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Microsoft hardware business in pain transformation next year will usher in the rapid growth o 海南大学起点论坛

  Microsoft hardware business in the painful transition; the rapid growth of –IT– people.com.cn original title: Microsoft next year will usher in the hardware business in the painful transition next year will usher in rapid growth in January 29th news, according to foreign media reports, Microsoft hardware business including Windows Surface series tablet computer and mobile phone and notebook, apparently in the process of transformation in pain. Microsoft reported today that the last quarter, according to the constant rate of exchange, equipment business revenue shrank by 22%, mainly due to the plight of the smartphone business revenue fell 49%. Last summer, Microsoft writedowns of $7 billion 600 million in assets — has been basically put the mobile phone business assets down to zero, cut 7800 employees — mainly through the acquisition of NOKIA employees received, and said it would concentrate on launched several flagship Windows type mobile phone, instead of taking mobile phone business as a major business. Last year, Microsoft released the flagship Lumia 950 and 950XL running Windows 10 Mobile, although the hardware configuration is not low, powerful, but not favored by consumers. Therefore, Microsoft mobile phone sales in the last quarter were lower than the same period last year – when the mobile phone business was returned to NOKIA, which is not surprising. In the last quarter released Surface Pro 4 Tablet PC and Surface Book notebook pulled, Surface business revenue increased by 29%. Microsoft uses Surface Tablet PC to open up a new world. In the fourth quarter of 2015, apple and Google launched tablets similar to Surface, and they were clearly following Microsoft’s strategy. Microsoft did not give up mobile phone business, hoping to reverse the decline in the mobile phone market. It is rumored that Microsoft is developing Surface brand instead of Lumia brand mobile phone. In fact, in the last quarter of Microsoft’s disclosures to investors, the word "Lumia" didn’t even appear. Once Microsoft gets rid of NOKIA mobile phone business dragged down, its hardware business will usher in a good growth. 微软硬件业务在痛苦转型 明年将迎来高速增长–IT–人民网 原标题:微软硬件业务在痛苦转型 明年将迎来高速增长   1月29日消息,据国外媒体报道,包括Windows手机以及Surface系列平板电脑和笔记本在内的微软硬件业务,显然处于痛苦的转型过程中。   微软今天发布财报称,上一财季,按不变汇率计算设备业务部门营收萎缩22%,主要原因是陷入困境中的智能手机业务营收大跌49%。   去年夏季,微软减记76亿美元资产――已经基本上把手机业务资产减记为零,裁减7800名员工――主要是通过收购接收的诺基亚员工,并表示将集中精力推出数款旗舰型Windows手机,而不再把手机业务作为一项主要业务。上一财季微软发布了运行Windows 10 Mobile的旗舰机型Lumia 950 和950XL,尽管硬件配置不低,功能强大,但并未受到消费者青睐。   因此,上一财季微软手机销量低于上年同期――当时手机业务还归诺基亚,并不让人感到意外。   在上一财季发布的Surface Pro 4平板电脑和Surface Book笔记本拉动下,Surface业务营收增长了29%。   微软利用Surface平板电脑开拓出一片新天地。2015年第四季度,苹果和谷歌都推出了与Surface相似的平板电脑,它们显然在大胆效仿微软的策略。   微软并未放弃手机业务,希望能扭转在手机市场上的颓势。有传言称微软在开发Surface品牌而非Lumia品牌手机。实际上,在微软向投资者披露的上一财季信息中,“Lumia”这个词甚至就没有出现过。   一旦微软摆脱诺基亚手机业务的拖累,其硬件业务会迎来不错的增长。相关的主题文章:

The terminal needs cold meal after weakening 隋唐逐鹿记

