从本月22日开始，涉及山东英大保险经纪有限公司（下称“英大保险经纪”）的两宗股权，被公开挂牌叫卖。其中一宗由山东电力集团持有，另外一宗由英大国际信托有限责任公司（下称“英大国际信托”）持有。上述两家企业均持有标的公司12%股权，此番欲悉数转让，挂牌价格均为972万元。

From this month 22 began,Involved in shandong British big insurance brokers co., LTD(said"The big insurance brokerage")Two cases of equity,Be publicly listed peddle.One of the cases by shandong power group hold,In addition a generation by the big international trust co., LTD(said"The big international trust")hold.The two companies are holding 12% stake target company,The comments in to transfer,Listed price are for 9.72 million yuan.

　　看似普通的两宗股权转让，背后却隐藏着国家电网（或称“国网”）的大战略。那就是，对旗下金融资产进行强有力的整合。经济导报记者多方调查获悉，由国家电网设立的控股平台公司———英大国际控股集团有限公司（下称“英大集团公司”），正在统一运作和管理其旗下金融企业。

Seemingly ordinary two of the equity transfer,But hidden behind state grid(Or say"priorities")Big strategic.That is,To its financial assets to conduct a strong integration.Reporter learned in gaining economic survey,Set up by the state power grid holding platform company -- the largest international holdings group co., LTD(said"The big group company"),Is unified operation and management under the financial enterprise.

　　山东电力集团原董事长刘振亚赴京担任国家电网总经理后，国家电网的金融版图重心也由济南转移到了北京。山东电力集团所持的金融机构股权被陆续划拨到国网总部，然后是英大信托、英大证券、英大期货等金融机构的总部迁入北京，区域性公司纷纷“转身”为全国性公司。

Shandong power group chairman of the board of directors to the original LiuZhenYa as the state grid after general manager,State grid financial center of gravity map from jinan moved to Beijing.Shandong power group holdings of the financial institutions in equity was transferred to the headquarters of priorities,And then is the great trust/British big securities/The big futures of the financial orgnaization such as move their headquarters in Beijing,Regional office in succession"turned"For national company.

　　“上述股权转让，一方面说明山东电力集团在按照计划清退手中的金融资产，同时，这些股权很可能被英大保险经纪目前的大股东———英大长安保险经纪有限公司（下称‘长安保险经纪’）接手。长安保险经纪便由英大集团公司掌控。”23日，“鲁能系”一名熟悉内情的中层人士萧河对导报记者分析说。

"The equity transfer,On the one hand that shandong power group in according to plan to repel the hands of the financial asset,At the same time,These equity is likely to be the big insurance brokerage present big shareholders --, the big changan insurance brokers co., LTD(said‘Changan insurance brokerage’)Took over.Changan insurance brokerage and by the large group company control."23,"Luneng system"A person familiar with the matter to the middle XiaoHe serially analyzed reporter said.

　　

为各自大股东 For each big shareholders

　　量身定做 tailored

　　挂牌信息显示，长安保险经纪持有英大保险经纪52%股权。截至今年9月30日，英大保险经纪实现营业收入3532.02万元，净利润1766.86万元。北京中同华资产评估有限公司出具的评估报告显示，英大保险经纪净资产账面价值为7383.25万元，净资产评估价值为8100万元。

Listing information display,Changan insurance brokerage hold the big insurance brokerage 52% equity.So far this year on September 30,,The big insurance brokerage achieve business income is 35.3202 million yuan,Net profit of 17.6686 million yuan.Beijing assets appraisal co., LTD. With China issued by the evaluation report,The big insurance brokerage net assets book value for 73.8325 million yuan,Net assets evaluation value for 81 million yuan.

　　根据拟定的受让方条件，意向受让方受让山东电力集团转让的英大保险经纪12%股权，需同时受让英大国际信托转让的另外12%股权。此外，意向受让方应为中国大陆地区注册并合法存续的内资企业法人，截至挂牌日起始日，注册资金在2亿元以上（不含2亿元），须从事保险经纪业务，具有《经营保险经纪业务许可证》。此次挂牌转让标的不接受联合受让、信托及委托方式受让。

According to the proposed transferee conditions,Intention to purchase the transferee of shandong power group transfer of the big insurance brokerage 12% equity,At the same time to transfer the big international trust transfer of another 12% equity.In addition,The assignee shall be the intention to mainland China registered and legitimate existence of domestic enterprise legal person,By listing day inception,The registered capital is in 200 million yuan of above(Excluding 200 million yuan),Must be engaged in insurance brokerage business,has[Business insurance brokerage business license].The listing transfer target don't accept joint transfer/Trust and entrust to purchase the way.

　　“能够达到上述条件的，除了长安保险经纪，还能有谁？”萧河说。

"To reach the conditions mentioned above,In addition to changan insurance brokerage,who?"XiaoHe said.

　　导报记者查悉，长安保险经纪成立于2001年，注册资本2.29亿元。作为国内最大的保险经纪公司，长安保险经纪资产总计9.96亿元，负债总计4561.27万元，所有者权益为9.50亿元，经评估后净资产为8.22亿元。今年前3季度，实现营业收入4.76亿元，净利润2.28亿元。其资质与实力，显然与上述挂牌要求极为相符。

Reporter gaining check sita,Changan insurance brokerage was founded in 2001,Registered capital of 229 million yuan.As the nation's largest insurance brokerage company,Changan insurance brokerage assets total 996 million dollars,A total of 45.6127 million yuan in debt,Owner's equity for 950 million yuan,After the evaluation net assets for 822 million yuan.In the first three quarters of this year,To realize the business income is 476 million yuan,Net profit of 228 million yuan.The qualification and strength,Obviously and the listing requirements are extremely consistent.

　　英大保险经纪的前身，是山东鲁能英大保险代理有限公司。作为国内首批获准开业的保险中介机构之一，该公司由“鲁能系”公司于2001年4月发起成立。2003年，该公司进行增资扩股，并改制为英大保险经纪。

The big insurance brokerage predecessor,Shandong luneng is the big insurance agency co., LTD.As the domestic first allowed to open one of the insurance intermediary institutions,The company consists of"Luneng system"The company launched in April 2001 was established.In 2003,,The company to increase endowment spread,And for the restructuring of large insurance brokerage.

　　除上述股权转让外，本月中旬，长安保险经纪1.31%及1.75%股权两项目也开始挂牌转让，挂牌价格分别为1076.82万元和1438.5万元。两项目的转让方分别为黄河上游水电开发有限公司和深圳市国电实业有限公司。挂牌要求，意向受让方需同时受让两宗股权转让项目，且意向受让方注册资金在10亿元以上，连续3年盈利。意向受让方或其控股公司经营范围中包括保险经纪业务。

In addition to the equity transfer outside,In the middle of this month,Changan insurance brokerage 1.31% and 1.75% equity two program has begun to transfer listed,Listed price respectively is 10.7682 million yuan and 14.385 million yuan.Two projects of the transferor respectively, the upper reaches of the Yellow River hydropower development co., LTD and shenzhen guodian industrial co., LTD.Listing requirements,Intention to purchase the transferee shall also two cases of equity transfer project,And intention transferee registered capital is in 1 billion yuan of above,Continuous 3 years profit.Intention transferee or its holding company business scope includes insurance brokerage business.

　　从上述受让条件来看，长安保险经纪现第一大股东、持股49.13%的英大集团公司，显然为潜在接盘方。公开资料显示，英大集团公司由原国网资产管理有限公司更名组建，注册资本金160亿元。

From the above transfer condition to see,Changan insurance broker is the first big shareholder/Holding 49.13% of the big group company,Obviously for potential flange party.Public data shows,The big group company by the original priorities asset management co., LTD. Was set up,Registered capital of 16 billion yuan.

　　如果说山东电力集团清退金融股权，属于资产梳理整合的一步，那么，长安保险经纪以及英大集团公司，本就是相关金融企业的大股东，为何还要进一步选择受让股权？

If the shandong power group to repel financial equity,Belong to the assets carding integration step,so,Changan insurance broker and the big group company,This is related to the major shareholder of financial enterprises,Why need to further choose equity transfer?

　　“这就体现了国网的整体战略考量———便于提升‘英大’金融品牌的影响力。”萧河进一步表示，仔细研究便不难发现，“英大系”对于所持处于次要股东地位的金融机构股权，大部分会选择挂牌转让或在二级市场抛售；对处于主要股东地位的，则会寻求增持。比如对长安保险经纪等的股权处置，莫不如此。

"This reflects the overall strategic considerations priorities - easy to ascend‘British big’The influence of the financial brand."XiaoHe further said,A careful study of it is not difficult to find,"British series"For a minor shareholders in the status of the financial institutions equity,Most will choose listed transfer or sell in the secondary market;In the major shareholder status,Will seek increasing.For instance, in changan insurance brokerage, equity disposal,There so.

　　

国网的“算盘” The priorities"abacus"

　　根据导报记者调查，国家电网进入金融领域初期，主要是以山东电力集团为主，先后参股华夏银行(600015,股吧)、交通银行(601328,股吧)，控股了英大国际信托、蔚深证券、鲁能金穗期货，成立了济南英大证券投资咨询公司、鲁能英大保险代理公司，并通过山东鑫源控股有限公司将其旗下的全部金融资产进行整合。由于介入较早，山东电力集团得以通过较低成本获取了大量金融资产。

According to reporter investigation newsletter,State grid into the financial sector initial,Mainly is by the shandong power group is given priority to,Successively participation huaxia bank(600015,guba)/Bank of communications(601328,guba),Holding the big international trust/Wei deep securities/Luneng JinSui futures,Established the jinan British big securities investment consulting company/Luneng British big insurance agency,And through the shandong xinyuan holding co., LTD. Will the its integrate all financial assets.Because earlier intervention,Shandong power group to through the lower cost for a large number of financial assets.

　　2005年，时任山东电力董事长的刘振亚调至国家电网担任总经理，国家电网提出“加快金融资产整合，建设统一金融运作平台”的战略决策，旨在成立一家金融集团。

In 2005,,The shandong electric power of the chairman of the board LiuZhenYa transferred to the state grid as a general manager,State grid is put forward"To speed up the integration of financial assets,Construction unified financial operation platform"Strategic decision,Aims to set up a financial group.

　　同年，英大财险筹备组、英大寿险筹备组宣告成立。翌年，国家电网以财务公司、财险、寿险、信托和证券五大支柱为核心，包括中介、基金、金融租赁等业务的金融运作平台雏形基本形成，并要求旗下公司将持有的银行、保险、证券等金融机构股份全部划转至总部。

In the same year,The big constitute property/The great life insurance preparatory group was proclaimed.in,State grid to finance company/property/Life insurance/Trust and securities five pillar as the core,Including intermediary/fund/Financial leasing business financial operation platform prototype basic formation,And ask the company will hold its bank/insurance/Securities, and other financial institutions all shares transfer to headquarters.

　　2006年开始，山东电力集团持有的英大信托、蔚深证券、华夏银行等金融企业股权便开始逐渐被收归至国家电网。加上2007年发起设立的英大泰和人寿和2008年成立的英大泰和财险，国家电网直接控股了英大信托、英大证券、英大泰和人寿、英大泰和财险等公司。

2006 start,Shandong power group holdings of the great trust/Wei deep securities/Chinese Banks and other financial enterprise equity began to gradually to the nationalization of state grid.Add 2007 to launch the big taihe life and established in 2008 the big property cooperates,State grid direct holding the great trust/British big securities/The big taihe life/The big companies such as general insurance cooperates.

　　实际上，初期国家电网所持金融股权较为分散，缺乏统一的战略指导。2005年，国网成立了金融资产管理部，负责整合金融资产。2007年国网资产管理公司成立。通过优化重组金融资源，构建母公司层面统一的金融运作平台，将旗下公司所持金融机构股权划转到国家电网总部，再由国家电网无偿划拨给国网资产管理公司，并将国网资产管理公司改组为英大集团公司，国家电网顺利完成了旗下金融资产的整合，以英大集团公司为管控主体的金融控股集团资本纽带关系全面建立。

In fact,Initial state grid the financial equity more dispersed,The lack of unified strategic guidance.In 2005,,Priorities established financial assets management department,Responsible for the integration of financial assets.2007 priorities asset management company was set up.Through the optimization and reorganization of financial resources,Constructing the parent company level unified financial operation platform,Its company held by the financial institution equity transfer to the national grid headquarters,Again by state grid voluntary transfer priorities to asset management companies,Priorities and asset management companies restructuring for the big group company,State grid successfully completed the integration of its financial assets,With the large group company for the control of the main financial holding group capital ties set up overall.

　　“从济南到北京，不但提升了国家电网旗下金融资产的盈利能力，也为国家电网的产融结合奠定了基础。”萧河分析，从英大国际信托、英大证券、英大期货，到英大长安保险经纪、英大泰和人寿、英大泰和财产保险，再到英大集团公司的成立，国家电网一直围绕“英大”打造其金融产业的品牌，不但提升了其金融品牌价值，还在一定程度上避免了与国家电网自身品牌的混乱。

"From jinan to Beijing,Not only enhance the state grid its financial asset profitability,Also for the state grid yield with harmony laid a foundation."XiaoHe analysis,From the big international trust/British big securities/British big futures,To the big changan insurance brokerage/The big taihe life/The big taihe property insurance,To the large group establishment of the company,The state grid has been around"British big"Make its financial industry brand,Not only enhance the financial brand value,Also to a certain extent, to avoid the state grid and their own brand of chaos.

　　与此同时，“鲁能系”曾持有的大量金融资产，如今已经处理殆尽。比如曾作为鲁能金融产业平台的英大国际信托（前身为“济南市国际信托投资公司”），早已被国家电网通过增资入股的方式收归麾下。

meanwhile,"Luneng system"Once held a large number of financial assets,Now deal with danger.For instance was used as a luneng financial industry platform the big international trust(Predecessor for"Jinan international trust and investment corporation"),Have been the national power grid through the capital increase invest way under the nationalization.

　　

谋产融型金控集团 Seeks the production melting type gold control group

　　在英大集团公司《金融控股集团内外协同战略研究》课题组成员范海荣和张晔看来，产融型金融控股集团是产业集团办金融而打造形成的金融控股集团。产融结合的目的，在于分享由金融牌照稀缺带来的高收益，多元化业务收入来源，平滑集团整体财务波动。

In the big group company[Financial holding group internal and external coordination strategy research]Task group member FanHaiRong and ZhangYe looks,Produce melting type financial holding group is industry group do financial and to make a form of financial holding group.The purpose of production with harmony,Is to share the financial license scarcity brings high yield,Diversified business source of income,Smoothing group financial fluctuation.

　　导报记者注意到，由于国家对金融领域的进入采取严格审批制，造成金融牌照的稀缺以及由此带来的高收益。根据2011年上市公司年报统计，金融服务业的毛利率达50%以上，净资产收益率超过19%，远高于其他行业。

Offer reporter noticed,Because of the state of the financial sector in strict ShenPiZhi,Cause financial license scarcity and science-induced high yield.According to the 2011 annual reports of listed companies statistics,The financial services industry profit margins of more than 50%,Return on equity of more than 19%,Is far higher than other industries.

　　目前，国内产融结合步伐加快，金融控股公司模式渐成趋势，各主要央企也加大了金融产业的投资。

At present,Domestic production with harmony accelerated,Financial holding company model jiancheng trend,The main renmin also increased the financial industry investment.

　　范海荣和张晔分析认为，央企投资于金融产业主要有3种途径。一种是主要由集团直接进行金融股权投资。典型企业是中石油与中海油；一种是集团与旗下某个金融公司（一般是投资平台公司或信托公司）共同投资和管理；另外一种便是专设金融控股公司进行投资和管理。典型例子即是英大集团公司，旗下涵盖银行、保险、证券、资产管理等多个板块、多家金融单位。

FanHaiRong and ZhangYe analysis think,Renmin investment in the financial industry mainly have three kinds of ways.One kind is mainly by group directly financial equity investment.In typical enterprises are oil and cnooc;One kind is group and its a finance company(The general is investment platform company or trust company)Common investment and management;Another is AD hoc financial holding company for investment and management.A typical example is the big group company,Its covers bank/insurance/securities/Asset management, and other plate/Several financial unit.

　　鲁信集团原董事长赵奎曾对导报记者表示，现今各金融机构都在加强合作，银信、银证、银保等跨行合作日益扩大，但由于存在诸多制约因素，远不能满足内在需要。

LuXin group chairman of the board of directors of the ZhaoKuiCeng serially reporters,Now all financial institutions are in strengthen cooperation,carried/Silver-colored card/Silver coverage and an inter-bank cooperation widening,But because there are many restricting factors,Far cannot satisfy the inner need.

　　“而且，与在同一控股公司平台下的金融控股集团相比，不属于同一利益主体的跨行业合作，成本更高，稳定性更差，”赵奎说，“金融控股集团则可把多个金融子公司纳入经营范围，可以在控股公司的集团层面上，提供专业化的风险管理，而不是原来粗放的、分割的管理，防范控制风险能力更强。同时，金融控股集团也可参与投资，实现收益多元化。”

"and,And in the same holding company platform of financial holding group compared with,Do not belong to the same benefit main body of cross-industry cooperation,Higher costs,Stability worse,"ZhaoKui said,"Financial holding group is more than the financial subsidiary into the scope of business,Can be in a holding company JiTuanCeng surface,Provide professional risk management,Not the original extensive/Integral management,To prevent the risk control ability is stronger.At the same time,Financial holding group also can participate in the investment,Realizes the income pluralism."

　　萧河则指出，目前来看，英大集团公司打造的“金融帝国”已初具雏形。其成员单位包括中国电力财务有限公司、英大泰和财产保险、英大泰和人寿保险、英大国际信托、英大证券、长安保险经纪、英大期货等7家金融企业，个个身世显赫。

XiaoHe is pointed out that,So far,The large group of companies to build"Financial empire"Already into shape.Its members unit including China electric power finance co., LTD/The big taihe property insurance/The big taihe life insurance/The big international trust/British big securities/Changan insurance brokerage/The big futures 7 house financial enterprise,All life eminent.

　　事实上，自“十一五”以来，以国网资产管理公司为控股主体，以“英大”品牌为标志，涵盖7家控股金融单位、19家参股金融机构的“英大系”金融控股集团，架构已然形成。金融产业已成为国网核心业务体系的重要组成部分。（应受访者要求，文中“萧河”为化名）

In fact,since"11th five-year plan"since,Priorities to asset management companies for holding subject,to"British big"Brand as the symbol,Covers seven home holding financial unit/19 participation of financial institutions"British series"Financial holding group,Architecture is already taking shape.The financial industry has become the core business priorities an important part in the system of.(Respondents requirements should be,This paper"XiaoHe"For alias)