网络传媒 (Network Media)

网络传媒 (Network Media)

互联网传媒 (Internet media)

互联网媒体 (Internet media)

互联网媒体类型(Internet media type),原名,叫“Type MIME”或“MIME”,或在头信息中,各种协议之后的内容种类(Content-type),他有两部分,用来在Internet上,鉴别数据格式。鉴别方法,已经在RFC 2046中定义,使用在电子邮件,通过SMTP。但是,他已经被扩展到其他的协议当中,比如:HTTP,或者SIP。 一个Type MIME,至少包括两个部分:一个类型和一个子类型,和一个或多个其他需要的参数。比如,一个子类型text,有一个可选参数charset,用来表明字符编码;或者一个multipart类型的子类型,定义了一个选项boundary。 那些类型和子类型,都以“x-”开头的,是不标准的,他们不能被存储,如果应用IANA。那些子类型,以“vnd”开头的,是商家信息。

互联网和传媒行业-商业模式升级的N种方法

  

  在一个时刻变化和高度竞争的市场环境中,互联网公司只有不断升级其商业模式,才能立于不败之地。互联网和传媒行业领袖,正致力于从以下两个方面,升级商业模式 :从产品中心模式,转型为平台中心模式,再升级为社区中心模式 ;获取稀缺资源,以在资本市场,获得更多的“稀缺溢价”。从各家公司的实践看,这两类升级,主要表现为N种路径。

  No.1 从产品中心,升级为平台中心

  网游,是依靠“热门产品”赚钱的业态,一,两个“重镑产品”,能为公司贡献70-80%的收入。和电影行业类似,网游公司业绩波动较大,并且,有产品周期风险。盛大网络通过拓展免费游戏模式,从游戏产品提供商,升级为在线娱乐服务平台。它主要采取了两大措施。一是,从网络游戏超市,转型为在线游戏乐园,减少了新游戏收费后,玩家不玩的几率,并延长了游戏的生命周期,提高了付费玩家的平均支出。无独有偶,中国大多数新开发的网络游戏“重镑产品”(如,完美时空的《 诛仙》和巨人网络的《 征途》),都建立在免费模式之上,相反,网易备受期待的新游戏“天仙”和“大话西游Ⅲ”,在收费后,客户大量流失。二是,同时运作25款网络游戏,其产品线之丰富,为中国网络游戏商之最。

  模式升级,过去4个季度,盛大激活的付费账户,每季度递增8-9%。根据测算,每个玩家的平均支出,每季度递增6%。因此,在业绩下滑一年之后,盛大重新夺回网络游戏老大位置,其2007年第一季度的营业额,比第二名网易高出5%。

  No.2 构筑在线社区

  在线搜索服务商的最大挑战,在于缺乏用户忠诚度,CNNIC的数据显示,50%以上的用户,通常同时使用两种搜索引擎。为了增强用户粘性,百度一直致力于加强社区建设 :作为在线消息板的百度贴吧,贡献了百度总流量的10%以上,助其夺得中国网站流量之魁 ;基于知识搜索的百度知道,已经成为最大的交互问答式社区。这有助于百度,从搜索服务提供商,向在线社区的转型,通过用户的“网络效应”,加速获得客户,增强粘性。

  在线社区带来的其他好处,可以从其他企业看出:腾讯,超过一半的客户,是老客户带来的,这导致腾讯流量,比新浪和搜狐多出70-130%,但,其2007年第二季度的营销费用,仅占营业额的8%;新浪和搜狐,达到20-25%;网易,在中国互联网行业内,利润率最高(达60%),原因之一,就是其超大型的电子邮件社区,占据50%的市场,这为其,积累了5000-6000万的免费用户;TOM在线,是Skype在中国地区的唯一合作伙伴,吸收了4000万注册用户,是腾讯用户的40% (两年前,是10%),TOM-Skype,是中国发展最快的在线社区。

  No.3 让客户为你打工

  有趣的是,当大多数公司在想着讨好客户时,它们意识不到:在网络时代,客户可以成为自己的“劳动力”。新浪作为中国在线内容提供商的领袖,过去,利润率一直在行业内最低(2006年为16%)。然而,自从发起,包含1万多人的名人博客计划以来,它收获良多。

  —形成了与众不同的内容创造模式,1万多个博客,为新浪,生成了大量原创内容,有助于公司降低内容制作成本,最近一个季度,其营业利润率,提升20%;

  —增强了迅速获得客户的能力,一个名人,有时能吸引上百万“粉丝”,徐静蕾的博客点击率,迄今,高达1亿,成为中国,甚至全世界访问量最大的博客。名人博客,现在已成为新浪的流量引擎,贡献了总流量的10% 。

  —增加了新的广告版位。除了受益于股市蓬勃发展的新浪财经频道,名人博客,以骄人的流量,创造了大量的广告版位。名人博客使新浪日均吸引2亿的浏览量,是搜狐的两倍多,浏览量越高,广告 CPM (每千人成本)越低。而且,每个名人,都有特定的形象,可以吸引口味千差万别的用户,这易于广告商锁定目标受众。

  在此推动下,2007年二季度,新浪的广告收益,比搜狐,多出55%,预计这一差距,会逐季拉开20%,2008年,新浪的广告收益,年增速可望达到55%。

  No.4 以流行文化热点,撬动市场

  中国网络游戏内容雷同,游戏运营商需要支付更多的推广费用,完美时空通过将文化热点,植入到游戏中,显现了鲜明的特色。比如,其《 三界天书》,取材于首周播放,就录得近10%收视率的电视剧;《 诛仙》是读者最多的,在线小说,五强;《赤壁》,取自《 三国演义》,同名电影,吸引的投资,为中国电影史之最。流行文化内容,向玩家提供了与众不同的体验,完美时空更易于将那些线下读者,转换成在线玩家,从而,降低推广费用,并提高游戏的成功几率。迄今,完美时空的4款游戏,已获得100%的“命中率”(最高,同时在线人数,在10万以上的主打游戏数量/所开发游戏总数)。相比而言,过去4年,网易的“命中率”,约为40%,盛大是零。

  完美时空是依靠自身开发力量,发展的第一个,是中国最大的3D游戏商,因而,在本土,捕捉文化热点机会上,更有效率,6个月,就能开发出一款新游戏,大多数对手,需要1-2年。

  No.5 建设王牌内容

  有别于现有行业领袖(如新浪),和势头向上的在线门户网站(如,腾讯和网易),搜狐逐步建立了内容庞大的体育数据库。中国,虽然拥有5亿多足球迷和3亿篮球迷,高端体育新闻,却是稀缺资源。搜狐夺得2008年奥运会的独家官方直播权,最近,其广告价提高了37%,远远超出15%的历史最高增幅。近60%的奥运赞助商承诺:在搜狐投放广告,预算比2007年的平均投放额,高出80%。

