消息人士透露，高盛此次以每股5.77港元的价格出售了大约13.5亿股工行H股，价格比当日收盘价折让约3%。

sources,The Goldman sachs in the price of hk $5.77 per share sold about 1.35 billion strands of icbc H shares,On that day the closing price discount price is about 3%.

　　这不是高盛首次减持工行H股。资料显示，从2009年开始，高盛5次减持工行交易中套现87.6亿美元。相比2006年斥资25.8亿美元购买工行股权的投资，共赚了61.8亿美元。

This is not the first to reduce their holdings of Goldman sachs icbc H shares.Data shows,Starting from 2009,Goldman sachs five minus the icbc deal taking $8.76 billion.Compared with 2006 $2.58 billion to buy icbc equity investment,Make a total of $6.18 billion.

　　而与高盛减持的路线相背，史玉柱2011年至今连续48次增持民生银行(600016,股吧)A股股份，账面盈利23亿人民币，被网民称为“2012年度最佳投资人”。

Goldman sachs and reduce the route phase back,Shi yuzhu since 2011 continuous and time increasing minsheng bank(600016,guba)A-share stock,Book a profit of 2.3 billion yuan,Netizen called by"2012 the best investors".

　　综合《证券时报》《上海证券报》报道

comprehensive[Securities times][Shanghai stock certificate report]reports

5次交易套现87.6亿美元 Five trading taking $8.76 billion

　　高盛最早入股工商银行是在2006年4月。当时工商银行在香港进行首次公开招股(IPO)，高盛投资团的三家投资方与工行签订入股协议，以25.8亿美元买入工行10%的股份。入股3年后，高盛于2009年6月首次减持工行，此后高盛几乎每年都会有一次大规模减持工行股票的行动。

Goldman sachs in the commercial bank is in April 2006.Commercial bank at that time in Hong Kong ipo(IPO),Goldman sachs TouZiTuan three of investors and icbc in signing the agreement,With $2.58 billion to buy a 10% stake in icbc.In three years,Goldman sachs in June 2009 for the first time to reduce their holdings of icbc,Since then the Goldman sachs almost every year will have a mass to reduce their holdings of icbc stock action.

　　此次是高盛第五次减持工行。翻看港交所资料，包括本次10亿美元的套现交易，高盛在5次交易中套现87.6亿美元。相比2006年，高盛对工行IPO时斥资25.8亿美元购买工行股权的投资，共赚了61.8亿美元。不过高盛对工行的投资也并不是一帆风顺的。工商银行H股股价在2011年的前三季度暴跌35%，2011年全年股价则大幅下跌20%，在当年为高盛带来近40亿港元的税前亏损，致使高盛集团自2008年以来首次公布其在亚洲的全年亏损。

This is the fifth time Goldman sachs to reduce their holdings of icbc.Through port into the material,Including the $1 billion cash transactions,Goldman sachs in five times the $8.76 billion cash transactions.Compared with 2006,Goldman sachs to icbc when IPO $2.58 billion to buy icbc equity investment,Make a total of $6.18 billion.But Goldman sachs had seldom done investment is not successful.Commercial bank H shares in the first three quarters of 2011 fell by 35%,In 2011, the share price dropped by 20%,In the current for Goldman sachs bring nearly hk $4 billion tax loss,The Goldman sachs group for the first time since 2008 released its annual loss in Asia.

　　据《华尔街日报(博客,微博)》的估算，高盛目前还持有工商银行29.5亿股股份，相当于后者H股的约3.4%以及总股本的0.8%。分析人士称，此次交易反映出高盛逐步减持工商银行股份的审慎风险管理策略。

According to[The Wall Street journal(blog,Micro bo)]estimate,Goldman sachs is still holding 2.95 billion shares and commercial bank,Equivalent to the latter H shares about 3.4% and 0.8% of the total share capital.Analysts say,The deal reflects Goldman sachs gradually to reduce their holdings of shares and commerce bank prudent risk management strategy.