The terminal needs cold meal after weakening recently, domestic soy market is relatively calm, maintain the range of operation. From the perspective of supply and demand, the global beans market is still in a loose pattern. The latest USDA supply and demand report lowered U.S. soybean crushings, a slight increase in ending stocks, easing has narrowed, but will not change the overall market oversupply of beans. U.S. soybean export sales report is still underperforming. South American soybeans are on the market, and China is buying soybeans from South america. Livestock stocks remained low, with a decline or expansion in January. The author believes that under the background of global oversupply of soybean, soybean meal is more likely to become weaker. USDA2 supply and demand report neutral in February the United States Department of agriculture supply and demand report lowered U.S. soybean crushings, causing stocks to rise, other data were unchanged. Historical data show that in February the supply and demand report, the yield forecast is all flat, the final inventory estimates flat and up 27%, down 46%. USDA1 supply and demand report slightly more stimulus, either short up. Among them, the U.S. soybean yield and Inventory were lower than expected. In February, the supply and demand reports changed little, and the final inventory increased slightly, and the impact on the market was neutral. In 20152016, the domestic soybean crushing profit continued to fall, much lower than the previous two years, soybean crush nearly two months also fell. In February 11, 2016, soybean crushing profits in the United States were $1.07 bushels, down by 0.05 cents a bushel, down $1.35 bushels. The United States Department of agriculture export sales weekly report, as of February 4th week, the U.S. soybean exports 20152016 annual net sales of 666 thousand and 900 tons, 20162017 reduction in annual net sales of 65 thousand and 700 tons of soybean exports. Soybean exports 1 million 322 thousand and 500 tons in USA in 20152016. South America soybean has been listed in the next two weeks, the main soybean producing areas in Brazil still have continuous precipitation, about 25 55mm, less than the normal level. In 2015, the sowing rate of soybean in Brazil was slightly lower than before, but since January rainfall has greatly alleviated the drought. Brazil agricultural advisory body AgRural data show that as of January 29th, Brazil soybean harvest schedule is 4%, higher than 2% a week ago. Although precipitation may affect the soybean harvest schedule, it helps the growth of soybean crops sown in late November or later. As of January 29th, the number one soybean producing areas of mixed state of Mato Grosso soybean yield, the average yield of 39 bushels an acre in northern area, the highest yield of 52 bushels an acre. I judge, precipitation on troubled harvest is limited, but is conducive to the growth of soybean, soybean production in Brazil or close to 1 tons, is expected to Argentina will also yield of soybean. North American farmers are expected to accelerate the sale of soybeans and return capital for spring plowing. The port inventory year high, pig herds low, Tianxialiangcang survey in February 2016, the domestic soybean import port forecast to port 67 ship 4 million 201 thousand tons, slightly lower than previously expected 4 million 600 thousand tons, significantly lower.

