随着国内金融业的发展，金融产品的界限越发松动，跨界、跨领域产品频频出现，混业经营发展态势明显。

With the development of domestic financial industry,The limits of financial products more loose,cross-border/Interdisciplinary products appear frequently,Mixed operation development trend obvious.

　　各类金融产品互相渗透 All kinds of financial products interpenetrate

　　银联信报告指出，目前不少金融机构都在通过控股子公司的方式达到混业经营的目的，现在银行发行的产品涉及到信托、保险、证券等各个领域。

Unionpay believe the report says,At present many financial institutions in the holding subsidiary way to achieve the purpose of mixed operation,Now the bank issued the product involves the trust/insurance/Securities, and other fields.

　　截至今年，已经有三家银行驻入保险公司，分别是工商银行(601398,股吧)控股金盛人寿；交通银行(601328,股吧)控股中保康联；建设银行(601939,股吧)收购太平洋(601099,股吧)安泰。在银行投资保险同时，保险投资银行也渐成趋势。目前A股上市银行中，多家银行的股东席位中有保险公司的身影，近来更是频现保险公司争夺银行尤其是上市银行股权的案例，中国平安(601318,股吧)集团收购深发展就是其中最大的一例。

So far this year,There have been three Banks in the insurance company,Commercial bank is respectively(601398,guba)Holding jin chengguo border life;Bank of communications(601328,guba)Holding the BaoKang group;Construction bank(601939,guba)Acquisition Pacific(601099,guba)Antaeus.In the bank investment insurance at the same time,Insurance investment bank also jiancheng trend.Current a-share listed bank,Many Banks shareholders seats in the form of insurance company,More recently, the frequency is the insurance company for the bank especially listed Banks of the equity interest in the case,China peace(601318,guba)Group purchase shenzhen development is one of the biggest one.

　　过去银行理财产品的合作机构以信托公司为主，而近两年监管层对于银信合作理财业务的限制明显加强，促使银行寻求其他合作机构，目前来看券商定向资管成为了信托的重要替代者之一。此外，基金、保险等其他机构也正逐步加入到银行理财业务的合作方之中。一些银行理财产品的投资对象增加了证券公司集合资产管理计划或定向资产管理计划、基金管理公司特定客户资产管理计划和保险资产管理公司投资计划，丰富了产品投资渠道。

The past bank financing products cooperation mechanism to trust company is given priority to,Nearly two years and the supervisor for such cooperation financial management business limit was improved obviously,Prompted Banks to seek other cooperation mechanism,So far brokers directional information tube became one of the important replacement for the trust.In addition,fund/Insurance and other institutions are gradually added to bank financing business cooperation FangZhiZhong.Some bank financing products investment object increased securities company aggregate asset management plan or directional asset management plan/A fund management company specific customer asset management plan and insurance asset management company investment plan,Rich products investment channels.

　　由于股票市场表现不佳，致使过去以股票投资为主的券商集合理财计划遭受冷遇，因此各证券公司转而推出投资于债券及货币市场工具的现金管理型集合计划。这种产品参照了商业银行针对节假日闲置股票投资资金而开发的短期理财产品的做法，通过集合股票投资者的证券保证金来进行短期品种的投资，使得保证金账户上的资金获得高于活期存款利率4-6倍的收益，帮助投资者在股市行情低迷时不用转移资金就可直接参与低风险品种投资。

The stock market performance is not good,Cause the stock investment primarily brokers set financial planning suffer cold shoulder,So the securities companies are turning out investment in bonds and money market instruments cash management pool plan.This kind of product for the commercial Banks for holidays idle stock funds and the development of the practice of short-term financial products,Through the collection of stock investors securities margin for short-term varieties of investment,Make margin account funds get higher than the current deposit interest rate 4 to 6 times earnings,Help investors in the stock market downturn need not transfer funds can be directly involved in low risk investment varieties.

　　各类金融机构合作增强 All kinds of financial institutions to strengthen cooperation

　　目前，各类金融机构及相关监管层正在共同发力于资产管理领域，未来该领域的竞争会异常激烈，各类机构间的相互合作也有望增强，包括银行与第三方理财、农信社、证券公司等机构的合作。

At present,All kinds of financial institutions and related regulatory layer are common hair force in asset management field,Of this field in the future competition will be fierce,All kinds of mechanism of mutual cooperation is expected to increase,Including Banks and the third party financing/Rural credit cooperative/Securities companies, such as the agencies.

　　银联信报告指出，伴随第三方理财机构的蓬勃发展，其与私人银行的合作不断升级。如瑞盈财富与兴业银行(601166,股吧)私人银行推出联名借记卡，成为中国首张私人银行与第三方财富管理机构的联名借记卡。瑞盈财富致力于打造专业的财富管理服务平台，为高净值客户提供“一对一”的管家式私密服务，量身定制资产配置方案，从而帮助客户实现财富保值增值和财产代际传承。

Unionpay believe the report says,With the third party financial institutions of booming development,The private bank cooperation continuously upgrade.Such as red surplus wealth and societe generale(601166,guba)Private Banks launch joint debit card,Become China's first private banking and wealth management mechanism of third party joint debit card.Rui surplus wealth are dedicated to create professional wealth management service platform,For high net worth clients"one-on-one"Housekeeper type illicit close service,Customize asset allocation plan,To help the customer to realize the value of wealth and property intergenerational inheritance.

　　2012年下半年，交通银行与云南省和吉林省农村信用合作社合作，签署了全面合作协议，包括柜面通业务，即交通银行全国网点柜面向农信客户开放，农信网点柜面则向交通银行客户开放。另外，交通银行的新同业战略展露频频，其中最为活跃的是保险债权计划，已经连续在安徽、湖南、河南多区域落地了保险债权项目。合作的对象包括平安资产管理公司、泰康资产管理公司等。具体模式为，交通银行作为发起人，中间搭桥保险债权计划进入地方基础设施项目，同时充当担保人和资金托管人。

The second half of 2012,Bank of communications and the yunnan province and jilin province rural credit cooperatives cooperation,A comprehensive cooperation agreement signed,Including counter on business,Bank of communications is the site map to its customer open,Its site map to the traffic bank customers open.In addition,Bank of communications of the new trade strategy show again and again,One of the most active is insurance claim plan,Has continued in anhui/hunan/Henan multidomain fell to the insurance claim project.The object of cooperation including peace asset management companies/Taikang asset management company, etc.Concrete model of,Bank of communications as sponsors,Intermediate bypass insurance claim plan into the local infrastructure projects,At the same time act as guarantor and fund custodian.

　　广发银行则与广发证券(000776,股吧)建立了战略合作关系。根据协议，双方将在经纪业务、资金清算、资金融通、资产管理及托管、债券、投资银行、基金、期货等方面开展合作，为客户提供横跨银行、证券、基金、期货等多业务领域的“一站式”综合金融服务，满足客户的投资、融资、财富增值、风险管理等需求，推动金融业务创新。

Guangdong development bank, and wide hair negotiable securities(000776,guba)Have established a strategic cooperation relationship.According to the agreement,The two sides will in the brokerage business/Fund settlement/financing/Asset management and trust/bonds/Investment bank/fund/Futures in cooperation,Provide for the customer across the bank/securities/fund/In the business of futures, etc"one-stop"Comprehensive financial services,Meet the customer's investment/financing/Wealth appreciation/Risk management requirements,Promote financial business innovation.

　　混业大势预演 Mixed half rehearsal

　　银联信总经理符文忠认为，金融混业经营有助于银行及时根据金融市场的变化调节自身的经营活动，为客户提供一条龙金融服务，降低经营成本，提高服务效率。

The general manager FuWenZhong think that letter,Financial mixed operation helps the Banks to timely according to the financial market changes adjust their business activities,To provide one-stop financial services,Reduced operating costs,Improve service efficiency.

　　据悉，上个世纪80年代，工、农、中、建四大国有银行都有混业经营的证券、信托等业务。商业银行通过全资或参股证券公司、信托投资公司，参与了证券和投资业务。但由于监管不力，一部分银行通过其全资或参股的证券公司、信托公司，将信贷资金和同业拆借资金挪用，投放到证券市场或房地产市场，造成了一系列不良影响。混业经营在某种程度上恶化为混乱经营。各种资金涌入证券市场后，造成了股市的暴涨暴跌。因此，管理层提出了严格的分业经营、分业管理的要求，国内分业经营的思路开始形成。

It is reported,In the late 80 s,work/agriculture/in/To build four big state-owned Banks have mixed operation of securities/Trust business.Commercial Banks through the wholly owned or equity securities company/Trust and investment companies,Involved in the securities and investment business.But due to the lack of supervision,Part of the bank through its wholly owned or equity securities company/Trust company,Will the credit funds and interbank lending fund appropriation,On the stock market and real estate market,Cause a series of adverse effects.Mixed operation in some degree deterioration for chaos management.All kinds of money into the stock market,Caused the stock market rises and falls.so,Management puts forward strict separated operation/The dividing of the management requirements,Domestic separated operation ideas begin to form.

　　“由于目前外资投行混业经营带来的冲击已越来越大，在弱市行情中，券商、基金等经营主体如果不扩大经营范围，开拓更多金融产品，生存将受到威胁。”符文忠说，从长远来看，整个资产管理行业快速发展的过程中，银行、证券、信托等各类金融主体竞争的结果不是你死我活，而是合作共赢。这意味着，尽管混业的闸门并未打开，但交叉性金融产品的出现，已在很大程度上冲击了分业经营的格局。从某种意义上来说，交叉性金融产品的爆发是下一步混业大势的预演。

"Because the present foreign investment Banks the impact of the mixed operation has become more and more big,In the weak city in Indonesia,brokers/Funds management main body if not expand business scope,Open more financial products,Survival will be threatened."FuWenZhong said,In the long run,The asset management industry in the process of rapid development,The bank/securities/Trust and other kinds of financial main competition is not the life-and-death,But win-win cooperation.This means that,Although mixed the gate did not open,But the emergence of complementary financial products,Has largely impact the separate operation pattern.In a sense,Crossed the outbreak of the financial products is the next step mixed half preview.