以化工为本期主题和封面，似乎有一点危险。这个一直被贴上“理工科”标签的东西，与文学没有一点儿关系，它就是从一种物质到另外一种物质。

In chemical industry as the main topics of this issue and cover,There seems to be a little dangerous.This has been labeled"science"Tag things,And literature have no relationship,It is from one material to another kind of material.

　　没有想象力的专业领域，能做出有趣的事情吗。我头疼了好久。编辑张静把该板块47700亿数据摆在面前的时候，我的第一反应是“土星”，第二反应是“514层全球超高超高的化学大楼”，第三反应是“魔术师刘谦”。

No imagination professional field,Can make interesting.I have a headache for a long time.Editor zhang jing the plate 4.77 trillion data in before,My first reaction was"Saturn",The second reaction is"514 layer global ultra-high ultrahigh chemical building",The third reaction is"The magician liu qian".

　　决定做这个选题之后，我一再思考——站在化学的立场，我们能否明了化学的本质？站在资本的立场，我们能否明了化学的资本反应？

Decide to do this topic later,I think again and again, standing on the position of the chemical,Can we understand the essence of chemistry?Stand in the position of the capital,Whether we can clear chemical capital reaction?

　　它太复杂了。一点儿也不比18岁的艾伦·格林斯潘在享利·杰罗姆乐队用萨克斯吹奏毕博普爵士乐简单。在选题方案里，编辑对于化工的分类从上游的石油到终端产品，一共有514类——如果它一层关系等于一层大楼，你想那是什么概念？

It's too complicated.A little less than 18 years of Alan greenspan in Henry · Jerome band with saxophone playing bearingpoint's strong showing general jazz simple.In the selected topic in the scheme,Editor for chemical classification from upstream oil to terminal products,A total of 514 class - if it a layer of relationship is equal to a layer of the building,You want to what is that concept?

　　产业关系是什么？链条的成本和利润的结构是什么？每个产业区间主导者和定价者是谁？如何观察这个产业的主导价值区？要从514层产业关系中梳理和表达出来，这才是最大的意义。

What is the relationship between industry?Chain cost and profit structure is what?Each industry leader and pricing interval who?How to observe the industry's dominant value area?From the 514 layer industrial relations in carding and expression comes out,This is the biggest significance.

　　如果和读者一起来做这项研究，并体验它的过程，那就更有趣了。

If and readers together to do the research,And experience the process of it,That is more interesting.

　　这是第一期，涉及的是化工产业的结构问题，后面将层层深入，直至把每家公司与产业链价值对应，这就与你的财富关联度咫尺之遥了。

This is the first period,Is related to chemical industry structural problems,Behind will layer upon layer the thorough,Until the each company and industry chain corresponding value,It is with your wealth relational zhichizhiyao the.

　　现在的美国总统候选人、原贝恩资本合伙人罗姆尼对《Bloomberg Businessweek》说，“我最享受的事情是解决棘手问题的分析过程。”完整认识并判断复杂的化工问题，也相当棘手，所以只能从源头开始，一层一层展开和溯源。

Now U.S. presidential candidates/The original bain capital partners to Mr Romney[Bloomberg Businessweek]said,"I enjoy the most thing is to solve difficult problems analysis process."Complete understanding and judgment complex chemical problems,Also quite difficult,So can only from the source began,A layer of a layer of expansion and traceability.

　　希望对你有所帮助。

Hope to be helped somewhat to you.

　　与此相关，我们面前需要判断的另一个棘手市场是再融资问题——更进一步讲，是定向增发（包括公开增发与非公开增长）——数量众多资产正以IPO的倍数进入资本市场，而且资产的关联性极其复杂。

Related to this,We need to decide before another tough market is refinancing problem - furthermore,Is additional directional(Including additional public and private growth)- numerous asset is a multiple of IPO into the capital market,And the relevance of assets is extremely complex.

　　这极其考验投资人的鉴别力，它的水深不亚于太平洋(601099,股吧)。

This extremely test investor flair,Its depth as the Pacific Ocean(601099,guba).

　　为什么要讲得这么可怕呢。因为当前的再融资项目与之前的情况有了很大分别——之前增发进入市场的资产主要来源于三个类别：大股东资产、关联股东资产及行业整合资产，而且这三个类别资产完全处于在经营及利润正向关系。

Why do you want to speak so terrible.Because the current refinancing projects and the situation before a lot - respectively before enter the market shares of assets mainly comes from three categories:Big shareholders assets/Correlation shareholders assets and industry integration of assets,And the three categories of assets in completely in business and profit positive relationship.

　　那么现在呢，数量众多的资产不断延伸至上游：包括在建项目、预期项目，以及在研发项目，更严重的是甚至出现了无项目增发——这是一个让资金偷梁换柱产生市盈率的做法（案例是南方食品(000716,股吧)和康恩贝(600572,股吧)），犹如底部坐庄。这说明当前诸多进入资本市场的项目尚处于预期的不确定阶段。这个风险，可要有足够的评估和认识。

So now,Numerous assets constantly extend to upstream:Including construction projects/Expected project,And in the research and development project,More serious is appear even without additional project - this is a let capital perpetrate a fraud produce the practice of p/e ratio(Case is the southern food(000716,guba)And keng bei(600572,guba)),Like the dealer at the bottom of.This shows that the current many access to the capital market project is still in the expected not sure stage.The risk,Can want to have plenty of evaluation and understanding.

　　我们知道，一种物质与另一种物质相结合，一定会诞生另一种新物质。同理，一项资本与一个项目、或一个公司相结合，也会产生一种新物质——它一方面极可能产生一个有利结论，但也极可能产生一个有害结论。这个正负两极，差之万里。

We know that,A substance with another kind of material combination,Must be born another kind of new material.By the same token,A capital and a project/Or a combination of the company,Also can generate a kind of new material, on the one hand it is likely to create a favorable conclusions,But it is likely to produce a harmful conclusion.The positive and negative poles,Difference of the.

　　理财周报正在尝试建立定向增发的跟踪系统——观察每一项资本与进入资产的动向，测算资产进入市场的各方利益关系，跟踪项目进度及与预期差异，尽最大努力监督利益公平。

Financial weekly is trying to build directional issued shares of tracking system -- watch each capital and assets into the trend,Measure assets into the market of the relationship between the interests of both sides,Tracking the project schedule and expected difference,Try your best to supervision and benefit fair.

　　新物质关系，你要更加注意。

The new material relationship,You have to pay more attention to.