终端需求遇冷 豆粕节后趋弱   近期,国内外豆类市场相对平静,维持区间运行。从供需层面来看,全球豆类市场仍处于宽松格局。美国农业部最新供需报告下调了美豆压榨量,小幅上调了期末库存,宽松幅度收窄,但不会改变豆类市场整体供应过剩的局面。美豆出口销售报告仍表现不佳。南美大豆陆续上市,中国或转而采购南美大豆。养殖存栏仍偏低,1月环比降幅或扩大。笔者认为,全球大豆供过于求的大背景下,豆粕转弱的可能性较大。   USDA2月供需报告偏中性   美国农业部2月供需报告下调了美豆压榨量,导致期末库存上升,其他数据环比不变。历史数据显示,2月供需报告中单产预估环比全部持平,期末库存预估环比持平和上调分别占27%,下调占46%。USDA1月供需报告略偏多,刺激美豆短暂收高。其中,美豆单产和库存均低于预期。2月供需报告各项目变动不大,对期末库存微幅上调,对市场影响偏中性。   2015 2016年度美国国内大豆压榨利润持续回落,远低于前两年,大豆压榨量近两个月也出现回落。2016年2月11日,美国国内大豆压榨利润为1.07美元 蒲式耳,环比下降0.05美分 蒲式耳,同比下降1.35美元 蒲式耳。美国农业部出口销售周报显示,截至2月4日当周,美国2015 2016年度大豆出口净销售66.69万吨,2016 2017年度大豆出口净销售减少6.57万吨。当周美国2015 2016年度大豆出口装船132.25万吨。   南美大豆陆续上市   未来两周巴西大豆主产区仍有持续降水,约25�55mm,较正常水平仍偏少。2015年巴西大豆播种进度略偏低,但1月以来降水大大缓解了旱情。巴西农业咨询机构AgRural数据显示,截至1月29日,巴西大豆收割进度为4%,高于一周前的2%。尽管降水可能影响大豆收割进度,但有助于去年11月或更晚播种的大豆作物生长。截至1月29日,头号大豆产区马托格罗索州大豆单产情况喜忧参半,北部平均单产39蒲式耳 英亩,单产最高地区52蒲式耳 英亩。   笔者判断,降水对收割困扰有限,但有利于大豆生长,巴西大豆产量或逼近1亿吨,预计阿根廷大豆也将丰产。南美大豆上市冲击北美大豆,预计北美农民将加速出售大豆,回笼资金以备春耕。   港口库存同比偏高,生猪存栏偏低   天下粮仓调查显示,2016年2月,国内各港口进口大豆预报到港67船420.1万吨,略低于此前预期的460万吨,也大幅低于1月的603.9万吨,同比减少6.34万吨。究其原因,自去年12月以来,美豆质量较差,很多买家洗船,转为等待购买南美大豆。实际上,2015年10月至2016年1月国内累计进口大豆3228万吨,同比增加8.3%。目前港口库存维持在650万吨左右,较前期有所回落,但同比去年仍高15%。   去年12月,4000个监测点生猪存栏为38379万头,环比下降1.1%,同比下降9%。生猪存栏连续走低,不利于豆粕需求增长。在供给充足,需求低迷的情况下,豆粕价格难以出现大幅上涨。   综上所述,在供过于求的背景下,春节备货结束,南美大豆上市,更廉价便宜的大豆将冲击市场,豆粕走势将转弱。建议投资者关注豆粕2400元 吨一线的支撑力度,可做空1605或1609合约。需要关注的风险因素主要是南北美天气以及罢工等。   (作者单位:中信期货)   版权声明:本网所有内容,凡来源:“期货日报”的所有文字、图片和音视频资料,版权均属期货日报所有,任何媒体、网站或个人未经本网协议授权不得转载、链接、转贴或以其他方式复制发布 发表。已经本网协议授权的媒体、网站,在下载使用时必须注明"稿件来源:期货日报",违者本网将依法追究责任。相关的主题文章:

The fund company layout supply side reforms stocks (list) 死神魂之狂欢2

The fund company layout "supply side reforms" stocks (list)         Sina tips: This is a stock review section, only personal views and analysis of the securities consultation on related stocks or sectors, not official news, Sina does not guarantee its authenticity and objectivity, investors this operation, at your own risk. For all the accurate information about the stock, please take the announcement of the Shanghai and Shenzhen Stock Exchange as the standard. Sina Level2:A shares of sina finance client: the most extreme Kanpan money investors are in "after the Spring Festival, the probability of A shares will usher in a wave of market rebound." Beijing, a fund analyst on the Securities Daily "reporter" fund of the Department said that investment opportunities mainly concentrated in the "supply side reform", in 2016 the "clearing" of the year, you can predict before and after the Spring Festival will still be on the supply side reform policies, the reform will enter a crucial stage, according to the supply side of the direction of reform that new and old economies have certain investment opportunities. State Securities Research believes that the "supply side reform" is more from the perspective of "theme investment" to discuss, no market trends related judgments, in 2016, investors can tap the "supply side reform" opportunities from seven industries. "Securities Daily" reporters fund of the Department found that 31 stocks in the fund are heavy 25, of which 14 fund companies fund more than 10 times in "supply side reform" stocks, fast shot irksome. 