10亿资金屯兵2200点

1 billion capital to station troops by 2200

　　4月19日沪指大涨2.14%，华泰柏瑞沪深300ETF当日放量，日成交额达14.81亿。上交所公开数据显示，部分资金已抢先布局该ETF，使得华泰柏瑞沪深300ETF在此前横盘的四个交易日里实现4.49亿份的份额增长，合计超过10亿元。

On April 19, the Shanghai composite index surged 2.14%,Huatai BaiRui csi 300 etf that day,Daily turnover of 1.481 billion.Shanghai public data shows,Some funds have been first to layout the ETF,Make huatai BaiRui csi 300 etf after sideways in the four trading days 449 million share is growing,Total more than $1 billion.

　　第二期上投摩根投资风向标发布

The second phase of the cast Morgan investment indicator on the release

　　继1月发布首期“上投摩根投资风向标”后，上投摩根基金近期发布第二期风向标并针对社会热点进行调研。调查显示一季度有77.8%的投资者实现盈利，定投品种上最青睐股票型基金产品。本期投资人情绪指数为127，较上期121小幅上扬。

In January the first"Upthrow Morgan investment"after,Fund recently released the second phase of the vane and social hot spot for research.Profitable quarter according to the survey, 77.8% of investors,Decide on the most popular varieties equity fund products.Current investor sentiment index for 127,Compared with the previous 121 rose slightly.

　　南方就永泰能源(600157,股吧)推补偿案

Southern yongtai energy(600157,stocks)Push the compensation case

　　针对南方开元沪深300ETF基金集中申购期间接收永泰能源股票换购事件，南方基金日前称将推出补偿方案。南方新闻发言人称，近期正在抓紧研究相关补偿方案，用以弥补4月10日登记在册的基金持有人在南方开元300ETF集中申购期接收“永泰能源”换购后的损失金额。

Against the south kaiyuan during the Shanghai and shenzhen 300 etf fund centralized purchase receive yongtai energy stocks for events,Southern fund has said will launch a compensation scheme.The southern news spokesman said,Is rushing to recent research related compensation scheme,To make up for April 10 registered fund holder in the south kaiyuan 300 etf centralized receiving subscription period"Yongtai energy"After buy the loss amount.

　　RQFII再度开闸

RQFII opened again

　　RQFII新规出台以来，新产品和新增额度的申请批复一直处于暂停状态。随着2000亿RQFII重启审核消息传出，新规出台后新一只RQFII产品易方达人民币中国内地纯债基金已获得香港监管机构的批复，预计将于近期在港发行。从第一批RQFII收益看，截至2013年3月20日，A类份额累计总回报前五名依次为易方达6.5%、华夏6.25%、南方5.56%、汇添富5.25%、华安5.13%。

RQFII new rules came into effect,Apply for approval of new products and new lines have been in a state of suspended.As the 200 billion RQFII restart audit reports,After new rules introduced new a RQFII products e yuan pure debt fund in mainland China has won regulatory approval in Hong Kong,Is expected to issue in Hong Kong in the near future.See from the first batch of RQFII revenue,As of March 20, 2013,Class A share of the cumulative total return in the top five to 6.5% e/6.25% of an ancient name for China/The south is 5.56%/Hui tian fu 5.25%/Hua an 5.13%.

　　类定存债基争夺银行客户群

Base class depending on debt for the bank customers

　　类定存债基的轮番登场，大有争夺银行理财产品客户群体之势。今年以来，近90只新基金成立，其中债券基金占据了半壁江山，随着工银瑞信信用纯债一年定期开放债券基金于4月22日起正式发行，定期开放债基截至目前已经新发10只。

O. of classes depending on debt,May have a potential of customers for bank financial products.Since the beginning of this year,Nearly 90 new fund was set up,The bond funds occupied half,With icbc credit suisse pure debt a year regular open bond funds have officially released on April 22nd,Regular open debt has new 10 only so far.

　　养老金市场再添生力军

Add new pension market

　　海外数据显示，截至2011年底，全球投资于共同基金的退休金资产达4.7万亿美元，其中约有54%投向了美国境内或全球范围内的股票基金。业内预计，未来以大类资产配置为主题的多资产指数基金很可能受到国内养老金的青睐。目前在募的银华成长30/70是国内首只多资产指数基金。

According to overseas,By the end of 2011,Global investment in mutual funds, pension assets of $4.7 trillion,About 54% goes to the United States and global equity funds.The industry is expected to,Future with kinds of asset allocation as the theme of many assets index funds are likely to get the favour of domestic pension funds.Currently in Yin hua to raise growth more than 30/70 is the domestic first index fund assets.

