信息早报 张斌

Information morning post zhang bin

　　尽管上证指数在本周一度跌破2000点，投资者的情绪再度受到打击。就连北京金融街一家营业部门口的石牛忽然倒塌，也被网友们在微博上调侃为“牛市被打倒”。但我们也应当看到，近来监管层的政策正在逐步打开通往A股的资金渠道。

Although the Shanghai index in this week once below 2000 points,Investor sentiment again come under attack.Even the Beijing financial street district has a sales office at the entrance of the gate of stone cow suddenly collapsed,Also be net friends in micro blog for fun"Bull market is down".But we should also see,Recently the supervisor's policy is gradually open to A share capital channel.

　　近日证监会副主席刘新华表示，目前RQFII总额度已达到2700亿元人民币，未来会继续增加RQFII额度。

Recently, vice chairman of the CSRC LiuXinHua said,At present RQFII ZongEDu has reached 270 billion yuan RMB,The future will continue to increase RQFII line.

　　今年5月，证监会有关部门负责人就表示，监管部门将进一步加大引入境外长期资金的力度，简化QFII申请文件要求和审批流程，加快资格审批。同时，对养老基金、公积金等长期资金性质的QFII优先审核，要保证投资额度，以壮大机构投资者力量，进一步提高QFII投资占资本市场的比重。

In may this year,Securities regulatory commission in charge of relevant departments of the means,Regulators will further increase the introducing foreign long-term capital strength,Simplify the QFII application document request and the approval process,Speed up the qualification examination and approval.At the same time,Pension funds/Provident fund and long-term capital nature of the QFII priority audit,To ensure that the amount of investment,To expand power institutional investors,Further improve the QFII investment accounts for of the proportion of capital market.

　　同时，扩大保险资金入市的步伐也没有停止。7月底，保监会发布《关于保险资金投资股权和不动产有关问题的通知》，10月下旬公布的《关于保险资产管理公司有关事项的通知》指出：保险资产管理公司除受托管理保险资金外，还可受托管理养老金、企业年金、住房公积金等资金；更值得关注的是，《通知》明确，保险资产管理公司符合有关规定的，可以依法申请开展公募性质的资产管理业务。这意味着保险资产管理公司在符合相关规定的情况下，可以像基金公司那样发行基金产品，向社会公众募集资金。

At the same time,Expand insurance capital listed the step also didn't stop.The end of July,Issued by the China insurance regulatory commission[About the insurance fund investment in equity and real estate of the relevant questions of the notice],Released late October[About the insurance assets management companies related matters notice]Pointed out that:The insurance assets management companies in addition to the management of the insurance funds,Can the pension management/Enterprise annuity/The public accumulation fund for housing construction and other funds;The more notable is,[notice]clear,Insurance asset management company is in compliance with the relevant provisions,Can apply for to carry out public offering nature of the asset management business.This means that the insurance assets management companies in accordance with the relevant provisions of,Like a fund company that issue fund products,To the social public to raise funds.

　　10月，包括券商和基金公司在内的40家机构分三批被保监会授予“保险资金投资管理人资格”。

October,Including brokers and fund company, 40 institutions by the China insurance regulatory commission awarded three shipments"Insurance funds investment managers qualification".

　　券商方面，10月底发布的《国务院关于第六批取消和调整行政审批项目的决定》，将使证券公司设立集合资产管理计划从审批制转变为备案制，这对券商集合理财产品的设立进行了松绑，市场预期今后券商集合理财产品有望进入快速发展阶段。

Brokers aspects,By the end of October[The state council on the sixth group of cancellation, and adjust items of administrative examination and approval decision],Will make a securities company set up aggregate asset management plan from ShenPiZhi into records,The brokers set the establishment of financial products are easing,Market expectations in the future brokers set financial products is expected to enter the rapid development phase.

　　本月16日，证监会发布实施《关于修改〈关于证券公司风险资本准备计算标准的规定〉的决定》和《关于调整证券公司净资本计算标准的规定》，进一步显著降低了证券公司部分业务风险资本准备计算比例和净资本扣减比例。按现有规模，两项新规将为证券行业释放出500多亿元资本金。市场认为这将大大有利于进一步推动证券公司资产管理、证券投资、衍生产品等业务的发展及创新。

This month 16 days,Issued by the CSRC[On revising about securities company risk capital to the provisions of the calculation standard > decision]and[Concerning the adjustment of the securities company net capital calculation standard regulations],Further significantly reduced the securities company part of the business risk capital preparation calculation proportion and net capital deduction ratio.According to the existing scale,Two new gauge for the securities industry will release more than 500 yuan capital.Markets think this will greatly conducive to further promote the securities company asset management/Securities investment/Derivative business development and innovation.

　　困扰市场多年的私募基金账户受限问题也在今年9月得到解决。中登公司发布《关于信托产品开户与结算有关问题的通知》，明确信托公司可自行开立证券账户参与证券交易，或按照市场化原则，自主选择委托基金公司专户理财、证券公司定向资产管理计划参与证券交易。暂停三年的信托账户终于“再出江湖”。

Troubled market years of private fund account restricted problem also in September this year resolved.In the company's release[About trust products accounts and settlement of the relevant questions of the notice],Clear the trust company can open a securities account to participate in securities trading,Or, in accordance with the market principle,Independent choice of trust fund only door finance company/A securities company directional asset management plan to participate in securities trading.Suspended three years of trust account finally"Then out of the river's lake".

　　另外，融资业务的发展也为市场引来一股源头活水。今年10月下旬，中国证券金融公司在初始资本金75亿元的基础上实施第一次增资扩股，资本金规模扩充至120亿元，目前公司面向民营资本及金融机构开放的100亿元增资扩股方案在制定当中。本周证金公司 即将发行2012年第一期短期融资券，筹集的30亿元资金将用于满足市场对开展转融资业务的资金需求。

In addition,Financing business development for the market also draw one strands of its source.Late October this year,,The China securities finance companies in the initial capital of RMB 7.5 billion on the basis of the implementation of the first increase endowment spread,Capital scale expansion to 12 billion yuan,At present the company faces the private capital and financial institutions open 10 billion yuan increase endowment spread scheme being worked out.This week the gold card company going to release in 2012 the first phase of short-term financing bonds,Raise 3 billion yuan capital will be used to meet the market split came financing business capital demand.

　　当然，渠道打开并不等于资金进来，资金大举入市还有待于经济形势的进一步明朗。但是从RQFII在香港市场大受欢迎，表明健康状况远远好于欧美日的中国经济，正在对海外投资者产生越来越强的吸引力。

Of course,Open channel is not equal to the capital come in,Large funds market remains to be further clear economic situation.But from RQFII market popular in Hong Kong,Show that health is far better than Europe and the United States, China's economy,For overseas investors are produced more and more strong attraction.