31 concept stocks appeared "Yan value" polarization recently, the state securities issued the "supply side reform" the latest research report, refining out 31 stocks, distributed in petrochemical, coal, steel, real estate, nonferrous metals, transportation, agriculture and other seven industries. "Securities Daily" fund news reporter noted that, 31 stocks in performance and two market performance, are now "Yan value" polarization. As of February 14th, 31 "supply side reform" concept stocks were not disclosed in 2015 annual report, from the three quarterly report last year, the average earnings per share of 31 stocks was 0.2661 yuan, the performance differentiation is larger. Shenhuo shares, Valin Iron & steel, Mei Ansen, China Coal Energy 8 stock performance loss, otherwise 6 stock earnings per share 0.1 yuan. That is, nearly half of the stocks are underperforming. However, China’s happiness, Spring Airlines earnings per share is as high as 1.42 yuan, 3.09 yuan, showing strong profitability. "Securities Daily" fund of the Department also found that 31 stocks fell by an average of 19.22% since the beginning of this year, only 3 stocks rose; the index over the same period the cumulative decline of 21.92%, and there are 14 stocks underperformed the broader market, among them, Mei Ansen, pearl holdings share price is down 50.60%, 40.64% deep. After the Spring Festival, the public private fund is full of expectations for the A shares, and has great expectations for the reform of the supply side. "Open market depth adjustment, the risk has been fully released at this stage, the short-term market shock consolidation, but the long-term upward trend does not change." Star stone investment general manager, vice chairman of investment decision Committee 基金公司布局“供给侧改革”概念股(名单)     新浪提示:本文属于个股点评栏目,仅为证券咨询人士对相关个股或板块的个人观点和分析,并非正式的新闻报道,新浪不保证其真实性和客观性,投资者据此操作,风险自担。一切有关该股的准确信息,请以沪深交易所的公告为准。 新浪财经Level2:A股极速看盘 新浪财经客户端:最赚钱的投资者都在用   “春节后,A股大概率将迎来一波反弹行情。”北京一基金分析师对《证券日报》基金新闻部记者表示,投资机会主要集中在“供给侧改革”,2016年是“出清”的大年,可以预判春节前后仍会有关于供给侧改革的政策陆续出台,改革随之进入攻坚阶段,根据供给侧改革的方向,新旧经济体都有一定的投资机会。   国金证券研究认为,“供给侧改革”更多的是从“主题投资”的角度加以讨论,无关乎市场趋势的判断,2016年,投资者可从七大行业挖掘“供给侧改革”机会。《证券日报》基金新闻部记者发现,相关31只概念股中基金重仓25只,其中14家基金公司旗下基金10次以上现身“供给侧改革”概念股,出手之快令人侧目。   31只概念股亮相   “颜值”两极分化   近日,国金证券发布“供给侧改革”最新研究报告,提炼出了31只概念股,分布在石化、煤炭、钢铁、地产、有色、交运、农业等七大行业。《证券日报》基金新闻部记者注意到,31只概念股在业绩及二级市场表现上,均现“颜值”两极分化。   截至2月14日,31只“供给侧改革”概念股均未披露2015年年度报告,从去年三季报看,31只股票平均每股收益为0.2661元,业绩分化较大。神火股份、华菱钢铁、梅安森、中煤能源等8只股票业绩亏损,另有6只股票每股收益不足0.1元。即有接近半数的概念股业绩不佳。不过,华夏幸福、春秋航空每股收益却高达1.42元、3.09元,显示出较强的盈利能力。   《证券日报》基金新闻部还发现,31只概念股今年以来平均下跌19.22%,仅有3只股票逆市上涨;同期上证指数累计跌幅为21.92%,且有14只概念股跑输大盘,其中,梅安森、中珠控股股价更是深跌50.60%、40.64%。   春节后,公私募基金对A股充满了期待,并对“供给侧改革”寄予厚望。“开年股市深度调整,目前阶段风险已经基本释放充分,短期市场震荡盘整,但中长期震荡上行趋势不改。”星石投资总经理、投资决策委员会副主席杨玲表示,“2016年作为十三五的开局之年,改革有望进入攻坚阶段,供给侧改革提升到新高度,根据供给侧改革的方向,我们认为新旧经济体都有一定的投资机会。”   