　　货币基金节前纷纷谢客

Monetary fund before shutdown

　　“五一”期间交易所将休市5天，货币基金通常会提前2到3个工作日“闭门谢客”，以避免摊薄持有人收益。但交易型货基与银行端传统货基有所不同，华宝添益日前发布公告称，将提前2个交易日暂停申购，但该基金在二级市场的买入、卖出交易仍可正常进行。

"The May Day"During the exchange will be closed for 5 days,Money funds are usually 2 to 3 working days in advance"shuttered",In order to avoid diluted holder returns.But in the traditional transactional goods and bank base is different,Warburg tian yi to released announcement,Will be 2 sessions to suspend purchase in advance,But the fund buying in the secondary market/Sell trade can still be on the rails.

　　国泰君安：世界经济低速增长

Guotai junan:Slow growth of the world economy

　　金融界网站和国泰君安期货联合主办的“第五届领航中国期货实盘精英争霸赛”颁奖典礼4月20日举行。国泰君安期货董事长何晓斌指出，当前世界经济经过大调整后，呈现出低速增长的发展态势，各国根据自身经济情况，都不同程度地调整了经济政策。

Hosted by the financial website and guotai junan futures"The fifth pilot futures firm elite challenge in China"The awards ceremony held on April 20.Chairman of guotai junan futures He Xiaobin pointed out,The current world economy after adjustment,Present a slow growth development momentum,Countries according to their own economic conditions,Adjusted to varying degrees economic policy.

　　国投：锁定中高等级信用债

Development investment:Lock in the high grade credit debt

　　近期投资人对安全系数更高的中高等级信用债关注度明显提升。国投瑞银中高等级债基拟任基金经理陈翔凯表示，2013年部分行业的盈利能力将继续下滑，随着债市推进市场化及信用债市场超速发展，不排除信用事件突发的可能性，因此他相对看好中高等级信用债的投资机会。

Recent investor attention to safety factor is higher in high grade credit debt significantly ascension.Investment in ubs high-grade debt Chen Xiangkai aspiring fund manager said,2013 part of the profitability of the industry will continue to decline,With the development of bond market advancing market and credit bond market speeding,Don't rule out the possibility of a credit event sudden,So he relatively bullish in high-grade credit debt investment opportunities.

　　浦银：债券代持调查是长期利好

PuYin:Bond generation hold survey is good for a long time

　　浦银安盛固定投资部总监、正在发行的浦银6个月债基拟任基金经理薛铮近日指出，目前经济、通胀及政策变化均构成债市偏乐观的基本面，而近期监管机构对于相关违规违法行为的调查，预计对市场的影响仅是短期冲击。2013年债市投资前景相对确定，仍有较高投资吸引力。

PuYinAn director of fixed investment/6 months is PuYin issued debt Xue Zheng aspiring fund manager said,The current economic/Inflation and policy changes in the bond market slant optimistic fundamentals,The recent regulatory agencies investigating the related violations, illegal behavior,Is expected to impact of the market is only short-term impact.In 2013 the bond market relative to determine the investment prospect,There is still a higher investment attraction.

　　关于此次监管部门对债券代持现象的调查对债市后期是否会有影响，薛铮认为，调查将纠正银行间债券市场之前不规范的做法，完善相关法规和制度，减少表外代持存在的风险放大隐患，促进债券交易的日趋合法合规，使各机构可以在同一起跑线上合法合规地竞争，此举对债市来说是长期的利好。

About the investigation of the regulators about bond generation impact on bond market whether there will be late,Xue Zheng think,Investigation will be corrected before the interbank bond market is not standard practice,Perfect the relevant laws and regulations and institutions,Reduce the risk of off-balance-sheet generation hold there is amplification,Promote the bond trading is legal compliance,Make the institutions can be legal compliance to compete in the same starting line,This is a long-term positive for bonds.

　　针对当前债市整体环境，薛铮分析，从宏观面看，当前经济处于转型期，宏观经济弱复苏，GDP增速将呈现窄幅波动态势；从通胀面看，CPI将温和上行，预计全年3.5%左右，货币政策不会明显收紧；从资金面看，央行更加灵活的公开市场操作降低了7天回购利率的中枢，有利于债基的杠杆操作。银监会8号文清理非标资产池，大幅增加了债券投资需求。从政策面看，在目前债基占比仅为10%的情况下，证监会鼓励发展债基。

In view of the current market environment as a whole,Xue Zheng analysis,Looking from the macroscopic level,The current economy is in a transition period,Weak macroeconomic recovery,GDP growth will render a range-bound;Look from the surface of inflation,CPI inflation will moderate upward,Forecast is about 3.5%,Tightening monetary policy will not obvious;Look from the financing side,The central bank more flexible open market operations to reduce the central repo rate 7 days,Conducive to the leverage of debt.Banking regulatory commission (CBRC) 8 Wen Qingli non-standard asset pool,Significantly increase the bond investment demand.Look from the policy surface,In the current debt accounted for only 10% of cases,Encourage the development of debt securities.

