黄婷

HuangTing

　　[ 在渠道为王的背景之下，银行仍然在各类资管行业当中独占鳌头。据中国社科院金融研究所统计，2012年银行理财产品募资规模不少于20万亿元，比2004年银行理财刚起步时的500亿元规模增长了数百倍 ]

[in the channel for the king's context,The bank is still in all kinds of information of the pipe industry monopoly.According to the Chinese academy of financial research institute statistics,In 2012, bank financing products need to recapitalise scale of not less than 20 trillion yuan,More than 2004 bank financing started 50 billion yuan scale growth for hundreds of times]

　　2013年，新年伊始，中国资产管理行业就已经弥漫着一股硝烟的味道。

In 2013,,At the beginning of the New Year,China asset management industry has been filled with a stream of the taste of smoke.

　　券商、保险、私募、期货公司等行业在资管新政的春风沐浴之下，开始磨刀霍霍意欲向数十万亿资管市场大蛋糕中再分得一块。

brokers/insurance/private/Futures companies, and other industry in the spring breeze of the new information pipe under the bath,Start to sharpen one's knife to hundreds of thousands of hundred million endowment tube market big cake to share a piece of.

　　银行、公募基金、信托等资管行业的大鳄则是各出奇招继续巩固各自在资管行业的江湖地位。

The bank/Public offering fund/Trust information such as pipe industry big alligator is the surprisingly recruit continue to consolidate their endowment tube industry runescape status.

　　中国资管行业的版图已经进入了重新整合的时代。

China's endowment tube industry territory has entered into a new era of integration.

　

　资管大版图：银行独占鳌头，信托黑马崛起 Endowment tube large territory:Since the bank,Trust dark horse rise

　　国内资管行业起步以来，各类机构如雨后春笋般迅速萌芽崛起，如今，资管版图已经逐渐清晰。

Domestic capital tube industry since the start,All kinds of institutions were springing up quickly rise bud,now,Endowment pipe layout has gradually clear.

　　商业银行——在渠道为王的背景之下，银行仍然在各类资管行业当中独占鳌头。据中国社科院金融研究所统计，2012年银行理财产品募资规模不少于20万亿元，比2004年银行理财刚起步时的500亿元规模增长了数百倍。

Commercial bank, in the channel for the king's context,The bank is still in all kinds of information of the pipe industry monopoly.According to the Chinese academy of financial research institute statistics,In 2012, bank financing products need to recapitalise scale of not less than 20 trillion yuan,More than 2004 bank financing started 50 billion yuan scale growth for hundreds of times.

　　信托行业——在过去5年的时间内，信托行业的资产管理规模几乎以每年1万亿的规模快速增长，截至2012年年底，信托业规模已经突破7万亿，成为资产管理市场上的一匹黑马。

Trust industry - in the past 5 years time,Trust industry asset management scale by almost every year 1 trillion scale rapid growth,By the end of 2012,Trust industry scale has hit 7 trillion,Be asset management market a dark horse.

　　保险行业——与其他行业不同的是，多数保险资产管理公司以集团资金运用为主，或受托管理其他保险公司的保险资金。目前，保险资产管理规模已经突破6万亿元，成为第三大资产管理业态。

The insurance industry, and other industry is different,Most insurance asset management company to group funds utilization is given priority to,The entrusted management or other insurance company's insurance funds.At present,The insurance assets management scale has topped 6 trillion yuan,Become the third largest asset management modes.

　　公募基金——近5年的熊市当中瓶颈凸显，规模一直停滞不前，截至2012年年末，全行业已开展业务的72家基金管理公司管理的公募基金规模合计达到2.87万亿元。

Public offering fund - nearly five years of a bear market highlights the bottleneck,Scale have been stagnant,By the end of 2012 the end of the year,Both have been business 72 fund management company management public offering fund scale amounted to 2.87 trillion yuan.

　　券商资管——虽然起步很早，但是由于种种桎梏，行业发展大大落后于公募基金和信托。目前74家券商共有466只券商集合理财产品，资产总规模仅2047.02亿元。

Brokers endowment tube - although started early,However, due to various shackles,The development of the industry greatly behind the public offering fund and trust.At present there are 74 brokers only 466 brokers set financial products,Total assets scale only 204.702 billion yuan.

　　阳光私募——作为后起之秀，2004年以来飞跃增长，目前管理的规模也已接近2000亿元。

Sunshine private - as a rising star,Since 2004 leap growth,The current management scale has close to 200 billion yuan.

　　独立于各大资产管理机构之外，VC、PE基金则是一级市场叱咤风云的王者。ChinaVenture数据显示，2012年全年披露募资完成的VC、PE基金共266只，募资完成规模275.35亿美元。

Independent of the asset management agency outside,VC/PE funds is the primary market of the all-powerful king.ChinaVenture data display,2012 annual disclosure need to recapitalise completed VC/PE fund 266 only,Need to recapitalise complete $27.535 billion.

　　藩王割据：保险、基金、券商、私募占领证券市场，银行固定收益为王

Francisco Chinese king:insurance/fund/brokers/Private equity securities market occupation,Bank fixed income is king

　　由于投资范畴的不同，资管行业长期以来都呈现出“藩王割据，各自为战”的局面。

Due to the different investment category,Endowment tube industry has long been present"Francisco Chinese king,Engage at will"situation.

　　从投资范畴上看，保险、公募基金、券商资管、阳光私募等的主战场都在证券市场上。

Look from investment category,insurance/Public offering fund/Brokers endowment tube/The sun, such as private share in the stock market.

　　公募基金——截至目前，市场上共有偏股型基金（包括股票型基金和偏股混合型基金）687只，占全部基金数量的56.64%，资产净值合计达到14922.61亿元，占全部公募基金资产净值的51.83%。

Public offering fund - so far,The market there are partial shares fund(Including stock fund and slant hybrid funds)Only 687,The total number of 56.64% of the fund,Net asset value amounted to 1.492261 trillion yuan,All public offering fund accounts for 51.83% of the net asset value.

　　保险行业——是目前投资于股票市场的最大机构，早在2011年9月底，保险公司持有的股票、基金等权益投资上限金额为1.43万亿元，超过了公募基金的A股持股市值1.38万亿元。

The insurance industry - is the investment in the stock market is the largest institutions,As early as in 2011 by the end of September,The insurance company hold stock/Funds equity limit amount of $1.43 trillion,More than the public offering fund A share holding value 1.38 trillion yuan.

　　券商资管——在集合理财产品当中，股票型和混合型产品共有282只，占全部券商集合理财产品51.18%，资产净值合计755.73亿元，占比为57.64%。

Brokers endowment tube - in the collection of financial products,Stock type and hybrid product 282 only,Of all brokers set financial products 51.18%,Net asset value amount to 75.573 billion yuan,Accounted for more than 57.64%.

　　阳光私募——有82.53%的产品投向股票市场，规模约在1600亿元。

Sunshine private - 82.53% of the products to the stock market,Scale about 160 billion yuan.

　　固定收益市场上，银行则是绝对的王者。在不少于20万亿元的银行理财产品当中，大部分投资像债券、信贷资产和利率品种等，仅有小部分投资于股票市场。

Fixed income on the market,The bank is the absolute king.In no less than 20 trillion yuan of bank financing products,Most of the investment as bond/Credit assets and interest rate varieties, etc,Only a tiny fraction of investing in the stock market.

　　而从产品特性上看，短期化也是银行理财产品最主要的特征，Wind数据统计显示，2012年银行理财产品当中，1~3月短期理财产品占主导，比例超过六成。自2011年9月，银监会开始加强对超短期理财产品的监管后，2012年期限在1个月以内的理财产品比重为5.04%，发行量比2011年锐减七成多。

And from product characteristics to see,A lot of bank financing products is the most important characteristic,Wind data statistics,2012 years of bank financing products,1 ~ 3 months short-term financial products dominate,Ratio of more than sixty percent.Since September 2011,Banking regulatory commission (CBRC) began to strengthen the supervision of the super short term financial products after,In the 2012 deadline within 1 month of the financial product proportion is 5.04%,More than 2011 circulation decreased more than seventy percent.

　　而去年以来，基金、券商乃至阳光私募也加紧了对固定收益市场的抢滩。

And since last year,fund/Brokers and sunshine private also intensified for fixed income market beaching.

　　公募基金——好买基金研究中心统计显示，2012年公募基金固定收益类产品实现大扩容，其中债券型基金的数量从2011年的141只上升到2012年末的278只；债券基金的管理资产也从1263.94亿元增长到3916.61亿元，增幅超过200%。

Public offering fund - good buy fund research center statistics show,2012 public offering fund fixed income products achieve big flash,The amount of the bond fund from 2011 only up to the end of 2012 278 only;Bond fund management assets also from 126.394 billion yuan to 391.661 billion yuan growth,More than 200% growth.

　　而短期理财类债券型基金，一经发行更受到了投资者的追捧，在问世短短8个月的时间内即募集了超过千亿元资金。

And short-term financing bond fund,Once issued by the investors more chase after hold in both hands,In the advent of just eight months of the time that raised more than one hundred billion yuan.

　　券商资管——券商集合理财产品当中，债券型和货币市场型基金资产净值也达到了385.02亿元，在券商理财产品中占比达到29.36%。

Securities brokers (tube - collection of financial products,Bond type and market-oriented currency fund net asset value reached 38.502 billion yuan,In the securities trader financial products reached 29.36%.

　　而在VC、PE领域，在传统VC、PE基金募集规模下降的背景之下，去年以来，券商、保险两大资产管理行业则已经悄然占领了阵地。

In VC/PE field,In the traditional VC/PE fund raising scale down under the background of,Since last year,brokers/Insurance two big asset management industry, however, has been quietly occupied the position.

　　China Venture数据显示，券商直投基金在2012年逆势增长，截至2012年年底，已获批券商直投基金达到11只。

China Venture data display,Brokers straight investment fund in 2012 contrarian growth,By the end of 2012,Already approved brokers straight investment fund to only 11.

　　在保险公司当中，已有中国平安(601318,股吧)、中国人寿(601628,股吧)、太平人寿、太平洋保险(601601,股吧)、泰康人寿、安邦保险等多家保险机构获得PE牌照，保险资金参与PE投资正加速推进，而参股PE基金的间接投资方式将成为主流。

In the insurance company,For China's peace(601318,guba)/China life(601628,guba)/Peace life/Pacific insurance(601601,guba)/Taikang life/AnBang insurance, a number of other insurance institutions to PE licence,Insurance funds to participate in PE investment is accelerating,And participation PE fund of indirect investment will become mainstream.

　　

圈地 enclosure

　　投资门槛的存在，也让各大资管行业在过去很长一段时间内战线分明。

The existence of investment threshold,Also let the endowment pipe industry in the past for a long time in front.

　　对于普通投资者而言，公募基金是最为熟悉、进入门槛也最低的资产管理行业，1000元的认购金额对于有理财需求的投资者而言并不存在任何门槛，有些基金还推出了月供数百元的定期定额服务。

For ordinary investors,Public offering fund is the most familiar with/Enter the threshold and the lowest asset management industry,1000 yuan subscription amount for financing needs of investors does not exist any threshold,Some funds also launched a month for hundreds of yuan regular quota service.

　　与基金的购买门槛相比，券商集合理财产品、银行理财产品的投资门槛却高了很多。银行理财产品动辄5万元起的投资门槛也将不少投资者拒之门外，而按照规定，限定性券商集合理财产品的单份金额最低5万元，非限定性最低10万元。

Compared with the fund purchase threshold,Brokers set financial products/Bank financing products investment threshold is much higher.Bank financing products frequently since 50000 yuan investment threshold will also rejected many investors,And in accordance with the regulations,Finite brokers set financial products single copy of the lowest amount is 50000 yuan,The finite minimum 100000 yuan.

　　由于风险特征的不同，阳光私募、PE以及期货公司资管业务的投资门槛较高。

Due to the different risk characteristics,Sunshine private/PE and futures companies endowment pipe business investment threshold is higher.

　　阳光私募行业从成立之初，就将目标定位为高净值人群，普通阳光私募产品认购门槛多为100万元以上，并且在信托类阳光私募产品中，300万元以下认购部分还存在人数限制。

The sun from the private equity industry at the beginning of its establishment,Will target location for high net worth the crowd,Ordinary sunshine private product subscription threshold for more than 1 million yuan of above,And in the trust class sunshine private products,3 million yuan of the following part number for there are still limited.

　　作为高风险投资品种，PE类基金的认购门槛也从100万到1000万元不等。目前期货公司资管业务中采取的“专户一对一”的模式中，大部分也将单个客户门槛设定为100万元。

As a high risk investment varieties,PE funds subscription threshold is from 1 million to 10 million dollars.At present the futures company endowment tube business take the"Only door one-on-one"mode,Most customers will also be a single threshold set for 1 million yuan.

　　随着公募基金市场的进一步开放，符合条件的证券公司、保险资产管理公司、私募证券基金管理机构等三类机构将可以直接开展公募基金管理业务，这会使得这类资产管理机构的投资门槛大大降低，公募基金的市场将被进一步分割。

Along with the public offering fund market open further,Meet the conditions of the securities company/Insurance asset management company/Private equity securities fund management institutions and so on three types of institutions will be able to directly to carry out public offering fund management business,It makes this kind of asset management agency investment threshold is greatly reduced,Public offering fund market will be further divided.

　　“投资门槛的降低对这些机构规模的发展来讲是一个很好的机会，但对于投资者而言，门槛的降低不一定是好事。”好买基金研究中心总监乐嘉庆对第一财经日报《财商》记者说，相应的投资机构是否还能够提供相同的产品是值得考量的，毕竟面向不同资金规模的投资者，无论从产品的设置还是运作上，都会有所不同。插图/刘飞

"Investment threshold reducing to these institutions in terms of the scale of development is a very good chance,But for investors,To reduce the threshold is not necessarily good."Good buy fund research center director of the first financial daily jiaqing music[Money business]reporters,The corresponding investment institutions is still able to provide the same product is worth thinking about,After all, for different size of funds investors,No matter from the product Settings or operation,Will be different.Illustration/LiuFei