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理財還是比慘東海證券資管產品運行10年還倒虧20%
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理財還是比慘東海證券資管產品運行10年還倒虧20 20年伊始,交银施罗德内核驱动混合型基金一天就卖了500多亿

  2020年伊始,交银施罗德内核驱动混合型基金一天就卖了500多亿元,成为新年首只爆款基金。而在刚刚过去的2019年,睿远成长价值A、兴全合泰等7只首发公募基金都成为当年的“网红”。这些网红、爆款基金的背后,就是基金经理们在A股中的稳健长跑。

At the beginning of 2020, the bank's core-driven hybrid fund sold more than $50 billion a day, becoming the first popular fund in the new year. And in the past 2019, Ruiyuan growth value A, Xingquanhetai and other seven first public funds have become the \"network red \". These network celebrities, popular style fund behind, is the fund managers in A-share in the sound long-distance run.

  在股票市场,我们总期望能拥有一只10年10倍的牛股。而在筛选各种令人眼花缭乱的理财产品时,我们总是为投资大师们超过双位数的年化收益率而惊讶。

In the stock market, we always expect to have a 10-fold bull stock. And as we sift through the dizzying array of wealth management products, we're always surprised that the investment gurus have more than double-digit annualized returns.

  不过,理财产品的选择也是要凭技巧和运气。如果很不幸地选中了那些投资的股票基本面由好转坏、掌舵者如走马灯似更换的理财产品,那结果就比较悲催了。

However, the choice of financial products is also based on skill and luck. Unfortunately, if you're picking on the equity fundamentals that you're investing in, you're going to be more miserable.

  最近,《每日经济新闻》对东海证券旗下部分运作超过9年的资管产品进行了独家调查。调查发现,如果你选中了他家的这些产品,可能会吐出一口老血:不光是勉强能够保本,甚至有可能本金亏掉20%!就算是按其中表现最好的产品来看,年平均收益连各种“宝宝”类货币基金都跑不赢!

Recently, the Daily Economic News conducted an exclusive survey of some of East China Sea Securities'asset-management products that have operated for more than nine years. The survey found that if you choose these products in his home, you may be able to spit out a mouthful of old blood: not only to be able to barely maintain capital, but even to lose 20% of the principal! Even in terms of the best-performing products, the average annual return doesn't win even the various \"baby\" money funds!

  这,究竟是什么样的一组券商理财产品?为什么它们会出现这样让人难以置信的操作?记者对此进行了独家调查。

This, exactly what kind of a group of brokerage financial products? Why do they have such incredible operations? Reporters conducted an exclusive investigation.

  为什么单单选中这几只产品呢?记者注意到,东海东风5号成立于2010年4月,Choice数据显示,在所有目前市场上仍存续的、同期成立甚至成立时间更早的券商资管产品中,东海东风5号是罕见的出现亏损的几只产品之一,而且亏损幅度不小!

Why choose only these products? The reporter noted that East China Sea Dongfeng 5 was founded in April 2010, Choice data show that in all the market is still in existence, the same period of establishment or even earlier establishment of the securities management products, East China Sea Dongfeng 5 is one of the rare loss of several products, and the loss is not small!

  另外,目前东海证券资管旗下有为数众多的产品,其中“东海东风”系列共有6只,分别是:2号、3号、5号、6号、8号和9号。目前,东海东风5号、东海东风6号和东海东风8号的累计净值仍在1元以下,处于亏损状态。而东海东风2号、东海东风3号是目前公司仍存续的产品中成立时间最早的,运作时间都已满10年;东海东风5号运作时间也不短,还有3个月将满10年。

In addition, at present, there are a large number of products under the East China Sea Securities Management Division, including \"East China Sea Dongfeng\" series of six:2,3,5,6,8 and 9. At present, East China Sea Dongfeng 5, East China Sea Dongfeng 6 and East China Sea Dongfeng 8 cumulative net value is still below 1 yuan, in a state of loss. Donghai Dongfeng No.2 and Donghai Dongfeng No.3 are the earliest of the company's existing products, the operation time has been 10 years; Donghai Dongfeng No.5 operation time is not short, there are three months will be 10 years.

  上述东海证券的这3只产品为股票或者混合型,从资产比例来看,几乎均是攻守兼备的设计理念。在历经长时间多轮牛熊检验后,它们的成绩更能体现出东海证券资管在大类资产配置、择时、选股等诸多方面的投资运作能力。

The three products are stock or hybrid, almost all of which are designed in terms of asset ratio. After a long period of cattle bear testing, their achievements can more reflect the East China Sea securities management in a wide range of asset allocation, timing, stock selection and other aspects of investment operation ability.

  Wind数据显示,截至2020年1月3日,东海东风5号的单位净值为元,累计净值为元。这也意味着,东海东风5号已运行9年多,目前还没有回本,距离1元的净值还差20%。

As of January 3,2020, Dongfeng 5 had a net unit value of yuan and a cumulative net value of yuan, according to Wind. This also means that the East China Sea Dongfeng 5 has been running for more than nine years, has not yet returned to this, from the net value of 1 yuan is still 20%.