  在体育新闻方面,内容为“王”,因此,以下几点,值得注意 :中国移动成为凤凰卫视(08002.HK)的第二大股东,后者的新闻节目,独树一帜 ;腾讯和新浪,最近签约广东天盛(击败ESPN,获得英超中国区的直播权)在线,直播英超赛事,中途,差点遭遇搜狐的狙击,搜狐与新传体育,共同拥有NBA赛事的独家在线直播权 ;九城获得《 魔兽世界》在中国的独家代理运营权,后者,是中国乃至全球最受欢迎的3D游戏,相信,仅此一款游戏,就将使九城的营业额,跻身中国网游行业五强。

  No.6 以排他性,合作提升行业壁垒

  估计,2006年,携程获得了在线旅游市场50%以上的份额,排名第二的e龙,只有18%。当年,通过携程预定的酒店客房数,是e龙的两倍多,机票数,是8倍多。

  除了服务质量好,和品牌忠诚度高(回头客,为携程创造了70%的营业额)外,携程的成功,还有两个因素:

  —与50%以上的酒店,建立合作关系,获得房源保证,这部分业务,估计为携程,贡献了酒店预定收入的70-80%。房源有限,是酒店行业的典型特征,一到旺季,只要携程垄断了房源,竞争对手,就难有机会。因此,客户会逐渐转移到,能在旺季,提供稀缺资源的携程,更多酒店,就更愿意把资源分配给携程,这种良性循环,有助于携程夺得市场份额。

  —与移 动运营商和航空公司结成排他性合作伙伴关系,以提升服务质量,后者,拥有庞大的客户基础(如,中国将近5亿的移动用户)。因此,2007年上半年,携程的营销费用,只占营业额的20%,只有第二名的一半。

  No.7 借并购,锁定优势地位

  在多数行业,最稀缺的资源,是“行业壁垒”或“准垄断”。有时消费者并不喜欢,但,“准垄断”能产生定价能力,其最具价值的地方,是能够通过提价增加收入,这部分收入,不需要额外的费用。

  获得“准垄断”优势的捷径,是收购,分众传媒收购聚众传媒,即是一例。在收购之前,分众占有楼宇视频广告行业60%的市场,是聚众的2倍。收购后,分众占了95%以上的市场,其30秒广告的均价,因此,每年上涨15-25%,收购之前,每年降低20-30%。收购前,分众一直给广告商打五折;收购后,公司拥有了更强的垄断地位和更高的议价能力,其折扣率,每年递减5-10%。

  No.8 剥离非核心业务

  管理层和员工,是常常被忽略的另一种稀缺资源。中国互联网行业,一些年轻企业家总喜欢过度地多元化,从而,将资源的“带宽”绷得过紧。在没有核心竞争力的行业,进行多元化,通常会产生一些问题。事实上,除了GE和伯克希尔·哈撒韦等特例,多数多元化公司的股价,通常会出现“多元化折价”。

  值得注意的是,中国领先的在线广告商新浪,目前,已开始剥离非核心业务,把精力放在内容提供和广告服务上。此前,新浪的广告收入和搜狐差不多;剥离6个月之后,其广告收入攀升了86%,增速比搜狐快两倍;新浪广告收入的毛利润率,一直保持较高水平,相比而言,搜狐低了11个百分点;新浪的引导流量,与搜狐之间的差距,从2倍,提升到4倍多。

網絡傳媒 (Network Media)

互聯網傳媒 (Internet media)

互聯網媒體 (Internet media)

互聯網媒體類型(Internet media type),原名,叫“Type MIME”或“MIME”,或在頭信息中,各種協議之後的內容種類(Content-type),他有兩部分,用來在Internet上,鑑別數據格式。鑑別方法,已經在RFC 2046中定義,使用在電子郵件,通過SMTP。但是,他已​​經被擴展到其他的協議當中,比如:HTTP,或者SIP。一個Type MIME,至少包括兩個部分:一個類型和一個子類型,和一個或多個其他需要的參數。比如,一個子類型text,有一個可選參數charset,用來表明字符編碼;或者一個multipart類型的子類型,定義了一個選項boundary。那些類型和子類型,都以“x-”開頭的,是不標準的,他們不能被存儲,如果應用IANA。那些子類型,以“vnd”開頭的,是商家信息。

互聯網和傳媒行業-商業模式升級的N種方法

  

在一個時刻變化和高度競爭的市場環境中,互聯網公司只有不斷升級其商業模式,才能立於不敗之地。互聯網和傳媒行業領袖,正致力於從以下兩個方面,升級商業模式:從產品中心模式,轉型為平台中心模式,再升級為社區中心模式;獲取稀缺資源,以在資本市場,獲得更多的“稀缺溢價”。從各家公司的實踐看,這兩類升級,主要表現為N種路徑。

No.1 從產品中心,升級為平台中心

網游,是依靠“熱門產品”賺錢的業態,一,兩個“重鎊產品”,能為公司貢獻70-80%的收入。和電影行業類似,網游公司業績波動較大,並且,有產品週期風險。盛大網絡通過拓展免費遊戲模式,從遊戲產品提供商,升級為在線娛樂服務平台。它主要採取了兩大措施。一是,從網絡遊戲超市,轉型為在線遊戲樂園,減少了新遊戲收費後,玩家不玩的機率,並延長了遊戲的生命週期,提高了付費玩家的平均支出。無獨有偶,中國大多數新開發的網絡遊戲“重鎊產品”(如,完美時空的《 誅仙》和巨人網絡的《 征途》),都建立在免費模式之上,相反,網易備受期待的新遊戲“天仙”和“大話西遊Ⅲ”,在收費後,客戶大量流失。二是,同時運作25款網絡遊戲,其產品線之豐富,為中國網絡遊戲商之最。

模式升級,過去4個季度,盛大激活的付費賬戶,每季度遞增8-9%。根據測算,每個玩家的平均支出,每季度遞增6%。因此,在業績下滑一年之後,盛大重新奪回網絡遊戲老大位置,其2007年第一季度的營業額,比第二名網易高出5%。

  No.2 構築在線社區

在線搜索服務商的最大挑戰,在於缺乏用戶忠誠度,CNNIC的數據顯示,50%以上的用戶,通常同時使用兩種搜索引擎。為了增強用戶粘性,百度一直致力於加強社區建設:作為在線消息板的百度貼吧,貢獻了百度總流量的10%以上,助其奪得中國網站流量之魁;基於知識搜索的百度知道,已經成為最大的交互問答式社區。這有助於百度,從搜索服務提供商,向在線社區的轉型,通過用戶的“網絡效應”,加速獲得客戶,增強粘性。

在線社區帶來的其他好處,可以從其他企業看出:騰訊,超過一半的客戶,是老客戶帶來的,這導致騰訊流量,比新浪和搜狐多出70-130%,但,其2007年第二季度的營銷費用,僅佔營業額的8%;新浪和搜狐,達到20-25%;網易,在中國互聯網行業內,利潤率最高(達60%),原因之一,就是其超大型的電子郵件社區,佔據50%的市場,這為其,積累了5000-6000萬的免費用戶;TOM在線,是Skype在中國地區的唯一合作夥伴,吸收了4000萬註冊用戶,是騰訊用戶的40% (兩年前,是10%),TOM-Skype,是中國發展最快的在線社區。