基金潜伏25只概念股   14家基金公司搞突击   《证券日报》基金新闻部进一步统计发现,在上述31只“供给侧改革”概念股中,基金在去年四季度已经布局25只,占比超过八成。“在去产能、供给收缩的过程中,龙头企业有望受益,所谓剩者为王。”有基金公司内部人士对记者表示。   具体来看,有5只概念股在去年四季度得到基金的集中重仓持有。其中,保利地产、中国石化均得到53只基金重仓持有,招商蛇口也得到51只基金布局其中,华夏幸福、春秋航空分别被45只、42只基金重仓持有。   从基金公司的角度看,14家基金公司旗下基金10次以上现身“供给侧改革”概念股,出手之快令人侧目。   华安基金[微博]对这一概念最看重,旗下基金共18次现身“供给侧改革”概念股。华安策略优选混合分别重仓持有华夏幸福772.84万股、保利地产[微博]1130.24万股,持股市值分别达2.37亿元、1.20亿元;华安核心优选混合、华安添颐养老混合、华安新优选灵活配置混合A、华安新动力灵活配置混合、华安新丝路主题股票联合持有中国石化[微博],持股市值合计2.12亿元。   景顺长城基金对“供给侧改革”也情有独钟,旗下基金共17次现身“供给侧改革”概念股,仅输华安基金一席。景顺长城内需增长混合、景顺长城内需贰号混合分别重仓持有招商蛇口1.12亿元、2.06亿元,两只基金还同时重仓持有华夏幸福0.61亿元、1.13亿元。记者注意到,景顺长城旗下有9只基金重仓持有招商蛇口,合计持股市值为9.96亿元,为该公司最为看重的“供给侧改革”概念股。   《证券日报》基金新闻部还发现,富国基金、建信基金[微博]旗下基金均15次现身“供给侧改革”概念股;国泰基金[微博]、国投瑞银、南方基金、新华基金[微博]旗下基金均14次现身这一概念股;广发基金[微博]、华夏基金[微博]、嘉实基金、大成基金[微博]、汇添富基金、工银瑞信[微博]基金等公司旗下基金也均超过10次现身“供给侧改革”概念股。   进入【新浪财经股吧】讨论相关的主题文章:

   奥丹姆骆驼

Deng Jugong: the introduction of trust law to improve housing provident fund management regulations, in terms of legal nature, housing provident fund is not the responsibility of the provident fund management center, nor is the unit and the staff of the provident fund management center investment. Units and workers pay housing accumulation fund, housing provident fund collection, use, as well as the management center of the operation of the agency, is not a simple principal-agent, not intermediary behavior. It is entrusted with the management of nature, is a kind of asset management system, comply with the "trust law" to the trustor, trustee and beneficiary of the trust property to describe features of the housing provident fund system taken by the workers and units monthly compulsory pay way, fund guarantee and accumulation of housing for employees, financing mechanism is formed between the mutual participation payment the staff, has become an integral part of China’s housing security system, involving thousands of households, for the whole society is a necessary and meaningful career. At the end of July 2015, the national housing provident fund deposit of 110 million employees, the total deposit of 8 trillion and 310 billion yuan, 4 trillion and 340 billion yuan from the total deposit balance of 3 trillion and 970 billion yuan, the cumulative to about 23000000 employee families 4 trillion and 750 billion yuan individual housing loans, loans 2 trillion and 880 billion, the precipitation amount in more than 1 trillion yuan. Although 15 years of development, but at this stage of housing provident fund management is still facing some problems, mainly as follows: lack of legal system foundation, lack of investment scope, workers’ rights and interests to identify the principle of error, lack of information disclosure. The Ministry of housing and urban construction drafted the "Housing Fund Management Ordinance (Revised Draft)" (hereinafter referred to as "the draft") in November 20, 2015, the legal office of the State Council announced to the public the draft, solicit opinions from all walks of life, this has created a good opportunity to solve the above problems. The necessity of the introduction of the trust law, the Western trust system has a