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After the two financial balance increased three net financing to buy reproduction 重庆工商网上办事平台

After the two financial balance increased three net financing to buy Level2:A shares of sina finance reproduction speed Kanpan sina finance App: since the live on-line blogger to guide the Securities Times reporter Lai Shaohua entered the year of the monkey, A stock Dikaigaozou, three trading days before the strong recorded three positive, although yesterday fell 0.16%, but the overall market sentiment is years ago, greatly improved, comprehensive hot diffusion. With the market rebounded to stabilize, the two financial markets also picked up, after the two financial balance of the 3 consecutive trading day rebound, to achieve the first consecutive growth in the year, the two financial scale increased 10 billion 793 million yuan in the three trading day. According to flush statistics, as of February 17th, the balance between the two cities in Shanghai and Shenzhen Stock Exchange reported 882 billion 538 million yuan, a slight increase of 1 billion 499 million yuan compared with the previous trading day, an increase of 0.17%. Among them, the balance of financing increased by 0.16% over the previous trading day, back to the top of 880 billion yuan; margin balance reported 2 billion 178 million yuan, an increase of 5.79% compared with the previous trading day. Margin trading accounted for a significant increase in A shares trading ratio, showing that the two financial investors optimism has rebounded. Before the last trading day, the two financial transactions accounted for A shares, trading ratio was only 6.59%. In February 16th, the proportion rose to 9.40%, a new high since December 31, 2015, but the proportion dropped slightly in February 17th, but still 8.54%. In terms of financing buying, the post financing buying scale showed a sustained growth trend. February 15-17, the amount of financing to buy were 30 billion 350 million yuan, 46 billion 752 million yuan and 48 billion 421 million yuan. At the same time, the amount of repayment during the period of financing has continued to grow. The two financial markets have changed the net repayment pattern before the year, and the net buying status of the three consecutive days after the festival was 3 billion 318 million yuan, 5 billion 727 million yuan and 1 billion 380 million yuan, accounting for 10 billion 425 million yuan net purchase. 28 industries, three former SWS industry after the trading day of 27 industries to achieve net buying and financing, non-ferrous metals, computers, electronics industry has become the three largest industry the most favored financing period, net purchases amounted to 1 billion 570 million yuan, 1 billion 497 million yuan and 1 billion 92 million yuan. Among them, the computer sector for three consecutive trading days ranked first in the list of financing net buying list. In addition, the net purchase of the media and real estate sector is also more than 500 million yuan, steel has become the only two cities in the period of financing net repayment of the plate, net repayment of 23 million 15 thousand and 100 yuan. Stocks, stocks for the period of net financing to buy more than billion in 22, Shandong gold to 444 million yuan net purchase amount of the top three gorges, 386 million yuan of net buying, optical crystal, Wanda information, duofuduo net purchases of more than 200 million yuan. Analysts believe that the continued growth of the scale of financing buying shows that market sentiment rebounded, many forces have recovered. However, the current two financial scale growth is small, the market funds growth is still weak, indicating that funds continue to rebound after still more cautious. Zhongyuan Securities believes that the Shanghai composite index is moving from high to 28

节后两融余额三连增 融资净买入再现 新浪财经Level2:A股极速看盘 新浪财经App:直播上线 博主一对一指导   证券时报记者 赖少华   进入猴年以来,A股低开高走,前三交易日强势录得三连阳,昨日虽小幅下跌0.16%,但市场人气整体较年前大幅改善,热点全面扩散。   随着大盘企稳反弹,两融市场也出现回暖,节后两融余额连续3个交易日回升,实现年内首度连续增长,两融规模在三个交易日增长了107.93亿元。   据同花顺统计,截至2月17日,沪深两市融资融券余额报8825.38亿元,较上一交易日小幅增长了14.99亿元,增幅为0.17%。其中,融资余额较上一交易日增长0.16%,重回8800亿元上方;融券余额报21.78亿元,较上一交易日增长5.79%。   融资融券交易占A股成交比大幅提高,显示两融投资者乐观情绪有所回升。年前最后一个交易日,两融交易占A股成交比仅为6.59%。2月16日该比例升至9.40%,创2015年12月31日以来新高,2月17日该比例稍有回落,但仍有8.54%。   融资买入方面,节后融资买入规模呈持续增长趋势。2月15-17日,融资买入金额分别为303.50亿元、467.52亿元和484.21亿元。与此同时,期间融资偿还额也出现持续增长。两融市场则一改年前净偿还格局,节后连续三交易日呈现融资净买入状态,净买入额分别为33.18亿元、57.27亿元和13.80亿元,合计净买入104.25亿元。   分行业看,28个申万一级行业节后前三个交易日有27个行业实现融资净买入,有色金属、计算机、电子行业成为最受融资客青睐的三大行业,期间净买入额分别为15.70亿元、14.97亿元和10.92亿元。其中,计算机板块连续三个交易日位居融资净买入排行榜前三甲。此外,传媒和房地产板块的净买入额也超过5亿元,钢铁则成为期间两市唯一遭融资净偿还的板块,净偿还额为2301.51万元。   个股方面,期间获融资净买入超过亿元的个股有22只,山东黄金以4.44亿元的净买入额排名首位,三峡水利净买入3.86亿元,水晶光电、万达信息、多氟多的净买入额也超过2亿元。   分析人士认为,融资买入规模的持续增长表明市场人气回升,多方力量有所恢复。不过,当前两融规模增长幅度较小,市场上资金增量依然较弱,表明资金在持续反弹后依然较为谨慎。   中原证券认为,上证指数在摸高至2850点附近之后,压力显著增加,场外资金进场的热情并不高。近期各大龙头板块轮番领涨大盘,后市能否持续走强仍需继续观察。建议投资者近期密切关注政策面、资金面以及外盘的变化情况。预计上证指数短线围绕2850点震荡整固的可能性较大。   申万宏源认为,目前市场处于风险偏好过度悲观之后的修复期,有望反弹至两会前后,反弹高度在3200点左右。不过,市场长期矛盾仍在,牛熊切换是最大的格局。短期建议从主题、超跌、次新三维度把握投资机会,反弹主题首推VR、教育、云计算和移动支付。 进入【新浪财经股吧】讨论相关的主题文章:

华为开始进军集平板、便携笔记本电脑功能于一身的移动办公智能终端这一新领域 桃花杀手情

HUAWEI to enter the smart mobile office terminal – Sohu finance related stock movements in February 22, Beijing newspaper (reporter Zhao Yongxin) Barcelona local time Spain 21, HUAWEI in the 2016 Mobile World Congress officially released its first combo notebook computer — HUAWEI MateBook. This marks after the intelligent mobile phone, tablet and wearable devices, HUAWEI started a new field of mobile intelligent terminal into the office set plate, portable notebook computer