深圳市市长许勤在2012中国海外投资年会上表示，前海已具备大规模开发开放条件，尤其是金融业。值得注意的是，旨在服务实体经济发展的前海金融创新目标与目前证券业创新发展目标相吻合。参与起草前海细则方案的有关人士表示，前海是为券商创新发展准备的一个很好的大舞台，前海开发开放国家战略的实施是中国证券行业创新发展、扩大对外开放的重要历史机遇。

Shenzhen mayor hsu in 2012 China's overseas TouZiNian said at the meeting,Sea before has the large-scale development open condition,Especially the financial industry.It is important to note that,Aims to service the entity economy development of the sea before financial innovation target and the innovation and development of the securities industry target coincide.Participating in drafting the rules before sea scheme of the sources said,Before the sea was for brokers to innovation and development of a good big stage,Sea before the implementation of the national strategy development and opening up is the innovation and development of the Chinese securities industry/Opening wider to the outside world important historical opportunity.

　　这也意味着前海打造现代金融服务中心，离不开来自业界自身改革创新功能的发挥。中信证券(600030,股吧)董事长王东明曾表示，不论是为小微企业融资、解决地方融资缺口、扶持新兴产业，还是帮助企业出海、服务实体经济等，投行均大有可为。

This also means that the sea before creating modern financial services centre,From the industry itself can reform and innovation function of the play.Citic securities(600030,guba)The chairman WangDongMing has said,Whether it is a micro enterprise financing/Solve local financing gap/Support emerging industry,Or to help enterprise to sea/Service entity economy, etc,Investment Banks are have a brilliant future.

　　“我们希望能够借助前海金融平台在业务创新上进行尝试和探索。”招商证券(600999,股吧)研究部分析师谢亚轩认为，在推进多层次资本市场建设与产品创新的背景下，“一站式”专业化的金融服务是未来业务经营的趋势。谢亚轩同时提出券商在人才、专业化程度等方面仍需不断创新以把握前海机遇。

"We hope to be able to with the sea before financial platform in business innovation on the attempt and exploration."China merchants securities(600999,guba)Research analysts XieYaXuan think,In promoting the construction of multi-level capital market and product innovation background,"one-stop"Professional financial services is the trend of future business.At the same time puts forward XieYaXuan brokers in talents/Specialization degree and so on aspect still needs to constant innovation to grasp the opportunities before the sea.

　　毫无疑问，未来前海将成为深圳投资兴业的前沿阵地。按照前海管理局与国家开发银行联合编制的《前海开发系统性融资规划》初步预测，前海合作区未来十年固定资产投资资金总需求为4717亿元，其中基础设施需投资2665亿元。

There is no doubt that,The future sea before will be the forefront of shenzhen industrial investment.According to the sea before administration and the state development bank joint compilation[Sea before development systematic financing plan]Preliminary prediction,Sea before the next ten years from the fixed assets investment capital aggregate demand for 471.7 billion yuan,The infrastructure to invest 266.5 billion yuan.

　　相比长三角、珠三角、环渤海等其他地区的建设开发，前海的核心在于金融创新。然而，推进创新“先试先行”与现有金融系统的稳定之间需要取得平衡，建立有效的监管框架决定着前海试验的成败。不少专家提出，由跨境业务派生出的前海市场在降低企业融资成本同时，也为在岸与离岸市场之间提供套利空间，前海金融开放需避免人民币资金回流与宏观调控之间的冲突。

Long triangle compared/Pearl river delta/Bohai sea and other areas of the construction and development,Former sea is the core of financial innovation.however,Promote innovation"First try to advance"The stability of the financial system and the existing between balance need,To establish an effective regulatory framework determines the success or failure of the sea before test.Many experts,The cross-border business derived out former sea market in reducing the enterprise financing cost at the same time,Also for the offshore market and provide arbitrage space between,Sea before the financial opening need to avoid RMB fund return and the macroeconomic regulation and control the conflict between.

　　在建立跨境金融防火墙方面，香港一国两制研究中心助理总研究主任方舟建议可以在细节上做好资金流向的监控。中国社科院金融所金融市场研究室主任杨涛则表示，在建立人民币回流渠道的过程中必须注意资本项目的开放需循序渐进，同时要注意跨境人民币双向贷款同步发展，实现人民币资产的有效流动。

In establishing cross-border financial firewall aspects,Hong Kong one country, two systems research center assistant director general research Suggestions in detail on the ark can make money flow monitoring.By the Chinese academy of social sciences financial have financial market research director YangTaoZe said,In establishing the RMB return channel process must pay attention to the opening of the capital account should be gradual,At the same time should pay attention to cross-border RMB two-way synchronous development loan,To realize the effective flow RMB assets.