  No.3 讓客戶為你打工

有趣的是,當大多數公司在想著討好客戶時,它們意識不到:在網絡時代,客戶可以成為自己的“勞動力”。新浪作為中國在線內容提供商的領袖,過去,利潤率一直在行業內最低(2006年為16%)。然而,自從發起,包含1萬多人的名人博客計劃以來,它收穫良多。

—形成了與眾不同的內容創造模式,1萬多個博客,為新浪​​,生成了大量原創內容,有助於公司降低內容製作成本,最近一個季度,其營業利潤率,提升20%;

—增強了迅速獲得客戶的能力,一個名人,有時能吸引上百萬“粉絲”,徐靜蕾的博客點擊率,迄今,高達1億,成為中國,甚至全世界訪問量最大的博客。名人博客,現在已成為新浪的流量引擎,貢獻了總流量的10% 。

  —增加了新的廣告版位。除了受益於股市蓬勃發展的新浪財經頻道,名人博客,以驕人的流量,創造了大量的廣告版位。名人博客使新浪日均吸引2億的瀏覽量,是搜狐的兩倍多,瀏覽量越高,廣告CPM (每千人成本)越低。而且,每個名人,都有特定的形象,可以吸引口味千差萬別的用戶,這易於廣告商鎖定目標受眾。

在此推動下,2007年二季度,新浪的廣告收益,比搜狐,多出55%,預計這一差距,會逐季拉開20%,2008年,新浪的廣告收益,年增速可望達到55%。

  No.4 以流行文化熱點,撬動市場

中國網絡遊戲內容雷同,遊戲運營商需要支付更多的推廣費用,完美時空通過將文化熱點,植入到遊戲中,顯現了鮮明的特色。比如,其《 三界天書》,取材於首周播放,就錄得近10%收視率的電視劇;《 誅仙》是讀者最多的,在線小說,五強;《赤壁》,取自《 三國演義》 ,同名電影,吸引的投資,為中國電影史之最。流行文化內容,向玩家提供了與眾不同的體驗,完美時空更易於將那些線下讀者,轉換成在線玩家,從而,降低推廣費用,並提高遊戲的成功機率。迄今,完美時空的4款遊戲,已獲得100%的“命中率”(最高,同時在線人數,在10萬以上的主打遊戲數量/所開發遊戲總數)。相比而言,過去4年,網易的“命中率”,約為40%,盛大是零。

完美時空是依靠自身開發力量,發展的第一個,是中國最大的3D遊戲商,因而,在本土,捕捉文化熱點機會上,更有效率,6個月,就能開發出一款新遊戲,大多數對手,需要1-2年。

  No.5 建設王牌內容

有別於現有行業領袖(如新浪),和勢頭向上的在線門戶網站(如,騰訊和網易),搜狐逐步建立了內容龐大的體育數據庫。中國,雖然擁有5億多足球迷和3億籃球迷,高端體育新聞,卻是稀缺資源。搜狐奪得2008年奧運會的獨家官方直播權,最近,其廣告價提高了37%,遠遠超出15%的歷史最高增幅。近60%的奧運贊助商承諾:在搜狐投放廣告,預算比2007年的平均投放額,高出80%。

在體育新聞方面,內容為“王”,因此,以下幾點,值得注意:中國移動成為鳳凰衛視(08002.HK)的第二大股東,後者的新聞節目,獨樹一幟;騰訊和新浪,最近簽約廣東天盛(擊敗ESPN,獲得英超中國區的直播權)在線,直播英超賽事,中途,差點遭遇搜狐的狙擊,搜狐與新傳體育,共同擁有NBA賽事的獨家在線直播權;九城獲得《 魔獸世界》在中國的獨家代理運營權,後者,是中國乃至全球最受歡迎的3D遊戲,相信,僅此一款遊戲,就將使九城的營業額,躋身中國網游行業五強。

No.6 以排他性,合作提升行業壁壘

估計,2006年,攜程獲得了在線旅遊市場50%以上的份額,排名第二的e龍,只有18%。當年,通過攜程預定的酒店客房數,是e龍的兩倍多,機票數,是8倍多。

除了服務質量好,和品牌忠誠度高(回頭客,為攜程創造了70%的營業額)外,攜程的成功,還有兩個因素:

—與50%以上的酒店,建立合作關係,獲得房源保證,這部分業務,估計為攜程,貢獻了酒店預定收入的70-80%。房源有限,是酒店行業的典型特徵,一到旺季,只要攜程壟斷了房源,競爭對手,就難有機會。因此,客戶會逐漸轉移到,能在旺季,提供稀缺資源的攜程,更多酒店,就更願意把資源分配給攜程,這種良性循環,有助於攜程奪得市場份額。

—與移動運營商和航空公司結成排他性合作夥伴關係,以提升服務質量,後者,擁有龐大的客戶基礎(如,中國將近5億的移動用戶)。因此,2007年上半年,攜程的營銷費用,只佔營業額的20%,只有第二名的一半​​。

  No.7 借併購,鎖定優勢地位

在多數行業,最稀缺的資源,是“行業壁壘”或“準壟斷”。有時消費者並不喜歡,但,“準壟斷”能產生定價能力,其最具價值的地方,是能夠通過提價增加收入,這部分收入,​​不需要額外的費用。

獲得“準壟斷”優勢的捷徑,是收購,分眾傳媒收購聚眾傳媒,即是一例。在收購之前,分眾佔有樓宇視頻廣告行業60%的市場,是聚眾的2倍。收購後,分眾佔了95%以上的市場,其30秒廣告的均價,因此,每年上漲15-25%,收購之前,每年降低20-30%。收購前,分眾一直給廣告商打五折;收購後,公司擁有了更強的壟斷地位和更高的議價能力,其折扣率,每年遞減5-10%。

  No.8 剝離非核心業務

管理層和員工,是常常被忽略的另一種稀缺資源。中國互聯網行業,一些年輕企業家總喜歡過度地多元化,從而,將資源的“帶寬”繃得過緊。在沒有核心競爭力的行業,進行多元化,通常會產生一些問題。事實上,除了GE和伯克希爾·哈撒韋等特例,多數多元化公司的股價,通常會出現“多元化折價”。

值得注意的是,中國領先的在線廣告商新浪,目前,已開始剝離非核心業務,把精力放在內容提供和廣告服務上。此前,新浪的廣告收入和搜狐差不多;剝離6個月之後,其廣告收入攀升了86%,增速比搜狐快兩倍;新浪廣告收入的毛利潤率,一直保持較高水平,相比而言,搜狐低了11個百分點;新浪的引導流量,與搜狐之間的差距,從2倍,提升到4倍多。

Network Media (Network Media)

Internet media (Internet media)

Internet media (Internet media)

Internet media types (Internet media type), formerly known as, called the “Type MIME” or “MIME”, or in the header information, various protocols, content types (Content-type), he has two parts, used on the Internet to identify data formats. Identification method, defined in RFC 2046, use the e-mail through SMTP. However, he has been extended to the other protocols such as: HTTP, or SIP. Type MIME include at least two parts: a type and a subtype, and one or more other parameters. For example, a sub-type text, an optional parameter the charset used to indicate the character encoding; or a multipart subtype of the type, define the boundary of an option. The type and subtype, all beginning with “x-” is not standard, they can not be stored, if the application of the IANA. Those sub-types, at the beginning of the vnd “business information.

