今年7月，中国投资有限责任公司（下称“中投”）将发布2012年报，不过，在此之前的两会以及博鳌亚洲会议上，中投已透露出对2012年业绩相对乐观的预期。与此同时，中投的海外投资策略也在稳健原则之下发生一些微妙的变化。

In July this year,The China investment co., LTD(Hereinafter referred to as"The cic")Will be released 2012 annual report,but,Before the two sessions and the boao meeting,Cic has revealed performance in 2012, has been relatively optimistic expectations.At the same time,Cic's overseas investment strategy under the prudence principle also occur some subtle change.

　　在早期投资摩根史丹利(002588,股吧)（下称“大摩”）和美国国债交付“巨额学费”之后，中投开始平衡投资，将投资重点转向西非和东非，并侧重投资房地产、油气、采矿、基础建设等实业领域。

In the early days investment in Morgan Stanley(002588,stocks)(Hereinafter referred to as"Morgan Stanley")Delivered and Treasury bonds"Huge cost"after,Cic began to balance investment,The investment focus to west Africa and East Africa,And focusing on investing in real estate/Oil and gas/mining/Industrial sectors such as infrastructure.

　　

美国策略生变：从集中到平衡 Strategy for the United States -:From a centralized to the balance

　　在4月初举行的博鳌亚洲论坛（下称“博鳌论坛”）上，一位来自美国的州长不断地询问中投副董事长兼总经理高西庆中投对什么样的投资项目感兴趣，并以极大的热情邀请中投到该州进行投资，然而中投的美国投资策略正在悄然发生变化。

Boao Asia BBS held in early April(Hereinafter referred to as"Boao BBS")On the,A from the United States governor constantly ask gao xiqing, cic's vice chairman and general manager cic was interested in what kind of investment projects,And with great enthusiasm to invite to invest cic to the state,However, cic's investment strategy in the United States are quietly changing.

　　对于州长抛来的橄榄枝，高西庆在博鳌论坛上这样表示：“幸运的是，世界上有很多投资，我们在世界上100多个国家进行投资，我们不是不重视美国，但我们不能够在一棵树上吊死。”

For the governor to the olive branch,Mr Gao said in boao BBS:"As luck would have it,There are a lot of investment in the world,We have to invest more than 100 countries in the world,We don't value the us,But we can't commit suicide by hanging dead in a tree."

　　显然，这与几年前中国主权财富基金主要购买美国债券的投资策略相比发生了很大的变化。

clearly,This and a few years ago China's sovereign wealth fund to buy U.S. bonds investment strategy compared with the great changes have taken place.

　　举例来说，2010年美国通过了最新的金融监管改革法案，使得美国监管机构的监管范围从金融机构扩展到了金融机构控股公司。同时新法案规定，对上市公司的持股比例超过10%即被认定为控股公司，就要接受更为严格的监管，比如更透明化的公司治理，以及需要向多家监管机构申报各种材料等。

For instance,,The United States in 2010 passed the latest financial regulatory reform bill,Make of us regulators range from financial institutions expanded into financial institutions holding company.At the same time the new law,For the stake of more than 10% of listed companies is considered to be holding company,Will be subject to stricter control,Such as more transparent corporate governance,As well as the need to declare at several regulators of various materials, etc.

　　值得注意的是，该法案直接导致了当年中投大规模减持大摩股份，当时中投持有11.64%的大摩股份，为不越过10%股权的“监管警戒线”，中投以当初购买大摩股价56%的价格分9次进行套现，导致账面亏损1.15亿美元左右。

It is worth noting,The bill directly led to the cic's massive holdings of Morgan Stanley shares,When cic holds 11.64% of Morgan Stanley shares,Is not over 10% stake"Regulation stage",Cic had to buy Morgan Stanley shares 56% of the price points, nine times to cash out,Led to paper losses on about $115 million.

　　此后，中投在美国的投资策略开始变得更加分散，这种分散性策略贯彻到对中国主权财富基金有“冷战”思维的国家，因为作为小股东，分散性的投资能够有效地避免严格的国家监管，避免人为在意识领域方面形成的冲突。

Since then,Cic's investment strategy in the United States began to become more diffuse,This decentralized strategy implementation for China's sovereign wealth fund"The cold war"Thinking of the country,Because as a minority shareholder,Decentralized investment can effectively avoid the strict national regulation,Avoid human aspects in the field of consciousness formation of the conflict.

　　对于这种分散性投资策略，高西庆在博鳌论坛上表示：“我们是财务投资者，不是并购，大张旗鼓的交易，或者控制什么，我们不做这些事情，在每一个投资目标上，我们只是小股东、小股份，因为我们不想被某些国家看成破坏者，不想产生歧义，我们用脚而不是用手投票，所以投资目标非常多样化了，很难说在哪里投资，每一笔投资很小，我们根据每家公司、每个项目的情况，唯一标准就是长期回报。”

For this kind of decentralized investment strategy,Mr Gao said in boao on BBS:"We are a financial investor,Not mergers and acquisitions,High-profile deals,Or control what,We don't do these things,On each investment objective,We are just small shareholders/A small stake in,Because we don't want to be certain countries as a destroyer,Don't want to separate,We instead of by hand to vote with their feet,So the investment target is very diverse,It's hard to say where is the investment,Each investment is small,We according to each company/Each project,The only standard is long-term returns."

　　一位业内人士分析：“中投在美国的投资策略从中投的外交辞令上也不难看出端倪，比如在中投成立之初，采用的是肯定式的词汇，‘为了对冲我们持有的大量美元外汇储备，我们需要大量购买或增持美国国债’，此后，由于购买美国国债导致的巨大亏空，中投对美国国债开始变成‘买得比较少’，可以多配一些其他资产。一些用词的变化也值得关注，高西庆就表示‘我不是说不重视美国市场，美国已经占到世界经济GDP的40%，我们根据这样的情况进行投资，美国市场不是最欢迎我们的市场之一’，这一系列的‘不是’式词汇，暗示了中国对美国的投资策略正在发生的变化。”

One industry source analysis:"Cic's investment strategy in the United States to vote on the rhetoric of isn't hard to see,Such as in the beginning of the cic was set up,USES a certain type of vocabulary,‘In order to hedge we hold a lot of dollars of foreign exchange reserves,We need to buy in large quantities or increase its stake in us treasuries’,Since then,Huge losses due to purchases of treasuries,Starts to cic for treasuries‘Had less to buy’,Can match more than some other assets.Some wording change is also worth attention,Mr Gao said‘I'm not saying don't attach importance to the U.S. market,The United States has accounted for 40% of GDP in the world economy,We according to the situation,The American market is not one of the most welcome to our market’,This series of‘Is not a’Type words,Suggested that China's investment strategy for the United States is undergoing changes."

　　同时，中国对美国“用脚投票”的方式或将迫使美国在一些政策上做出调整或改变，如高西庆曾说：“跟欧洲比起来，美国基础设施领域更需要投资，各州及许多大城市这方面的需求均很大，但其法律、税务结构却不大适应新的融资格局，美国政府应该向欧洲学习，增加公私合营式的投资机会。”

At the same time,China to the United States"Vote with their feet"Way or will force us to adjust or change on some policies,As Mr Gao said:"Compared with Europe,The more need to invest in infrastructure,State and the demand in many big cities are very big,But the law/Tax structure is not adapt to the new financing pattern,The U.S. government should learn from Europe,Increase the public-private investment opportunities."

　

　非洲偏好：基础设施 Africa's preference:infrastructure

　　相对于中投在美国投资的弱化，中投开始更加关注在非洲的投资情况，“目前中投主要投资方向在西非和东非。中投在和不同国家的政府官员进行对话，涉及铁路、港口或者公路的投资项目，特别是那些跨境的公路。”高西庆在博鳌论坛上表示。

Relative to cic's investment in the United States,Cic began to pay more attention to investment in Africa,"Now a major investments in west Africa and East Africa.The cic in dialogue and government officials from different countries,Involved in the railway/Port or highway investment project,Especially the cross-border highway."Mr Gao said in boao on BBS.

　　在中投对非洲的偏好方面，一位不愿透露姓名的人士告诉《中国经营报(博客,微博)》记者：“当前中投停止购买欧洲债券，对美国投资保持相对比较平衡的心态背景下，中投必须开发新兴市场，而非洲无疑是新兴市场的典型代表。同时，作为新兴市场，非洲有着大量的事业机会，存在大量基础建设项目，这也与中投希望增加实业投资的方向不谋而合。此外，中非的友好合作也是中投加强对非投资的重要基点，在此之前，中国政府曾经对非洲有着上千亿的支持计划。相对发达国家严格的国家监管问题，非洲显然更看中中国所带来的资金和技术。”

In cic's preference for Africa,An unnamed source told[China business news(blog,weibo)]reporter:"The current cic to stop buying European bonds,Investment in the United States remain relatively balanced mentality under the background,Cic must develop in emerging markets,Undoubtedly it is a typical representative of the emerging markets in Africa.At the same time,As an emerging market,Africa has a lot of business opportunities,There are a large number of infrastructure projects,This also coincides with cic hopes to increase industrial investment direction.In addition,China-africa friendly cooperation is the cic to strengthen the important basis of the investment,Before this,The Chinese government has been planning support for Africa has hundreds of billions.Relatively developed countries strict regulatory problems,Africa is obviously more take a fancy to China brought about by the capital and technology."