in one. The combo notebook computer alone can be used as a tablet use, can also connect the keyboard turned to the portability of the notebook computer, is expected in April of this year from dozens of countries in Asia, Europe, America and other places listed. HUAWEI consumer business CEO Yu Chengdong said: "HUAWEI hopes to build intelligent terminal to consumers as the center of the whole scene of the era of experience, promote the evolution of the portable computer to the era of mobile office." People’s daily (2016, 02, 23, 10 Edition) author: Zhao Yongxin source people’s daily people’s daily

华为进军移动办公智能终端-搜狐财经 相关公司股票走势   本报北京2月22日电(记者赵永新)西班牙巴塞罗那当地时间21日,华为在2016年世界移动通信大会正式发布旗下首款二合一笔记本电脑――HUAWEI MateBook。这标志着继智能手机、平板、可穿戴设备之后,华为开始进军集平板、便携笔记本电脑功能于一身的移动办公智能终端这一新领域。  该款二合一笔记本电脑可单独用作平板使用,亦可连接键盘变身为轻薄便携笔记本电脑,预计将于今年4月起在亚洲、欧洲、美洲等地的数十个国家陆续上市。华为消费者业务首席执行官余承东表示:“华为希望构建以消费者为中心的智能终端全场景体验时代,推动便携电脑向移动办公时代演变。”  《 人民日报 》( 2016年02月23日 10 版)  作者:赵永新来源人民网-人民日报)相关的主题文章:

  此前9月19日 天天有喜中的兔儿神

How is the "merger king" created? The sina finance leaders column (WeChat public kopleader) columnist Zhang Hongwei rongchuang from the existing layout of the city, "tiaofeijianshou" has become the core keywords layout strategy. There are three main aspects of its performance: 1. Choose the best urban layout with good fundamentals. 2, choose the market with large capacity to acquire high quality projects. 3. Select market entry with improved demand characteristics. How is the "merger king" created? In September 21st, financial record Chinese holdings disclosure announcement, the company indirectly wholly-owned Affiliated Companies gold property Jinke real estate subscription of non-public offering of shares 907029478 shares, accounting for Jinke real estate according to the issuance of non-public shares allotted and issued new Jinke shares after the expansion of the total issued shares of approximately 16.96%, the subscription price of 4.41 yuan per share, the total the price is about 4 billion yuan. At this point, the second largest shareholder of a branch into China. Prior to September 19th, the financial record has just announced the acquisition of 13 billion 788 million yuan Lenovo Group under the name of real estate under the name of Raycom real estate projects. In recent years, the financial record acquisition moves frequently, such as Greentown, Jia Zhaoye, Yu Chi, Tianlong, Yurun enterprises such as project acquisitions or equity acquisition, since this year, the acquisition of financial innovation action more frequently, Raymond international, Raycom Jinke has become a financial object, a stock purchase or acquisition of the project. Looking back on the acquisition process of the two years of financial innovation, the cooperation and mergers and acquisitions are mixed with success and failure, but also