几乎所有的欧美大行今年都在收缩战线，瑞银集团公开宣布裁撤投行业务的举措则被称作“壮士断腕”。但瑞银在亚洲区尤其是中国的投行业务却仍然保持着领先地位。

Almost all of the Europe and the United States this year big line in contraction front,Ubs announced publicly cut the investment banking action is called"Strong man DuanWan".But ubs in Asia especially China's investment banking still maintained a leading position.

　　这种反差很大程度上源于“投行”一词涵盖的范围有所不同——瑞银抛弃的是由于监管和市场变化而失去经济效益的固定收益相关业务,当中以自营业务为主；但在亚洲和中国市场，这家“百年老店”经营的仍主要是投行传统意义上的股票、债券融资服务，以及兼并收购和经纪业务。当然，值得一提的还有瑞银的传统强项——私人银行业务。

This contrast to a large extent from"Investment Banks"The scope of a word covers different - ubs abandoned is due to regulatory and market changes and lose economic benefit of fixed income related business,Of its business primarily;But in Asia and China market,the"One hundred years old shops"Business is still mainly is the investment Banks traditional stock/Bond financing service,And merger and acquisition and brokerage business.Of course,To speak of and ubs's traditional strengths - private banking.

　　瑞银亚洲投资银行部主管、董事总经理金弘毅在最近的一次专访中告诉《第一财经日报》记者，全球的监管环境对大银行提出了更高的资本充足率和流动性要求，瑞银缩减部分业务是顺应了市场潮流，宣布新战略以来其股价已经上升了约20%；在亚洲，以私人银行和股票销售交易配合传统投行业务的模式则仍然是“合适的”。

Ubs Asia competent k/JinHongYi managing director in a recent interview tell[The first financial daily]reporter,Global regulatory environment on big bank puts forward higher capital adequacy ratio and liquidity requirements,Ubs cut some of the business are complied with market trend,The new strategy announced since its share price has risen about 20%;In Asia,In private Banks and stock sales transaction cooperate with traditional investment banking business mode is still is"appropriate".

　　离岸业务综合优势 Offshore business comprehensive advantages

　　谈到投行业务，外资行及其在中国的合资券商给外界的一般印象是市场份额很小，业务拓展的成效不明显。但这种认识仅仅是基于A股IPO这一项指标，难免管中窥豹，只见一斑，忽略了与内地紧密相关的香港市场。

When it comes to investment banking,Foreign capital line in China and its joint venture securities trader to outside general impression is that market share is very small,Business development effect is not obvious.But this kind of understanding is only based on the A share IPO this indexes,Unavoidably ab uno disce omnes,See one spot,Ignore the mainland and the Hong Kong market closely related.

　　以Dealogic统计的今年前九个月股票融资市场数据为例，中国区（包括香港）业务量排名第一的是高盛，中信证券(600030,股吧)列第二位，瑞银紧随其后。A股市场业务很不如意的中金公司意外地排在第四位，再往后才是国信证券和广发证券(000776,股吧)等擅长中小项目的本土券商。

To Dealogic statistics of the first nine months of this year, the stock financing market data as an example,China(Including Hong Kong)Volume ranked first, Goldman sachs,Citic securities(600030,guba)Column the second,Ubs followed by.A-share market business very unpleasant cicc accidentally came in fourth,Is held back securities and wide hair negotiable securities(000776,guba)Small and medium-sized projects such as good at local brokers.

　　高盛在内地的合资券商高盛高华近两三年来鲜有建树，几乎缺席A股IPO榜单。但中国离岸业务方面高盛却仍然执牛耳。这显示出外资大行的某种策略——内地机构仅仅是作为触手和服务平台，而主要的利润来源则是其更能展现综合服务优势的香港市场。瑞银与高盛的情况并不完全相同，但香港这个离岸市场也同样是其重要的舞台。今年香港前十大IPO中瑞银领衔了6单交易，包括海通证券(600837,股吧)（19亿美元）、内蒙古伊泰煤炭（9亿美元）和复星医药(600196,股吧)（5亿美元）等。

Goldman sachs in the mainland's joint venture securities trader Goldman sachs gao hua for two or three years had few,Almost absent A share IPO list.But China offshore business Goldman sachs still be the acknowledged leader.This shows that foreign big done some strategy - the mainland mechanism is just as tentacles and service platform,And the main profit source is more can show the comprehensive service advantage of the Hong Kong market.Ubs and Goldman's case is not exactly the same,But Hong Kong the offshore market also is the important stage.This year, the top 10 Hong Kong IPO ubs head the list six single transaction,Including haitong securities(600837,guba)(1.9 billion dollars)/Inner Mongolia the Thai coal(900 million dollars)Fosun medicine and(600196,guba)(500 million dollars), etc.