　　的确，高西庆在博鳌论坛上就表示：“我们看重长期收益，不管发达国家本身多么稳定，整体增长速度是受到限制的，亚洲和非洲很多发展中国家虽然法律和政策存在不稳定性，但中长期来看总体经济发展是很快的。”

indeed,Mr Gao said in boao BBS:"We value the long-term gains,No matter how stable developed country itself,Overall growth speed is limited,Asia and Africa many developing countries although legal and policy exist instability,But medium - and long-term overall economic development is very quickly."

　　今年3月25日，中国国家主席习近平在坦桑尼亚首都达累斯萨拉姆发表了《永远做可靠朋友和真诚伙伴》的重要演讲，其中提到：“中国将继续扩大同非洲的投融资合作，落实好3年内向非洲提供200亿美元贷款额度的承诺，加强同非洲国家在农业、制造业等领域的互利合作，帮助非洲国家把资源优势转化为发展优势，实现自主发展和可持续发展。”

This year on March 25,In dar es salaam, Tanzania, China President xi jinping[Always be reliable friend and sincere partner]The important speech,The mentioned:"China will continue to expand investment and financing cooperation with Africa,Implement good 3 years commitment to Africa $20 billion credit line,Strengthen with African countries in agriculture/Mutually beneficial cooperation in the field of manufacturing, etc,To help African countries to turn resource advantages into development advantages,Independent development and sustainable development."

　　值得注意的是，非洲同样拥有大量丰富的自然资源，早在两年前，在四大会计师事务所披露的中国海外并购报告中，非洲就已经是重点的并购区域，这与中投的海外资源性投资相当合拍。

It is worth noting,Also have a large number of rich natural resources in Africa,As early as two years ago,In the big four accounting firms report disclosure of China's overseas m&a,Africa has been a key area of mergers and acquisitions,It is quite in tune with cic's overseas resource investment.

　　在2012年发布的中投2011年报中，中投就表示：“为了更好地应对挑战，对资产配置进行了相应调整，推进非公开市场，特别是泛行业直投、泛行业私募股权、资源能源、房地产和基础设施等长期资产投资，以提高组合的抗冲击能力。”

In 2012, cic released 2011 annual report,Cic is said:"In order to better cope with the challenge,Asset allocation for the corresponding adjustment,Promote the private market,In particular, extensive direct investment in the industry/Private equity industry/Energy resources/Long-term assets such as real estate and infrastructure investment,In order to improve the combination of the impact resistant ability."

　　同时，对于中投公司直接投资侧重于油气、采矿、基础建设项目导致部分国家产生的微词，4月，中投公司监事长金立群也在中国发展高层论坛上表示：“首先，中国的投资、购买原材料，都是主权国家之间的平等交易行为，双方互有进出口的需要，这与殖民国家去非洲掠夺资源是两码事；其次，中国目前正处于全球制造业供应链的中间位置，中国进口能源、原材料，加工制成品，其最终消费者仍是发达国家。”

At the same time,Focuses on oil and gas for cic direct investment/mining/Infrastructure projects in some countries,In April,Cic's senior supervisors long jin in China's development also said on the BBS:"First of all,China's investment/The purchase of raw materials,Are all equal trading activity between sovereign nations,Both import and export needs,This go to Africa with colonial countries plundering resources are two different things;The second,China is located right in the middle of the global manufacturing supply chain,China's imported energy/Raw materials,Processing finished products,The end consumer is the developed countries."

　

　业绩好于2011：得益于直接投资和实业投资 Good performance in 2011:Thanks to the direct investment and industrial investment

　　两会期间，全国政协委员、中投公司副总经理梁骧在接受媒体采访时透露，中投2012年的投资收益率达到了10.6%。

During the two sessions,The CPPCC national committee/Deputy general manager of cic Liang Xiang revealed in an interview with the media,The cic investment yields reached 10.6% in 2012.

　　在博鳌论坛上，高西庆再次透露：“2012年中投公司境外投资组合收益表现远好于上年，全年收益率接近11%。但最终确切数据要经过审计后，预计到今年6月至7月正式公布。”

In boao on BBS,Mr Gao said again:"In 2012, cic overseas investment portfolio earnings performance is far better than the previous year,Annual yield of nearly 11%.But in the end exact data after the audit,Is expected to officially announced by the June and July this year."

　　显然，这一数据暗示中投今年的成绩单远好于去年，中投2011年年报显示，中投公司境外投资组合全年亏损4.3%。

clearly,This data suggests that the cic report card this year far better than last year,Cic's annual report in 2011,Cic overseas portfolio losses of 4.3% throughout the year.

　　在这份成绩单背后，除市场因素之外，中投的策略调整无疑起到重要的作用。

Behind this transcript,In addition to market factors,Cic's strategy adjustment will no doubt play an important role.

　　来自中投的内部人士告诉记者：“中投近两年来特别重视实业投资和直接投资，而基础建设领域的投资明显受到关注，尤其是基础建设项目的长周期特点与中投的投资方向不谋而合，可注意到的是中投在2011年将投资周期拉长到了10年。”

Insiders told reporters from cic:"Cic paid special attention to in the past two years industrial investment and direct investment,And infrastructure investment in the field of apparent concern,Especially for infrastructure projects, long cycle characteristics and cic's investment direction coincides with mine,Can be noticed is that cic will investment cycle stretching for 10 years in 2011."

　　值得注意的是，就在去年中投发布2011年年报前后，中投公司召开了国际咨询委员会的第四次会议，当时国务院副总理王岐山会见了出席会议的委员，而会议讨论的主要内容就是围绕全球宏观经济形势、不确定格局中的资产配置和投资策略、应对金融挑战和市场波动等议题。

It is worth noting,Last year cic released 2011 annual report before and after,Cic held the fourth meeting of the international advisory committee,Then vice premier wang qishan met with members who are present at the meeting,Which is the main content of the meeting to discuss about global macroeconomic situation/Asset allocation and investment strategy in the uncertain structure/To address the financial challenges and issues such as market fluctuations.

　　在此之后，中投在实业投资和基础建设领域的投资加快了步伐，2012年11月1日，中投国际通过其全资子公司购买英国希思罗机场控股公司10%的权益。

After this,Cic's investment in the field of industrial investment and infrastructure to speed up the pace,On November 1, 2012,Cic international holding company through its wholly owned subsidiary to buy Britain's heathrow airport is 10% of the rights and interests.

　　2012年11月9日，中投国际通过全资子公司购买Wadge Holdings Ltd发行的可转换公司债券，该债券可转换成俄罗斯钾肥公司的普通股，如行使转换权持股比例最多不超过12.5%。

On November 9, 2012,Cic international through a wholly owned subsidiary to buy Wadge Holdings Ltd to issue convertible company bonds,The bonds can be converted into Russian potash company's common stock,Such as the right to convert its stake is no more than 12.5%.

　　在此之后，2013年3月25日，高西庆与俄罗斯外经贸银行董事长弗拉基米尔·德米特里耶夫等在莫斯科联合签署了“关于促进基础设施投资和俄远东开发的合作备忘录”。备忘录提出了旨在促进上述各方加强在基础设施领域和俄远东地区投资合作的一系列原则。

After this,On March 25, 2013,Gao xiqing, with Russia's foreign trade bank chairman vladimir dmitry, such as jointly signed in Moscow"About promote infrastructure investment and the Russian far east development memorandum of cooperation".Memo put forward to promote the above the parties strengthen investment cooperation in the field of infrastructure and the far east, a series of principles.

　　高西庆在博鳌论坛上直言：中投公司在海外投资中将关注欧美基础设施领域和新兴市场，尤其看好欧洲基础设施行业的投资机会。

Mr Gao in boao outspoken on the BBS:Cic will focus on European and American infrastructure in overseas investment and emerging markets,Especially on the infrastructure investment opportunities in Europe.

　　两会期间，梁骧透露：“当前中投有超过一半是投资于公开市场，其余投资于实体经济当中。”

During the two sessions,Liang Xiang revealed:"The current cic has more than half were invested in open market,The rest of the investment in the real economy."

　　而投资实体经济的典型案例则体现在中投对阿里巴巴的投资上，这笔高达20亿美元的投资暗示了中投在投资方向上的两个新变化：第一，开始了技术投资的端倪；第二，对国内的投资机会开始重视。

And the typical cases of investment of the real economy is reflected on the cic's investment in alibaba,The $2 billion investment suggests that cic on the investment direction of two new changes:The first,Started the technology investment;In the second,For the domestic investment opportunities due to more.

　　而在早前一段时间，长期服务于中国海外投资项目的国际律师辜勤华就向记者表示：“中投与其去购买美国国债，不如反过来投资国内的实业机会，比如新兴发展的网络科技、事关民族长远发展的教育产业和文化产业等等。”

In the earlier period of time,Long service in China's overseas investment projects of international lawyers GuQinHua told reporters:"Cic rather than to buy us treasuries,As in turn investment domestic industrial opportunities,Such as emerging in the development of network technology/Is a matter of national long-term development of education industry and cultural industries, and so on."