long history, originated in Europe, widely used in the United States, and then spread to Japan, China’s Taiwan, proved its unique property management system has a unique, significant advantage. China’s "trust law" provisions of the trustee shall be the maximum benefit for the client to perform the beneficiary, honest, trustworthy and cautious, effective management obligations, and in the name of the trustee of the trust property management, separate accounts and the trust property management system can well protect the interests of the beneficiary principal. The regulations on the management of housing provident fund promulgated in 1999 and revised in 2002. It was impossible to think of the application of the trust law, because China promulgated the trust law in 2001. In July 2002, the trust industry was born in China. After that, the trust business carried out by trust companies in China developed greatly and matured. At this point in China, the concept of trust has been widely disseminated and promoted. The author analyzes the current housing provident fund operation management mode, in terms of legal nature, housing provident fund is not the responsibility of the provident fund management center, nor is it the unit and workers’ investment in the provident fund management center. Units and workers pay housing accumulation fund, housing provident fund collection, use, as well as the management center of the operation of the agency, is not a simple principal-agent, not the intermediary behavior theory

邓举功:引入信托法 完善住房公积金管理条例   从法律性质而言,住房公积金既不是各地公积金管理中心的负债,也不是单位与职工对公积金管理中心的投资。单位与职工缴纳住房公积金,住房公积金的归集、使用,以及管理中心这一机构的运作,也不是简单的委托代理,更不是居间行为。它属于受托管理性质,是一种资产管理制度,均符合《信托法》对委托人 受益人、信托财产、受托人的特征描述   住房公积金制度采取由职工、单位逐月强制缴存的方式,为职工购房提供资金保障和积累,在参缴职工之间形成互助性融资机制,成为我国住房保障体系不可或缺的组成部分,它涉及千家万户,对于社会而言是一项必要且意义重大的事业。截至2015年7月底,全国住房公积金缴存职工1.1亿人,缴存总额8.31万亿元,提取总额4.34万亿元,缴存余额3.97万亿元,累计向2300多万户职工家庭发放个人住房贷款4.75万亿元,贷款余额2.88万亿,沉淀金额在1万亿元以上。   虽然经历15年发展,但现阶段住房公积金管理仍面临一些问题,主要为:法律制度基础欠缺,投资范围匮乏,职工权益确认原则错误,信息披露不足等。住房城乡建设部起草了《住房公积金管理条例(修订送审稿)》(以下简称“送审稿”),2015年11月20日国务院法制办公室向社会公布了送审稿,征求各界意见,这对解决上述问题创造了很好的契机。   引入《信托法》的必要性   西方的信托制度历史悠久,发源于欧洲,在美国广泛运用,再传播至日本、我国台湾,证明了它作为一种财产管理制度具有独特、显著的优势。我国《信托法》规定受托人应为委托人 受益人谋取最大利益,履行诚实、信用、谨慎、有效管理的义务,并以受托人名义对信托财产分别管理,分别记账,这种信托财产管理制度能够很好保护委托人 受益人的利益。1999年《住房公积金管理条例》颁布,2002年曾经修改。当时不可能想到运用信托法,因为2001年我国才颁布《信托法》。2002年7月中国信托业诞生,之后我国的信托公司开展的资金信托业务极大发展,趋于成熟。此时的中国,信托理念已经得到广泛传播、推广。   笔者分析现行的住房公积金运作管理模式,从法律性质而言,住房公积金既不是各地公积金管理中心的负债,也不是单位与职工对公积金管理中心的投资。单位与职工缴纳住房公积金,住房公积金的归集、使用,以及管理中心这一机构的运作,也不是简单的委托代理,更不是居间行为。它属于受托管理性质,是一种资产管理制度,均符合《信托法》对委托人 受益人、信托财产、受托人的特征描述。   只有将维护职工利益、强调住房公积金管理中心的信托责任作为最高宗旨,才符合我国创立该政策性金融制度的初衷,而这一点与《信托法》的立法宗旨完全一致,因此,应该将全国人大颁布的《信托法》作为《条例》之上位法,成为《条例》的制定依据,并将信托法理贯穿于此次送审稿的修改、完善。如果能采纳这一观点,单位与职工就是委托人,职工是受益人,管理中心就是受托人(亦称信托机构),住房公积金就是信托财产。住房公积金管理将有更高层级的法律支持,管理中心的法律地位得以明确,其受托责任将得以法定,住房公积金这类信托财产的运作将更规范。   根据受托人设立信托的目的与内容划分,分为营业信托、公益信托、民事信托。现行《条例》规定了管理中心不以营利为目的,送审稿也明确了其公益性质,因此,住房公积金管理属于公益信托。根据委托人交付的信托财产来源的类型划分,分为资金信托、财产信托、财产权信托。住房公积金可归为资金信托的一种,资金信托的运作管理比较容易标准化。   配套措施的跟进   引入信托法理之后,为了体现公平、公开原则,实现标准化、规范化管理,就以下五方面,送审稿还需细化住房公积金的管理措施:   (一)资金托管   保障住房公积金安全至关重要,不是仅在银行开立专户存储这么简单,需要一家独立的、有实力的第三方服务机构提供完整的资金托管服务,包括存款、证券投资保证金等的结算,商业银行这一角色可以承担对管理中心的监督职责,保障住房公积金依据《条例》规定与《资金托管合同》的约定,得到规范使用。