一石千浪

A stone thousands of sea

　　化解银行坏账

Dissolve the Banks' bad loans

　　又一轮注资潮？

Another round of capital injection?

　　谁家的孩子谁抱走？在商业银行不良贷款持续上涨的背景下，中国监管部门拟加大处置金融业不良资产的力度。

Whose children who walk away?In the commercial bank non-performing loans under the background of rising,China's supervision department intends to increase the disposal of non-performing assets of financial strength.

　　路透社援引两位消息人士的话称，中国财政部联合银监会已于近日下发通知（后遭银监会否认），明确各省可成立地区性的资产管理公司，负责收购处置当地金融机构产生的不良贷款。

The Reuters news agency quoted the two sources said,China banking regulatory commission (CBRC) has set up a file in the ministry of finance jointly issued a notice recently(The banking regulatory commission (CBRC) was denied),Clear the provinces can establish regional asset management companies,Responsible for the acquisition of local financial institutions from the disposal of non-performing loans.

　　消息称，此次下发的通知是去年2月财政部、银监会为盘活金融企业不良资产出台的《金融企业不良资产批量转让管理办法》的补充，以明确地方政府设立或授权资产管理公司参与收购不良资产的范围，并鼓励地方政府推动辖内不良资产批量转让。

News that,This notice is issued by the ministry of finance in February last year/The CBRC for revitalize the financial enterprise on the introduction of the bad assets[The financial enterprise bad assets batch transfer management measures]supplements,In order to make clear the local government set up or authorized asset management companies involved in acquisition of non-performing assets of range,The local government shall promote and encourage bad assets mass transfer.

　　中国银行(601988,股吧)业的不良率于去年第三季度首现反弹,至年底已小步攀升至0.98%。此前，金融不良资产转让市场被四大AMC(资产管理公司)所垄断，若地区性资产管理公司获批，四大AMC垄断的业务将缩小至全国性金融机构的不良资产。

The bank of China(601988,guba)Industry defect rate in the third quarter of last year, the first rebound now,To the end of the year already half step up to 0.98%.after,Financial bad assets transfer market is four AMC(Asset management companies)Monopolized by,If the regional asset management company approved,Four AMC monopoly business will be narrowed down to national financial institutions of the bad assets.

　　@杜金声（山东中天投资管理咨询有限公司资深注册资产评估师）：新一轮的不良资产大幕开启，市场机会来临，时点和四年前我估计的差不多，上一轮基本做完是2007年初，才六年啊...

@ DuJinSheng(Shandong zhongtian investment management consulting co., LTD., senior certified asset appraiser):A new round of bad assets the open,Market opportunity knocks,Time and four years ago I estimated almost,A basic finish is at the beginning of 2007,Just six years...

　　@宁静的冬日M(新浪微博用户)：按以前的经验，具体操作办法是：资管公司靠向银行发债筹集钱，银行把不良资产卖给这些有钱的资管公司。地方只管当地的，全国性的，不管在哪里不良，都归四大吧。

@ quiet winter M(Sina micro bo users):According to the previous experience,Specific operation method is:Companies rely on information tube to the bank FaZhai raise money,The bank non-performing assets sold to the rich endowment pipe company.But the local place,national,No matter where bad,Under four it.

　　@石磊（平安证券固定收益事业部研究主管）：谁的孩子谁抱？若是这样的交易结构，就是中央财政承担了大部分地方企业形成的不良，利率债悲催了，城投债利好。不过这个政策的重点不是不良贷款剥离、救助银行，而是撇清上届政府的历史包袱，解决预算软约束问题。

@ shi lei(Peace securities fixed income group research director):Who children who embrace?If such transaction structure,Is the central financial commitment most local enterprises to form the bad,Interest rate debt urged the sorrow,City for good loan interest.But the policy focus is not bad loans stripping/Salvage bank,But the history of the qing government abandoned the burden,Solve the soft budget constraint problem.

　　@黄益平(北京大学国家发展研究院教授): Yesterday once more! 记得前几年说大约在换届之后，果真应验。能够承担的只有中央财政或央行。

@ HuangYiPing(Beijing university professor of institute of national development): Yesterday once more! Remember a few years ago said about after change,Really fulfilled.Able to take only the central government or the central bank.

　　@王洋（中信建投宏观经济分析师）：对地方处置不良资产功能的增强，体现了在中央和地方关系的改革中，中央的“解铃还须系铃人”的策略，这与上一轮风险化解的特点不同。但以地方设立资产公司的方式处理辖内不良资产，从机制设计上存在问题，有可能使得银行不良资产的处置过程更加不透明。

@ WangYang(Citic built for macroeconomic analyst):On the local disposal of bad assets function enhancement,Reflected in the relationship between the central and local governments in the reform,The central"Shall the doer who tied the bell"strategy,The last round of the characteristics of the different risk dissolves.But to place the establishment of an asset company shall ways of dealing with bad assets,From the mechanism design problems,May make bad bank assets disposal process more opaque.

　　风言风语

box

　　房地产调控恐升级

Real estate regulation fear of upgrade

　　传二套房首付提高

The second suite down to improve

　　上周讨论最“红火”的消息非房地产调控政策莫数，且影响甚广。

Last week to discuss the"prosperous"The news is not real estate regulation policy's number,And wide influence.

　　先是“财联社”微博18日晚称：“夜间重磅：周四楼市或有政策出台”。19日，该微博又称：近期相关房地产调控政策将出台，目前待选方案有2种，“二套房7成首付+贷款利率为1.3倍”，实施时间仍未确定。受此影响，19日地产股普遍重挫。

first"Wealth association"Micro bo and day night said:"Big night:On Thursday, the property market or policies".19,The micro bo also called:The recent related real estate regulation policy will be issued,At present there are two solutions to choose,"The second suite down payment + loan interest rate is 1.3 times",Timing is still not sure.Affected by this,19 property counters were common heavy defeat.

　　20日凌晨，职业投资人黄生在其微博上称：“本周即将有楼市重大调控政策出台，大幅度提高二套房贷首付或部分地区停止二套房贷，大幅度提高二套房贷利率等。大家拭目以待！”

And in the morning,,HuangSheng professional investors in the micro bo said:"This week will be a major market regulation and control policies,Greatly improve the two sets of mortgage down or stop parts of two sets of mortgage,Greatly improve the two sets of mortgage interest rates.You see!"

　　虽然最终只是国务院会议强调调控楼市，并无新政策，但人心并未落定。有消息称，有关部委正准备调控的细化政策，出台时间估计在全国“两会”后。

Although the final just state council meeting and emphasis on the property market,And no new policy,But the heart has not settled.A source says,Relevant ministries and commissions are preparing to control the details of policy,On estimation of time in the country"lianghui"after.

　　@谢逸枫（亚太城市房地产业协会会长）：相关部门确实正在研究二套房贷停贷与房产税扩容，但被政府与银行统统否定了。中央对调控政策的储备是有的，需要择机推出。按以往经验与惯例，每年3月～6月才是政策调整窗口期。不过“两会”前后，二套房贷政策调整的可信度比较高。去年年底就判断，房价加速上涨，说明房地产调控加码预期的警报拉响。从调控目标与基调及手段等对象看，政府依然犯了前三轮房地产调控最致命的错误，就是只堵不疏，打压需求，并且压低土地供应，导致房价上涨预期不断增强。毫无疑问，调控必然失败，今年房价继续上涨。

@ XieYiFeng(The city real estate industry association):Related departments do is study of two sets of mortgage TingDai and housing property tax flash,But by the government and bank entirely denied.The central control policy for the reserve is there,Need to launch the.According to the previous experience and practice,Every year in March to June is the policy adjustment window period.but"lianghui"Before and after,The second set of housing policy adjustment credibility is quite high.Judging by the end of last year,House prices rising,Real estate regulation that lotto expected alarm sounded.From the control target and the tone and means to see the object,The government still made the first three rounds of real estate regulation and control the most fatal mistake,Is only plugging don't drain,Crack down on demand,And low land supply,Lead to higher prices expected to enhance.There is no doubt that,Regulation inevitable failure,House prices continue to rise this year.

　　金融八卦

Financial gossip

　　徐翔、程定华私人谈话曝光

XuXiang/ChengDingHua private conversation exposure

　　泽熙大怒

Ze hee rage

　　安信证券首席策略分析师程定华与有“私募一哥”之称的泽熙投资掌门徐翔于1月底午餐面聊，席间谈话内容被安信李姓销售偷偷录音并泄露给其他券商和媒体，惹泽熙大怒，或撤走其在安信的分仓。从录音内容看，程定华对未来走势颇为悲观，称2月下旬要减仓，5、6月份是决定胜负的时候，若经济没有强复苏，周期股会跌得一塌糊涂。

Anxi securities chief strategy analyst with ChengDingHua"Private one"Said the ze hee investment XuXiang superior in at the end of January lunch face chat,Table conversation content is access those named li account sales secretly recorded and leak to other brokers and media,Make ze hee rage,Or withdraw the access points bin.From recording the look of content,ChengDingHua for future trends rather pessimistic,Say late February to reduce warehouse,5/June is the decisive time,If the economy is not strong recovery,Cycle shares will fall in a great mess.

　　摩拳擦掌

fight

　　马云推进金融梦

Mr Ma to promote financial dream

　　疑似未来开银行

Suspected future open a bank

　　“2013年马云要在全国设7个金融中心，以担保为主，小贷陆续退出，在未来5年之内要申办自己的银行。”有阿里巴巴高层消息人士透露，在马云今年的战略里，阿里金融将转型，扩张的重点方向从一向被外界看好的阿里小贷，转向担保业。

"In 2013, Mr Ma to set the seven financial center,To guarantee is given priority to,Small credit file out,In the future five years to bid for their bank."Have alibaba top sources,In this year's ma in the strategy,Ali financial will transformation,The focus of the expansion direction from the outside world has been promising ali little credit,Steering assurance.

　　虽然小贷公司收益不错，但其发展却一直受制于资本金红线和跨地区监管红线的限制，所以转攻担保业成了马云布局金融帝国的新选择。

Although small credit company earnings are good,But its development is always subject to capital and Red Cross area supervision the limitation of the red line,So turn tapping assurance became ma layout financial empire new choice.

　　据坊间传言，在广州设立“阿里担保”已提上议事日程，注册资金3个亿，要求“全省经营”，并享受15%优惠税率(一般企业所得税为25%)。

According to rumours that urban,Set up in guangzhou"Ali guarantee"Has been put on the agenda,The registered capital of 3,requirements"The business",And enjoy a 15% discount rate(General enterprise income tax is 25%).

　　要知道，在阿里巴巴、淘宝、支付宝和阿里云这四大电子商务平台的支撑下，上千万小微企业的支付行为都记录在案。据说，目前仅企业信用档案数已经达到30多万家。

Want to know,In alibaba/taobao/Pay treasure and ali cloud the four e-commerce platform supported by,Millions of small micro enterprise payment behavior were recorded.It is said that,Currently, only enterprise credit file number has reached more than 30.

　　可见，除了放贷生意，马云的金融版图越扩越大，要是哪天还能吸储了，活脱脱就一个“阿里银行”！

visible,In addition to lending business,Mr Ma's financial territory is the expansion,If which day can also XiChu the,Was it a"Ali bank"!

　　@雷锋网：有消息传，马云、马明哲、马化腾联手设立的互联网金融创新企业“众安在线”即将获批。马明哲的2013年新春内部讲话则暴露了平安意图颠覆传统金融行业野心，他称平安未来最大竞争对手不是传统金融企业，而是阿里、腾讯等。

@ lei feng network:The news has,ma/Mr Ma/MaHuaTeng to the establishment of the Internet financial innovation enterprise"The Ann online"Is approved.Mr Ma 2013 New Year internal speech is exposed the peace intention subverts the traditional financial industry ambition,He said safe future biggest competitor is not traditional financial enterprise,But ali/Tencent, etc.

　　有来有去

Have to have to

　　中信风管部负责人被免

Citic duct department chief to be free

　　据知情人士透露，中信证券(600030,股吧)风险管理部负责人侯晓雷近日被免职，据称因生活作风问题被告发，中信证券已经内部通报此事。还有一种说法是，侯晓雷只是被停职半年，职务暂由财务负责人代理。

According to informed sources,Citic securities(600030,guba)Risk management department person in charge HouXiaoLei has been removed,Because of the alleged life style hair problems,Citic securities has internal reporting it.Still have a kind of argument is,HouXiaoLei just was suspended for half a year,Position by the temporary financial agent.

　　周小川留任央行行长

Central bank governor zhou xiaochuan on the payroll

　　媒体援引四位消息人士话说，已当选全国政协委员的中国央行行长周小川即将在下月出任政协副主席。出乎外界意料的是，周小川还将继续留任中国央行行长一职。除非最后一分钟出现变化，否则现任中国银行董事长的肖钢将与周小川搭档联手执掌央行。

Four media quoted sources as saying,Has been elected a member of the CPPCC national committee of China's central bank governor zhou xiaochuan in next month to serve as vice chairman of the CPPCC.To the outside world is expected,Zhou xiaochuan also will continue to stay on the position of China's central bank governor.Until the last minute changes appear,Otherwise, the chairman of the board of directors of the bank of China XiaoGang will partner with zhou xiaochuan in to the bank.