"National team" the outcome of a single exposure bailout bailout brokerage Fukui mercy of 6%

Annual brokerage has been dressed in the mystery of the "national team" bailout report card, now involved in funded bailout at the time of the concentrated exposure。"Bailout lead Big Brother" China Securities Finance Co., Ltd. (referred to as "gold card company" under) the operation of the unified accounts stocks fall too far outperforming the broader market over the same period, a "national team" rescue transcripts in a major microcosm。  July of that year in order to "rescue Pioneer" 21 annual funding to support the market data broker has been disclosed in the 12 point of view, each broker certificate delivered to the gold holdings of the company's bailout funds are currently in Fukui state, but Fukui proportion had remained at around 6%。And since July 6, 2015 the company officially gold card "cargo sweeping" By the end of 2016, the Shanghai Composite fell 15.82%, the index fell 14.82%。  For tips bailout funds outperform, from the "national team" in the subject may be able to stake stuck twelve。Whether gold card company or the entire "national team" of holdings, love hearts are big blue chips。In the industry view, heavily loaded with blue-chip stocks, buy low sell high, or as a "national team" performance reasons outperforming the broader market。  Bailout transcript exposure beginning June 15, 2015, A-share market suffered a first round of stock market crisis, under the crisis situation, at the national level to start rescue measures。July 4 that year, 21 securities firms FireWire issued a joint announcement, 15% June 30, 2015 the net assets invested to rescue the market, for a total investment of not less than 120 billion yuan investment in blue chip stocks, the funds on July 6 on to return swap gold certificate by the way in the secondary market trader operation。  But late August after two months, A-share market tumbled again, so the "national team" is once again a large-scale attack, once again increase the number of brokers to support the market in September of that year, including the maintenance of stability pre-army。This is funded investment equity securities in accordance with the proportion of 20% of the year July 31 brokerages net assets。  The original "rescue Pioneer" 21 brokerages already 12 disclosure report data, these two brokerages a total of 1363 funded bailout.4.9 billion yuan, of which invested the most, to reach 211.0.9 billion yuan to 194.5.7 billion yuan, followed by 170 places.1.4 billion yuan in third, and another, and so on six brokerages amount invested 10 billion yuan less。  According to the relevant contract, each broker to put money into a special account card CICC unified operations, and other investment accounts in accordance with the investment ratio share the investment risk, share investment income, unified operation and management of investment certificates CICC。Among them, in the 2016 annual report, commissioned by the risk of volatility simulated value of gold investment certificates (VAR) Reference Index draw。  At present, according to the 2015 annual data, the company's stock certificate gold grades are in Fukui state, but each broker investment Fukui corresponding to the amplitude of the same height, both at 4.9%。And since July 6, 2015 the company officially gold card "cargo sweeping" through the end of 2015, the Shanghai Composite fell 9.55%, the Shanghai and Shenzhen 300 Index was down 3.99%, outperforming the broader market, but outperformed the Shanghai and Shenzhen 300 Index。  New data released 2016 annual report show soon, under the gold card company Trader, each broker investment corresponding to the amplitude remains highly consistent Fukui, Fukui proportion had remained at around 6%, a minimum of 5.67%, the highest compared with 6.27%。But after the front stretch, Gold card company's stock performance is not only outperforming the broader market also outperformed the Shanghai and Shenzhen 300 Index。Since July 6, 2015 the company officially gold card "cargo sweeping" By the end of 2016, the Shanghai Composite fell 15.82%, the Shanghai and Shenzhen 300 Index fell 14.82%。  Based on the report card gold investment accounts provided by the company, a number of brokerage firms, taking into account the nature and purpose of the investment accounts to invest, the special nature of the investment management decision-making model and disposal of equity and other investment vehicles and the company is different, and special fluctuations in the case of households trends in the fair value of the investment, the company believes that there is no objective evidence that the fair value of the investment accounts a significant or prolonged decline, and therefore no impairment provision。  Compared rescue "victories" gold card company's own performance has suffered "cut"。According to January this year, the company announced gold card unaudited financial statements for the year 2016, 2016 operating income margin deposit 23.63 billion yuan, down 63 year.11%, net 18.1.9 billion yuan, down 58 year.46%。  The multi-party insiders had analyzed bailout fund transactions may not be included in the financial statements Accounting。Gold card company had 2015 annual audit report, to maintain the company in July 2015 began to carry out the capital market stable special self-employed business, not included in the 2015 annual financial statements to reflect accounting, the report is intended to reflect the company's original business transactions and their results。The industry believes that the continuation of the 2016 high probability before treatment。  Attachment: various investment funds and brokerage accounts Fukui case evidence CICC unified operations outperformed the broader market for the secret of the secret bailout funds outperform, from the "national team" in the subject may be able to stake a stuck two。From the "national team" the current ownership situation, the blue chips are still the bulk of positions。  It is reported that, "national team" mainly includes the testimony of gold company, Central Huijin Investment Co., Ltd. (referred to as "Central Huijin" under), Central Huijin Asset Management Co., Ltd. (hereinafter referred to as "Huijin owned pipe"), the foreign exchange administration department and set up the five public fund (China, Castrol, energy, investment and easy Fangda Rui Feng Qing Hui), 10 asset management plans。  August 14, 2015 the Commission issued a special bulletin No. 21, the company announced gold certificate by the transfer of a part of the contract transfer shares to the Central Huijin, its long-held。  Show, has been disclosed in the current annual report of listed companies in 2016, "national team" appeared in more than 540 shareholders of listed companies, the aggregate holdings 6865.1.9 billion shares, market capitalization of 3 positions.43 trillion yuan。Which Central Huijin Huijin and information management are the main shareholders, the list of top ten tradable shareholders before coming out of a total of 484 listed companies, holds a total of 6199.3.1 billion shares, worth 2.89 trillion yuan; gold card companies coming out the top ten tradable shareholders of the top 200 listed companies in the list, holding 530.8.1 billion shares, the market value of positions 4270.2.9 billion yuan。  In the list of holdings at the end of 2016 gold card companies, the traditional blue chips as the most important head, in transportation, non-Bank Financial ,,, automotive, and other industries stocks above normal。In comparison, the number of stocks, on behalf of the emerging computer industry, the media industry is not much。  Overall the "national team" in the hands of existing shareholders perspective, the blue chips also a "national team" of Awkwardness, holding the front of mostly blue-chip scale。Among them, "national team" to hold a larger number of "big four", the size of the stake were more than 100 billion shares, of which "national team" body holds the largest amount for 1989.3.6 billion shares。  "National team" a large number of shares of the top 20 stocks, the market value reached 3 positions.06 trillion yuan, accounting for the "national team" total open market value of nearly ninety percent, of which 10 stocks from, four non-affiliated, are large blue-chip market capitalization。And if the scope of further expansion to large positions before the 50 stocks, a similar situation, total market capitalization reached 3 positions.18 trillion yuan, accounting for the "national team" over ninety percent of the total market value of positions。This 50 stocks, is "national team" favored by 11 banks covering all included, there are seven stocks belonging to the non-financial sector of silver, six stocks comes from the transport sector, the remaining half of the shares respectively from the mining, construction and decoration, etc.。  To market the banking sector in 2016 and in July 2015 to the end of the 2016 term, stable zone rose more than 11 percent rise compared to the decline of other industries, and the prices in a relatively stable state。  Beijing has experienced private equity believe that the key reason outperform "national team" was heavily loaded with stocks or blue chips, may also be control of the overall position in the course of holdings and buy low sell high based on the market; from an investment perspective look, "national team" of holding a certain reference value。