N ways to upgrade the Internet and media industries – business model

In an ever-changing and highly competitive market environment, the Internet company only to upgrade its business model, to be invincible. Internet and media industry leaders, is working on two areas, upgrade the business model: product center model, the transition to the platform center model, and then upgraded to a community center; access to scarce resources in capital markets, get more “scarcity premium”. From the practice of each company, these two types of upgrades, mainly for the N kinds of paths.

No.1 from the product center, upgrade to the center of the platform

Online games, is to rely on the forms of “popular products” to make money, one or two “heavy pound” can contribute 70-80% of the revenue for the company. Similar to the film industry, the gaming performance of the company volatile, and the risk of product life cycle. Shanda by expanding the free game mode from the game product provider, to upgrade to online entertainment services platform. It is mainly taken two measures. First, from the supermarket of online games, the transition for the online game park, reducing the risk of charges of the new game, players do not play, and to extend the life cycle of the game, increase the average expenditure of paying players. Coincidentally, the Chinese most of the newly developed online game “heavy pound products (such as Perfect World’s” Zhu Xian “and” journey “of the giant network), are built on top of the free mode, contrast, Netease highly anticipated new game “angel” and “Westward Journey Online III, after the charge, the customer is a huge loss. Second, in operation for 25 online games, rich in its product line for the Chinese online game provider most.

Mode upgrade, the past four quarters, grand active paid account, a quarterly rate of 8-9%. According to estimates, the average expenditure for each player, a quarterly rate of 6%. Therefore, a year after the decline in performance, grand recapture the online game boss location, its turnover for the first quarter of 2007, 5 percent higher than the second NetEase.

No.2 to build online communities

The biggest challenge of the online search service providers is the lack of customer loyalty, CNNIC data show that more than 50% of users typically use both search engines. Order to enhance the user stickiness, Baidu has been committed to strengthen the community building: as an online message board Baidu paste it contributed more than 10% of Baidu’s traffic, to help them win the traffic of Quebec; knowledge-based search, Baidu know, has been become the largest interactive Q & A community. This helps to Baidu from the search service provider, the transition to the online community through the user’s “network effects”, to accelerate access to customers, enhanced viscous.

Other benefits of online communities, you can see other companies: more than half the customers Tencent old customers, this cause Tencent flow 70-130% more than the Sina and Sohu, but its 2007 marketing expenses in the second quarter, accounting for only 8% of turnover; Sina and Sohu, 20-25%; NetEase, China’s Internet industry, the highest profit margin (60%), one of the reasons is the very large e-mail community, accounting for 50% of the market, this its accumulated 5000-6000 free; TOM Online, Skype’s sole partner in the China region, absorption of 40 million registered users, Tencent users 40% (two years ago, 10%), TOM-Skype, is China’s fastest growing online community.

No.3 to allow customers to work for you

Interestingly, when most companies thinking to curry favor with the customers, they awareness is not: In the Internet age, customers can become its own “labor”. Sina as a leader of online content providers in China, in the past, the profit margin has been the lowest in the industry (2006 to 16%). However, since the launch, containing more than 10,000 celebrities blog plan, it learned a lot.

– The formation of a distinctive mode of content creation, over 10,000 blog, Sina, to generate a lot of original content, to help the company reduce the cost of content production, the most recent quarter, operating profit margin increased by 20%;

– Enhanced ability to prompt access to customers, a celebrity, sometimes able to attract the millions of “fans”, Xu Jinglei’s blog hits so far, up to 100 million, to become China and even around the world access to the largest blog. Celebrity blog, now has become Sina’s flow engine, contributed 10% of the total flow.

– Added a new ad spaces. Sina Finance Channel to benefit from the booming stock market, celebrity blog, impressive flow, creating a large number of advertising slots. Sina average daily celebrity blog to attract 200 million page views, Sohu’s more than twice the higher the page views, advertising CPM (cost per thousand) is the lower. Moreover, each celebrity has a specific image, you can attract the users of tastes vary, it is easy to advertisers to target audiences.

In this promotion, in the second quarter of 2007, advertising revenue of Sina more than Sohu, more than 55 percent expected this gap, quarter by quarter to pull 20% in 2008, Sina’s advertising revenue growth is expected to reach 55%.

No.4 to the pop culture hot spot, leveraging market

Chinese online game similar content, game operators need to pay more promotion expenses, Perfect by cultural hot spots, and implanted into the game, show distinct characteristics. For example, the “Three Realms bible, taken in the first week of play, on recorded a nearly 10 percent of the television series of the ratings;” Zhu Xian “is the most widely read online novels, five strong;” Red Cliff “, taken from the” Romance of the Three Kingdoms ” The movie, to attract investment, the Chinese film history. The content of popular culture, to provide players with a unique experience, Perfect easier to readers in that line, converted to online players, thereby reducing promotion expenses, and increase the probability of success of the game. To date, the Perfect game, has been 100% “hit rate” (the highest, at the same time online, more than 100,000 the number of main games / developed games total). In contrast, in the past four years, Netease’s “hit rate” of about 40%, a grand is zero.

Perfect on their own development strength, the development of the first, is China’s largest 3D games, therefore, to capture the opportunities of cultural hotspots in the local, more efficient, six months, be able to develop a new game, a large Most of the opponents, 1-2 years.

No.5 construction trump content

Unlike existing industry leaders such as Sina, and the momentum up online portals (eg, Tencent and Netease), Sohu and gradually establish the contents of a large database of sports. China, though they have more than 500 million football fans and 300 million basketball fans, high-end sports news, but it is a scarce resource. The Sohu won the 2008 Olympic Games, the exclusive official broadcast rights and, more recently, its advertising price by 37 percent, far exceeding the highest increase of 15%. Nearly 60 percent of Olympic sponsorship commitment: in the Sohu advertising budget than to inject an average amount of 2007, 80 percent higher.

Sports News, the content is “king” Therefore, the following points are noteworthy: China Mobile, Phoenix Satellite TV (08002.HK) the second largest shareholder, which news programs, is unique; Tencent and Sina, recently signed Guangdong Tiansheng (beat ESPN, access to the Premiership Chinese live the right) online, live Premier League matches, half-way, almost suffered the sniper of Sohu, Sohu and pass sports, co-owner of the exclusive NBA games live online rights; Ninetowns get the “magic World of Warcraft “in China’s exclusive agency rights to operate, which is China and the world’s most popular 3D games, I believe, only a game, it will make NINETOWNS turnover among the five of the Chinese online game industry.

No.6 to exclusive, and cooperation to enhance trade barriers

Estimated that in 2006, Ctrip online travel market share of more than 50% of eLong, only 18%. That year, the number of hotel rooms scheduled through Ctrip, eLong, more than twice the ticket number is eight times more.

In addition to the quality of service, and brand loyalty (repeat for Ctrip 70% of turnover), Ctrip’s success, there are two factors:

– To establish cooperative relations with more than 50 percent of the hotel, get the listings to ensure this part of the business, estimated at Ctrip, contributed 70-80% of the income of the hotels. Limited availability, a typical feature of the hotel industry to the season, as long as Ctrip monopoly houses, competitors, it could have a chance. Therefore, customers will be gradually transferred to the season, scarce resources Ctrip, more hotels, more willing to allocate resources to Ctrip, this virtuous circle will help Ctrip won market share.

– Formed exclusive partnerships with mobile operators and airlines to improve service quality, and the latter, has a huge customer base (eg, nearly 500 million mobile users in China). Thus, in the first half of 2007, Ctrip’s marketing costs, only the turnover of 20%, only the second half.

No.7 by mergers and acquisitions, lock the dominant position

In most industries, the most scarce resource is a “trade barriers” or “quasi-monopoly.” Sometimes consumers do not like it, but “quasi-monopoly pricing power to produce its most valuable is the ability to increase revenue by raising prices, this part of the revenue, without additional cost.

Shortcut to the “quasi-monopoly advantage is the acquisition, Focus Media acquired Target Media, is one example. Before the acquisition, Focus occupies 60% of the market, building video advertising industry is two times that of the mob’s. After the acquisition, Focus accounted for more than 95 percent of the market, the average price of its 30-second ads, therefore, up 15-25% a year, before the acquisition, decreased by 20-30% annually. Prior to the acquisition, Focus has been to play half to advertisers; acquisition, the company has the monopoly status of greater and greater bargaining power, and its discount rate, decrease each year by 5-10%.

No.8 divest non-core business

Management and staff, is also a scarce resource often overlooked. Chinese Internet industry, a number of young entrepreneurs, likes to excessive diversification, thus, the resources of the “bandwidth” stretched too tight. In the industry without core competitiveness, diversification, usually have some problems. In fact, in addition to the shares of GE and Berkshire Hathaway exceptions, most diversified company, usually a “diversification discount”.

It is worth noting that China’s leading online advertisers, Sina, currently, has begun to divest non-core businesses to focus on content and advertising services. Previously, the ad revenue of Sina and Sohu; stripped six months after its advertising revenue climbed 86% growth rate twice as fast than Sohu; our advertising revenues, gross margins have been maintained at high levels, compared with , Sohu 11 percent; guide the flow of Sina, Sohu between the gap from 2-fold elevated to more than four times.

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《网络传媒 (Network Media)》有一个想法

  1. 銀行理財產品市場季報—2012年一季度,2012年05月21日16:21 ,銀行家,    

    商業銀行理財產品

    據中國社科院金融研究所金融產品中心(下稱:“中心”)統計,2012年第一季度,​​全中國共有99家商業銀行發行理財產品,總量為7758款,同比上升104.0%,環比上升34.8%。其中,普通類產品為7383款(包括21款開放式產品),同比增長131.5%,環比增長33.5%;結構類產品375款,同比下降38.9%,環比增長68.9%。

    (注:文中,全部數據,來源於中國社科院金融研究所金融產品中心,數據整理截止日期,為2012年3月25日。由於四捨五入的原因,數據,存在誤差,加總可能不為100 %,特此標註,下同。)

    從銀行理財產品市場季度運行趨勢上看,2012年一季度發行產品的商業銀行數量繼續上升,其數量,由2011年四季度的85家,上升至一季度的99家,表現出城市商業銀行拓展銀行理財業務的動力依然強勁。一季度,央行宣布:從2012年2月24日起下調存款準備金率0.5個百分點。隨著貨幣政策趨向寬鬆,商業銀行的資金壓力有所緩解,通過發行理財產品籌集資金的動力將有所減弱,預計理財產品的增速將有所放緩。與普通類理財產品市場波瀾不驚的表現相比,一季度結構類理財產品的發行數量出現反彈跡象,設計結構上也萌生出了新的亮點。

      商業銀行理財產品收益類型。 2012年一季度理財產品的收益類型分佈較上季度變化不大。具體統計數據如下:非保本型產品佔比為63.8%,較2011年四季度下降4.6%;保本型產品佔比為20.9%,較四季度上升0.7%;保息型產品佔比為15.3%,較四季度上升3.9%。圖2展現了2009年至2012年一季度不同收益類型產品的數量變化趨勢,可以清晰的看到2012年一季度非保本產品的數量顯著增長,共發行4937款,環比增長1304款,增幅為35.9 %。

      商業銀行理財產品投資期限。短期理財產品發行數量回落,但依然為市場主流。 2012年一季度期間,3個月(含)以內和3~6個月(含)理財產品的佔比均有所下降,3個月(含)以內理財產品佔比63.5%,較上季度下降1.8%,3~6個月(含)理財產品佔比22.9%,較上季度下降1.9%。 6~12個月(含)理財產品和1年期以上理財產品的佔比均有所上升,6~12個月(含)理財產品佔比11.6%,較上季度上升2.6%,1年期以上理財產品佔比2.1%,較上季度上升1.2%。

      商業銀行理財產品期限結構。圖4展示了商業銀行所發售的人民幣理財產品的期限結構情況。總體來看,各期限結構的預期最高收益率基本呈緩慢爬升的態勢,但一年期產品的利差加大。從利差水平來看,除7天產品外,其餘各投資期限產品的利差水平均在200個BP(基點)以上,1年期產品最高,為314個BP,從收益水平的環比表現來看,各關鍵期限點的理財產品收益水平均有所上升,一年期產品升幅最大,平均上升73個BP。

      產品投資方向分析

      普通類理財產品投資方向分析。從理財產品的投資方向來看,2012年一季度,普通類銀行理財產品的投資方向較上季度減少風險債券類產品,其餘各投資方向並未有太大變化,除債券貨幣市場、組合資產管理和固定收益權類產品之外,其他各類產品數量較上季度均有不同程度的減少。相對占比方面,外幣債券貨幣市場類產品、票據資產類產品和信貸資產類產品的佔比較上季度下降明顯,分別下降2.5%、3.6%和1.0%。同時,債券貨幣市場類產品和組合資產管理類產品則分別上升4.1%和3.2%,固定收益權類產品佔比變化不大。

    2012年一季度共發售組合資產管理類產品2771款,數量較上季度增加869款,佔比37.6%,上升3.1%,環比上升45.7%。工商銀行、農業銀行、建設銀行和南京銀行幾家機構在組合資產管理類產品的說明書中披露了其資產池中各類資產的配置比例上限或下限。其中建設銀行產品將所投資的資產進行了大致的比例劃分,規定:股權類資產投資餘額佔資產池規模的比例為0~70%,債券和同業存款等高流動性資產投資餘額佔資產池規模的比例為30%~100%,信貸類資產投資餘額佔資產池規模的比例為0~70%,其他資產投資餘額佔資產池規模的比例為0~70%。

    本季度債券貨幣市場類產品發行4033款,數量較上季度增加1238款,佔比54.8%,上升4.1%,環比上升44.3%。外幣債券貨幣市場類產品發行502款,數量較上季度減少10款,佔比由上季度的9.3%下降至6.8%。票據資產類理財產品發售24款,較上季度減少194款,環比下降89.0%。此外,一季度固定收益權類、信貸資產類產品各發售16款,固定收益權類產品佔比變化不明顯,而信貸資產類產品佔比下降1%,環比方面,固定受益權類產品環比上升45.5%,而信貸資產類產品環比下降76.1%。

    從不同投資類型產品的期限收益結構來看,普通類人民幣理財產品中,固定收益權類產品的期限最長、預期收益率最高,債券貨幣市場類產品的期限最短,外幣債券貨幣市場類產品的平均預期收益率最低。從環比表現來看,債券貨幣市場類、組合資產管理類和信貸資產類產品的預期收益率有所上升,而其餘各類產品下降,而除了外幣債券貨幣市場、票據資產和信貸資產類產品之外,其餘各類產品期限均有所延長。債券貨幣市場類產品的平均委託期限為102天,環比延長12天,平均預期收益率為5.06%,環比上升5個BP。組合資產管理類產品的平均委託期限為117天,環比延長24天,平均預期收益率為5.04%,環比上升24個BP。外幣債券貨幣市場類產品的平均委託期限為149天,環比縮短18天,平均預期收益率為3.45%,環比下降18個BP。票據資產類產品的平均委託期限為124天,環比延長15天,平均預期收益率為5.36%,環比下降39個BP。固定收益權類產品的平均委託期限為447天,環比延長15天,平均預期收益率為5.98%。環比下降20個BP。信貸類產品的平均委託期限為227天,環比縮短79天,平均預期收益率為5.58%,環比上升2個BP。詳細信息參見表1。

      結構類理財產品投資方向分析。 2012年一季度,結構類理財產品投資分佈以利率和匯率掛鉤產品為主,二者基本持平,股票類、商品類占比較少。四類產品佔比分別為:32.3%、31.4%、20.4%及14.2%。值得關注的是,一季度新增4款混合類產品。圖7展現了2012年一季度掛鉤不同資產的結構類產品佔比分佈情況。一季度利率掛鉤產品的發行數量和占比均略有下降,其中掛鉤利率主要為SHIBOR和3個月美元LIBOR。產品發行銀行主要集中在北京銀行、渤海銀行、農業銀行、渣打銀行、匯豐銀行、星展銀行和法興銀行。股票類產品投資領域廣泛,涉及能源、資訊科技、金融、建築、食品、汽車、電信、零售、運輸及奢侈品行業等,股票類產品發行機構主要集中在匯豐銀行、星展銀行、恆生銀行、東亞銀行、光大銀行、渣打銀行和法興銀行。匯率類產品的掛鉤標的相對集中,主要投資於美元兌人民幣匯率、歐元兌美元匯率、澳元兌美元匯率以及美元兌港元匯率,發行機構主要集中在中國銀行、恆生銀行及匯豐銀行。商品類產品以掛鉤黃金為主,鉑金和原油掛鉤產品各有1款,發行機構主要集中在工商銀行、中國銀行、廣發銀行。混合類產品由匯豐銀行發售,掛鉤黃金和澳元兌美元匯率。

    從結構類理財產品投資期限與預期最高收益結合來看,股票類產品投資期限較長,為2.33年,平均預期最高收益率最高,為9.96%;商品類、利率類、匯率類產品的投資期限較短,均不足半年,平均預期收益率相對較低。

    (中國社科院金融所金融產品中心)

    轉載人語錄:

    關鍵一點是:外資銀行讓投資人簽署:我願意承擔投資風險!此語意思是:投資人永遠為銀行理財;而不是銀行為投資人理財!

    陷阱!小心啊!

    银行理财产品市场季报—2012年一季度,2012年05月21日 16:21 ,银行家,    

    商业银行理财产品

      据中国社科院金融研究所金融产品中心(下称:“中心”)统计,2012年第一季度,全中国共有99家商业银行发行理财产品,总量为7758款,同比上升104.0%,环比上升34.8%。其中,普通类产品为7383款(包括21款开放式产品),同比增长131.5%,环比增长33.5%;结构类产品375款,同比下降38.9%,环比增长68.9%。

      (注:文中,全部数据,来源于中国社科院金融研究所金融产品中心,数据整理截止日期,为2012年3月25日。由于四舍五入的原因,数据,存在误差,加总可能不为100%,特此标注,下同。)

      从银行理财产品市场季度运行趋势上看,2012年一季度发行产品的商业银行数量继续上升,其数量,由2011年四季度的85家,上升至一季度的99家,表现出城市商业银行拓展银行理财业务的动力依然强劲。一季度,央行宣布:从2012年2月24日起下调存款准备金率0.5个百分点。随着货币政策趋向宽松,商业银行的资金压力有所缓解,通过发行理财产品筹集资金的动力将有所减弱,预计理财产品的增速将有所放缓。与普通类理财产品市场波澜不惊的表现相比,一季度结构类理财产品的发行数量出现反弹迹象,设计结构上也萌生出了新的亮点。

      商业银行理财产品收益类型。2012年一季度理财产品的收益类型分布较上季度变化不大。具体统计数据如下:非保本型产品占比为63.8%,较2011年四季度下降4.6%;保本型产品占比为20.9%,较四季度上升0.7%;保息型产品占比为15.3%,较四季度上升3.9%。图2展现了2009年至2012年一季度不同收益类型产品的数量变化趋势,可以清晰的看到2012年一季度非保本产品的数量显著增长,共发行4937款,环比增长1304款,增幅为35.9%。

      商业银行理财产品投资期限。短期理财产品发行数量回落,但依然为市场主流。2012年一季度期间,3个月(含)以内和3~6个月(含)理财产品的占比均有所下降,3个月(含)以内理财产品占比63.5%,较上季度下降1.8%,3~6个月(含)理财产品占比22.9%,较上季度下降1.9%。6~12个月(含)理财产品和1年期以上理财产品的占比均有所上升,6~12个月(含)理财产品占比11.6%,较上季度上升2.6%,1年期以上理财产品占比2.1%,较上季度上升1.2%。