passion and helplessness. Below the author from financial creation market layout, the acquisition process characteristics of eight aspects of one by one interpretation, to see the financial record in recent years, the frequent acquisition of those things. Keywords: market layout selection from existing choosers SUNAC layout of the city, "tiaofeijianshou" has become the core keywords layout strategy. Its performance mainly in three aspects: 1, choose good fundamentals such as the priority of the city layout: Guangzhou Shenzhen first-tier cities, has been in Beijing Shanghai Guangzhou and Shenzhen also coveted pitch camp, for a long time, if not the acquisition of financial innovation has failed Henderson, perfect layout four line city. (of course, later with CITIC Pacific the cooperation in Guangzhou, through the acquisition of lemon international project in Shenzhen). In addition, the fundamentals of the Nanjing market performance is also good, SUNAC last year has passed up the signs for the first time in the Nanjing market, and through the acquisition of Tianlong’s project coded layout of Nanjing property market. From the current financial innovation city layout direction, Hefei, Nanjing, the fundamentals of Wuhan, Zhengzhou, Shijiazhuang, Ji’nan, Nanchang city is no problem, financial record will choose to enter into or overweight. 2, choose the market capacity market acquisition of high-quality project: such as Wuhan, Chengdu, Chongqing City, although the property market fundamentals, Chengdu and Chongqing the two city have to pressure on the stock, but the city average residential sales are more than 10 million square meters, even the average sales area of the two Wuhan reached 20 million square meters, has become the national market sales of the largest city. In these cities, in terms of financial creation, there is a market layout

融创“并购王”是如何炼成的?   文 新浪财经意见领袖专栏(微信公众号kopleader)专栏作家 张宏伟   从融创现有布局城市来看,“挑肥拣瘦”成为其布局战略的核心关键词。其表现主要三方面:1、选择基本面良好的城市优先布局。2、选择市场容量大的市场收购优质项目。3、选择改善需求特征明显的市场进入。 融创“并购王”是如何炼成的?   9月21日,融创中国控股有限公司发布公告披露,公司间接全资附属公司聚金物业认购金科地产非公开发行股票907,029,478股,占金科地产根据非公开发行股票事项所配发及发行的新金科股份扩大后的已发行股份总额约16.96%,认购价为每股人民币4.41元,总代价为约40亿元。至此,融创中国成为金科第二大股东。   此前9月19日,融创刚刚宣布以137.88亿元收购联想集团名下融科地产名下地产项目。   近两年来,融创收购动作频繁,比如对绿城、佳兆业、中渝置地、天朗、雨润等企业的项目收购或企业股权收购,今年以来,融创收购动作更加频繁,莱蒙国际、融科、金科也成为融创股权收购或项目收购的对象。回顾融创这两年的收购历程,这其中的合作与并购掺杂着成与败,也有激情与无奈。下面笔者从融创市场布局、收购过程的特征等八方面逐一解读,看看融创近些年来频繁收购的那些事儿。   市场布局选择关键词:挑肥拣瘦   从融创现有布局城市来看,“挑肥拣瘦”成为其布局战略的核心关键词。其表现主要三方面:   1、选择基本面良好的城市优先布局:比如北上广深一线城市,已经在北京上海安营扎寨,广州和深圳也觊觎许久,如果不是收购佳兆业失败,融创就已完美布局四个一线城市了(当然,后期也通过与中信泰富的合作进入广州,通过收购莱蒙国际的项目进入深圳)。此外,南京市场基本面表现也不错,融创去年已经通过招牌挂首次进入南京市场,并且通过收购天朗的项目加码布局南京楼市。从当前融创城市布局方向来看,合肥、南京、武汉、郑州、石家庄、济南、南昌等城市基本面没有问题,融创必然会择机进入或加码进入。   2、选择市场容量大的市场收购优质项目:比如武汉、成都、重庆这样的城市,尽管从楼市基本面来看,成都和重庆这两个城市都有去库存压力,但是,这些城市年均住宅销售量都在1000万平方米以上,甚至武汉这两年的平均销售面积达到2000万平方米左右,成为全国市场销售量最大的城市。在这些城市,对于融创来讲,有市场布局的大机会,融创可以在这些城市发挥其营销和执行的优势,不容置疑,在这样的城市里照样可以跑出量来,做出优秀的业绩。   3、选择改善需求特征明显的市场进入:从融创产品线来看,偏改善的项目较多,因此,改善型产品需求较大的城市,比如一线城市等势必成为其布局的优先选择,另外,市场价格弹性空间较大的城市,比如市场均价在每平方米1万元以上,尤其是1.5万元以上的城市,也比较适合融创这样的产品,比如南京、天津、苏州这样的二线城市。   项目并购选择关键词:现金流   融创是现金流导向非常明确的一个企业,从并购的项目对象来看,以现金流导向也就比较好理解,也就是说,每一个并购项目马上就可以进入销售状态(净地的话5-6个月后就可以达到预售条件,或者是项目已经动工但项目本身品质无大碍的项目),马上就可以产生现金流,这样,融创在并购过程中其实只需要支付并购的首付款就可以,其余几期的款项完全可以通过销售现金流覆盖掉。这样,融创的资金成本压力也会较低,也会比较快的做出销售业绩。   市场占有率关键词:狼的速度   一旦布局一个新的市场,三年内市场占有率势必会达到TOP3,甚至单算住宅市场,市场占有率一定达到第一。比如北京、上海等市场均为如此。   以上海市场为例,从2014年上海商品住宅市场格局来看,已经形成融绿、万科、绿地三强争霸的市场格局,绿地已经失去了上海商品住宅市场的头把交椅。而融绿就像一匹黑马,2012年以来,在短短的2年左右的时间里就冲上了2013年商品住宅销售金额第三名,2014年势头更是表现为“狼的速度”,同策咨询研究部数据显示,2014年1-12月,融绿以174.80亿元荣登上海商品住宅销售金额榜首,并且排名第二第三的万科、绿地销售金额分别为148.74亿、135.93亿,已经暂时落后融绿。2015年及今年上半年,融创和绿城(融绿平台)“分手”后,融创在上海的商品住宅市场销售金额基本保持在第三左右的位置。   并购对象变化关键词:从选择大牌房企整体收购到局部收购或选择区域型房企整体收购   仔细观察孙宏斌最近几次的收购手法,其实已经开始有所变化。比如融创对于天朗、中渝置地、莱蒙国际等房企的收购并不是全盘通吃,已经和此前收购大牌房企绿城、佳兆业不一样了。同样,和雨润地产的合作尽管失败了,但从此前合作细节来看,也仅仅局限于好的项目,不会整体收购。   话说回来,和规模相对较大的房企玩,的确有困难,比如绿城佳兆业这样的房企,再加上背后有中交的介入,地方政府的介入,这也让融创吃不消。与其收购大的房企不成功,还不如选择小一些的房企,这样对于融创来讲才会更加强势,也会增加成功的概率。   事实上,在一次融创业绩会上,孙宏斌已经明确表示,“以我们对绿城和佳兆业的经验,我们整包去做的可能性会比较小了,我们宁愿谈一个项目,谈一个城市,要整体弄的话,我们觉得是很累的,而且效率很低的,最后的效果也不一定好,我们宁愿选两三个城市。”   如今,融创的收购策略确实已经开始变化了,从整体收购到局部收购或选择区域型房企整体收购,这样思路的转变也在孙宏斌这两年收购有所体现,比如对中渝置地、天朗、融科等房企的区域型房企的整体或部分收购。   并购方式变化关键词:直接买地不如买房企股权   就今年的土地市场而言,北上广深等一线城市、南京、苏州、合肥、厦门等核心热点地王频现,要想在上述热点城市公开招拍挂土地市场上拿地,不拿地王似乎很难下手。因此,从典型品牌房企来看,已经将触角伸向二级市场进行项目或项目公司股权收购。   从最近两年来看,由于获得土地储备或项目的成本相对较低,股权收购的案例越来越多。 而近期,品牌房企开始收购房企的股权,比如融创收购金科的股权,成为金科的第二大股东,这样融创与金科在“中西部、长三角、环渤海”中国三大区域与金科可以形成联合开发优势,融创也可以巩固在这些区域的市场优势地位。   此外,通过股权收购融科等房企股权,从获得相对应的土地储备,从土地储备或项目的成本的角度来看,通过直接收购房企的股权的方式成本相对较低,并且布局核心战略要地也更为迅速,对于提升销售业绩而言也更为直接。“买地太贵就买公司股权”这种方式往往会受到善于资本运作的品牌房企的欢迎,比如融创等这样的品牌房企。   并购气场关键词:人未到,杀气已来   回顾融创最近几次收购,无论是是收购绿城、佳兆业这样的不成功的案例,还是其他的局部收购情况,融创的一贯做法就是,当收购还没有正式开始,当地市场尤其是被收购的房企已经闻到融创的“杀气”了,也就是“人未到,杀气已来”。这也难怪,无论是绿城也好,佳兆业也罢,很难适应这样的做法,尤其是老员工会倍感压力,于是,这些企业(绿城、佳兆业)的旧部会联合被融创压榨的员工卷土重来,这样最终导致收购失败。   从正面的角度来看,“人未到,杀气已来”会使融创在收购之后更加具有主动权,尤其是后面局部的企业,融创势必会起到主导作用,以此保证后期营销顺利执行,保证项目顺利实现现金流快速回笼。从今年收购的对象来看,融创收购融科等房企或项目股权之后,“人未到,杀气已来”也难免会发生。   并购后的调整:人事核心外派,项目坚决调整,快速实现现金流   并购协议签署之后,融创一般的做法是核心高管团队由融创外派,并且对现有公司内人员进行统一面试,无论是中高层还是普通员工,不合格就辞退。这样留下的基本都是富有战斗力的精英,从今后项目执行的角度来看,阻力也会小很多。   对于收购的项目来看,也会进行坚决的调整,保证项目很快产生现金流。比如融创收购绿城之后,针对部分问题项目开始跌价销售,快速处置一些问题项目,这其中当然也引起老业主的反对,也引起宋文平的注意。但不管怎么说,这就是孙宏斌的风格。   对于一些优质项目来说,融创也不会像绿城那样慢慢销售。比如上海绿城玫瑰园这样的优质项目,融创接手之后,对这个项目很快启动销售,并且成为2013年全国独栋别墅销售金额冠军,对融创贡献了不少现金流。   “管退式”收购:别人退了,其实也保护了自己   从收购的结果来看,融创收购绿城、佳兆业均以失败告终,孙宏斌也自嘲他是“管退式”收购。笔者认为,融创的“管退式”收购,虽然绿城佳兆业退了收购失败了,但是,对于融创来讲也保护了自己。   从绿城和佳兆业的市场布局来看,这么大规模的公司当中的项目并不是所有项目都是融创想要的,整体收购过程中势必有风险,更何况这两家企业当时本身现金流就面临较大的问题,融创的介入更应该小心翼翼。因此,管退的条款其实也是对自己的最大保护,换句话说,万一并购之后绿城和佳兆业难以起死回生,融创照样可以毁约,停止收购动作,以尽可能尽快减少并购这么大规模企业过程中的风险。   当然,融创的“管退式”收购也让它在这两年市场上丧失了快速布局全国化的市场机会,鉴于此,我们也发现,在融创后续进行的局部收购过程中,也格外严谨,开始设计一些排他性条款,确保一些优质项目的收购成功,保证企业的布局战略顺利执行。   (本文作者介绍:同策咨询研究中心总监张宏伟)相关的主题文章:

而绑发处的扭转造型则尽显甜美气质 虐爱小神父下载

Trick, tie, hair, the world will play "scheming" is fashionable! Introduction: don’t just look at those stars with coarse and very simple delicate hairstyle today, let Xiaobian teach you to new skills — the cross tie hair, a simple enough to let you ride the hairdressing industry for a while! As long as playing a little careful machine, you can make the usual monotonous hairstyle instantly rich, the details are full of amorous feelings! Source: PCLADY method to study under the first flip through the legendary flip through a simple three step method, you can create a reverse sense and rich layers of hair hair has to master the new skills, to mastery, learning, simple style fashion dazzling up immediately. STYLE 1: STYLE 1 heavy plate three gorgeous feeling: gorgeous feeling three step up editor this hairstyle looked a bit complicated, just use the cross tie hair, add a sense of hair on the back of the line. While the regional production of small hair, which is more fresh and gorgeous delicate hair. STYLE 2: gentle Princess half tie hair STYLE 2: gentle Princess half tie hair editor to create the front steps is still a gentle lady fan half tie hair behind, layered and join the cross hair binding elements, will be showing a fine scene closely, let you 360 hassle. STYLE 3: quiet intellectual ponytail STYLE 3: quiet intellectual ponytail editor to create all steps full ponytail, using different crossing method to build, the more chic is not it? Slightly loose and located in the middle of the horsetail, bring a bit quiet and sexy, and twisted hair at the junction of the shape is sweet temperament.

一招花式绑发闯天下 会玩“心机”才时髦!   导读:别只顾着眼红明星那些粗看简单细看又无比精致的发型了,今天让小编传授你绑发新技能——穿越式绑发,简单一招足以让你驰骋美发界一阵子!只要玩儿一点小心机,就能让平日的单调发型瞬间丰富起来,细节之处满是风情!来源:PCLADY 翻转穿越法   首先来学习下传说中的翻转穿越法,简单三步就能打造出具有扭转编发感且层次丰富的发辫,掌握这一新技能后加以融会贯通,活学活用,简单的发型立刻时髦亮眼起来。 STYLE 1:华丽感三重盘发   STYLE 1:华丽感三重盘发 编辑推荐 打造步骤   这款发型看着略显复杂,其实只是运用了穿越式绑发,为背面的发型增添了一份线条感。而分区制作的小发髻,组成精致盘发也更显新鲜华丽。 STYLE 2:温柔的公主半扎发   STYLE 2:温柔的公主半扎发 编辑推荐 打造步骤   正面看依旧是温柔淑女范的半扎发,背后分层并加入穿越式扎发元素,便能呈现出环环相扣的精致景象,让你360度无死角。 STYLE 3:文静知性的马尾辫   STYLE 3:文静知性的马尾辫 编辑推荐 打造步骤   心机十足的马尾辫,采用了不同以往的穿越法来打造,是不是更显别致了呢?略微松垮并位于中部的马尾带来几分文静知性感,而绑发处的扭转造型则尽显甜美气质。相关的主题文章:

commercial bank financial business supervision and management measures 潍坊科技学院贴吧