　　如何在前海试验中构建有效的监管框架？前海咨询委员会的专家们给出的原则是：首先，金融创新需服务实体经济，而不是为创新而创新，从而引发金融系统风险。其次，资本可兑换项目上的开放试验需守住区域性可控规模的安全线，不能让前海成为热钱进出的通道。最后，通过灵活的制度设计使前海成为在全国范围内有示范效应的开发区。

How to sea before test an effective regulatory framework?Sea before advisory committee of experts given principle is:First of all,Financial innovation need to service the real economy,And not for innovation and innovation,And cause the financial system risk.secondly,Capital convertible project open test need to keep regional controlled the size of the safety line,Can't let sea before become hot money pass in and out of the channel.finally,Through the flexible system design make sea before become nationwide demonstration effect of the development zone.

　　尽管金融试验示范政策的有关细则并未出台，但证券公司等机构在交易、跨境业务及离岸等多方面均可有所作为。招商证券报告认为，证券业可以多方面参与前海的建设开发，以推进前海金融创新的改革进程，具体而言主要体现在交易、跨境业务及离岸金融三个要素上。

Although financial test demonstration policy relevant rules did not come,But securities company institution in trading/Cross-border business and offshore and so on various all can make a difference.China merchants securities report says,Securities can participate in the construction of various sea before development,In order to promote sea before the reform of the financial innovation process,Specifically speaking mainly manifests in the transaction/Cross-border business and offshore financial three factors.

　　在交易方面，前海金融交易所、前海股权交易中心、前海石油化工交易所相继成立，未来还将规划前海保险交易所、前海航交所等，作业空间得到放大的券商在前海交易所集群效应下带动多层次资本市场的发展。在跨境业务方面，深港两地的地方证券公司或分支机构开展境内证券投资业务，同时能推动RQFII等跨境业务收入的增长。在离岸金融方面，前海注册的券商直投机构将通过利用香港人民币债券、过桥贷款等低成本融资方式来发展前海跨境证券业务。

In the trade,Sea before financial exchanges/Sea before equity trading center/Former sea petroleum chemical exchange established,The future will also planning sea before insurance exchange/The former can get to the hna's hand in, etc,Work space for amplification of the securities trader in the former sea exchange under the effect of the cluster promote multi-level capital market development.In cross-border business,Deep place of Hong Kong securities company or a branch to carry out domestic securities investment business,At the same time, can promote RQFII etc cross-border business income growth.In the offshore financial aspects,Sea before registered brokers straight investment organizations will through the use of RMB bonds in Hong Kong/Bridge loan and low cost financing way to develop the sea before cross-border securities business.

　　国信证券研究总部负责人认为，前海金融创新为券商新增了服务中介、资本中介、资本投资三大新的完整业务链，包括直接股权投资、长期股权投资、新三板、跨境等系列业务。而在具体业务中，证券公司将在前海金融创新的层层推进中，通过扩大业务规模扩大、延长产业链条，并拓展自身的盈利模式等方式以使前海投资成为真正的利润增长点。

Held securities research headquarters officials think,Sea before financial innovation for new securities service agency/Capital intermediary/Capital investment three new complete business chain,Including direct equity investment/Long-term equity investment/The new SanBan/Cross-border, etc. Series of business.And in specific business,The securities company may, in the sea before financial innovation layers in advance,Through the expand business scale/Extend the industrial chain,And expand their profit model, etc to make sea before investment become the real profit growth point.

　　近期前海概念股在资本市场的表现也非常抢眼。伴随前海先行先试政策消息的提振，深圳本地股总会迎来一片逆势飘红的市场表现，然而已有不少公司出面澄清未涉及前海开发投资，前海概念一度遭市场看淡。市场人士分析认为，遭到爆炒的个股大多业绩乏善可陈，一旦政策预期消失，股价就会发生回落。但也有观点认为，前海投资实际将惠及深圳多个行业的上市公司，如金融、贸易、新兴产业、交运等，前海投资的掘金机会仍将在未来得到缓慢释放。

Before the recent sea concept stock in capital market performance are also very grab an eye.With sea before first foretaste policy news boost,Shenzhen local shares will have a piece of contrarian wave red market performance,However many company to clarify did not involve sea before development investment,Sea before concept once was the market to see light.Market analysts think,Being sauteed stocks mostly performance has,Once the policy is expected to disappear,Share prices will fall occurred.But also with a view,Sea before the actual investment will benefit more than shenzhen industry listed companies,Such as financial/trade/Emerging industry/Delivery, etc,Sea before investment opportunities in the future the nuggets will still get slow release.