这需要银行业利用过去对信托公司的资金托管经验,针对住房公积金制订符合其特点、且统一的行业标准,例如资金托管合同范本,明确彼此的权利义务、资金托管服务内容等。这一标准不是单个商业银行能够完成的,这是因为,商业银行为了竞标成功,必然屈从于让管理中心获得更大运作自由,降低托管要求。   (二)投资范围   从长期趋势观察,目前住房公积金的增值速度肯定赶不上通货膨胀率,贬值问题突出,这是因为,住房公积金的运作,除了发放优惠利率的按揭贷款之外,其余的投资范围较为狭窄,每年上万亿元的住房公积金以极低的存款利率2.33%存入国有商业银行。而现阶段我国金融资本市场已经非常发达,公司发行债券,金融机构发行固定收益类金融产品(工具),种类繁多,发行量与交易量巨大,为机构投资者的资产配置创造了条件。在送审稿的基础上,建议扩展投资范围,主要增加投向于在公开市场发行的、评级较高的固定收益类债券或金融产品,但不得投资于金融衍生品。国家已经允许养老金进入股市,养老金安全的重要性不亚于住房公积金,因此,住房公积金拓展投资渠道势在必行。同时,为了防止投资风险过度集中,对于公司债或流动性不足的金融品种,需要设定投资比例上限。   (三)职工权益确认   职工作为住房公积金的受益人,管理中心按照存款利率向其确认财产权益,有悖于公平原则,因为存款利率过低是不争的事实,属于职工(受益人)的财产在一直贬值。为了解决这一问题,一方面,需要管理中心拓展投资范围,另一方面,在核算职工(受益人)权益时,需要摒弃存款利率计算方法,转为对信托财产净值(资产减负债,收入扣除各项费用之后的部分)采用合理的估值方法,向职工确认其权益。对于住房公积金中的交易性资产,参考证券投资基金的会计核算与估值方法,采用市值法估值;对于住房公积金中的不能公开交易的资产,例如贷款、债券型基金、私募金融产品,可考虑采用买入成本法估值。信托财产净值估值方法也不会增加管理中心的经营压力,对各方均较为公平。   (四)服务机构   在住房公积金的运作过程中,还需要许多专业服务机构。例如,托管银行开立信托专用资金账户,现金收付对账,资产(证券)估值对账,并出具托管报告,会计师事务所对公积金年度会计报告出具审计意见,律师事务所提供常年法律顾问或专项法律服务,中央国债登记结算公司、上海清算所、中国证券登记结算公司为管理中心的投资开立信托专用证券账户,等等。这些服务具有专业复杂性,需要规范,相应的信息也需要披露,因此,建议《条例》单列一章,专用于规定上述机构的选任、服务内容与责任,以及需要向住房公积金管理中心提供的服务报告资料的内容与格式、提供的频率等,避免各地管理中心与这些服务机构单独协商,造成内容过于个性化。   (五)信息编制与披露   虽然2007年建设部发文要求住房公积金信息公开,但这些年一直存在信息公开不及时、内容不完整等问题,住房城乡建设部、财政部、中国人民银行于2015年2月联合颁布了《关于健全住房公积金信息披露制度的通知》(建金〔2015〕26号),这是具有积极意义的一个举措。一些地区部门现在还没有认真落实《通知》规定,且现行《条例》相关规定非常笼统,缺乏强制性、可操作性。为此,可将《通知》的主旨纳入送审稿,单列一章,增强信息披露的强制性与权威性。同时,送审稿应明确规定受托报告(包括定期与临时)必备的内容与格式,作为《条例》的附件。   为了与时俱进,在《通知》的基础上,送审稿应进一步增加要求,披露更多新内容。例如,住房公积金管理中心内部的主要决策管理、风险控制、操作流程等制度执行与修订情况;住房公积金管理委员会年度履职情况;投资运作与收益情况;管理费用中各细项发生额,与上年同期相比,变动幅度超10%的原因;招标、聘任(解任)中介服务机构情况;年度会计报告、会计师事务所出具的审计意见书、银行出具的资金托管报告等;涉诉情况等。2005年中国银监会颁布的《信托投资公司信息披露管理暂行办法》及相应的附件亦可借鉴。   修改的意义与展望   (一)意义   送审稿如能将《信托法》作为上位法,引入信托法理,加之细节配套措施的设计,可以为住房公积金增值收益归属等公众关注的问题找到法律依据,有效促进住房公积金的保值增值,且住房公积金的运作将公开、透明,便于公众监督,可以增强职工缴纳住房公积金的信心与热情,促进住房公积金的长期稳健、规范发展,成为国家牵头、造福于人民的有益事业。   (二)展望   全国社保基金(统筹)、地方养老金、企业年金(补充养老金)、医疗保险基金、失业救济金的缴存与运作模式,与住房公积金类似,都可以运用信托法理加以规范、完善。   为了防止垄断、低效率,国务院可颁布上述各类基金的受托人资质标准,鼓励受托人之间竞争。不仅事业法人类的管理中心可以担任受托人,还可以跨地域经营,且今后公司法人类的金融机构也可以担任受托人。有序竞争,可更好维护职工利益。   (作者供职于中海信托) 进入【新浪财经股吧】讨论相关的主题文章:

厦门当代投资集团于2月4日与嘉兴微票签署《股份转让协议》 秀丽江山txt

Jiaxing micro ticket placards contemporary Oriental shares transfer price 445 million yuan a thousand thousand shares hot column capital flows on stock diagnosis the latest rating simulated trading client Sina Level2:A shares Sina speed Kanpan finance client: the most profitable investors are using the reporter Qi, Doug editor Sun Fang since the Xiamen investment group in the contemporary, contemporary Oriental transformation culture media moves frequently, and at the shareholder level, the company is also a new trend. Contemporary Oriental announcement today, in February 5th the company notified the controlling party of Xiamen contemporary investment group, for the introduction of new strategic investors, Xiamen contemporary investment group in February 4th and Jiaxing micro ticket signed the "share transfer agreement", will be held by the company 19 million 700 thousand shares (representing 5.01% of total