　　香港财经专栏作家蔡清伟向媒体表示，作为一名投资者，一个基金持有一家企业的时间大概是3至5年。此外，境外投资者目前受影子银行风险影响，普遍不看好中国银行业未来几年的表现，因此可能选择在高点套现。目前并无消息透露本次交易的接盘者。

Hong Kong financial columnist CaiQingWei said to the media,As an investor,A fund holding an enterprise's time is about 3 to 5 years.In addition,Foreign investors at present by the shadow banking risk influence,Generally not banking on China banking future performance,So may choose high in cash.There is no news of the transaction the flange.

外资银行抛售中资银行动作频频 Foreign Banks sell domestic Banks action again and again

　　有分析人士担忧高盛此举会导致其他海外银行纷纷效仿。纵观近期外资银行在中国市场上的动向，或减持、或抛售……始终不断。

Analysts at Goldman sachs have worries about the move will lead to other overseas Banks have to follow.Throughout the recent foreign bank in China market trend,Or minus the/Or selling...Always constantly.

　　此前，花旗银行抛空所持所有浦发银行(600000,股吧)股份，结束双方长达10年的合作关系，一度引发市场哗然。苏格兰皇家银行近来也在减持其持有的中资银行股份。而高盛等投行多次低买高卖中资银行股份的做法更是激起市场的强烈反应。有报道称，西方银行目前已经卖出240亿美元中国本地银行股份，还持股200亿美元左右。

after,Citibank short all the Shanghai pudong development bank(600000,guba)shares,The end for ten years relations of cooperation,Once sparked in an uproar.Royal bank of Scotland recently also in reducing their holdings of their holdings of Chinese bank shares.And Goldman sachs investment Banks such as many buy low and sell high Chinese bank shares practice but also aroused strong reaction of the market.Reports say,Western Banks have been selling $24 billion China local bank shares,Still holding about $20 billion.

　　一位外资银行内部人士对媒体表示，“外资银行纷纷撤出或减少对中资银行的投资，除了金融危机爆发以来外资银行本身遭遇困境的原因外，双方合作陷入瓶颈是最大的问题。说实话，很多外资银行当初投资中资银行，名义上虽是战略投资者，实质就是财务投资者。双方之间除了一些人员的培训、交流，以及开发联名信用卡等业务合作外，很难有更深入的合作，而中资银行更加不愿意外资银行来介入银行的运作与管理。”

A foreign bank insiders said to the media,"Foreign Banks have to withdraw or reduce domestic Banks investment,In addition to financial crisis since the outbreak of the foreign capital bank itself suffered the reasons,The cooperation of both sides in bottleneck is the biggest problem.To tell you the truth,Many foreign Banks had invest in a domestic Chinese bank,Although the name is strategic investors,Essence is financial investors.Between both parties except some personnel training/communication,And the development of joint credit card business outside,It is difficult to have further cooperation,Chinese Banks and foreign Banks more is not willing to come into the bank operation and management."

　　上述分析人士还称：“固然，相较于外资银行当初购入中资银行股份的价格，外资银行均获得了较为丰厚的回报。然而，近年来中资银行股价一直难有起色。更为重要的是，中资银行以高净息差获得巨额利润的黄金期正在慢慢结束，而潜在的坏账高升等风险则正在加剧，无论作为何种投资者，都应该重新思考。”

The analysts also said:"is,Compared with foreign Banks had bought Chinese bank share prices,Foreign Banks have got a more generous returns.however,In recent years Chinese bank shares have been difficult to recover.More important is,Domestic Banks with high net spreads to reap a big profit gold period is slowly end,And potential bad debt risk such as promotion is increasing,No matter what as investors,Should reconsider."

　　不过也有媒体报道，法国最大银行巴黎银行正在继续扩大对中资银行的投资。理由是中资银行的业绩在全球经济放缓环境下继续表现优异，业绩甚至创出历史新高。巴黎银行上月表示，计划将所持南京银行(601009,股吧)股份从当前的15%提高至20%。

But there are media reports,France's biggest bank, the bank is Paris to domestic Banks continue to expand investment.Reason is the performance of Chinese Banks in the global economic slowdown environment continue to outstanding,Performance and even a record.Paris bank said last month,The bank plans to nanjing(601009,guba)Shares from the current 15% to 20%.

　　增持民生银行

Increasing minsheng bank

史玉柱被评“最佳投资人” Shi yuzhu were"Best investors"

　　在外资机构抛售中资银行的同时，却有国内投资者反其道行之。

Foreign institutions in Chinese Banks selling at the same time,But the domestic investors in the opposite of addition.

　　2012年9月，当包括瑞信、摩根士丹利等众多专业投资机构高调做空民生银行之时，史玉柱却在二级市场上闷头扫货。如今，史玉柱凭借比90%以上投资机构更为专业的投资眼光，在民生银行股票上赚取了令人垂涎的暴利。仅在A股市场上，2011年至今史玉柱共发起了对民生银行48次的增持行动，获利达23.21亿元，投资收益率高达60%！

In September 2012,When including red letter/Morgan Stanley and many other specialized investment institutions high-profile short of minsheng bank,Shi yuzhu is in the secondary market cocks and cargo.now,Shi yuzhu with more than 90% investment institutions more professional investment perspective,In the minsheng bank stocks earn the coveted profits.Only in the a-share market,Since 2011 shi yuzhu were launched to minsheng bank and time of increasing action,A profit of 2.321 billion yuan,Investment return rate is as high as 60%!

微博称“3年内不卖民生银行” Micro bo said"Three years don't sell minsheng bank"

　　史玉柱也因此被众多网民誉为“2012年度最佳投资人”。甚至有网民开玩笑地表示，“如果史玉柱发起成立一家投资基金，那么我会砸锅卖铁地去投资，但前提必须是，史玉柱不再干类似于脑白金的生意。”

Shi yuzhu therefore are also many Internet users as the"2012 the best investors".There is even netizens said jokingly,"If shi yuzhu sponsored by an investment fund,Then I'll go to surrender one's last resource investment,But the premise must be,Shi yuzhu no longer dry similar to the brain platinum business."

　　日前史玉柱也难掩激动之情，在其微博上再度重申“3年内不卖民生银行”。这条被史玉柱本人迅速删掉的微博也激起一些专业投资机构的质疑声。

Shi yuzhu has also difficult to mask of emotion,In the micro bo again reiterated"Three years don't sell minsheng bank".This article is shi yuzhu I quickly delete micro bo also arouse some specialized investment institutions questions sound.

　　值得一提的是，史玉柱此次表态特别指出“3年不减持”，指的是民生银行A股而不包括H股，而他的H股持股部分包括股票和衍生产品，而这部分衍生产品将在1—3年内陆续到期。

Be worth what carry is,Shi yuzhu this comment specifically"3 years don't reduce the",Refers to the minsheng bank A shares and H shares does not include,And his H share holding parts include stocks and derivatives,And this part of the derivatives will be in 1-3 years due in succession.

　　“史玉柱是为自己留了H股的口子。”广发证券(000776,股吧)银行业分析师沐华称。香港联交所披露的信息显示，史玉柱持有大量民生银行H股衍生产品，该部分衍生产品的行权日期大多为2014年，从2014年一季度开始就会有衍生产品陆续可以行权。

"Shi yuzhu is to keep the H share cut."Wide hair negotiable securities(000776,guba)Banking analysts MuHua says.The Hong Kong stock exchange disclosed information display,Shi yuzhu hold a lot of minsheng bank H share derivatives,This part of the derivatives authority date mostly for 2014 years,From the first quarter of 2014 will begin in derivatives can be right.

　　除了增加股票和认股权证等好仓外，史玉柱从去年6月份开始持有民生银行淡仓，截至2012年9月6日仍持有3760万股淡仓，一度引发外界对史玉柱增加空头头寸的争议，后史玉柱解释“卖淡仓为做多”。

In addition to increasing the stock and warrant to wait for a bin,Shi yuzhu from in June last year began to hold minsheng bank light warehouse,By September 6, 2012 is still holding 37.6 million shares light warehouse,Once triggering short position to shi yuzhu increase the dispute,Shi yuzhu explain after"Sell light warehouse to do more".