  2019年8月16日,东海东风3号正值成立满10年前夕,其单位净值为元,加上此前累计7次分红元,累计净值为元。自此开始,该产品的累计净值始终维持在1元以上。

On August 16,2019, Dongfeng 3 in the East China Sea is on the eve of its establishment for 10 years, its unit net value is yuan, plus the previous accumulated seven dividends yuan, the cumulative net value is yuan. Since then, the cumulative net value of the product has been maintained at more than 1 yuan.

  Wind数据显示,截止到2019年12月31日,东海东风2号的单位净值为元,累计净值为元。也就是说,东海东风2号运行了11年半,收益近36%,算术年平均收益率仅约为%。

As of December 31,2019, East China Sea Dongfeng 2 had a net unit value of yuan and a cumulative net value of yuan, according to Wind data. In other words, Dongfeng 2 in the East China Sea has been running for 11 and a half years, earning nearly 36%, and the arithmetic annual average yield is only about%.

  东海证券网站披露信息显示,东海证券客户资产管理业务由专门的业务分公司——东海证券资产管理分公司具体负责。东海证券资产管理分公司目前在职员工52人。分公司下设权益投资部、固定收益部、研究部、营销部、运营部、交易部、风控部及产品设计部等部门,投研、合规、风控、系统、结算等相关配套人员配备齐整,能够确保各项投资运作工作的顺利。

Donghai Securities website disclosure information shows that Donghai Securities customer asset management business by a special business branch, Donghai Securities Asset Management Branch specifically responsible. Donghai securities asset management branch currently has 52 employees. The branch has equity investment department, fixed income department, research department, marketing department, operations department, trading department, wind control department and product design department.

  作为投资者,持有以上3只券商理财产品长达超过9年,这样的收益显然是不能令人满意的。因为就算是你买入最阳春、最懒人、最不需要做选择题的XX宝和XX通,当作货币式基金持有多年,算下来也比这3只券商理财产品收益高,而且亏损的风险很小。

As investors, holding these three brokerages for more than nine years is clearly unsatisfactory. Because even if you buy the most spring, the most lazy, the least need to do multiple-choice questions XX Bao and XX Tong, as a currency fund for many years, the calculation is higher than the three brokerage wealth management products, and the risk of loss is very small.

  下面就拿以上3只理财产品中表现最好的东海东风2号为例子,将它的收益与同期大盘基金指数以及同期公募货币基金的收益做一个对比:

Here's an example of East China Sea 2, the best-performing of the three wealth management products, comparing its earnings with those of the index and the public funds over the same period:

  根据资产管理合同,东海东风2号的业绩比较基准为上证指数×40% 基金指数×60%。此前东海东风2号披露的2019年第二运作季度报告显示,自成立日2008年6月13日至2019年6月12日,累计净值增长率为%,而同期业绩比较基准为%,跑输后者个百分点。

According to the asset management contract, Donghai Dongfeng 2's performance comparison benchmark is the Shanghai Stock Exchange index ×40% fund index ×60%. From June 13,2008, to June 12,2019, the cumulative net-worth growth rate was%, compared with a percentage point in the performance comparison benchmark of% for the same period, according to the second operating quarter report of 2019, previously disclosed by Dongfeng No.2.

  不妨再对比一下同期公募货币基金的表现。由于2008年公募基金公司没有成立货币基金,故选取2009年成立的货币基金作为参考。统计显示,共有19只货币基金(A/B类分开计算)自成立以来的收益超过了东海东风2号,最晚成立的汇添富理财30天B成立日期为2012年5月9日。

Compare the performance of the public fund over the same period. Because the public fund company did not set up the money fund in 2008, so choose the money fund established in 2009 as the reference. Statistics show that a total of 19 monetary funds (A\/B separate calculations) have made more gains since their establishment than East China Sea Dongfeng 2, and that the latest 30 days B of Huitianfu was established on May 9,2012.

  再看一下同期成立的股债平衡型公募基金的业绩,和东海东风2号成立时间最为接近的是2008年7月23日成立的汇丰晋信2026,截至2019年底,汇丰晋信2026的区间收益高达%!此后,新成立的公募股债平衡型基金都是在2013年以后成立的。

Take a look at the performance of the stock-debt-balanced public offering fund established in the same period, and the East China Sea Dongfeng 2 founded the most close to the establishment of the July 23,2008, HSBC Jinxin 2026, as of the end of 2019, HSBC Jinxin 2026 range income as high as%! Since then, new public equity balance funds have been established since 2013.

  那么,是什么原因让普通投资者觉得“高大上”、充满着神秘感的券商理财产品落得如此的尴尬境地呢?《每日经济新闻》记者对此进行了一番调查。

So what makes the average investor feel so embarrassed by the \"tall,\" mystifying brokerage wealth products? A reporter for the Daily Economic News investigated this.

  先拿这3只理财产品中表现最差的东海东风5号作例子:2016年1月7日,东海东风5号累计净值跌至1元以下后,开启了保本之路。当年因熔断净值“受伤”尚未修复,又赶上2018年的弱市,东海东风5号的保本之路已走了4年,如今依然还在路上,距离1元的回本位置还差20%。

Take Donghai Dongfeng 5, the worst of the three wealth management products, as an example: on January 7,2016, Donghai Dongfeng 5's cumulative net value fell below 1 yuan, opening the road to capital preservation. That year because the net fuse \"injury\" has not been repaired, and catch up with the weak market in 2018, Donghai Dongfeng 5 has been on the road to capital preservation for four years, still on the road,20% from the return of 1 yuan.

  数据显示,2010年至2020年,东海东风5号在2010年、2013年、2014年、2015年、2017年和2019年总共6个年份取得正收入。2010年成立时,当年的该产品收益超过14%;最高收益的年份出现在2014年,当年收益为%。不过,东海东风5号在2011年、2012年、2016年和2018年四个年份出现亏损,当年收益分别为-%、-%、-%和-%。

From 2010 to 2020, Donghai Dongfeng No.5 received positive revenue for a total of six years in 2010,2013,2014,2015,2017 and 2019, according to the data. At its inception in 2010, the product earned more than 14 per cent of the year; the year of the highest earnings was in 2014, when the earnings were%. However, East China Sea Dongfeng 5 recorded losses in four years in 2011,2012,2016 and 2018, with earnings of -%,-%,-% and -%, respectively.

  “其实(东海东风5号)亏损的年份不多,主要是赚钱的年份赚的都是小钱,而亏损的年份很多时候亏损都在20%以上,这说明该产品的风控不行。从相对收益的角度看,(东海东风5号)下跌时和同类型公募基金差不多,上涨时也没有同类型公募基金做得好。”一家大型券商资管人士表示。

“actually (East China Sea Dongfeng 5) the year of loss is not many, mainly is the year of making money to earn all small money, and the year of loss many times the loss is more than 20%, which shows that the wind control of the product is not good. In terms of relative earnings,[ East China Sea Dongfeng 5] fell about the same as the same type of public funds, and did not do well in the same type of public funds.” One big brokerage asset manager said.

  该券商资管人士进一步指出:“(东海东风5号)2016年度亏损这么多,极有可能是赶上了当年1月份熔断,净值折损比较大,随即降低仓位后又没有加回来踏空市场所导致。但是2018年净值下跌幅度是非常大的,说明其对市场风险没有控制住。”

\"[ East China Sea Dongfeng 5] lost so much money in 2016 that it's likely to have caught up with the January fuse and lost so much of its net value that it didn't add up to hit the market,\" the broker added. But the decline in net worth in 2018 is very large, indicating that it has no control over market risk.

  回顾东海东风5号的保本之路,对市场预判不足、换股速度太快、资产配置比例不合理是造成其净值屡屡下滑的重要原因:

Looking back on the East China Sea Dongfeng No.5's capital preservation road, the market forecast is insufficient, the stock exchange speed is too fast, the asset allocation ratio is unreasonable is causes its net worth repeatedly drops the important reason:

  记者注意到,截至2015年年底,东海东风5号的权益金融资产占比为%。如此高的仓位让其在次年1月的熔断中很是受伤。根据其公告显示,2016年1季度,产品净值下跌了%,单位净值和累计净值分别跌至当季度末的元和元。

Reporters noted that by the end of 2015, Dongfeng East China Sea 5's equity financial assets accounted for%. Such a high position hurts the fuse in january of the following year. According to its announcement, net product value fell% in the first quarter of 2016, and net unit value and cumulative net value fell to the yuan and yuan at the end of the quarter, respectively.

  2016年1季度,该产品时任投资主办曾祥顺表示,2016年1月因熔断产生的悲观情绪引发指数连续回落。回顾过去一季度的表现,未能准确预测一月份市场的调整幅度,产品净值受到较大的影响。

In the first quarter of 2016, Zeng Xiangshun, the product's then-investment host, said the index of pessimism triggered by a fuse in January 2016 fell back in succession. Looking back on the performance of the past quarter, failed to accurately predict the market adjustment in January, the net product value was significantly affected.

  2016年2季度该产品变更投资主办为刘俊,同时降低了权益资产配置,并在2016年后三个季度始终维持中低仓位运作,未能连续准确把握板块轮动行情。

The product's change of investment in the second quarter of 2016 was hosted by Liu Jun, while reducing the allocation of equity assets and maintaining a low-to-medium position operation for the last three quarters of 2016, failing to continuously and accurately grasp the plate wheel market.

  2017年是市场结构性分化行情的一年,低估值白马龙头股涨幅较好,估值偏高的中小创普遍跌幅较大。而东海东风5号在当年一季度卖出了等医药股,调入了、、、等国企改革和军工公司。2017年二季度,东海东风5号进一步调结构,将仓位集中在大消费和具有独特优势的成长性个股,换入了、、等。

2017 was the year of a structurally divided market, with low-valued white horse leading stocks up better and high-valued small and medium-sized companies generally down bigger. Dongfeng East China Sea 5 in the first quarter of that year sold such pharmaceutical stocks, transferred,,, and other state-owned reform and military companies. In the second quarter of 2017, Dongfeng 5 in the East China Sea further adjusted its structure, concentrating its position on large consumption and growth stocks with unique advantages, in exchange for,, and, etc.

  而在2017年三季度,东海东风5号变更掌门人为杨莹,东海东风5号的投资风格也发生较大变化,在当年三季度更换了其前十大重仓股中的八只,仅保留了和,买入了和等大金融概念股,以及、、等周期股。而在2017年四季度,则是调出水泥和银行股,换入、、等航空股。

And in the third quarter of 2017, Donghai Dongfeng No.5 changed its head to Yang Ying, and the investment style of Donghai Dongfeng No.5 also changed a lot, replacing eight of its top 10 heavy positions in the third quarter of that year, only retaining and, buying and other large financial concept stocks, as well as, and, and, and, and, and other cycle stocks. And in the fourth quarter of 2017, it was the transfer of cement and bank stocks to aviation stocks such as, and so on.

  “(东海东风5号)对市场情绪的预判明显不足,比较谨慎。个股持有周期不长,更换速度很快,很多就是一个季度的时间,这也说明对个股的研究程度不高。”沪上一位具有丰富投资经验的公募基金人士表示。

“( East China Sea Dongfeng 5) to market sentiment forecast obviously insufficient, more cautious. The short period of ownership, the rapid pace of change, and a lot of the time of the quarter also shows that the degree of research on stocks is not high. Shanghai has a wealth of investment experience of public fund people said.

  2018年的A股行情出乎很多人的意料,基本上是泥沙俱下。一直被视为避险资产的医药行业也在当年三季度整体跌幅超过14%。受此影响,东海东风5号的表现不佳,2018年净值损失超过26%。

The A-share market in 2018, to the surprise of many, is basically silt. The pharmaceutical industry, which has long been seen as a hedge asset, also fell more than 14% overall in the third quarter of that year. Affected by this, Donghai Dongfeng 5 poor performance,2018 net loss of more than 26%.

  2018年一季度末,东海东风5号的权益资产配置高达70%,随后在二季度骤降至%,三季度权益资产比重又回升至40%以上。其十大持仓股显示,东海东风5号当年一季度还在坚持航空股,但在二季度上演“变脸”,狂买医药股。具体来看,持仓的前十大股票中,、、、等6只个股都是医药股。2018年下半场,东海东风5号开始调整结构,降低医药股比重,以银行为主的大金融 医药成为其配置的核心品种。

At the end of the first quarter of 2018, Dongfeng 5 in the East China Sea had an equity asset allocation of up to 70 percent, then plummeted to% in the second quarter, and the proportion of equity assets returned to more than 40 percent in the third quarter. Its top 10 positions show that east china sea east wind 5 in the first quarter of that year is still insisting on aviation stocks, but in the second quarter staged a \"face change \", buying pharmaceutical stocks. Specifically, the position of the top 10 stocks, such as the six stocks are pharmaceutical stocks. In the second half of 2018, East China Sea Dongfeng 5 began to adjust the structure to reduce the proportion of pharmaceutical stocks, with the bank-based large financial medicine becoming the core variety of its allocation.

  “对市场预判不足,前期高仓位,中途又过于乐观,提前加仓,当时市场悲观情绪还在延续。”前述券商资管投资人士表示。

“'s market forecast is inadequate, early high positions, and midway too optimistic, ahead of the increase in positions, the market pessimism is continuing." The aforementioned brokerage investors in capital management said.

  东海证券旗下的东海东风2号,成立日期为2008年6月13日,有效认购数为3117户,成立规模为亿元,最低参与金额为10万元。其中,东海证券以自有资金1800万元参与认购。

East China Sea East 2, owned by Donghai Securities, was established on June 13,2008. Among them, Donghai Securities with its own capital of 18 million yuan to participate in the subscription.

  上图是东海东风2号自成立以来每个完整年度的收益回报。Choice数据显示,该集合计划在过去的12年中有6个年份取得正收益,另6个年份收益为负。具体来看,最高收益回报的年份为2009年,当年收益达到了%。损失最为惨重的年份是2008年,单位净值跌幅超过了33%。在刚刚过去的2019年度,东海东风2号则是在盈亏平衡线上挣扎,最终仅获得了%的正收益。

Above is the return on earnings for each full year since East China Sea's Dongfeng 2. According to Choice, the collection plans to make positive gains in six of the past 12 years and negative gains in the other six. Specifically, the highest return was in 2009, when the return was%. The worst-loss year was 2008, when net unit value fell more than 33%. In the past year of 2019, Dongfeng East China Sea 2 has struggled on the break-even line, culminating in only a% positive gain.

  回顾过往11年多的运作,Choice数据显示,东海东风2号单位净值最高出现在2015年6月12日附近,累计净值逼近2元;最低谷出现在2018年10月18日附近,单位净值不足元。

Looking back on operations over the past 11 years, Choice data show that the top unit net worth of Dongfeng 2 in the East China Sea is near June 12,2015, with cumulative net worth approaching $2; and the lowest point is near October 18,2018, with unit net worth of less than $.

  回顾东海东风2号成立以来的年度表现,2018年无疑是“受灾”最重的年份。年度超33%的净值下跌,也让不少投资人士一度怀疑该集合计划当年是满仓操作。

Reviewing the annual performance since the establishment of Dongfeng 2 in the East China Sea,2018 is undoubtedly the most “affected ” year. The decline in net worth of more than 33 per cent of the year also led many investors to suspect that the assembly plan was full-time.

  公告显示,在2018年3月12日,东海东风2号的权益类金融产品配置占资产比例为%,6月12日这一数字降至%,2018年12月12日则进一步降至%。

The announcement showed that on March 12,2018, Donghai Dongfeng 2 had equity financial product allocation as a percentage of assets, which fell to% on June 12 and further to% on December 12,2018.

  “如果权益类金融产品配置比例不高,那一定就是权益资产配置的品种属于跌幅比较大的那种。”深圳某券商资管人士表示。

“If the proportion of equity financial product allocation is not high, it must be that the equity asset allocation type belongs to the relatively large decline." A securities firm in Shenzhen said.

  从东海东风2号在2018年可查的三个季度持仓个股来看,在资产配置上偏向中小板和创业板中的环保类个股,而这两者均是2018年领跌的板块。

Judging from the three-quarter positions that Dongfeng 2 could look at in 2018, it favored small and medium-sized and environmentally friendly stocks in the gem in asset allocation, both of which led the decline in 2018.

  2019年,牛市气息扑面而来,而纵观东海东风2号2019年的净值走势图,几乎没有明显的波动,看上去更像是一幅停止跳动的“心电图”。

In 2019, the bull market breathed in, and looking at the East China Sea East 2's 2019 net worth chart, there were few noticeable fluctuations, looking more like a \"electrocardiogram\" that stopped beating.

  这种净值走势的答案很简单:踏空了2019年的好行情。那么踏空的程度究竟有多严重呢?可以这样说:东海东风2号在2019年彻底演变成了一只纯粹的固定收益理财产品。截至2019年3月12日,该大集合持有的权益类金融产品只剩下一只,而2019年第二次运作季报显示,华泰证券已被卖掉,自此再次没有配置任何权益资产。

The answer to this net-worth trend is simple: it is short of good news for 2019. So how serious is the treading space? So to speak: East China Sea Dongfeng 2 completely evolved into a pure fixed income financial products in 2019. As of march 12,2019, there was only one equity financial product held by the conglomerate, while the second operating quarter of 2019 showed that huatai securities had been sold and no equity assets had been allocated since then.

  如果仔细阅读这三个季度的运作报告,就会发现2019年东海东风2号的大类资产配置重点布局在银行存款和固定收益类产品两大类,并且长期维持在63%的比例以上,有时甚至超过70%。

If you read these three quarters of the operation report carefully, you will find that the 2019 East China Sea Dongfeng 2 asset allocation focus on the two categories of bank deposits and fixed income products, and long-term maintenance of more than 63% of the proportion, sometimes even more than 70%.

  如果再仔细研究,更不难发现:东海东风2号倒在了2019年牛市的黎明前。2019年1月22日,东海东风2号变更主办人,投资风格从主打权益变更为主打固收,此时上证指数为2500到2600点,正是2019年牛市起点前夕,随后A股演绎出普涨行情。

If you look closely, it is not difficult to find that East China Sea Dongfeng 2 fell before the dawn of the 2019 bull market. January 22,2019, East China Sea Dongfeng 2 change the sponsor, investment style from the main rights and interests change mainly fixed, at this time the Shanghai Stock Exchange index of 2500 to 2600 points, is the 2019 bull market on the eve of the beginning, and then A-share interpretation of the rally.

  “从一系列资产报告来看,产品管理人对A股市场过于悲观,对大类资产的选择出现失误,后面也没有及时纠正,导致产品严重踏空A股行情。此外,关键时刻更换掌舵者,导致集合计划的风格出现了巨大变化。”前述沪上公募基金人士表示。

“In terms of a series of asset reports, product managers were too pessimistic about the A-share market, misplaced choices for large categories of assets and failed to correct them in time, causing the product to severely beat the A-share market. Moreover, changing the helm at the critical moment has led to a huge change in the style of the assembly plan. The aforementioned Shanghai public offering fund personage said.

  沪上某券商资管投资人士则指出,东海东风2号的投资主办任职只有5个多月,时间太短,其投资理念、投资风格都没有得到市场的有效印证。而现在基金经理任职的平均期限一般也有3年。

Investors in the capital management of a securities firm in shanghai pointed out that the east china sea east wind 2 investment host only more than five months, the time is too short, its investment concept, investment style has not been effectively confirmed by the market. Now the average term of the fund manager is three years.

  “(东海东风2号)连续两年出现重大错判,2018年着重于权益类产品,持有的环保股领跌市场,2019年却着重于债券产品。这也说明股债平衡型产品是把双刃剑,用得好是战胜市场的利器,用的不好也会伤到自己,但这种连续错判的情况是很少见的。”深圳某券商资管投资人士表示。

“( East China Sea Dongfeng 2) two consecutive years of major misjudgement,2018 focus on equity products, holding environmental stocks led the market, but 2019 focus on bond products. This also shows that the stock debt balance product is a double-edged sword, the use of good is the weapon to defeat the market, the use of bad will hurt themselves, but this kind of continuous misjudgment is rare. Investors in a securities firm in Shenzhen said.

  一位资深的公募基金固收人士则向《每日经济新闻》记者表示,2019年债市很热闹,是个结构型牛市,就是出现了分化,二级债基的收益还是不错的。如果产品配置的是信用债,收益应该不错,当然配置可转债也不错。相反,配置利率债的话,收益就会比较差。去年信用债券的利差下降得比较快,提供了较好的投资机会。”

A senior public fund collector told the daily economic news that the 2019 bond market was lively, a structured bull market, where there was a divergence and the second-tier returns were good. If the product configuration is credit debt, the income should be good, of course, the allocation of convertible bonds is also good. Instead, allocation of interest-rate debt would be less profitable. Spreads on credit bonds fell faster last year, offering better investment opportunities.

  2019年8月16日,东海东风3号正值成立满10年前夕,累计净值达到元。2019年9月4日,东海证券发布公告称,已于2019年8月21日~2019年9月3日退出自有资金份。这也表明东海证券的赎回时点正是该产品保本期间。

On August 16,2019, Dongfeng 3 in the East China Sea was on the eve of its establishment for 10 years, with a cumulative net value of RMB. On September 4,2019, Donghai Securities issued an announcement that it had withdrawn its share of its own funds from August 21,2019 to September 3,2019. This also indicates that the redemption point of Donghai Securities is the product's capital preservation period.

  事实上,这已不是东海证券第一次减持自有资金参与东海东风3号的金额。早在2016年9月21日,东海证券发布公告称,将于2016年9月28日调整自有资金所占东海东风3号集合计划总份额的比例,自此开启了东海证券自有资金撤退的序幕。

In fact, this is not the first time Donghai Securities has reduced its own funds to participate in Donghai Dongfeng 3. As early as September 21,2016, Donghai Securities issued an announcement that it would adjust its share of its own funds in the total share of Donghai Dongfeng 3 assembly plan on September 28,2016, which has since opened the prelude to the withdrawal of Donghai Securities'own funds.

  《每日经济新闻》记者整理了东海证券此前发布的40多份自有资金退出公告,从中可以发现,东海证券的自有资金在每季度开放期都在不断减持东海东风3号。同时,东海东风3号过往的季度运作报告也显示产品份额在不断缩减,因此可以认为东海证券的自有资金在被动地不断撤出东海东风3号。

《 Daily Economic News reporters collated the East China Sea Securities earlier issued more than 40 withdrawals of its own funds, from which it can be found that East China Sea Securities'own funds in the opening of each quarter in the continuous reduction of East China Sea 3. Meanwhile, dongdonghai dongfeng 3's previous quarterly operations report also showed a shrinking share of products, so it can be considered that donghai securities's own funds are passively withdrawing from dongdongdongdongdong 3.

  “东海证券自有资金退出,估计是因为产品资产净值不断缩小所致。因为一般券商的自有资金不能超过产品份额的20%,所以随着产品不断被客户赎回,自有资金也不得不退出。”深圳某券商资管人士表示。

“Donghai Securities's own capital withdrawal is estimated to be due to the shrinking net asset value of its products. Because the average broker's own capital cannot exceed 20% of the product share, so as the product continues to be redeemed by customers, own funds have to withdraw." A securities firm in Shenzhen said.

  ●东海东风2号成立公告显示,该集合计划成立规模为亿份。而最新发布的2019年三季度报告显示,截至2019年9月12日,东海东风2号的份额为份,约为510万份。资产净值为万元。

According to the ● East China Sea Dongfeng 2 announcement, the size of the assembly was 100 million. And the latest third-quarter 2019 report showed Donghai Dongfeng 2 had a share of about 5.1 million as of September 12,2019. The net asset value is ten thousand yuan.

  ●而东海东风3号成立于2009年8月21日,成立规模为亿元,最低参与金额为10万元,有效认购户数为10512户。截至2019年9月30日,该产品的份额降为万份。

● The East China Sea Dongfeng 3 was established on 21 August 2009 on a scale of 100 million yuan, with a minimum participation of 100,000 yuan and an effective subscription of 10512 households. As of September 30,2019, the share of the product fell to 10,000.

  ●东海东风5号成立于2010年4月26日,成立规模为亿份。最新发布的2019年三季度报告显示,截至2019年9月30日,东海东风5号的份额为份,约为亿份。资产净值为亿元。

● East China Sea Dongfeng 5 was established on April 26,2010, with a scale of 100 million. The latest third-quarter 2019 report shows the East China Sea has a share of Dongfeng 5, or about 100 million, as of September 30,2019. The net asset value is 100 million yuan.

  “这个规模算是非常小了。在实际运作当中,规模只有一两千万元的集合产品带来不了多少收入,反而还会占用公司资源。对于这类产品,我们会主动清理。”沪上某券商资管人士表示。

“It's a very small size. In the actual operation, the size of the collection of products only 12 million yuan to bring not much income, but also occupy the company's resources. For this kind of product, we will take the initiative to clean up. A securities firm in Shanghai said.

  深圳某券商资管人士则坦言:“确实有些集合计划规模比较小,也没有清盘。比如有些产品亏了,也不会给客户说要清盘,一般就放在那里。不过,目前券商资管产品自然清盘的条件是比较宽松的。”

\"It's true that some of the assembly plans are relatively small and have not been wound up,\" said one Shenzhen broker. For example, some products lost money, will not tell customers to wind up, generally put there. However, the conditions for the natural liquidation of brokerage asset management products are relatively loose.\"

  上图是东海东风2号先后8位投资主办人的任职时间和期间回报率。具体来看,首位掌门人朱玺任职时间最长,将近4年,任职期间回报率达到了%,也是这8位掌舵者中回报率最高的。回报率居次席的就是第三任投资主办丁颖,任职期间为2013年1月24日至2015年3月31日,时间两年多,而这期间正赶上创业板走强,其回报率也达到了%。从任职期限看,第七任投资主办陈天悦最短,不到5个月。截至目前,东海东风2号历任的8位投资主办中有5位任职的时间都不到1年。

Above, the East China Sea Dongfeng 2 has eight investment sponsors of the tenure and return on the period. In particular, Zhu Xi, the first leader, has served the longest term, nearly four years, with a return of% on his tenure and the highest of the eight at the helm. The second-highest rate of return was the third investment host, Ding Ying, who served for more than two years from January 24,2013 to March 31,2015, during which the gem was stronger and its return was%. From the term of office, the seventh investment host Chen Tianyue is the shortest, less than five months. So far, five of the eight previous East China Sea Dongfeng 2 investment sponsors have served less than a year.

  根据东海东风5号发布的公告统计显示,东海东风5号首任掌门人为王劲松,任职期间为2010年4月26日至2012年1月4日。Wind数据显示,王劲松任职期间回报率为-%。

According to the East China Sea Dongfeng 5 announcement statistics, East China Sea Dongfeng 5 the first leader is Wang Jinsong, serving from April 26,2010 to January 4,2012. Mr. Wang's return during his tenure was -%, according to Wind.

  此后,东海东风5号又变更了四次投资主办,在职时间最长的为第二任经理曾祥顺,任职期间为2012年1月4日至2016年3月16日,超过4年,期间任职回报率为%。在东海东风5号的历任投资主办,曾祥顺也是在任职期间内唯一获得正收益的掌舵者。

Since then, East China Sea Dongfeng 5 has changed its investment hosting four more times, with the longest serving second manager, Zeng Xiangshun, serving for more than four years from January 4,2012 to March 16,2016, with a return on the period of service of%. In the East China Sea Dongfeng No.5's previous investment host, Zeng Xiangshun is also the only in office to gain positive gains at the helm.

  2019年10月28日,东海证券发布公告称,东海证券东风3号集合资产管理计划原投资主办人由杨莹、朱晨飞共同担任,现因工作需要,经公司研究决定,自2019年10月28日起改由刘俊担任投资主办人。

On October 28,2019, Donghai Securities announced that the original investment sponsor of Donghai Securities Dongfeng No.3 pooled asset management plan was co-owned by Yang Ying and Zhu Chenfei, and now it has been changed to Liu Jun as the investment sponsor since October 28,2019, according to the company's research decision due to the need of the work.

  有趣的是,此前东海东风3号基金经理的任职记录显示,这位新上任的“掌门人”是老面孔,这也是他第三次执掌东海东风3号,距离他上一次“掌舵”东海东风3号已有2年多。

Interestingly, a previous record of the East China Sea Dongfeng 3 fund manager showed that the new \"boss\" was an old face, the third time he took over East China Sea Dongfeng 3, more than two years after his last \"helm\" East China Sea Dongfeng 3.

  从上述表格中不难发现,10年内,东海东风3号的投资主办人共有7位,刘俊也是唯一一位连续3次上任的投资主办。

From the above table, it is not difficult to find that within 10 years, the East China Sea 3 investment sponsors a total of seven, Liu Jun is also the only three consecutive investment host.

  “超过半数的投资主办履职时间不到1年,这从某种程度上解释了表现不佳的原因。掌舵者走马灯似地换,前一任投资经理刚刚完善投资布局,效果还没体现,新上任的投资经理又开始调仓换股了。”前述沪上公募基金资深投研人士表示。

More than half of “'s investments have been hosted for less than a year, partly explaining the poor performance. The former investment manager has just perfected the investment layout, the effect has not been reflected, the new investment manager has begun to transfer stock. The aforementioned Shanghai public offering fund senior investment and research personage said.

  “这个任职时间确实太短了,一般更换投资主办或基金经理,都会有一个调仓换股期。规模较大的产品,为保持产品稳定性,其调仓期至少得3个月,产品一般要半年左右才能稳定。短时间内根本做不了什么,更不要说体现投资主办自身的投资风格。”某大型券商资管人士分析表示。

“The tenure is indeed too short, and there is usually a swap period for investment sponsors or fund managers. Large-scale products, in order to maintain product stability, its warehouse adjustment period of at least 3 months, products generally take about half a year to stabilize. You can't do anything at all in a short period of time, let alone reflect the investment style of investment hosting itself. A large brokerage asset management analyst said.

  “与美国的基金经理平均任期5年以上相比,国内资产管理机构的任职期间是比较短的,这还是和考核机制有关,主要是看资管机会是否真的把长期业绩考核落实,考核指标选择是否得当。不过近些年来,随着资本市场的日趋完善,一些产品的管理人任职期限超过了10年,涌现出了一批优质的职业投资人。”某公募基金资深基金经理人士表示。

The “'s tenure as a domestic asset manager is relatively short compared to the average U.S. fund manager of more than five years, which is related to the appraisal mechanism, mainly depends on whether the capital management opportunities really carry out the long-term performance appraisal, and whether the evaluation indicators are chosen properly. But in recent years, as the capital markets have improved, some product managers have held on for more than a decade, and a group of high-quality professional investors have emerged. A senior public fund manager said.

  此外,记者还注意到,上述3只理财产品的投资主办多为公司自身内部培养,大部分成长路径为公司研究员转至公司资管投资岗,仅个别投资主办有其他券商工作经历。

In addition, the reporter also noticed that the investment of the above three financial products hosted by the company's own training, most of the growth path for the company researchers to the company management investment post, only individual investment hosted by other brokerage experience.

  对此,《每日经济新闻》记者采访了公募和券商资管行业的资深人士。“认清自己,做好功课”是挑选适合自身产品的关键,也是这两位资深人士给出的有效法宝。

In response, the Daily Economic News reporter interviewed senior members of the public offering and brokerage management industry. \"Recognizing yourself and doing your homework well\" is the key to choosing the right product, and is an effective weapon given by the two seniors.

  “任何的投资理财都要以客户的需求出发,这就需要投资者要对自己的风险偏好有清醒的认识。比如:收益预期有多高?能承受波动回撤的上限是多大?产品收益自然是越高越好,但力求获取更高的收益的同时,也往往意味着需要承受更大的风险。其实,有些人是承受不了波动的,这也是为什么5%收益的债券也有很多人去买。”一位有着10多年经验的投资人士表示。

“Any investment and financial management should be based on the needs of customers, which requires investors to have a clear understanding of their risk preferences. For example: How high are the earnings expectations? How big is the upper limit that can withstand a wave retreat? The higher the product benefit, the better, but the higher the profit, the greater the risk. In fact, some people can't bear the volatility, which is why a lot of people buy bonds with a 5% yield. One investor with more than 10 years of experience said.

  在他看来,应该在找到客户的需求后,再找到风险匹配的产品。产品的客户经理首先要对客户的收益、风险和需求有着深入的了解,再挑选出与客户风险相匹配的尽可能优秀的产品,比如在一个约定收益区间内,找到相对有性价比或风险调整后收益比较高的产品。有些资金时间属性长,对波动的容忍度和对收益的要求就会高一点;如果资金时间只有几个月、半年或一年,那么就要对回撤和波动进行控制。投资主要有三个关键要素:投资收益预期、对波动的容忍度、投资期限。通过这三个要素就可以基本决定投资者要选择什么样产品。

In his opinion, we should find the risk matching product after we find the customer's demand. The product's account manager must first have an in-depth understanding of the customer's benefits, risks and needs, and then select the best possible products that match the customer's risk, such as finding a relatively cost-effective or risk-adjusted product within an agreed income range. Some funds are of a longer nature, with a higher tolerance for volatility and a higher demand for earnings; if they are only a few months, half a year, or a year, then there is a need to control retreat and volatility. Investment has three key elements: investment return expectations, tolerance to volatility, and investment duration. These three elements can basically determine what products investors want to choose.

  最后,就是把产品看透以后,对产品的投资方法和投资策略要有相应的考虑。针对不同的风险要求,产品的投资方法和策略也有所不同。”

Finally, after the product sees through, the investment method and the investment strategy of the product should have the corresponding consideration. The product's investment methods and strategies are different for different risk requirements.

  无论是擅长短线的高手,还是长线竞赛的选手,在2019的A股江湖中都不缺生财之道:科创板打新、紧抓5G……,似乎只要手握修炼秘籍都可以享受一把落袋为安、提前度假的美好时光。

Whether it is good at short-term master, or long-term competition players, in the 2019 A-share of the river and lake are not short of the way to make money: Ke Chuang board new, clinging to 5G... It seems that you can enjoy a good time for your vacation ahead of time as long as you have a secret book in your hand.

  作为大资管行业的记者,每年的四季度都会做些必修课,看看当年能够脱颖而出的佼佼者以及那些暂时的落后者,渐渐地研究各种理财产品也成为了一种习惯和爱好。

As a reporter in the big capital management industry, every year in the fourth quarter will do some compulsory courses, to see the outstanding people who can stand out and those who are temporarily behind, gradually study a variety of financial products has become a habit and hobby.

  发现东海证券东风系列产品的运作情况后,有些意外也有些惊讶。意外的是一只运行近10年的产品,竟还能有20%的亏损。当深入研究下去时,却发现故事更值得玩味:一只攻守兼备的产品,熊市挑中领跌板块,牛市更“改行”去玩债。在采访中,和预想的一样,很多资管人士初次听到都有些惊讶。

After discovering the operation of Donghai Securities Dongfeng series products, some accidents are also somewhat surprised. The surprise is that a product that has been running for nearly 10 years can lose 20% of its value. When in-depth research, but found that the story is more interesting: a product of both attack and defense, bear market lead the decline plate, bull market more \"change\" to play debt. In interviews, as expected, many asset managers were surprised to hear it for the first time.

  都说牛短熊长是A股的特色,我们需要看长期,比长跑,看谁能跑得更久、跑得更远。只是人生又有几个十年?

It's all said that bull short bear long is the characteristic of A-share, we need to see long-term, than long-distance, to see who can run longer, run farther. How many more years of life?


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