　　薛铮透露近期将主要采用6大投资策略来实现收益率增长。一是资产管理策略，即转债、利率债、信用债之间的配置；二是久期管理策略；三是锁定高收益的买入持有高息策略；四是通过正回购等放大杠杆收益的息差策略；五是捕捉转债等波段策略；六是参与打新策略。

Xue Zheng revealed that in the near future will mainly adopts six big investment strategy to achieve yield growth.Is an asset management strategy,The bond/Interest rate debt/The configuration between the credit debt;2 it is to long period management strategy;3 it is locking buy-and-hold high-yielding strategy of high yield;Four is through repurchase etc of amplification leveraged returns the spread strategy;Five is to capture bonds such as band strategy;Six is to participate in the new strategy.

　　泰信：全球经济弱复苏

Thai letter:Weak global economic recovery

　　针对2月中旬以来A股持续调整及低于市场预期的GDP增速，泰信保本基金经理董山青近日表示，各种不确定性因素依然存在，保本基金作为进可攻退可守的投资品种更适合当前市场。他认为弱复苏格局或将持续，二季度震荡市的概率相对较大。

For A shares since the middle of February continuous adjustment and GDP growth below market expectations,Thai letter Dong Shanqing capital preservation fund manager said recently,All kinds of uncertainty factors still exist,Capital preservation fund as into investments that attack back can keep better suited to the current market.He thought the weak recovery pattern or will continue,In the second quarter concussion, the probability of a relatively large.

　　富国：借助打新提升收益

Rich countries:With a new promotion benefits

　　在市场对IPO恢复发行节奏的期待越来越高以后，不少投资者开始坐等“打新”，富国顺势推出业内首只权益类资产主投打新的债基富国信用增强。拟任基金经理冯彬表示，打新后，获取质优新股的概率会有提升；而由于股市债市的跷跷板效应，打新债基稳定性会提高。

In the market for IPO issuance of rhythm recovery after looking forward to more and more high,Many investors began to wait for"Make a new",Rich countries to comply with the industry's first equity asset class in a new debt base rich credit enhancement.Aspiring fund managers Feng Bin said,After the new,To obtain high quality new probability will be promoted;Due to the seesaw effect of stock market,New debt base stability will increase.

　　国富：市场已透支成长股

National wealth:Markets have overdraft growth stocks

　　正在发行的国海富兰克林焦点驱动拟任基金经理赵晓东近期表示，市场已提前透支了成长股未来几年的成长，电子、医药、新兴产业以及一些周期性行业估值已很高。按过往成长速度对其进行估值存在很大风险，未来成长股和价值股将有一次价值重估带来的风格切换。

Is issued by the UN franklin Zhao Xiaodong focus driven aspiring fund manager said recently,Market is the growth of the overdrawn growth stocks ahead of the next few years,electronic/medicine/Emerging industries and some of the cyclical industry valuation is high.According to past growth speed to estimate the there is a big risk,Future growth and value stocks will have one of the revaluation style switch.

　　兴全：注重行业盈利安全边际

XingQuan:Pay attention to industry profit margin of safety

　　兴全社会责任基金经理傅鹏博近期指出，在经济弱复苏、政策和流动性支撑作用削弱的情况下，二季度行业的选择应更加注重行业盈利的安全边际。并持续跟踪与经济复苏密切相关的产能利用率等指标，从中寻找投资机会；另一方面，持续在合适的价格下寻找收益结构转型的成长型个股。

Fu Pengbo XingQuan social responsibility fund manager said recently,In the weak economic recovery/Policy and liquidity support,In the second quarter of industry choice should pay more attention to industry profit margin of safety.And continue to track is closely related to the economic recovery indicators such as capacity utilization,Looking for investment opportunities;On the other hand,Continue looking for income structure transformation under the right price growth stocks.

　　农银：估值修复动力仍存

Agricultural bank:Valuation of repair power remained

　　近期在权益类产品奖项中收获颇丰的农银汇理基金公司就未来的经济状况分析认为，随着经济的复苏，企业盈利有望见底，上半年或能看到盈利环比回升；从估值看目前仍处在2008年以来的相对低点，离长期估值中枢还有距离，仍存在估值修复的动力。他们对未来一段时间股市的回报持较乐观预期。

Recently in the rights and interests of products award of harvest quite abundant agricultural bank remit fund company is the analysis of the state of the economy of the future,As the economic recovery,Corporate earnings have on the bottom,Or can see yoy earnings in the first half of the year;Look from the valuation is still in relatively low since 2008,From the long-term central and distance,There are still valuation of repair.Them for a period of time in the future stock market returns more optimistic expectations.