The banking regulatory rules imminent: classification of financial products will be banned Sina fund exposure table: the letter Phi lag of false propaganda, long-term performance is lower than similar products, to buy the fund by the pit how to do? Click on [I want to complain], Sina help you expose them! The banking regulatory rules imminent after the implementation of the new regulations, due to the widespread use of non-standard materials, the phenomenon of "asset allocation pull high income will be reduced, the overall income of bank financial products may decline. But the impact of investment trust products, CDs, bonds and other standards may not, investors in the purchase of "non-standard" may also be better protected the "legal" writer Dong Yizhi recently investment products, "commercial bank financial business supervision and management measures (Draft)" issued to the bank, caused a lot of attention from investors. The existing information shows that the new version is more adjusted, and more severe, especially for bank financial management and classification of financial products, and the old version of the opinion soliciting draft is quite different. After landing, it can be called "the most stringent regulation of banking supervision in history"". Since December 2014, the CBRC has issued new opinions on the regulation of bank financing business, but no new progress has been made so far. The media disclosure, commercial bank financial business supervision and management measures of the new version of the "(Draft)" major changes include: the implementation of category management, non-standard investment may not be docking information management plan, bank financial products banned on the classification of bank financing. If the implementation of these new regulations, the banking business will have a greater impact. Classification management direction to determine the new draft, according to the scope of investment in financial products, the commercial bank financial business is divided into basic financial services and integrated financial services. This is also more than the 2014 version of the new content of the draft. The basic type of financial business refers to the commercial banks to issue financial products to invest in bank deposits, certificates of deposit, bonds, local government bonds, central bank bills, government bonds, financial bonds, corporate credit bonds, credit asset-backed securities, money market funds, bond funds and other assets. Comprehensive financial services means that on the basis of the basic business scope, commercial banks can also invest in non standardized financial assets, equity assets and other assets approved by the cbrc. Not every bank can carry out these two types of financial services, "the draft" set the threshold to engage in financial business of commercial banks, such as the net capital of not less than 5 billion yuan, major cases in recent 3 years without serious illegal acts and due to internal management problems caused by etc.. Documents also require that banks carry out basic financial services for more than 3 years, and must meet the above requirements before comprehensive financial services can be carried out. That would limit small banks. In view of the bank capital or one of the important criteria for the classification of qualifications, many small banks may not have the "non-standard" investment qualification, can only manage treasury bonds, bills, financial management and other relatively safe financial products, wealth management business will be greatly limited. The author thinks that the CBRC will act on it

银行理财监管新规箭在弦上:分级理财产品将遭封杀 新浪基金曝光台:信披滞后虚假宣传,业绩长期低于同类产品,买基金被坑怎么办?点击【我要投诉】,新浪帮你曝光他们!   银行理财监管新规箭在弦上   新规落实后,由于目前普遍存在的、用“非标”资产配置拉高收益的现象料将减少,银行理财产品的整体收益可能会有所下降。但这对信托产品、大额存单、国债等标准投资的影响或许不大,投资者在购买“非标”投资产品时也可能得到更好的保障   文 《法人》特约撰稿 董毅智   近日,《商业银行理财业务监督管理办法(征求意见稿)》下发至银行的消息,引发了不少投资者的关注。现有信息显示,新版本调整较多,且更为严厉,尤其是对银行理财实现分类管理和禁止分级理财产品,与旧版意见征求稿差别较大。办法落地后,可称“史上最严银行理财监管新规”。   自2014年12月银监会就银行理财业务监管新规发布征求意见后,至今没有最新进展。而就媒体披露来看,新版的《商业银行理财业务监督管理办法(征求意见稿)》主要变动内容包括:对银行理财实施分类管理、非标投资不得对接资管计划、银行分级理财产品遭禁等。   若这些新规完善实施,对于银行理财业务将有较大影响。   分类管理方向确定   新版征求意见稿根据理财产品投资范围,将商业银行理财业务分为基础类理财业务和综合类理财业务。这也是较2014年版的征求意见稿新增的内容。   基础类理财业务是指商业银行发行的理财产品可以投资于银行存款、大额存单、国债、地方政府债券、中央银行票据、政府机构债券、金融债券、公司信用类债券、信贷资产支持证券、货币市场基金、债券型基金等资产。   综合类理财业务则是指在基础类业务范围基础上,商业银行理财产品还可以投资于非标准化债权资产、权益类资产和银监会认可的其他资产。   并非每家银行都可以开展这两类理财业务,《征求意见稿》对从事综合类理财业务的商业银行设置了门槛,比如资本净额不低于50亿元人民币、最近3年无严重违法违规行为和因内部管理问题导致的重大案件等。文件还要求,银行开展基础类理财业务超过3年,且必须满足上述要求之后才可以开展综合类理财业务。   这将使小银行受到大限制。鉴于银行资本金或为划分资质的重要标准之一,很多小银行可能不具备“非标”投资的资质,只能经营国债、票据理财等较为安全的理财产品,理财业务将受到很大限制。   笔者认为,银监会此举意在通过抬高“非标”投资的门槛,降低小银行因开展高风险理财业务而遭严重冲击甚至倒闭的可能性。至于新规对小银行的限制究竟有多大,还要视资质划分标准具体执行的严格程度而定。   非标投资不得对接资管计划   实际上,在旧版《征求意见稿》中,银监会就对非标资产回表、非标资产不允许错配等理财业务做出了详尽规定。只是如今两年多过去了,旧版《征求意见稿》一直没有下文。新版文件明确要求“商业银行理财产品所投资的特殊目的载体不得直接或间接投资于非标准化债权资产,符合银监会关于银信理财合作业务相关规定监管规定信托公司发行的信托投资计划除外”。也就是说,未来银行理财资金进行非标投资,或将不能对接资管计划产品。   “信托业由银监会进行监管,而各类资管计划属于证监会的管辖范围,不能对接资管计划的要求,极大可能与银监会统一监管口径、便于监管有一定的关系。”普益标准研究员魏骥遥分析指出。   亦有业内人士认为,信托计划和资管计划都是银行投资“非标”的通道,投资方向都是股票、股票型基金、期货等相对高风险高收益的项目。两者最大的区别在于:信托计划受银监会监管,资管计划受证监会监管。相对于有着不成文的“刚兑”规则的信托公司,资管公司普遍成立时间较短。目前大部分资管计划尚未到期,还没有通过实践来检验其兑付能力。   新规将银行理财业务收归银监会监管的范围之内,一方面是为降低多层通道嵌套及“抽屉协议”“影子银行”带来的潜在风险;另一方面,资管公司普遍成立时间短,且主要由券商、基金公司负责运作,属于高风险体系,与银行理财的低风险定位不符,此举表现出银监会对于风险的谨慎态度。   分级理财产品将遭“封杀”   《征求意见稿》明文规定,商业银行不得发行分级理财产品。分级理财产品是指商业银行按照本金和收益受偿顺序的不同,将理财产品划分为不同等级的份额,不同等级份额的收益分配不按份额比例计算,而是由合同另行约定、按照优先与劣后份额安排进行收益分配的理财产品。   魏骥遥分析认为,高杠杆和可能的资金池运作是监管层叫停的主要原因。虽然大多数银行所发行的分级产品杠杆倍数较为保守,但也有极个别的银行发行的极少量的分级产品,其次级端杠杆倍数高达10倍。尽管该类产品也以净值型产品的形式发行,但其优先端的投资期限较次级端短,也就是说,在次级端不变的情况下,优先端的产品存在滚动发行的情况,也有存在资金池运作的可能。   但是公开资料显示,目前银行分级型理财存量规模并不大,根据普益标准数据库进行粗略统计,不到0.5%。今年5月份,银监会已窗口指导多家商业银行,要求暂停新发分级型理财产品,存量产品到期后将不得再滚动发行。   笔者认为,这一方面是防止资金通过分级加杠杆流入债市而增加风险;另一方面,近期有越来越多的银行推广高净值产品,银行理财产品长得越来越像基金,新规落地后,这种趋势将受到遏制。但由于分级理财产品在银行理财产品中所占比例并不大,因此这道禁令的影响较为有限。   总的来说,新规的中心思想是降低银行理财风险,将银行理财业务更深层次地纳入银监会的监管体系之下。新规落实后,由于目前普遍存在的、用“非标”资产配置拉高收益的现象料将减少,银行理财产品的整体收益可能会有所下降。但这对信托产品、大额存单、国债等标准投资的影响或许不大,投资者在购买“非标”投资产品时也可能得到更好的保障。   由于新规目前还在征求意见阶段,具体政策我们还将拭目以待。 进入【新浪财经股吧】讨论相关的主题文章: