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The first month of the new year when stock based debt based hedging show advantages 西安翻译学院是几本

The first month of the new year when stock based debt based hedge / Reporter Wang Peng full advantage, Yu Yong edited the first month of 2016 A shares showed a concussion, partial stock funds generally fell at the same time, it is more robust to the performance of bond funds. Data show that this year, the bond fund gains obviously occupy the advantage, as of January 28th, 50% bond funds have achieved positive returns, of which 13 funds yield more than 1%. If time stretches, bond funds perform better. Review the history, both the long red rose 2006 years to 2007 years, 2009 years, 2008 years, 2010 fell sharply, or the fluctuation of 2005, 2015, bond funds have received a positive return. The so-called bond fund, refers to not less than 80% of the assets invested in bonds, mainly to invest in treasury bonds, central bank bills and corporate bonds and corporate bonds with more than investment level, its investment target has relatively high security. Because the performance of the bond fund depends largely on the asset allocation and duration of the asset, it is particularly important for the fund managers to understand and understand the macroeconomic data, fiscal policy and monetary policy in the actual investment. In order to build stability and increased profits bonds as an example, from the point of view of investment strategies, the fund based on the "prudent investment", both "positive value", the excess income mainly from the fund manager of macroeconomic data, fiscal policy and monetary policy and other aspects of good ability to understand and grasp. Through active management of bond portfolio, the fund gains higher than the benchmark index on the basis of the steady growth of fund assets. As of January 28th, the fund rose by 38.6% in the past three years, surpassing the average level of 11.23 percentage points. Generally speaking, it is difficult for investors to analyze the investment strategy of a bond fund according to the position disclosed in the quarterly report or annual report. The better way is to observe whether the fund’s past performance is steady, whether it is more aggressive or golden in the market rise stage, and how much retracement in the market decline stage. For example, GF enrichment credit debt, fund managers on behalf of Yu in the operation attaches great importance to absolute returns, and strive to make the management of products at the premise of absolute risk control under win excess returns. From the past performance point of view, Dai Yu with the deep insight into China’s economic cycle trend and short cycle fluctuations, actively defend the market risk, keenly grasp the bond market structural investment opportunities, and achieved good investment results. Data show that GF enrichment credit debt over the past three years, two years and one year were up 39.67%, 46.98% and 18.78%, similar funds are among the first quarter of the camp. Overall, the industry pointed out that as a kind of low risk products, a bond fund will cater to some risk averse, robust investor demand; on the other hand, the investment of higher risk appetite and risk bearing ability of investors, can reduce the overall portfolio risk level through a combination of investment in bond funds, the IMF and other low-risk fund products, improve the liquidity of the portfolio, so as to obtain better returns. TH theory

股基新年首月遇挫 债基尽显避险优势   ⊙记者 王彭 ○编辑 于勇   2016年首月A股呈现大幅震荡,偏股型基金普遍遭遇重挫的同时,债券型基金的表现却较为稳健。数据显示,今年以来债券型基金的收益明显占据优势,截至1月28日,五成债券型基金获得了正收益,其中,有13只基金收益率超过1%。若将时间拉长,债券基金的表现则更为出色。回顾历史,无论是大涨长红的2006年至2007年、2009年,大幅下跌的2008年、2010年,还是震荡起伏的2005、2015年,债券型基金均获得了正收益。   所谓债券基金,是指把不低于80%的资产投资于债券,主要投向国债、央行票据和具有投资级别以上的企业债和公司债,其投资标的具有比较高的安全性。由于债券基金的投资业绩很大程度上取决于大类资产配置和债券久期,因而在实际投资中,基金经理对宏观经济数据、财政政策和货币政策等方面的理解和洞察力显得尤为重要。以建信稳定增利债券为例,从投资策略上来看,该基金在立足“谨慎投资”的基础上,兼顾“积极增值”,超额收益主要来自于基金经理对宏观经济数据、财政政策和货币政策等方面较好的理解和把握能力。该基金通过主动式管理债券组合,在追求基金资产稳定增长基础上获取高于基准指数的回报。截至1月28日,该基金近三年净值上涨38.6%,超越同类平均水平11.23个百分点。   一般来说,投资者很难根据季报或年报中披露的持仓情况来分析一只债券基金的投资策略。较好的方法还是观察基金过往的业绩是否稳健,在市场上扬阶段表现得较为激进还是中庸,以及在市场下跌阶段回撤幅度如何。例如广发聚财信用债,基金经理代宇在操作上高度重视绝对回报,力争使管理的产品在绝对风险可控的前提下博取超额收益。从过去的表现来看,代宇凭借对中国经济大周期趋势和短周期波动的深刻洞察,积极防御市场风险,敏锐把握债市结构性投资机会,取得了良好的投资效果。数据显示,广发聚财信用债近三年、两年和一年分别上涨39.67%、46.98%和18.78%,均位居同类基金前四分之一阵营。   总体而言,业内人士指出,作为一种低风险产品,债券型基金一方面会迎合一部分风险厌恶型、稳健型投资者的需求;另一方面,投资风险偏好较高、风险承受能力较强的投资者,可以通过对债券基金、货币基金等低风险基金产品进行组合投资来降低整体组合的风险水平,提高投资组合的流动性,从而获得更加理想的收益。THE_END 进入【新浪财经股吧】讨论相关的主题文章:

From the end of Ping An Bank Huanshuai 20 executives initial sequence of aftershocks 异世之绝世无双

From the end of Ping An Bank Huanshuai 20 executives initially We aftershocks sequence want you! The first 2016 Chinese Potter Rockefeller award officially started! Fund, insurance, securities and other financial institutions ability to manage information, which is better? Please click on the vote to select the strongest organization in your mind! Original title: from the end of Ping An Bank 20 executives initially Huanshuai aftershocks sequence reporter Zhu Zhichao reported in Shenzhen introduction to the so-called "three minus one efficiency", refers to the employees and pay cuts, less losses and increasing benefits. "Cut division, branch cuts, spread the solution too alarmist, but the basic direction is correct," close to the Ping An Bank Management sources said, "poor quality assets division or shut down, not to carry out incremental business; Department of branch staff will also be redundant facing layoffs." He further explained, "the future of Ping An Bank strategy will be fully tilted to the retail business, on the basis of the current cut about 1/3 to 1/4 of the public business personnel, the introduction and introduction of a large number of retail business personnel." After the Shao Ping era, Ping An bank personnel shocks continue. Chairman Sun Jianyi and President Shao Ping both resigned, Ping An Bank after several "shake" still maintained a large executive structure, but a long time, more than half of executives or former, or have been transferred to the division of labor, or to be re adjusted. One of the most noteworthy, than the original Ping An Securities chairman Xie Yonglin, former general manager of Ping An Securities Yang Zhiqun, former deputy general manager of Ping An Securities Guo Shibang full of Juanniao homing, return to Ping An Bank, Ping An Bank respectively became chairman, deputy for Ping An Bank, Ping An Bank Chairman assistant. "Xie Yonglin, Yang Zhiqun, Ping An Securities into any number two," team "for more than a year and a half, two private relations were iron." Ping An group told reporters a middle level. It is worth noting that, the aforementioned "executive vice president" and "chairman of the special assistant" two positions are the latest set of posts. According to the twenty-first Century economic report, the reporter learned from the head office of Ping An Bank recently, Yang Zhiqun, vice president of the new official, will be appointed president of Shenzhen branch of Ping An Bank; Guo Shibang, the assistant chairman, will take over the risk line in charge of the whole bank. The division of labor of the aforementioned leadership is designated by Ping An group." Ping An Group one insider revealed. It is understood that the original Shenzhen branch of Ping An Bank President Yao Guiping has been promoted to assistant, assist in the management of retail business in more than 3 months later, the new working arrangements for "responsible for non-performing assets". In October 20th the board of directors of the general meeting, in addition to announce the appointment of Xie Yonglin as secretary of the Party committee of Ping An Bank, also revealed the new leaders of the future work plan: the transformation of retail, "three minus one efficiency is many times by speaking of keywords. The so-called "three minus one efficiency", refers to the employees and pay cuts, less losses and increasing benefits. It is too alarmist and exaggerated to cut off the large layoffs of the division and the branches, and the circulated programs, but the basic direction is correct." A discussion on the management of Ping An Bank

起底平安银行换帅余震 20位高管序列初定 We want you!2016首届中国波特菲勒奖评选正式开始!基金、保险、券商等金融机构资管能力孰优孰强?请点击【投票】,选出你心中的最强机构!   原标题:起底平安银行换帅余震 20位高管序列初定   本报记者 朱志超 深圳报道   导读   所谓“三减一增效”,指的是减员、减薪、减亏损和增效益。   “裁掉事业部、分行大裁员,坊间流传的方案所述过于危言耸听,但基本方向是正确的,”一接近平安银行管理层的消息人士称,“资产质量堪忧的事业部或被关停,增量业务不会再开展;部分人员编制冗余的分行亦将面临裁员。”   他进一步解释道,“未来平安银行战略将全面向零售业务倾斜,在现基础上削减约三分之一到四分之一的对公业务人员,新增、引进大量的零售业务人员。”   后邵平时代,平安银行人事震荡持续。   董事长孙建一、行长邵平双双请辞,平安银行在历经数次“换血”后仍旧保持了庞大的高管架构,但早已物是人非,逾半数高管或已离职、或已调任、或其分工被重新调整。   其中最值得关注的,莫过于原平安证券董事长谢永林、原平安证券总经理杨志群、原平安证券副总经理郭世邦悉数“倦鸟归巢”,重返平安银行,分别出任平安银行董事长、平安银行常务副行长、平安银行董事长助理。   “谢永林、杨志群在平安证券分任一、二把手,‘搭班子’时间超过一年半了,两人私下关系亦甚铁。”平安集团一中层人士对记者称。   值得注意的是,前述的“常务副行长”和“董事长特别助理”两个岗位均为最新设置的岗位。据21世纪经济报道记者从平安银行总行人士最新获悉,新官上任的常务副行长杨志群,即将出任平安银行深圳分行行长;董事长助理郭世邦,则将接手分管全行的风险条线。   “前述领导层的分工都是平安集团指定的。”平安集团一知情人士如是透露。据了解,原深圳分行行长姚贵平已升任平安银行行长助理,在协助管理零售业务逾3个月后,其最新工作安排为“负责不良资产清收”。   10月20日董事会换届会议中,除宣布谢永林被任命为平安银行党委书记外,还透露出新一任领导班子未来的工作计划:零售转型、“三减一增效”是多次被言及的关键词。   所谓的“三减一增效”,指的是减员、减薪、减亏损和增效益。   “裁掉事业部、分行大裁员,坊间流传的方案所述过于危言耸听、言过其实,但基本方向是正确的。”一接近平安银行管理层的消息人士称,“资产质量堪忧的事业部或被关停,起码增量业务不会再开展;部分人员编制冗余的分行亦将面临裁员。”   除此之外,据21世纪经济报道记者不完全统计,今年年内平安银行多地分行行长经历了迅速的轮换与补位,因人员变动引发的“震荡”,将是新任管理层亟待拆解的难题之一。   邵平48个月“急行军”   历时两个多月、沸沸扬扬的平安银行管理层更迭一事终尘埃落定。   但有别于同业,平安银行每临高层人事换血,则大多“牵一发而动全身”:   2012年9月,原民生银行副行长邵平“空降”平安银行出任行长,参与、主导了原深圳发展银行与原平安银行的业务整合;   紧随其后,原民生银行风险管理部总经理赵继臣、计财部总经理与运营部总经理孙先朗、科技开发部总经理张金顺均到任平安银行,分别出任分管风险的副行长、分管财务的副行长和分管投行业务的行长助理。   尔后邵平在任的四年时间内,多个行业事业部的总监、副总监以及多地分行的行长、副行长均为原民生银行业务骨干,以至外界戏称平安银行中有“民生系”。   “在外部看来,平安银行确实吸纳了为数不少的民生员工。”平安银行一位非“民生系”的中层人士对21世纪经济报道记者透露,“坦白说,邵平是一个重感情的老派银行家,但绝非任人唯亲。在他执掌平安银行的四年内,业绩是衡量人才的绝对硬指标。”   数据显示,邵平走马上任之初,2012年末平安银行总资产1.6万亿元,存款余额1.02万亿元,营业收入、净利润分别为397.5亿元、134亿元。   而截至2016年9月末,平安银行总资产达2.79万亿元,存款余额1.91万亿元,营业收入、净利润分别为819.7亿元、187.2亿元,非利息收入翻了5.5倍。   “过去平安银行的底子太薄弱了,无论是后台IT技术基础,抑或前中台业务开展能力都不过关。整合初期,多头管理严重、跨部门业务协调效率低下、盈利水平远低于对标机构、网点布局偏少,情况不甚乐观。”平安银行一不愿透露姓名的部门总经理如是称。   他进一步解释道,“2013年邵平自上而下实施全面整肃,包括再造各项业务流程、重新修订考核办法、压缩精简一级部门和成本中心等。但在大刀阔斧‘调结构’同时,亦要保证平安银行领先于同业的发展速度、提高盈利水平及非息收入占比,实属不易。”   “唯一有争议的是,平安银行近几年急于实现跨越式扩张,在经济下行周期仍选择高歌猛进,资产质量承压是难以避免的,”该名部门总坦言,“如前两年大力推行的贷贷卡,其性质犹如‘一匹脱缰的烈马’,产品是好产品,但对驾驭者的水平要求相当高。多个分支行力推贷贷卡,业务扩张迅猛,但风险事件频发后则留下‘一地鸡毛’。”   纵使如此,瑕不掩瑜。平安银行一位非“民生系”的分行行长如是评价邵平:他是一位战略清晰、见地深刻、知道如何达成目标的银行家,同时也是一位责任心强、敢于担当、勤勉务实的职业经理人,对待下属有极强的同理心。   是非成败转头空,青山依旧在,几度夕阳红。在马明哲棋局中,赋予银行家邵平的阶段性任务已然完成,平安银行下一阶段的零售战略转型,将重新踏上征程。   平安证券高管“归巢”   2016年10月20日,平安银行正式召开董事会,启动换届程序。这届将决定平安银行未来走向的换届董事会,可谓是“情理之中、意料之外”:   不出所料的是,刚升任平安集团副总经理、原平安证券董事长谢永林和平安银行原分管公司业务的副行长胡跃飞,将待监管批复后分别出任平安银行董事长、行长职务。   谢永林出生于1968年,加入平安集团已逾22年,从产险基层业务员起步,曾作为核心成员参与平安收购深圳市商业银行、“平深整合”,并先后负责运营、IT、人力资源、零售银行管理等业务,2007年起分任平安银行副行长、原深发展银行副行长。   深受马明哲的器重,谢永林被视作“平安集团最具有综合金融基因的高价值人才之一”,他于2016年9月被提任平安集团副总经理,本次回归担纲平安集团董事长,并不出乎意料。   但令人讶异,跟随谢永林一同“归巢”平安银行的,还有原平安证券总经理杨志群、原平安证券副总经理郭世邦,两人分别出任平安银行常务副行长、平安银行董事长助理。   值得注意的是,前述的“常务副行长”和“董事长特别助理”两个岗位都是最新设置的岗位,且均为要职。   21世纪经济报道记者从平安银行总行人士最新获悉,新官上任的常务副行长杨志群,即将兼任平安银行深圳分行行长;董事长助理郭世邦,则将接手分管全行的风险条线。   在该名知情人士看来,“常务副行长”一职的设定确实“非常巧妙”,奠定了杨志群在多位副行长中的“第一顺位”。此外,杨志群即将接管的深圳分行,更可谓是全行的“重镇”,该分行2015年对平安银行利润贡献的占比高达三分之一。   公开资料显示,杨志群现年46岁,南开大学经济学博士生毕业,2009年负责筹建原平安银行广州分行,后担任平安银行广州分行行长;2011年4月担任深圳发展银行广州分行行长,2012年8月任整合后的平安银行广州分行行长,2015年初任平安证券总经理。   类似的是,郭世邦同为平安银行“旧部”:2011年3月起先后任深圳发展银行小微金融事业部总监、平安银行总行小微金融事业部总监,后于2015年3月起任平安证券副总经理,负责融资业务等。   “三减一增效”   10月20日的董事会上,谢永林被平安集团党委任命为平安银行党委书记;同时会议还透露出新一任领导班子未来的工作计划:零售转型、“三减一增效”是多次被言及的关键词:   所谓的“三减一增效”,指的是减员、减薪、减亏损和增效益。此前,曾有一份整合方案流出于坊间,内容包括裁掉事业部、分行大裁员、部门合并,高层、中层、普通员工分别降薪30%、20%和10%。   “裁掉事业部、分行大裁员,方案所述有点危言耸听、言过其实,但基本方向是正确的,”一接近平安银行管理层的人士称,“资产质量堪忧的事业部或被关停,起码增量业务不会再开展;部分人员编制冗余的分行亦将面临裁员。”   该消息人员进一步解释道,“分行转型是集团给银行定调的一个改革重任,未来平安银行战略将全面向零售业务倾斜,在现基础上削减约三分之一到四分之一的对公业务人员,新增、引进大量的零售业务人员。”   至于“减薪”一事,多名平安银行员工指“均有耳闻”,但表示“现阶段尚未形成明确方案”。   “在邵平掌舵的时代,一线员工乃至中高层的整体福利、薪酬水平实属不错。集团接管银行后,下调薪酬水平乃是众人所忧,但目前尚处于‘多方博弈’的阶段,未有成型方案,最终的情况还不好说。”前述接近管理层的人士透露指。   据21世纪经济报道记者梳理,平安银行新任领导架构将为“一正六副一董助三行助”,再加上沿用原深发展的“首席执行官制”,平安银行总行领导班子达20人,其高管团队之庞大,在国内银行业内实属不多见。   据了解,首席执行官的级别介于分行行长和总行副行长之间,分管财务、人力、法务、运营、审计等领域,直接向行长汇报。   上述制度延续至今,平安银行现阶段仍设有多个条线的首席执行官。其中副行长陈蓉兼任首席财务官,徐进、张元良、林德云、梅艳分别任首席法律事务执行官、首席信息执行官、首席运营官和首席审计官。   值得注意的是,2016年9月,银监会正式核准了饶劲松平安银行首席人力资源执行官的任职资格。而实际上,今年上半年饶劲松仍在任平安集团的人力资源总监。   “饶是一名老平安,曾任马明哲秘书,在平安集团内任职已逾20年。先后出任平安人寿湖北分公司总经理、深圳分公司总经理,后上调到集团担纲人力资源总监,”前述平安集团中层人士透露指,“集团对人力资源条线的把控很严。”   而饶劲松的前任――前平安银行首席人力资源执行官胡景平同为“老平安”,其于1993年加入平安,历任平安人寿深圳分公司、广东分公司总经理,后于2013年起出任平安银行的首席人力资源官。   但随着今年6月,平安人寿内部酝酿了一次改弦易张式的改革――作为元老级人物的胡景平重归寿险,任平安人寿二元事业群营销前线总经理。   此外,据21世纪经济报道记者不完全统计,今年年内平安银行北京、西安、广州、武汉、郑州、大连、惠州等多地分行的分行行长、分行副行长经历了迅速的轮换与补位,因人员变动而引发的余震,仍将是考验平安银行新任领导层管理智慧的难题之一。   (编辑:闫沁波) 进入【新浪财经股吧】讨论相关的主题文章:

后市下行压力加大 异世龙神

Hong Futures: the downside risks to the client to view the latest quotes, fundamental analysis, 1 iron ore supply side: contradictions accumulated four mines to maintain high yield from the historical data, four foreign mining production showed obvious seasonal factors, the first half was lower than that of the second half of the year, so the first half of the iron ore production the stone will increase obviously. Data from the current show, the four major mines, Australia’s three major mines this year, no new project put into production, mainly concentrated in the Brazil River Valley S11D. In the second quarter conference call, Vale announced its latest progress, the current project mining and processing plant to complete 90% degree of logistics 70% degree of completion, the railway line completed 92% projects, in December this year will be officially put into operation of a production line, January 2017 officially started selling. In addition, although the capacity replacement plan vale last year the total output has declined, but the gradual improvement of the maderia port transportation line makes the shipment is not affected, the plan to the inventory target is carried out according to plan, so although it may in the lower edge of the target range of 3.4-3.5 million tons of production this year, but sales are expected to breakthrough 3.4 tons, a record high. And from the point of view of shipments, Brazil and Australia to China’s iron ore also presents obvious periodicity. From the current data show that iron ore shipments in August is at a relatively low level, so in the second half of foreign mines in order to increase profits will inevitably increase the amount of iron ore shipments, the expected shipments in September should be about 93 million tons level. 