预言“银行业不良率上半年将现拐点” prophecy"The banking industry in the first half of the defect rate will now inflection point"

　　申银万国银行业高级分析师倪军认为，史玉柱虽表态3年内不减持，但如果发生经济大动荡等超预期情形，相信史玉柱不会为了在微博上发了又删的空头承诺而不减持民生银行，2009年金融危机时史玉柱就曾大幅减持过民生银行。

ShenYin universal banking senior analysts NiJun think,Shi yuzhu is declare three years not to reduce their holdings,But if there is a big economic turbulence and situation than expected,Believe that shi yuzhu not to in micro bo on hair and delete empty promises not to reduce their holdings of minsheng bank,The 2009 financial crisis shi yuzhu has greatly reduced the over minsheng bank.

　　公开信息显示，史玉柱曾在2009年一季度大幅减持民生银行。2008年末史玉柱旗下的上海健特生命持民生银行8.966亿股，持股比例4.76%。但2009年一季度末，上海健特生命持有股减少至3.187亿股，2009年一季度共减持5.779亿股。到2009年末，上海健特生命持有民生银行股份数量更是减少至9570万股，持股比例降至微不足道的0.43%。

Public information display,Shi yuzhu was in the first quarter of 2009 greatly reduced the minsheng bank.By the end of 2008 shi yuzhu its Shanghai health life, the minsheng bank 896.6 million shares,Shareholding ratio of 4.76%.But at the end of the first quarter of 2009,Shanghai health life, holding shares to reduce to 318.7 million shares,In the first quarter of 2009 were to reduce their holdings of 577.9 million shares.To the end of 2009,Shanghai health life, holding shares minsheng bank number is reduced to 95.7 million shares,Shareholding ratio fell to 0.43% of the small.

　　1月26日史玉柱再发微博预测2013年银行业绩，“2013年银行业，全行业不良率拐点出现在上半年；息差维持在2012年四季度水平附近；利润增速从超高速恢复到常态，五大国有银行在8%左右，有特色的商业银行在30%左右，其他多在20%附近。”而众所周知，民生银行正是市场公认的具有服务小微企业特色的银行。

On January 26, shi yuzhu then FaWei bo forecast 2013 bank performance,"In 2013, the banking industry,The industry fraction defective inflection point appears in the first half of the year;Carry maintained at 2012 in the fourth quarter near the level;Profit growth from high-speed returned to normal,Five major state-owned Banks at around 8%,Distinctive commercial Banks in 30%,More than any other in the near 20%."And it is well known,Minsheng bank is recognized market with service small micro enterprise characteristics of bank.

［增持路线图］ [around the roadmap]

　　第一轮从2011年3月份开始，持续到2011年9月份

The first round from the beginning March 2011,Continue until September 2011

　　据统计，史玉柱2011年46次增持民生银行A股股份，按照披露的每笔购入均价加总计算，共斥资逾38亿元；32次增持民生银行H股股份，合计约斥资18.11亿港元。

According to the statistics,Shi yuzhu 2011 46 times increasing minsheng bank A shares,According to the disclosure of each buying average aggregation calculation,Spend a total of more than 3.8 billion yuan;32 times increasing minsheng bank H shares,Total about $1.811 billion hk dollar.

　　第二轮增持从2012年6月开始，史玉柱数度出手民生银行H股。

The second round from increasing began in June 2012,Shi yuzhu a number of shots minsheng bank H shares.

　　有统计显示，2012年，史玉柱在民生银行A股和H股上花费的资金接近或超过2.5亿元人民币。

Statistics show,In 2012,,Shi yuzhu in minsheng bank A shares and H shares of the fund to spend close to or more than 250 million yuan RMB.

　　两轮增持来算，目前，史玉柱增持民生银行已大赚40亿元。

Two wheel is increasing,At present,Shi yuzhu said minsheng bank has big earn 4 billion yuan.