⊙记者 石贝贝 ○编辑 枫林

⊙ reporter stone beibei ○ editing bush

　　QFII中国股票基金去年12月平均17%的正收益，使得市场充斥“QFII成功抄到大底”的声音。然而，亦有不少QFII投资人认为，不是所有QFII都能幸运地“抄到大底”。

QFII China equity fund in December last year an average 17% positive earnings,That makes the market full"QFII success copy to the outsole"voice.however,There is also a lot of QFII investors think,Not all QFII can fortunately"Copy to the bottoms".

　　“不是所有QFII都幸运抄底” "Not all QFII are lucky to copy the bottom"

　　执行长仓和蓝筹策略的QFII基金，在去年6-11月的收益率并不令人瞩目，然而，随着去年年末A股向好，他们终于实现了成功抄底，并于去年12月实现业绩大爆发。

CEO bin and blue chip strategy QFII funds,In the last 6 to 11 months of rate of return is not remarkable,however,As the end of last year A share is going well,They finally achieved success copy the bottom,And in December to realize performance outbreak.

　　据理柏最新公布的基金月度透视报告显示，QFII中国股票基金在2012年12月获得了平均16.94%的正收益。

According to the latest lipper fund report monthly perspective,QFII China equity fund in the December 2012 won an average 16.94% positive earnings.

　　然而，并非所有QFII都如此。“应该说抄到底的QFII客户是幸运的。”瑞银中国证券部总监夏阳接受本报记者采访时表示。通过旗下的投资银行和财富管理部门，瑞银集团共计拥有10.4亿美元的QFII额度，在所有QFII中排行前列；而且，早在2003年，正是夏阳的前任在内地市场上下达了“QFII第一单”的指令。

however,Not all the QFII are so."It should be said that the copy of the QFII client is lucky."Ubs China bond department director xia Yang accept our newspaper reporter to interview said.Through its investment banking and wealth management department,Ubs has a total of $1.04 billion of QFII line,In all of the forefront of the QFII ranking;and,As early as in 2003,It is xia Yang's predecessor in the mainland market came"The first single QFII"instruction.

　　某拥有QFII额度的港资资产管理公司一位高层则对记者坦承，他们的相关产品并没有分享到去年年末A股上涨所带来的收益。他解释说，拥有QFII额度的机构在发行产品之前，对于产品结构、投向等设计都必须要经过香港金管局的批准，也就是说，机构在发行产品之前，产品设计等都已经确定且不能随意更改。

A certain amount of QFII has Hong Kong capital asset management company is a senior reporters admits,They did not share the related products to the end of last year A share of the benefits of rising.He explained,QFII line with institutions in the issue before the product,For product structure/To design must be approved by the Hong Kong after the hkma,that,Institutions in the issue before the product,Product design have been determined and cannot be altered.

　　“去年上半年A股其实表现并不是很好，因此，我们的产品在设计的时候，也就考虑不投向内地股市，而是投向一些固定收益类的产品。”该高层表示，所以当后来内地股市表现比较好的时候，尤其是11月、12月份，他们的产品也并没有享受到所谓“QFII抄大底”所带来的收益。

"In the first half of last year A share in fact performance and is not very good,so,Our products in the design,Also consider not to the mainland market,But to some fixed income class products."The high-level said,So when later the mainland stock market performance better,Especially in November/In December,Their products are not enjoy the so-called"QFII copy outsole"Brought about by the income.

　　记者翻阅资料发现，去年一些新获QFII额度的资产管理公司中，确实也还有部分QFII曾公开表态，尽管看到部分股票的A股和H股之间存在价差，但由于对内地A股存谨慎态度，表示新获额度投资方向将会主要是一些固定收益类产品。

Reporters found through material,Last year some new the QFII limit of asset management companies,Indeed there are part of the QFII has publicly declare,Although see some stock A shares and H shares price between,But due to the mainland a-share save cautious attitude,Said the new quota investment direction will mainly some fixed income products.

　　上述港资QFII高层表示，倒是一些推出多样化投资组合的资产管理公司，分享到了国内股市上涨所带来的收益，因为他们推出的投资组合内容比较多样化，除了固定收益类产品，还有股票、指数等。

The above hong kong-invested QFII top said,It introduced some diversification investment combination of the asset management company,Share in the domestic market brought about by the income,Because they've portfolio content more diversified,In addition to fixed income products,And the stock/Index, etc.

　　“择时机会并不多” "Timing is not much chance"

　　除了投资方向之外，去年QFII是否能够“抄到大底”的另一个至关重要的影响因素是：6个月的择时期太短。

In addition to outside investment direction,QFII whether can last year"Copy to the bottoms"The other one of the most important factors is:Choose the period of 6 months is too short.

　　目前，瑞银既是中国最大的QFII投资人之一，又服务着众多的QFII客户。瑞银中国证券部总监夏阳分析认为，应该说去年抄到底的很多QFII客户是幸运的，因为他们能择时的机会是不多的。“一个真正的长期投资人择时需要2-3年的周期，而QFII客户一旦确定在中国内地市场投资，更多的是等待额度，拿到了额度就要在6个月内投进去。”

At present,Ubs is one of China's biggest QFII investors,And service of QFII client.Ubs China bond department director xia Yang analysis think,It should be said that many of the last copy QFII client is lucky,Because they can choose when to have a chance."A true long-term investors to choose 2-3 years period,And QFII client when you determine investment in mainland China market,More is waiting for the line,Got the line will be put in in six months."

　　大型QFII以公募基金、养老基金、主权基金居多。夏阳说，多数QFII采取的是长仓策略，偏好具长期投资价值的蓝筹股，因为他们做的是一个比较长的周期，而短周期的波段操作对他们来说并没有特别大的吸引力。

Large QFII to public offering fund/Pension funds/Sovereign wealth fund is in the majority.Xia Yang said,Most of the QFII take is the long storage strategy,Preference has long-term investment value of the blue chip,Because they do is a relatively long period,And short period band operation for them and not particularly attractive.

　　对于近期市场讨论较多的“QFII抄底银行股”的说法，夏阳认为，在具体选股上，QFII当然也需要对中国市场进行策略研究。但去年银行、地产股出现的反弹也并不是偶然的，选择这些板块的QFII投资人应该是认为这些行业、股票被低估，具投资价值，这对长期投资是非常合适的，与某些短期炒作的倾向非常不一样。而截至目前，QFII投资人主要仍集中于高贝塔值的行业和板块、周期性比较强的股票等。

For the recent market to discuss more"QFII copy the bottom bank shares"that,Xia Yang think,In the concrete on the stock selection,QFII, of course, also need to China's market strategy.But last year the bank/With property appear rebound is not accidental,Choose these plates QFII investors should be think these industries/The stock is undervalued,valuable,The long-term investment is very appropriate,With some short-term speculation tendency is very different.But so far,QFII investors mainly still focus on high beta value of the industry and the plate/Periodic stronger stock, etc.

推荐阅读 Recommended reading

　　基金提前布局年报行情 食品饮料遭抛弃

Fund early layout annals market food and beverage was abandoned

　　基金4季报出齐：买金融地产卖白酒 仓位达80%

Fund 4 quarterly report out together:Buy financial real estate selling liquor 80% at location

　　QFII频现大宗交易为多头打气

QFII frequency now block trade for long pump

　　2012年四季度基金盈利逾千亿 整体净申购近5%

In the fourth quarter of 2012 yuan more than the fund earnings overall net purchase of nearly 5%

　　基金持仓两头少中间多 平均仓位升至六个季度最高

Fund position two head among less than average position six quarter rose to the highest