QFII“东方不败”的神话早该被打破。不要神化QFII，他们特别会抄底吗？不见得。但他们的资产配置水平和长期投资理念确实值得学习。

QFII"East don't hurt"The myth of the should be broken.Don't apotheosis QFII,They especially will copy the bottom?not.But their asset allocation level and long-term investment philosophy is certainly worth learning.

　　有着华尔街贪婪逐利的血统，掌握着复杂的金融模型，有着对市场无比精确的嗅觉，往往被贴上资本市场“狼”的标签，但更多的时候表现得像羊一样温顺——他们就是QFII基金经理，不愿曝光，远离媒体，“神秘”是他们身上的典型符号。

Wall Street greed is one of the blood,Control the complex financial model,The market is very accurate sense of smell,Often be labeled as capital market"The Wolf"label,But more often behave like sheep docile - they are QFII fund manager,Don't let exposure,Away from the media,"mysterious"Are they on the typical symbol.

　　A股自去年1949点启动上涨以来，上证综指本周五一口气站上2400点。期间，QFII魅影若隐若现，抄到A股大底的传闻亦甚嚣尘上。这更加重了QFII的传奇色彩。

A shares since last 1949 points since the start up,The Shanghai composite index on Friday on a 2400 points.period,The phantom of the QFII is like concealed,Copy to a-share outsole that further also.The more heavy the QFII legend color.

　　“我知道，现在几乎所有的中国财经媒体都想摸清QFII下一步的动向，关注我们增仓的板块和个股。”andy负责的是一只美国资金背景的QFII，越洋电话那一端的他显然已对中国证券报记者的兴趣点了然于胸。

"I know,Now almost all the Chinese financial media all want to get the QFII trend,To pay attention to our ing plate and stocks."Andy is responsible to a U.S. funds QFII background,An overseas call the end of the apparently he has on China's stock certificate report reporter interest point understand.

　　非阴谋 无神话 The plot no myth

　　“去年底以来，证监会从海外搬援兵救市，你们赚得盆满钵满吧？”多年的朋友关系让记者问得直截了当。

"Since late last year,Securities regulatory commission to move reinforcements from overseas to save the city,You earn piles it?"Years of friends let reporters ask straightforward.

　　“当然不是。”andy说，最近QFII确实在加仓A股，但这绝不是监管机构的救市行为，更不是让外资来抄底。“扩大QFII额度的行为是履约，早在去年5月中美战略与经济对话中，中方就明确承诺将QFII额度增加到800亿美元。”

"Of course not."Andy roddick,Recently in the QFII really gallons A share,But this is not regulatory save city behavior,More is not let foreign investment to copy the bottom."Expand the QFII limit behavior is performance,As early as in last may china-us strategic and economic dialogue,The Chinese side will clear promise to QFII limit increased to 80 billion dollars."

　　但即使到现在，200多家QFII公司的总额度才300多亿美元，不足沪深总市值的1%。“我相信未来监管机构会维持较快的QFII审批速度。”andy说。

But even now,More than 200 home ZongEDu QFII company to more than $300,Shenzhen insufficient 1% of total market value."I believe that the regulators will maintain faster QFII approval rate."Andy roddick.

　　现在QFII的资金量根本无法在A股市场上呼风唤雨，如果将QFII定为去年底A股上涨的最大推手，显然夸大了QFII的正能量。“我们只给市场信心和信号。”andy说，确实市场中很多投资者对QFII的操作方向很感兴趣，“好像我们可以点股成金。”

Now the QFII there is never in the a-share market, it's raining,If the QFII as the end of A share rising maximum hand slap,Obviously exaggerated QFII positive energy."We only to the market confidence and signal."Andy roddick,Does the market a lot of investors for the operation of the QFII direction is interested,"As we can order stock into gold."

　　一直以来QFII的操作策略偏重保守，主力品种集中在绩优大盘股和行业龙头股，并且换手率很低。这样操作的结果是，在股市上升期，QFII确实获得了良好的业绩表现，但随后到来的熊市又让QFII业绩一落千丈。andy说，“2010年以后的三年熊市中，很多QFII损失惨重。最近三年QFII平均亏损三成以上，表现甚至差于国内公募基金。我们也在反思教训，在美国的办公室读中国企业的研报肯定行不通。我们开始让研究队伍更加本地化，给予他们更大的权利，让分析师独立地思考和判断。我们甚至会委托中国机构进行投资。”

Since the operation of the QFII lay particular stress on conservative strategy,Main varieties focused on the optimal performance bulk lots stock and industry leading shares,And turnover rate is very low.This is the result of operation,Stage in the stock market,QFII really has a good performance,But then the arrival of a bear market and let the QFII performance suffer a disastrous decline.Andy roddick,"2010 years after three years in a bear market,A lot of QFII suffer great losses.The last three years QFII average loss more than thirty percent,Even poor performance in domestic public offering fund.We are in teaching reflection,In the United States office read Chinese enterprises' research report must be won't work.We start to make the team more localization,Give them more rights,Let analysts independent thinking and judgment.We even will appoint a Chinese investment institutions."

　　不少业内人士指出，QFII“东方不败”的神话早该被打破。“不要神化QFII，他们特别会抄底吗？不见得。但他们的资产配置水平和长期投资理念确实值得学习。”

A lot of the personage inside course of study points out,QFII"East don't hurt"The myth of the should be broken."Don't apotheosis QFII,They especially will copy the bottom?not.But their asset allocation level and long-term investment philosophy is certainly worth learning."

　　不为人知操盘术 Unknown surgery operations

　　炒波段、频调仓、吸货中小盘股，一般说来，这些词不会和QFII扯上边。但是经历了三年的悲惨坚守，QFII也开始主动适应中国的资本市场：很多QFII在加大转型力度，让策略变得更富进攻性，部分QFII打破“波段操作、投资中小盘股票”等之前所谓的禁忌。

Fried band/Frequency adjustable warehouse/Suction goods in pannikin,Generally speaking,These words will not and QFII tear upside.But after the three years of misery stick to,QFII began to adapt to China's capital market:A lot of QFII to increase the transformation dynamics,Let strategies become more rich offensive,Part of the QFII break"Band operation/Investment in the small dish stock"Before such as the so-called taboo.

　　一家QFII投资经理老陈毫不忌讳地谈起“低买高卖”的价差操作。他指着“江山一片红”银行股中的一只，“涨到这个位置已经脱离基本面，所以我们就出手了一部分。”在他看来，A股市场估值确实很低，银行股尤甚，银行股的PB（市净率）在1倍至2倍之间比较合适，“1倍以下闭着眼睛买，超过2倍就贵了。”

A QFII investment manager chan not taboo to talk about"Buy low and sell high"Price operation.He pointed to"Jiangshan a piece of red"One of the bank shares,"Up to this point has been from fundamentals,So we made a part of."In his view,A share market valuation is really low,Bank shares you very,Bank shares PB(City net rate)In 1 to 2 times The Times between more appropriate,"1 times the closed his eyes to buy,More than 2 times is expensive."

　　老陈告诉中国证券报记者，如果简单计算净收益，自己算是“抄到了底”。“我们去年9月、10月刚开始逐步建仓时，大宗交易平台上的银行股基本都是折价甩卖，可是现在基本都是溢价交易，尤其是AH比价也出现了反转。”此外，他透露，在这轮上涨中一些踏空行情的公募基金正在四处搜罗筹码。之前已有几家公募基金与老陈接洽，对他手中的银行股表示了极大兴趣。“现在过来谈，我肯定不卖。”老陈的态度很坚决。

Chan told China stock certificate report reporter,If a simple calculation net income,Yourself is"Copy to the bottom"."We last September/October start gradually when open a position,Bulk trading platform bank shares basic it is discount sale,But now the basic are trading at a premium,Especially AH ratio also appeared reversal."In addition,He revealed,In this round the advance some step empty quotation public offering fund are trawling around chip.For a few GuGong before public enlisting fund and chan approach,To his hand bank shares expressed great interest."Now come to talk about,I'm sure I don't sell."Chan attitude very firmly.

　　老陈说，很多QFII投资理念和投资方法在因时而变。“之前很多中小盘股票容易被控制，股性活跃，这让信奉价值投资的QFII退避三舍。但是我了解到的情况是，确实有一些QFII机构专门研究成长股，而且只做中小盘股，只是这类QFII数量不多。”

Chan said,A lot of QFII investment philosophy and investment methods in consistent over time."Before a lot of small stock easy to control,Shares sexually active,To believe in the value of the investment QFII wince.But I understand the situation is,There are indeed some QFII agency specializes in growth stock,And only do in pannikin,But this kind of QFII quantity is small."

　　一位负责QFII投资的人士告诉中国证券报记者，以前小市值公司基本不在研究范围之内，最近已将一些20亿元市值左右的公司纳入研究标的，但此标准以下的公司仍不覆盖。

A responsible for QFII investment sources told reporters China stock certificate report,Before the small market value is not within the scope of basic research,Recently has been taking some 2 billion yuan about market value of the company into the research target,But this standard does not cover the following company still.

　　谁是QFII盘中菜 Who is the QFII dish dish

　　数据显示，已批准QFII资金的总额目前只占沪深总市值的0.8%。如果800亿美元的配额全部用完，按当前数据计算，其占比将升至2.6%。

Data display,QFII has approved the amount of money at present shenzhen account for only 0.8% of total market value.If a $80 billion quota all run out,According to the current data calculation,Which accounts for more than 2.6% will rise to.

　　业内人士指出，确实在这波行情中QFII基金加仓不少，目前QFII的仓位普遍很重，基本在90%以上，甚至有些QFII仓位已达到95%以上。

The personage inside course of study points out that,Indeed in this wave of the QFII funds many positions,At present the QFII positions generally are very heavy,Basic in more than 90%,Even some QFII location has reached more than 95%.

　　“监管机构对QFII的仓位是有限制的，所以QFII能够腾挪的空间其实不大。但是新资金批进来，我们肯定会继续加仓。”一位QFII基金经理向记者透露，经过大约三个月，现在资金已经到账，他们正在市场中寻找新猎物。

"Regulators to QFII position is limited,So the QFII can transfer to other use space actually is not big.But the new capital in batch,We will continue to add bin."A QFII fund manager has revealed,After about three months,Now money has to account,They are in the market looking for a new game.