share capital) by way of the transfer agreement to transfer Jiaxing micro ticket. The share transfer price is 22.58 yuan per share, the total amount of transfer of shares of about 445 million yuan. Contemporary Oriental closing price in February 5th was 22.9 yuan per share. After the completion of the transfer of shares, the direct shareholding ratio of Xiamen contemporary investment group will drop from the original 15.87% to 10.86%, while Jiaxing micro ticket will achieve placards. Jiaxing micro ticket said that the transferee of the contemporary eastern part of the shares, mainly based on the value of the future growth of listed companies, is a strategic investment, and does not exclude the continued increase in the next 12 months. It is noteworthy that Jiaxing micro ticket seems to be designed for the placards. Announcements, Jiaxing micro ticket was founded in January this year, mainly engaged in investment management. The partner of the company is Zhang Zhen, Zhong Heng Taixing Investment Management (Beijing) Co., Ltd. (now renamed as Beijing Wan Rong era Capital Management Co., Ltd.) and Beijing spring Cci Capital Ltd. Among them, Zhang Zhen invested 9 million yuan, Wan Rong times and Quan Quan investment were invested 800 thousand yuan and 200 thousand yuan respectively. Industry and commerce data show that Wan Rong era was founded in 2013, with a registered capital of 10 million yuan, mainly engaged in investment management; asset management; Investment Advisory; legal representative Xiong xiong. And the spring investment was established in March 2015, the registered capital of 1 million yuan, behind it is Mao Panfeng, Xu Kang and Fu Li and other three natural shareholders. In the past two years, after the Xiamen contemporary investment group entered the contemporary Oriental, the company has been involved in high-definition digital project release, television image production and distribution, advertising production and other cultural media fields, and basically completed the team building and implementation of specific projects. This time, Jiaxing micro ticket placards, whether it indicates that the Contemporary East will have new action, but also to be observed. THE_END into Sina Financial shares bar discussion

嘉兴微票举牌当代东方 股份转让价款4.45亿元 热点栏目 资金流向 千股千评 个股诊断 最新评级 模拟交易 客户端 新浪财经Level2:A股极速看盘 新浪财经客户端:最赚钱的投资者都在用   ⊙记者 祁豆豆 ○编辑 孙放   自厦门当代投资集团入主以来,当代东方转型文化传媒动作频频,而在股东层面,公司也有了新动向。   当代东方今日公告,公司2月5日接到控股方厦门当代投资集团的通知,为引进新的战略投资者,厦门当代投资集团于2月4日与嘉兴微票签署《股份转让协议》,拟将所持有的公司1970万股股份(占公司总股本的5.01%)通过协议转让方式转让给嘉兴微票。本次股权转让价格为22.58元每股,股份转让价款共计约4.45亿元。当代东方2月5日收盘价为22.9元每股。   本次股份转让完成后,厦门当代投资集团的直接持股比例将从原来的15.87%下降至10.86%,而嘉兴微票将由此实现举牌。嘉兴微票表示,受让当代东方部分股权主要是基于看好上市公司未来成长价值,是一次战略投资,且不排除在未来12个月内继续增持。   值得关注的是,嘉兴微票似乎专为本次举牌而设。公告显示,嘉兴微票成立于今年1月,主要从事投资管理。该公司合伙人主要为张振、中恒泰兴投资管理(北京)有限公司(现更名为:北京万融时代资本管理有限公司)以及北京出泉投资管理有限公司。其中,张振出资900万元,万融时代和出泉投资分别出资80万元和20万元。   工商资料显示,万融时代成立于2013年,注册资本1000万元,主要从事投资管理;资产管理;投资咨询,法定代表人为熊俊。而出泉投资于2015年3月成立,注册资本100万元,其背后则以毛攀峰、徐康和付丽等三个自然人股东为主。   近两年,在厦门当代投资集团入主当代东方之后,公司先后介入高清数字项目发行、电视影像制作发行、广告制作等文化传媒领域,并基本完成团队建设及具体项目的落实。此次,嘉兴微票的举牌,是否预示着当代东方将有新动作,也有待观察。THE_END 进入【新浪财经股吧】讨论相关的主题文章: