夏基金没有关系。”8月29日，三湾投资一名合伙人向理财周报记者表示：“当时他们要做这么一家公司，刚出来的时候基金很不好卖，因为大家都不信任他们。我们正好认识，觉得这个公司也许还可以，能够赚点钱，就投了一点。”

"We and the Chinese fund no relationship."On August 29,,It is pointed out that the sanwan investment a partner to finance a weekly newspaper reporters:"At that time they will do so a company,Just came out fund is very bad to sell,Because everyone don't trust them.We just know,Think of the company may also can,Can earn some money,Would vote for a."

　　三湾投资与华夏天元的合作模式在定增信托中并不多见。从现有的华元丰收信托资料中来看，华夏天元的模式是：在外贸信托发出华元丰收系列定增信托计划后，三湾投资作为普通合伙人发起华基丰收（天津）股权投资合伙企业。华元丰收信托计划作为有限合伙人，加入华基丰收（天津）股权合伙企业。然后三湾投资再授权华夏天元，实际管理这一合伙制基金。

It is pointed out that the sanwan investment and huaxia tian yuan cooperation mode in the constant increase of trust does not see more.From the existing hua yuan harvest trust data to see,Huaxia tian yuan model is:In foreign trade trust a China yuan harvest series constant increase after the trust plan,It is pointed out that the sanwan investment as a general partner HuaJi launched a bumper harvest(tianjin)Equity investment partnership enterprise.Hua yuan harvest trust plan as a limited partners,Join HuaJi harvest(tianjin)Equity partnership enterprise.Then the sanwan investment sublicense huaxia tian yuan,Actual management this partnership fund.

　　而在大部分定增信托中，信托计划的普通合伙人与实际管理人为同一家公司。

And in most of the constant increase of the trust,The trust plan general partner and actual management for the same company.

　　“从结构上来看，应该是华夏天元希望为自己的基金找一个纯内资的合伙人，而三湾投资正好符合一些要求，就借用了一下公司名称。三湾投资应该没有涉入基金的实际管理。”一位熟悉阳光私募信托的业内人士表示。

"Looked from the structure,Should be the Chinese tian yuan hope for his own funds to find a pure domestic partner,And it is pointed out that the sanwan investment just accord with some requirements,Is borrowed from the company name.It is pointed out that the sanwan investment should be no involvement in fund actual management."A person familiar with the sun private trust the personage inside course of study says.

　　通过这样的操作方式，在华夏天元此后的所有定增获配公告中，均显示华基丰收公司的控制人为三湾投资，而非华夏天元自身。

Through this mode of operation,In China all the constant increase since tian yuan allocated in the announcement,All showed that HuaJi harvest the company's control the sanwan human investment,Rather than the Chinese tian yuan itself.

　

　低价胜过高价， Low price is better than high,

　　久联发展(002037,股吧)定增挤掉易方达 Long league development(002037,guba)Constant increase YiFangDa edge out

　　目前外界对于华夏天元已经拥有的12只信托产品规模唯一的信息，仅有华元丰收（3期）成立规模在1.9亿左右。但是根据一般的定增类信托1.5亿左右的平均规模推算，华夏天元管理规模可能在20亿左右。

At present the outside world for the Chinese tian yuan has 12 only trust product scale only information,Only China yuan harvest(Stage 3)The scale was established in the 190 million or so.But according to general constant increase trust class 150 million or so of average size prediction,Huaxia tian yuan management scale may at around 2 billion.

　　 而华基丰泽连续发行9期，可能是由于其中有部分是单一信托，资金来源不同，因此要求分拆成9个产品。

And HuaJiFeng ze continuous issue 9 period,May be due to one part is a single trust,Capital source different,So the splits into nine products.

　　 仅仅用了半年时间，华夏天元已经从成立最初无人问津、只能拉来老同事救场，变成了定增市场上炙手可热的新贵。

In just six months time,Huaxia tian yuan has been established from the first go unattended/Can pull to JiuChang indicating,Into a constant increase in the market of the hottest priority.

　　 外贸信托数据显示，华元丰收系列产品成立于2011年12月8日。截至2012年8月30日，三期产品的净值均为1.0224。

Foreign trade trust data display,Hua yuan harvest series of products was established in December 8, 2011.By the end of 2012 on August 30,,The third phase of the net value of the product which is 1.0224.