2, the port inventory fell, but still in high import ore port inventory, as of September 23rd, port iron ore inventory 102 million 720 thousand tons, a decline of about 1.24%, port inventory maintained high operation. The amount of hair, because of the introduction of the new transport policy, the amount of the latest data for the 2 million 520 thousand tons, down 178 thousand tons more than last week, a decline of 6.6%. 3, demand side: Steel began to loss, the market downward pressure increased       in recent years due to the constant adjustment of coking plant, coking coal coke spot prices continue to rise, leading to the profits of iron and steel enterprises gradually transferred to the upstream coking plant. From the reform and Development Commission to stabilize coal supply conference results also can be seen that the current coal industry "276" policy will not change, but there will be fine-tuning. And upstream costs will also increase the profitability of the downstream steel enterprises. As of September 23rd, the national profit steel plant was 68.1%, 12.27% lower than last week, the range was 15.3%, Hebei profit steel plant was 64.38%, 17.81% lower than last week, the amplitude was 21.7%. As the demand for iron ore decreases, iron ore prices will have downside risks. Two, the operation proposed iron ore market in the supply and demand side gradually reduce the contradiction pattern, downward trend or will continue. Technically, the 30 day moving average and the 60 day moving average are all under pressure, and it is recommended to keep short strategy below 420. Hongye. 弘业期货:铁矿矛盾积累 面临下行风险 客户端 查看最新行情   一、基本面分析   1、供给端:四大矿山产量维持高位   从历史数据上来看,国外四大矿山的产量呈现出明显的季节性因素,上半年的产量低于下半年,所以铁矿石下半年的产量会明显增多。从目前得到的数据显示,四大矿山中,澳洲的三大矿山今年并无新项目投产,主要集中在巴西淡水河谷的S11D。在第二季度的电话会议中,淡水河谷公布了其最新进度,目前项目矿区和选矿厂完成度达到90%,物流点完成度70%,铁路线完成度92%,项目将于今年12月份正式投产一条产线,2017年1月正式开始销售。此外,虽然淡水河谷去年开始的产能置换计划使得其总产量有所回落,但日趋完善的马德里亚港运输线使得其发运并未受影响,其计划的去库存目标正按计划进行,因此虽然其今年产量可能在3.4-3.5亿吨目标区间的下沿,但销售量预计能突破3.4亿吨,创下新高。   而从发货量上来看,巴西以及澳洲发往我国的铁矿石也呈现出明显的周期性。从目前的数据显示,8月份铁矿石的发货量处于相对低的水平,所以下半年国外矿山为了提高利润必然增加铁矿石的发货量,预计9月份的发货量应当在9300万吨左右的水平。   2、港口库存回落,但仍然处于高位   进口矿港口库存方面,截至9月23日,港口铁矿库存10272万吨,环比下降1.24%左右,港口库存维持高位运行。疏港量发方面,由于新的运输政策的实行,疏港量最新的数据为252万吨,比上周下降17.8万吨,下降幅度为6.6%。   3、需求端:钢厂开始亏损,后市下行压力加大      近期由于焦化厂的不断调价,焦煤焦炭现货价格不断调升,导致钢铁企业利润逐渐向上游焦化厂进行转移。从发改委稳定煤炭供应的会议结果也可以看出,目前煤炭行业的“276”政策并不会改变,只是会出现微调。而上游成本的上升也会倒逼下游钢铁企业的利润。截止到9月23日,全国盈利钢厂为68.1%,比上周减少12.27%,幅度为15.3%,河北盈利钢厂为64.38%,比上周减少17.81%,幅度为21.7%。随着钢厂对铁矿石需求的逐渐减少,铁矿石价格就会存在下行的风险。   二、操作建议   铁矿石后市在供给充足和需求端逐渐减少的矛盾格局下,下行趋势或将延续。从技术上看,30日均线和60日均线上方压力重重,建议420以下维持做空策略。   弘业期货 新浪声明:新浪网登载此文出于传递更多信息之目的,并不意味着赞同其观点或证实其描述。文章内容仅供参考,不构成投资建议。投资者据此操作,风险自担。相关的主题文章: