娱乐圈式的炒作正蔓延至严肃的投资界。

Entertainment industry hype is spreading to serious investment community.

　　A股市场蛇年的第一次诡异暴跌充满戏剧性：一个女人将两个男人的“密谋”巧妙地扩散至互联网，其一石三鸟的做法堪称导演大师：市场暴跌——印证程氏预言精准判断——进而强化安信证券对市场影响力——做空股指，在股指期货上大赚一笔。

A-share market snake years of dramatic bizarre slump for the first time:A woman will be two of the men"plot"Subtly spread to the Internet,Practice is the master director kill three birds with one stone:Crash - confirm Cheng Shi predictions accurate judgment, which strengthens the essence securities to market influence, shorting a stock index,Make a killing on the stock index futures.

　　尽管市场对这场突如其来的“录音门”颇为震惊，各种猜测和质疑铺天盖地。但当事各方却离奇淡定。一方面，深受“伤害”的泽熙目前仍无正式回应，且并未撤掉在安信证券的交易席位。另一方面，安信证券对此事无解释和道歉，也未对相关违规人员予以惩戒。

While the market for the sudden"Recording the door"Very shocked,Speculation and doubt.But the parties extraordinary detachment.On the one hand,Deeply influenced by"damage"The zexi is still without a formal response,And not in essence securities trading seats removed.On the other hand,Essence securities without explanation and apology to this matter,Nor to disciplinary violations related to personnel.

　　综合各种消息显示，因与程定华私交甚好、且高度认同程定华的研究水平，徐翔并未完全下狠心拿掉安信证券的分仓。以目前情势看，泽熙或将继续保持现有在安信证券的资金规模，原本计划的增量部分则取消。

Comprehensive various message display,With Cheng Dinghua relationship very good/And highly recognized Cheng Dinghua research level,Xu Xiang doesn't completely fall cruel-hearted take off points storehouse of essence securities.Look at the current situation,Zexi or will continue to maintain existing in essence securities funds,Originally incremental part of the plan is cancelled.

　　现在市场最大的质疑是：安信证券联合泽熙投资，或者二者中的一个，利用其各自在市场中的影响力，共同或单独策划“录音门”事件，目的是借助蛇年开年各方立足未稳，放大市场的利空，做空股指期货牟利。当然，也不排除泽熙投资、安信证券均是“受害者”，导演此局的安信证券李姓销售人员联合第三方做空股指期货牟利。

Market is the biggest question right now:Essence securities joint zexi investment,Or one of the two,Use their influence in the market,Together or separately"Recording the door"event,Purpose is to use snake year opened the small parties,Enlarge market bearish,Short of stock index futures.Of course,,Does not rule out zexi investment/Essence securities are"The victim",Bureau director this essence securities li sales personnel joint third-party shorting a stock index futures.

　　我们判断，李姓销售人员联合第三方做局的可能性不大。从泽熙投资、安信证券目前的反应看，如果双方并无利益纠葛，在“录音门”事件上仅是受害者，则各方理应态度坚决站出来澄清。显然，愤怒的徐翔并未“挥泪斩程”并斩仓，程定华也未谴责当事助理，安信证券也未对违规职员做出处理。

We can judge,Li sales personnel bureau joint third party do is unlikely.From zexi investment/Essence securities current response,If the two sides, there is no interest,In the"Recording the door"Events are only victims,The sides should be resolute to clarify.clearly,Angry Xu Xiang did not"Cries to cut process"And stop loss,Cheng Dinghua assistant did not condemn the parties,Essence securities in violation staff to deal with.

　　泽熙投资、安信证券缄默的背后有难言之隐吗？作为程定华的助理，李姓销售理应知道“职业操守”对职场人士意味什么。如果没有巨大的利益驱使，其断不可能冒天下之大不韪做出如此“傻事”，拿自己的职业和道德背书。当然，或许未来我们可能听到最“巧合”的解释：销售人员录音是为了学习，其个人电脑被病毒感染了，相关信息被窃取了等等。

Zexi investment/Essence securities is behind the silent room?As a assistant Cheng Dinghua,Li sales should know"Work ethic"For professionals what mean.If there is no great interests,It's impossible to make such risk"Silly thing",With their professional and moral endorsement.Of course,,Perhaps we could hear the most in the future"A coincidence"The interpretation of the:Sales staff recording is for the sake of learning,The personal computer has been infected with the virus,Relevant information has been stolen, and so on.

　　谁都不是傻子，但前提是有人想把投资者当傻子。因此，我们认为，“录音门”事件绝对是一个阴谋，绝非“偶发”事件。事实上，程定华的此番“悲观”言论很早就流传于市场，这也是其一贯秉持的“策略”，只是彼时并未引起市场关注和共鸣。

Who are not fools,But the premise is that somebody when a fool want to investors.so,We believe that,"Recording the door"Event is definitely a conspiracy,By no means"accidental"event.In fact,,Cheng Dinghua this time"pessimistic"Comments from very early on the market,This is also its upholds"strategy",Just that time did not cause attention and resonance.

　　徐翔和程定华的饭局发生于春节前夕。对于新年市场的走势，投资者很是关注，尤其今年乃“变革之年”，不确定性因素很多。

Xu Xiang and Cheng Dinghua meal in New Year's eve.Market for the New Year,Investors are concerned,Especially this year is"The year of change",A lot of uncertainty factors.

　　在焦虑与不安的等待中，突然发生的“录音门”对市场的干扰显得如此突兀。每每在市场走势关键时刻，安信证券都以“特立独行”“惊世骇俗”的观点横行于市场，这也是这家成立仅6年的券商过去一贯的做法——“造神”。以高善文、程定华两位“首席”为代表，安信证券在过去今年的熊市中收获了“名满天下”。

In the waiting anxiety and unease,sudden"Recording the door"Interference with the market is so abrupt.At key moments in the market,In essence securities"maverick""shocking"Point of view in the market,This is also the only 6 years old brokerage in the past have had --"god".With gao shanwen/Cheng Dinghua two"The chief"As a representative,Essence securities in the past year bear market in the harvest"world-famous".

　　而仅仅在3个多月12月4日，本轮市场大涨前夕，有媒体报道称，当晚，除了传出中央政治局会议召开的信息，基金经理们还收到了署名安信证券首席策略分析师程定华发送的报告或短信：“市场经过前期大幅下跌，已消化了部分不确定性，我们建议投资者在12月逐步加仓。”

But on December 4, more than three months,Ahead of the rally in the market,Media reports said,In the evening,In addition to spread the information of the meeting of the political bureau of the central committee,Fund managers have received signed essence securities chief strategist Cheng Dinghua send report or text messages:"Markets fell sharply after its,Was partly digested the uncertainty,We recommend investors gradually accumulating in December."

　　在徐翔与程定华的密谈中，程定华悲观地认为股指或将再度回到1950点。变化如此之快，让人难以相信。更让投资者难以相信的是，在徐翔与程定华对话中，我们找不到任何有关股市的估值言论。或许两位“大佬”根本不看估值，只看交易的时机和策略。

In Xu Xiang and Cheng Dinghua collogue,Cheng Dinghua pessimistically that stock or will return to 1950 points.Change so fast,Let a person hard to believe.More let investors find it hard to believe that,In Xu Xiang Cheng Dinghua dialogue,We couldn't find anything about stock market valuations.Maybe two"bosses"Don't even look at valuations,Only look at the timing of the deal and strategy.

　　不看估值，在投资上算是大忌。但奇怪的是，徐翔所领导的泽熙投资常常战胜了市场。这就是徐翔的神奇之处？这或许是中国资本市场的另类生存。

Don't look at valuations,On the investment is a no-no.But the strange thing is,Led by Xu Xiang zexi investment often beat the market.This is the magical thing about this Xu Xiang?This may be the alternative survival of China's capital market.

　　安信证券的造神运动可以休矣。中国资本市场正在发生深刻的嬗变，其信心和做多力量正在恢复和聚集。投资者应该充分认识到其中的积极因素，感受到股市的“正能量”。

Essence securities made god exercise can end.China's capital market is undergoing profound changes,Its confidence and do more power is restored and aggregation.Investors should fully recognize the positive factors of them,Felt in the stock market"The positive energy".