　　与股票融资的冷清相比，今年以来无论内地还是香港市场债券融资都稳步增长。瑞银在债市的成绩单也有值得圈点之处。除了中石化、兖州煤业(600188,股吧)和中海油服(601808,股吧)等大型国企的投资级别美元债券之外，还帮助多家房地产企业发行了高收益债。

Compared with stock financing cold and cheerless,Since this year regardless of the mainland and Hong Kong market bond financing is growing steadily.Ubs in debt report card also have worth punctuate place.In addition to sinopec/Yanzhou coal joint-stock company(600188,guba)And cnooc suit(601808,guba)The large state-owned enterprises, such as investment grade outside $bond,Also helped several real estate enterprise issued high yield debt.

　　在并购领域，瑞银的一些项目显示出投行综合服务的协同效应。今年瑞银协助兖州煤业在澳大利亚完成一笔价值65亿澳元的收购交易，而兖州煤业又同时是瑞银的债券融资客户。

In m&a field,Ubs investment bank some of the project shows that comprehensive service synergy effect.This year ubs assist yanzhou coal joint-stock company in Australia made a $6.5 billion purchase transaction,And yanzhou coal joint-stock company and at the same time is ubs bond financing customer.

　　境内主打债券承销 Domestic main bond underwriting

　　与高盛完全侧重离岸业务不同的是，瑞银更早进入中国市场并获得全牌照，离岸与在岸投行业务拓展更为均衡，股票、债券和并购业务各有斩获，且形成了针对老客户的综合服务能力。今年，瑞银证券表现最好的无疑是债券业务，尤其是证监会力推的公司债。

And Goldman sachs completely emphasis on offshore business is different,Ubs earlier to enter the Chinese market and get the whole license plate,Offshore and the investment banking business development more balanced,stock/Bonds and mergers and acquisitions each have gained ground,And formed according to old customers comprehensive service capacity.This year,Ubs securities best is undoubtedly bond business,Especially the CSRC push company debt.

　　今年以来，交易所公司债融资规模已经达到2000亿元人民币，并有望进一步增长。瑞银证券从2007年以来融资规模超过500亿元, 承销的公司债数量达到41只，这一成绩稳居行业第一，市场份额超过11%。

Since this year,Exchange corporate debt financing scale has reached 200 billion yuan RMB,And is expected to further growth.Ubs securities financing scale since 2007 more than 50 billion yuan, Underwriting company debt quantity reach 41 only,This results in industry first,The market share of more than 11%.

　　中国交建(601800,股吧)2009年和今年两度委托瑞银主承销总额100亿元和120亿元的公司债。今年瑞银为中国石化(600028,股吧)发行的200亿元公司债则是截至目前单次发行规模最大的此类品种。

China built into the(601800,guba)In 2009 and twice this year by ubs main underwriting total 10 billion yuan and 12 billion yuan of corporate debt.This year ubs for sinopec(600028,guba)Issue 20 billion yuan corporate debt is so far the largest single issue such varieties.

　　不过，瑞银的这一领先优势也遇到了新的挑战。近期银行间市场交易商协会再度放开券商参与中期票据承销，但只有综合评级在AA级以上的证券公司才能申请资格。瑞银证券目前尚未达到这一标准。

but,Ubs this lead also met with new challenges.Recent interbank market dealers association again let go of brokers participate in medium-term notes underwriting,But only comprehensive rating in the AA level above the securities company to apply for qualifications.Ubs securities has yet to meet this standard.

　　银行间债市的体量和流动性远远超过交易所债市，而中票等融资工具的灵活度也比企业债和公司债要高。尽管交易所债市成长迅速，但要达到与银行间债市比肩的程度还有很长的路要走。这需要监管者进一步放开市场创新的束缚。

Interbank bond market volume and liquidity than bond market exchange,And in financing tools such as ticket flexibility than QiYeZhai and corporate debt to high.Although exchange the bond market to grow rapidly,But to achieve and inter-bank bond market the extent of the shoulder to shoulder still have a long way to go.This requires regulators further open the market innovative bound.