　　 在外贸信托旗下的定增类产品中，这已经算一个不错的业绩。随着股市下跌，大部分前期炙手可热的定增类信托计划都出现亏损。如同样在外贸信托发出的盛世景1期定向增发信托计划，发行时间与华元丰收系列相近。而截至2012年8月24日，其单位净值只剩下0.8657元。

In foreign trade trust its constant increase products,This has worked a good performance.As the market fell,The most hottest constant increase class trust plans appear loss.If the same trust in foreign trade a ChengShiJing 1 period directional issued shares of the trust plan,Issue time and hua yuan harvest similar series.And by the end of 2012 on August 24,,The unit net value only 0.8657 yuan.

　　 另一在外贸信托发行定增类产品的大户——博弘数君系列产品，也难逃厄运。外贸信托公布的最新净值中，博弘数君尽管主基金仍然保持盈利，但是旗下大部分信托计划的单位净值都已经低于1元，甚至有的已经跌破0.8元。

Another issue in the foreign trade trust will increase products leader - Po hong number jun series products,Are not bad luck.Foreign trade trust released in the net,Po hong number jun although main funds remain profitable,But its most of the trust plan unit net value have been less than 1 yuan,Even some have below 0.8 yuan.

　　 由于明显的业绩优势，才能令华夏天元在今年7月，一举逆市发出9只定向增发产品，成为当月发行产品最多的阳光私募。

Due to the obvious performance advantage,To make the Chinese tian yuan in July this year,Every inverse city issued nine directional additional product,The issue of the most products become sunshine private.

　　 这令华夏天元的投资者松了一口气。这家公司一直以来的宣传资料中，都强调定增项目天然折价优势和华夏基金的研究支持，可以令华夏天元的投资者享受丰厚回报。两年的回报预测，集中在20%到50%区间。其宣传资料称，即便上证指数跌到2200点以下，这只基金仍然有很大可能获得15%以上的回报。

This makes the Chinese tian yuan investors breathed a sigh of relief.The company has been in the publicity materials,Emphasize the constant increase project natural discount advantages and fund of an ancient name for China studies support,Can make Chinese tian yuan investors enjoy rich rewards.Two years of return forecast,Concentrated in the 20% to 50% range.The publicity material says,Even if the Shanghai index fell to below 2200,The fund still a possibility for more than 15% of the return.

　　 从当时的宣传资料看，在设立之初，华夏天元就圈定了两个投资项目，其一的描述是“某爆破类企业，严格牌照管理、炸药产能释放、所在区域市场龙头地位、订单充足”。其二的描述是“某医药制造企业，一线品牌增长迅速、二线品牌培育、销售模式变化、募集资金投向良好”。

From the publicity material to see,At the beginning of the establishment,Huaxia tian yuan is delineated the two investment projects,One is described"A blasting class enterprise,Strictly licence management/Explosive release of production capacity/The regional market leading position/Order enough".The second is described"A pharmaceutical manufacturing enterprise,A brand to the rapid growth/The second line the brand cultivation/Sales model change/To raise funds to the good".

　　 根据这一描述和当时的时点推算，第一个项目应该为久联发展定增；第二个项目应该是仁和药业(000650,股吧)定增。

According to the description and the calculation time,The first project should be long league development will increase;The second project should be kernel and pharmaceutical(000650,guba)Constant increase.

　　 但最终结果显示，华夏天元实际参与的只有久联发展，而放弃了仁和药业。

But the final result shows that,Huaxia tian yuan actual participation in the only long group development,And gave up the kernel and pharmaceutical.

　　 一家基金公司专户投资经理向理财周报记者回忆说，2011年下半年，曾有大批基金公司的研究员和定增专户关注过久联发展定增项目，大部分都认为是一个不错的投资机会，应该有不少基金公司曾与相关投行和上市公司接触过。但最终华夏天元获得了这一定增。

A fund company only door investment manager to finance a weekly newspaper reporter recalled,The second half of 2011,There have been a large number of fund company researcher and constant increase only door attention too long group development project will increase,Most are believed to be a good investment opportunities,There should be a lot of fund company had and related investment Banks and the listed company contact.But in the end the Chinese tian yuan won it must increase.

　　 太平洋证券出具的久联发展定增发行过程报告显示，2012年6月7日，太平洋(601099,股吧)证券向久联发展除控股股东之外的前20大股东、22家基金公司、16家证券公司、5家保险公司、71家其他机构投资人、13位自然人发出询价和申购邮件。按照当时的发行方案，定增价格不低于17.25元每股，而当时久联发展股价在22元左右。

Pacific securities issued by the united development for a long time will increase issue process report shows,On June 7, 2012,Pacific(601099,guba)Securities to long league development in addition to controlling shareholders outside of the top 20 big shareholders/22 home fund company/16 securities company/5 insurance companies/71 other institutional investors/13 a natural person send inquiry and explain the mail.According to the issue scheme,Constant increase price not less than 17.25 yuan per share,At that time long league development shares in 22 yuan.

　　 6月11日，共有16家投资者传回了《申购报价单》，其中华夏天元的报价排名所有投资者中第二位，提供了三档认购报价：21元/股对应450万股、20.50元/股对应500万股、20元/股对应520万股。

On June 11,,There are 16 investors returned[Explain buy quotation],The huaxia tian yuan offer ranking all investors in the second,Provides three file subscription quotation:21 yuan/share corresponding 4.5 million shares/20.50 yuan/share corresponding 5 million shares/20 yuan/share corresponding 5.2 million shares.

　　而在华夏天元的宣传中一直被重点强调与其有关的华夏基金，也同样对久联发展的定增做了报价，不过他们19元的报价明显偏低，没悬念被淘汰。

And in China in tian yuan propaganda has been emphasized and its relevant fund of an ancient name for China,Does the same for long league development will increase the quotation,But they 19 yuan price obviously on the low side,No suspense be eliminated.

　　 同样递交了申购报价单并且报出21元/股高价的易方达基金，被以“不属于认购邀请书发送对象名单之列”的理由，排除在外。

Also submit the purchase the quotation and quote us 21 yuan/share high YiFangDa fund,in"Do not belong to the invitation to subscribe to send object list"reason,Ruled out.

　　最终，久联发展的定增价格确定为19.82元/股，志在必得的华夏天元以1.03亿元，获配520万股，成功拿下这一项目。

finally,The development of long league will increase price determined as 19.82 yuan/share,The bag of Chinese tian yuan to 103 million yuan,Allocated 5.2 million shares,Success with this project.

　　 定增完成之后，久联发展股价一路上行。即便最近随大市下跌，但截至8月31日，久联发展股价为23.10元/股。华夏天元仍然浮盈1705.6万元。

Constant increase after completion,Long league development shares all the way line.Even with the recent drop,But as of August 31,,Long league development share price is 23.10 yuan/share.Huaxia tian yuan is still floating surplus is 17.056 million yuan.

　　 一家同样热衷于定增业务的阳光私募机构向理财周报记者表示，华夏天元最终没有参与2012年6月底的仁和药业定增“很正常，价格太高，往上涨的空间不大，没有私募会去参加，去的都是人情”。

A similar increase in fixed business sunshine private institutions to finance a weekly newspaper reporters,Huaxia tian yuan finally not involved in at the end of June 2012 the kernel and pharmaceutical constant increase"Very normal,Price is too high,To rising the space is not large,No private will go to,To is human".

　　 中航证券关于仁和药业的定增发行过程报告显示，仁和药业定增价格为8.10元/股，相当于前20个交易日均价8.26元/股的98.06%，几乎没有折价。

Catic securities about benevolence and pharmaceutical's set increasing issue process report shows,Kernel and pharmaceutical constant increase price is 8.10 yuan/share,Before is equivalent to the 20 day average price of 8.26 yuan/share of 98.06%,Almost no discount.

　　 最终参与仁和药业定增的机构是：易方达基金、嘉实基金(博客,微博)、泰康资产、国泰君安证券、广发基金。现在仁和药业已经跌破增发价，8月31日收盘只有6.48元/股。

Eventually participate in kernel and pharmaceutical constant increase of the organization is:YiFangDa fund/Fine fruit fund(blog,Micro bo)/Taikang assets/Guotai junan securities/Guangdong development fund.Now the kernel and pharmaceutical has additional price below,August 31 closing only 6.48 yuan/share.

　　精准出击华夏重仓股， Precision attack Chinese heavy warehouse stock,

　　华夏基金“避嫌”让路 Fund of an ancient name for"Avoid arousing suspicion"way

　　华夏天元引起定增市场关注还在于，迄今为止，其报价的所有项目都成功获配、无一失手。

Huaxia tian yuan cause constant increase market focus lies in,So far,The quotation of all items are allocated success/No miss.

　　 迄今为止，华元丰收系列参与的定增项目除了前述久联发展外，还包括：在底价22.48元/股的中科三环(000970,股吧)定增中，报出24.8元/股，位居所有报价机构中第二位；在底价25.48元/股的烽火通信定增中，报出25.55元/股；在大部分基金公司出价5.5元/股左右的宗申动力(001696,股吧)定增中，报出5.7元/股；在底价5.01元/股的保定天鹅(000687,股吧)定增中，精确报出5.01元/股；在沧州明珠(002108,股吧)定增中，精确报出8.12元/股，只比最后8.11元/股的价格高出一分钱。

So far,Hua yuan harvest series of participation in the project will increase in addition to the long development of the league,Also includes:In the base price 22.48 yuan/share the zhongke tricyclic(000970,guba)Constant increase in,Quote us 24.8 yuan/share,All quotation in institutions of the second;In the base price 25.48 yuan/share of fire communication set in the increase,Quote us 25.55 yuan/share;In most of the fund company offer 5.5 yuan/share or so one of the power(001696,guba)Constant increase in,Quote us 5.7 yuan/share;In the base price 5.01 yuan/share of baoding swan(000687,guba)Constant increase in,Accurate quote us 5.01 yuan/share;Cangzhou bright pearl in(002108,guba)Constant increase in,Accurate quote us 8.12 yuan/share,Only the last more than 8.11 yuan/share price more than a penny.

　　 从其涉猎的股票来看，有一些股票曾被华夏基金持有多年。

From its dabble in stock to see,There are some stock has been held fund of an ancient name for many years.

　　 如今年股价表现甚佳的中科三环，是华夏基金曾经一度重金驻扎的股票。早在2012年一季度嘉实基金大举布局中科三环扬眉吐气前，华夏盛世和华夏优质增长都已经持有中科三环。但不知为何，两只基金都在这只股票定增前选择了卖出。

This year the share price played well division tricyclic,Is fund of an ancient name for China once stationed out of stock.As early as in the first quarter of 2012 fine fruit fund massive layout zhongke tricyclic before feel proud and elated,The Chinese ChengShiHe huaxia quality growth has hold zhongke tricyclic.But don't know why,Two funds are in this stock will increase the choice before selling.

　　 至今，中科三环仍然是华夏天元参与的项目中浮盈最多的。2012年4月11日，中科三环的定增价格被确定为24元/股，华夏天元成功获配400万股。是除嘉实基金外获配最多的机构。完成定增后，中科三环股价一路狂飙，成为二季度最大牛股之一。截至8月30日，在连续下跌之后，中科三环股价仍收于31.75元/股，华夏天元浮盈3100万元，单只股票账面收益超过30%。

So far,Zhongke tricyclic is still huaxia tian yuan participation in the project of the most floating surplus.On April 11, 2012,Zhongke tricyclic constant increase price is determined for 24 yuan/share,Huaxia tian yuan success allocated 4 million shares.Is to divide the fine fruit fund allocated most institutions.Complete the constant increase after,Zhongke tricyclic shares all the way hurricane,Become one of the biggest winners in the second quarter.As of August 30,,After the continuous drop,Zhongke tricyclic share price is still closed at 31.75 yuan/share,Huaxia tian yuan floating surplus is 31 million yuan,Single stock book income of more than 30%.

　　 沧州明珠更是市场公认的华夏系独门股。其2012年年报显示，华夏基金曾在2011年6月9日、2011年10月27日、2012年1月5日三次调研这家公司。而截至2011年底，华夏优增、华夏蓝筹(160311,基金吧)、华夏成长(000001,基金吧)、华夏红利四只华夏系基金，已经进入这只股票，持股数量接近1300万股。

Cangzhou pearl is market recognized cathaysian alone door shares.Its 2012 annual report shows,Fund of an ancient name for China was in on June 9, 2011/On October 27, 2011/Jan. 5, 2012 three research the company.And by the end of 2011,Huaxia optimal increase/Chinese blue chip(160311,Fund it)/Chinese growth(000001,Fund it)/Huaxia dividend four cathaysian fund,Has entered into this stock,Number of shares close to 13 million strands.

　　可能是为了避嫌，除了久联发展之外，凡是华夏天元参与的定增项目，华夏基金无一报价。

May be in order to avoid arousing suspicion,In addition to long league outside development,All the Chinese tian yuan participation in the project will increase,Huaxia fund no offer.

　　 相似的案例还有烽火通信，曾被华夏系多只基金持有。如华夏优质增长、华夏行业(160314,基金吧)、华夏蓝筹、华夏盛世，都曾经在2011年下半年买入过这只股票。尽管季报显示，华夏优质增长已经在2012年二季度开始出货，但华夏行业和华夏蓝筹仍然坚守其中。

Similar case and beacon communication,Has been cathaysian many fund holding.As the Chinese quality growth/Huaxia industry(160314,Fund it)/Chinese blue chip/Huaxia time,Once in the second half of 2011 to buy the stock.Although quarterly report shows that,The Chinese quality growth has in 2012 the second quarter began to delivery,But the Chinese industry and the Chinese blue chip still stick to among them.

　　 但尽管有全市场最强的华夏研究团队保驾护航，烽火通信和沧州明珠的定增仍然没有摆脱市场下跌的宿命。截至8月底，烽火通信和沧州明珠都已经跌破增发价。

But despite all the strongest market of the Chinese team to escort,Beacon communication and cangzhou pearl constant increase is still not get rid of the market decline fate.By the end of August,Beacon communication and cangzhou pearl have additional price below.

　　 与这些项目相比，宗申动力和保定天鹅则看不出与华夏系太多联系。保定天鹅在市场中一直被认为是宝盈系基金重仓股，而宗申动力的股东中上一次出现华夏基金还要追溯到2009年以前。这两个项目吸引华夏天元的关键，可能是在当时都表现出较高的折价。保定天鹅曾经将定增价格从6元以上下调到5元/股，宗申动力定增价也在9折以上。

Compared with the project,Zongshen power and baoding swan is can't see and cathaysian too much contact.Baoding swan in the market has been regarded as the treasure is the fund heavy warehouse stock,And zongshen power of shareholders of fund of an ancient name for the last time appear even dating back 2009 years ago.These two projects to attract Chinese the key breakthrough,May be at that time all show higher discount.Baoding swan will ever fixed price increase from 6 yuan down to 5 yuan/share,Zongshen power fixed price increase in more than discount.

　　 这6个项目在今年A股的定增中，都属于优质项目。在8月中旬开始的A股全面下跌之前，华夏天元这6个项目一度曾全部盈利，最高时浮盈超过6000万元。

The 6 projects in this year A share's set in the increase,All belong to the high quality project.In the middle of August began to A shares fell before fully,Huaxia tian yuan this 6 projects once all earnings,The highest floating surplus more than 60 million yuan.

　　 8月后逐日下跌的市场，仍然给华夏天元带来了不小的压力。根据其最初的计划，为了吸引投资者，华夏天元承诺，门槛收益率为10%，如果自己的产品收益率没有达到10%，就不收取浮动业绩报酬，只收取0.5%的固定费用；只有当收益率在10%以上时，才收取超过10%部分的20%作为给管理人的报酬。

Eight months later day by day falling market,Still give huaxia tian yuan has brought a lot of pressure.According to its original plan,In order to attract investors,Huaxia tian yuan commitment,Threshold rate of return is 10%,If their products yield not reached 10%,He would not charge floating performance remuneration,For only 0.5% of the fixed cost;Only when the yield at 10% or more,To charge more than 10% 20% of the part as to the administrator's remuneration.

　　 目前华元丰收系列收益已经跌破10%，而华基丰泽系列还没有大举建仓，净值更是在1.1元以下。以此计算，华夏天元即便管理资产规模达到20亿元，也只能提取1000万的固定管理费对于大部分阳光私募而言，这根本不足以覆盖支付给信托、银行的渠道销售费用。

At present China yuan harvest series income has been below 10%,And HuaJiFeng ze series haven't massive open a position,Net value is 1.1 yuan in the following.This calculation,Huaxia tian yuan even management scale of assets reached 2 billion yuan,Also can extract 10 million fixed fee for most of the sunlight in private,This was not enough to cover payment to the trust/Bank channel sales expenses.