主演：中国QDII 美国农产品

Starred in:Chinese QDII U.S. agricultural products

　　过去的一年，世界经济形势错综复杂，变数丛生。而作为经济晴雨表的金融市场，特别是股票和大宗商品等风险资产，也上演了一出出令人目不暇接的好戏。

The past year,The world economic situation complex,Variable cluster.As the economic barometer of financial markets,Especially the stock and commodity risk assets, etc,Also staged a dazzling and play.

　　⊙记者 朱周良 ○编辑 梁伟

⊙ reporter ZhuZhou good ○ LiangWei editor

中国QDII的春天 Chinese QDII spring

　　2012年，对汤海波来说绝对是个幸运年。

In 2012,,To ShangHaiBo is absolutely is a lucky year.

　　在A股一片哀鸿之际，汤海波管理的国投瑞银全球新兴市场股票基金今年却“逆势”收获了超过20%的收益率，稳居QDII前三甲。

In A share A piece of "the hon,ShangHaiBo management international trust &investment ubs global emerging market stock funds but this year"contrarian"Harvest more than 20% of the rate of return,Top ranks before QDII.

　　至少在广大A股股民眼中，这绝对是一个奇迹，但其恰恰是今年全球股市表现的缩影和真实写照。

At least in the A shares in the eyes of investors,It's a miracle,But it is the epitome of the global stock markets this year performance and true portraiture.

　　用一个词来形容今年全球股市的表现，那就是“西边日出东边雨”。深陷债务危机和经济低迷泥沼之中的欧美股市，顽强地不断创出新高，德国等股市甚至回到了金融危机前的高点；而在基本面被公认为更佳的新兴经济体，股市的表现反倒是落在了后头，尤其是中国的A股市场，连续第三年沦为在全球垫底的主要股市之一。在2012年的绝大多数时间里，A股都在一路南行，上证指数更是自2009年以来首度跌破2000点，最多时累计跌幅达11%。反观海外市场则是涨声一片，德国等发达市场的全年涨幅达到惊人的30%左右。

Use one word to describe this year the global stock market performance,That is"Sunrise east west rain".In the debt crisis and the economic downturn in the mire of Europe and the United States market,Doggedly constantly to fresh record highs,Germany stock market and even returned to the financial crisis before the high;And in fundamentals is recognized as the better emerging economies,The performance of the stock market but are falling behind in school,Especially China's a-share market,For the third year in a row in the bottom of the world become one of the major markets.In 2012, most of the time,A share in all the way then,The Shanghai index is since 2009 the first below 2000 points,As the cumulative decline of 11%.In overseas markets is a sound a piece,Germany and other developed markets of the year or at an astonishing 30%.

　　由此也就促成了今年中国基金市场“外热内冷”的一幕。而自出世以来便备受冷遇的QDII，也终于迎来了扬眉吐气的时候。据统计，截至2012年12月13日，中国内地333只标准股票型基金今年以来的净值增长率为负的0.73%；反观投资海外的57只QDII，不管是针对全球、成熟市场、新兴市场、亚太还是海外指数，无一例外地实现正收益，平均收益率从4%到16.5%不等。汤海波管理的国投瑞银全球新兴市场股票基金，以及另外两家国内基金公司的QDII产品，更是实现了全年超过20%的高收益。

Thus it can also be contributed to the fund market this year in China"External heat in cold"scene.Since since birth and the cold shoulder QDII,And when finally ushered in the hold one's head high.According to the statistics,By the end of 2012 on December 13,Mainland China only 333 standard stock fund since this year the net growth rate of 0.73% of the negative;Overseas investment in 57 only QDII,Whether the global/Mature markets/Emerging markets/The asia-pacific or overseas index,No exception to positive income,The average rate of return range from 4% to 16.5%.ShangHaiBo management international trust &investment ubs global emerging market stock funds,And two other domestic fund company QDII products,But also realized the more than 20% of high yield.

　农产品“独舞”商品乱市 Agricultural products"Solo dance"Commodity disorderly city

　　视线转向美国。7月份的美国艾奥瓦，正是一年中最热的时候。

Line of sight to the United States.Iowa in July,It is the hottest time.

　　52岁的迪克·汤普森光着膀子站在自家的玉米地中，从已经发黄、干枯的茎秆上随手掰下一根玉米棒子，剥开来却看不到几粒玉米，即便有些长出来的籽粒也早已干瘪。

52 years old dick Thompson bare arm stand in his corn field in,Has yellowed from/Dry the stalks with twisted off a piece of corn on the cob,The stripping, but we can't see a few grains of corn,Even if some long out of the grain was dry.

　　生在著名的“美国粮仓”，汤普森和他的老乡们一直都旱涝保收。但在今年，像他这样的艾奥瓦农户们却遇到了大麻烦。大丰收就不谈了，连保本都成了大问题。

Born in famous"The granary",Thompson and his fellow villagers have been drought or waterlogging.But in this year,Like him but Iowa farmers had a problem.Good harvest will not talked,Even the break-even has become a big problem.

　　半个多世纪以来最严重的旱灾，让全美今年一度有近2/3的地区遭遇干旱。作为全球最大的玉米和大豆种植国，高温缺水给美国农作物带来了毁灭性灾难。加上俄罗斯、乌克兰等其他主要农作物产地的旱情，国际市场上玉米、大豆和小麦等农产品的供应一度告急。

For more than half a century the most severe drought,Let the United States once this year nearly two-thirds of the drought in region.As the world's largest corn and soybean ZhongZhiGuo,High temperature water crops to the United States brought devastating disaster.Plus Russia/Ukraine and other major crops of drought,The international market corn/Soybean and wheat and other agricultural products supply in once.

　　在天灾的大背景下，全球量化宽松催生出的大量流动性，不断将玉米、大豆和小麦等农产品价格炒到多年甚至有史以来的新高。

In the background of natural disasters,Global quantitative easing gave birth to the large amounts of liquidity,Will continue to put the corn/Soybean and wheat, and other agricultural products price Fried to many years or even a record high.

　　在今年这样一个大宗商品价格大起大落的年份，农产品可能是为数不多的真正赢家之一。截至本月中旬，小麦、大豆的涨幅达到24%左右，玉米也涨了12%左右。

In this such a commodity prices marked ups and downs of the year,Agricultural products may be one of the few real winners.By the middle of this month,wheat/Soybean 24% or so,Corn also rose by 12%.

　　从最终的价格涨跌看，大多数商品今年的表现都只能算是差强人意。以覆盖20多种原材料的标普高盛商品价格指数为例，去年该指数收在644.91点，而眼下的点位则与一年前基本持平，甚至还小幅下跌。

From the final price go up drop to see,Most of the goods this year's performance can be fair.To cover a variety of raw materials and the standard difference cheng commodity price index as an example,Last year the index put in 644.91 points,And the point with a year ago is flat,Even small drop.

　　具体看各个品种，截至12月中旬，油价今年迄今基本持平，黄金以及铜、铝等小幅上涨，棉花、糖等更是出现了下跌，但幅度并不大。

Specific see each breed,By the middle of December,So far this year prices flat,Gold and copper/Aluminum rose slightly,cotton/Sugar etc is appeared down,But the scale is not big.

　　不过，尽管最终结果看似平淡，但在今年的复杂国际经济和金融形势下，大宗商品这一年来的走势确实充满了戏剧性。欧债、量化宽松、全球经济降温以及美国财政悬崖等等，让2012年的大宗商品市场上演了一出跌宕起伏的好戏。

but,Although the final result looks dull,But in this year's complicated international economic and financial situation,Commodity this year trend really full of drama.The debt/Quantitative easing/The global economy cooling and U.S. Treasury cliff, etc,Let 2012 commodity markets staged a ups and downs of the play.

　　以原油为例，国际油价今年3月一度突破110美元，而在6月份又曾跌破80美元；黄金价格最高时曾逼近1800美元，最低也曾考验过1500美元。

With oil as an example,International oil prices this year march once exceeded 110 us dollars,In June and has below $80;The highest price of gold was approaching $1800,Minimum have test over $1500.