⊙记者 涂艳 ○编辑 张亦文

TuYan ⊙ reporter zhang aijing ○ editor

　　虽然目前券商仍能“不辞辛苦”地为基金公司分忧解难，但或许就在下半年，券商将因政策的松绑而进军分级产品，从而与基金公司分庭抗礼。

Although at present the securities trader can still"Went to the trouble of"For fund company burden,But perhaps is in the second half,Brokers for policy and relax into the hierarchical product,Thus and fund company work.

　　就在8月22日，证监会就《证券公司客户资产管理业务试行办法》及其配套细则公开征求意见，其中重要一条即“证券公司应当将集合资产管理计划设定为均等份额，并可以根据风险收益特征划分为不同种类”。而就在此前，业内的多家证券公司也早已研究设计了相关分级产品，并随时等待政策大门的最终打开。

On August 22,,Securities regulatory commission is[Customer asset management business of securities companies for trial implementation measures]And related rules for public opinion,One important a namely"The securities company shall aggregate asset management plan will be set up as the equal share,And may, according to the characteristics of risk and return are divided into different kinds".And before,The several securities company also already study design the relevant classification products,And ready for the final open door policy.

　　其中，中投证券结构分级创新产品“金中投结构优势”集合资产管理计划方案在7月就完成设计，而国泰君安等多家大型券商的类似分级产品设计也基本完成。

the,Bank securities structure classification innovative products"An advantage of gold structure"Aggregate asset management plan scheme in July to complete the design,And guotai junan, a number of other large securities trader of similar hierarchical product design is basically complete.

　　据了解，在产品的投资策略和设计方案上，券商系分级产品或将与基金系有一定差异。可以想象的是，在券商业务创新转型的大背景下，分级产品的问世或将迅速铺开，而这对基金而言无疑是个不小的挑战。

It is understood,In the product of the investment strategy and design scheme,Brokers system classification product or will and fund system have certain differences.Can imagine is,In the transformation of the securities business innovation background,Hierarchical products developed or will quickly spread,And this is for the fund is in is a big challenge.

　　目前，除了分级债基A类份额外，其余分级基金及B类份额购买起点均为5万元，这与大部分券商集合理财产品处于同一水平。如果基金公司不能培育和巩固一批忠实的客户，接下来类似产品的募集及运作将成为一大困扰。

At present,In addition to hierarchical debt base class A share outside,The rest of the hierarchical funds and class B share purchase starting point are for 50000 yuan,This and most brokers set financial product at the same level.If the fund company can't cultivate and consolidate a group of loyal customers,Similar products of the raising and operation will be a big trouble.

　　华泰联合证券金融产品研究评价中心总经理王群航(博客,微博)认为，通过分级基金来扩大场内可交易品种的风险收益层级，来实现对于具有不同风险收益层级各种类型可投资资产的配置，是不论券商还是基金维护客户的重要手段。

Huatai securities joint financial product research and evaluation center general manager WangQunHang(blog,Micro bo)think,Through the classification funds to expand the field can be trading varieties of risk income level,To realize the risk and return to have different levels various types can be investment assets configuration,Is whether brokers or funds to maintain the customer the important means.

　　也因此,可以想象的是，目前券商客户资源与基金共享的现状或将在不久后生变，而两类产品的短兵相接也将为不同机构开启一场分量十足的竞争。

so,Can imagine is,At present brokers customer resources and the present situation of the sharing fund or will soon happen,And two products foot to foot will also be different organizations open a component real competition.