      商业银行理财产品期限结构。图4展示了商业银行所发售的人民币理财产品的期限结构情况。总体来看,各期限结构的预期最高收益率基本呈缓慢爬升的态势,但一年期产品的利差加大。从利差水平来看,除7天产品外,其余各投资期限产品的利差水平均在200个BP(基点)以上,1年期产品最高,为314个BP,从收益水平的环比表现来看,各关键期限点的理财产品收益水平均有所上升,一年期产品升幅最大,平均上升73个BP。

      产品投资方向分析

      普通类理财产品投资方向分析。从理财产品的投资方向来看,2012年一季度,普通类银行理财产品的投资方向较上季度减少风险债券类产品,其余各投资方向并未有太大变化,除债券货币市场、组合资产管理和固定收益权类产品之外,其他各类产品数量较上季度均有不同程度的减少。相对占比方面,外币债券货币市场类产品、票据资产类产品和信贷资产类产品的占比较上季度下降明显,分别下降2.5%、3.6%和1.0%。同时,债券货币市场类产品和组合资产管理类产品则分别上升4.1%和3.2%,固定收益权类产品占比变化不大。

      2012年一季度共发售组合资产管理类产品2771款,数量较上季度增加869款,占比37.6%,上升3.1%,环比上升45.7%。工商银行、农业银行、建设银行和南京银行几家机构在组合资产管理类产品的说明书中披露了其资产池中各类资产的配置比例上限或下限。其中建设银行产品将所投资的资产进行了大致的比例划分,规定:股权类资产投资余额占资产池规模的比例为0~70%,债券和同业存款等高流动性资产投资余额占资产池规模的比例为30%~100%,信贷类资产投资余额占资产池规模的比例为0~70%,其他资产投资余额占资产池规模的比例为0~70%。

      本季度债券货币市场类产品发行4033款,数量较上季度增加1238款,占比54.8%,上升4.1%,环比上升44.3%。外币债券货币市场类产品发行502款,数量较上季度减少10款,占比由上季度的9.3%下降至6.8%。票据资产类理财产品发售24款,较上季度减少194款,环比下降89.0%。此外,一季度固定收益权类、信贷资产类产品各发售16款,固定收益权类产品占比变化不明显,而信贷资产类产品占比下降1%,环比方面,固定受益权类产品环比上升45.5%,而信贷资产类产品环比下降76.1%。

      从不同投资类型产品的期限收益结构来看,普通类人民币理财产品中,固定收益权类产品的期限最长、预期收益率最高,债券货币市场类产品的期限最短,外币债券货币市场类产品的平均预期收益率最低。从环比表现来看,债券货币市场类、组合资产管理类和信贷资产类产品的预期收益率有所上升,而其余各类产品下降,而除了外币债券货币市场、票据资产和信贷资产类产品之外,其余各类产品期限均有所延长。债券货币市场类产品的平均委托期限为102天,环比延长12天,平均预期收益率为5.06%,环比上升5个BP。组合资产管理类产品的平均委托期限为117天,环比延长24天,平均预期收益率为5.04%,环比上升24个BP。外币债券货币市场类产品的平均委托期限为149天,环比缩短18天,平均预期收益率为3.45%,环比下降18个BP。票据资产类产品的平均委托期限为124天,环比延长15天,平均预期收益率为5.36%,环比下降39个BP。固定收益权类产品的平均委托期限为447天,环比延长15天,平均预期收益率为5.98%。环比下降20个BP。信贷类产品的平均委托期限为227天,环比缩短79天,平均预期收益率为5.58%,环比上升2个BP。详细信息参见表1。

      结构类理财产品投资方向分析。2012年一季度,结构类理财产品投资分布以利率和汇率挂钩产品为主,二者基本持平,股票类、商品类占比较少。四类产品占比分别为:32.3%、31.4%、20.4%及14.2%。值得关注的是,一季度新增4款混合类产品。图7展现了2012年一季度挂钩不同资产的结构类产品占比分布情况。一季度利率挂钩产品的发行数量和占比均略有下降,其中挂钩利率主要为SHIBOR和3个月美元LIBOR。产品发行银行主要集中在北京银行、渤海银行、农业银行、渣打银行、汇丰银行、星展银行和法兴银行。股票类产品投资领域广泛,涉及能源、资讯科技、金融、建筑、食品、汽车、电信、零售、运输及奢侈品行业等,股票类产品发行机构主要集中在汇丰银行、星展银行、恒生银行、东亚银行、光大银行、渣打银行和法兴银行。汇率类产品的挂钩标的相对集中,主要投资于美元兑人民币汇率、欧元兑美元汇率、澳元兑美元汇率以及美元兑港元汇率,发行机构主要集中在中国银行、恒生银行及汇丰银行。商品类产品以挂钩黄金为主,铂金和原油挂钩产品各有1款,发行机构主要集中在工商银行、中国银行、广发银行。混合类产品由汇丰银行发售,挂钩黄金和澳元兑美元汇率。

      从结构类理财产品投资期限与预期最高收益结合来看,股票类产品投资期限较长,为2.33年,平均预期最高收益率最高,为9.96%;商品类、利率类、汇率类产品的投资期限较短,均不足半年,平均预期收益率相对较低。

      (中国社科院金融所金融产品中心)

    转载人语录:

    关键一点是:外资银行让投资人签署:我愿意承担投资风险!此语意思是:投资人永远为银行理财;而不是银行为投资人理财!

    陷阱!小心啊!

    The financial products market quarterly reports 2012 first quarter, May 21, 2012 4:21 p.m., bankers,

    Commercial bank financial products

    Said: According to the Chinese Academy of Social Sciences, Institute of Finance, Financial Center (“Center”) statistics, in the first quarter of 2012, a total of 99 commercial banks to issue financial products, a total of 7758 models, an increase of 104.0% qoq an increase of 34.8%. Among them, the general categories of products for 7383 models (including 21 open), an increase of 131.5%, growth of 33.5%; structured products 375 models, down 38.9%, growth of 68.9%.

    (Note: the text, all data from the Chinese Academy of Social Sciences, Institute of Finance, financial products, data processing deadline, March 25, 2012. Due to rounding, data, errors, plus the total may not be 100 hereby marked, the same below.)

    Point of view, the number of commercial banks in 2012 and the first quarter of the products in issue from the financial products market-quarter run trend continues to rise, their number, from 85 in the fourth quarter of 2011 increased to 99 in the first quarter, showed the city commercial banks to expand banking financial business momentum remained strong. The first quarter, the central bank announced: lowered deposit reserve ratio by 0.5 percentage points from February 24, 2012. Commercial banks tend to loose monetary policy, financial pressure eased, the power to raise funds through the issuance of financial products will be weakened, and the expected growth rate of financial products will slow down. Compared with the performance of the general category of financial products market placid, the issuance of structured financial products in the first quarter of the number of signs of a rebound and also sprouted a new bright spot in the design structure.

    Type of commercial financial products income. Income distribution of the first quarter of financial products in 2012 changed little from the previous quarter. Specific statistics are as follows: non-preservation products accounted for 63.8 percent, down 4.6 percent higher than the fourth quarter of 2011; preservation products accounted for 20.9%, an increase of 0.7% over the fourth quarter; security interest products accounted for 15.3%, increased by 3.9% over the fourth quarter. Figure 2 shows the 2009 to 2012 in the first quarter of different income type product of the number of changes in trend can clearly see the number of the first quarter of 2012 non-protection of this product’s growth, the total issue of 4937 models, the ring than the growth in 1304 models, an increase to 35.9 %.

    Commercial bank financial products investment period. The number of short-term financial product issuers fall, but still the mainstream market. During the first quarter of 2012, three months (inclusive) within 3 to 6 months (including) the proportion of financial products has decreased less than 3 months (inclusive) financial products accounted for 63.5 percent decline from the previous quarter 1.8%, 3 to 6 months (inclusive) financial products accounted for 22.9% sequentially and down 1.9 percent. 6 to 12 months (including) the proportion of financial products and more than a year of financial products has increased, 6 to 12 months (inclusive) financial products accounted for 11.6%, up 2.6 percent from the previous quarter, a year more than financial products accounted for 2.1%, up 1.2 percent from the previous quarter.

    Term structure of commercial banks financial products. Figure 4 shows the term structure of commercial banks for the sale of yuan financial products. Overall, the highest expected rate of return of the term structure of basic was the slow climb of the trend, but the product of the one-year interest rate increase. Interest rate level from the point of view, in addition to the product of seven days, the remaining investment period spreads water on average more than 200 BP (basis points), the highest one-year products, 314 BP, the income level of the ring than the performance see, each key term point of financial products income levels have risen, the largest increase in one-year product rose by an average of 73 BP.

    Product investment direction

    Ordinary class of financial products investment direction. From the direction of investment of the financial products, investment direction of the 2012 first quarter, the ordinary class financial products from the previous quarter to reduce the risk of bond products, the rest of the investment direction did not change much, in addition to the bond money markets, portfolio asset management and fixed income right products, the number of other types of products from the previous quarter have varying degrees of reduction. The relative proportion of money market products of foreign currency bonds, notes the asset class products and credit asset class products, accounting for the previous quarter decreased significantly, decreased by 2.5%, 3.6% and 1.0% respectively. Meanwhile, the bond money market products and portfolio asset management products increased by 4.1 percent and 3.2 percent, the right to fixed income products accounted for little change.

    The first quarter of 2012 for sale in the 2771 models, the combination of asset management products, the increase in the number of the previous quarter to 869 models, accounting for 37.6 percent, an increase of 3.1%, increased by 45.7%. ICBC, Agricultural Bank of China, Construction Bank and Bank of Nanjing, a few institutions in the instructions of the combination of asset management products disclosed in the upper or lower limit of its assets in the pool all types of asset allocation ratio. Were roughly divided into the proportion of the products of the Construction Bank will invest the assets, provides that: equity asset class investment balance account for the proportion of the asset pool size from 0 to 70%, bonds and interbank deposits high-liquidity assets investment balance account for the scale of the asset pool ratio of 30% to 100% of the credit asset class investment balance account for the asset pool scale of 0 to 70%, other assets, investment balance account for the proportion of the asset pool size from 0 to 70%.

    The bond money market products of the quarterly issue of 4033 models, an increase in the number of the previous quarter of 1238 models, accounting for 54.8 percent, an increase of 4.1%, increased by 44.3%. Money market products of foreign currency bonds issued 502 models, the number of the previous quarter decreased by 10, the proportion dropped to 6.8% from 9.3% in the previous quarter. Paper assets class financial products for sale of 24, a decrease of 194 models from the previous quarter, decreased by 89.0%. In addition, the right to fixed income class for the first quarter, the credit asset class products on sale of 16 fixed-income products accounted for on the right did not change significantly, while the credit asset class products accounted for 1% drop in the ring than in terms of fixed beneficial interest products rose 45.5%, while the credit asset class products decreased by 76.1%.

    From the period of the different type of investment product income structure, the general category of RMB financial products, the longest duration of the right to fixed income products, is expected to yield the highest minimum period of the bond money market products, money market products, foreign currency bonds minimum of the average expected rate of return. Chain performance, the expected rate of return of the bond money market, portfolio asset management class and credit asset class products has increased, the decline in other types of products, in addition to the money market of foreign currency bonds, notes, assets and credit asset class products , the other kinds of products deadline extension. Commissioning period of the bond money market products, the average for 102 days, the chain extended by 12 days, the average expected rate of return of 5.06 percent, rose 5 BP. The combination of asset management products, the average commissioned a period of 117 days, the chain extension of 24 days, the average expected rate of return of 5.04 percent, rose 24 BP. Commissioning period of the average money market products in foreign currency bonds for 149 days, the chain shortened by 18 days, the average expected rate of return of 3.45%, a decline of 18 BP. Bills asset class products, the average commissioned a period of 124 days, the chain extended by 15 days, the average expected rate of return of 5.36%, the chain dropped 39 BP. The average of the right class of fixed income products commissioned by a period of 447 days, the chain extended by 15 days, the average expected rate of return of 5.98%. A decline of 20 BP. Credit products, the average commissioning period of 227 days, the chain shortened by 79 days, the average expected rate of return of 5.58%, qoq 2 BP. For more information see Table 1.

    Structured financial products investment direction. The first quarter of 2012, investment in structured financial products distribution of products linked to interest rates and exchange rates mainly two essentially flat, the stock class, accounting for less of the commodity. The proportion of four categories of products, respectively: 32.3%, 31.4%, 20.4% and 14.2%. It is noteworthy that a quarter of new hybrid products. Figure 7 demonstrates the 2012 first quarter of linked structured products accounting for the distribution of assets. The first quarter of the issue number and proportion of the interest rate-linked products were slightly decreased, which linked to interest rates SHIBOR and three month U.S. dollar LIBOR. Product issuers, banks are mainly concentrated in the Bank of Beijing, Bohai Bank, the Agricultural Bank, Standard Chartered Bank, HSBC, DBS Bank and Societe Generale Bank. A wide range of stock products area of ​​investment involving energy, information technology, finance, construction, food, automotive, telecommunications, retail, transportation and luxury goods industries, issuers of stock products are mainly concentrated in the HSBC Bank, DBS Bank, Hang Seng Bank, Bank of East Asia, China Everbright Bank, Standard Chartered Bank and Societe Generale Bank. Exchange rate products linked to the subject of the relative concentration of investing primarily in U.S. dollar against the RMB exchange rate, euro, Australian dollar against the U.S. dollar and the Hong Kong dollar exchange rate, issuers are mainly concentrated in the Bank of China, Hang Seng Bank and HSBC. Commodity products linked to gold, platinum and crude oil-linked products have their own (1), the issuer is mainly concentrated in the Industrial and Commercial Bank of China, Bank of China, Guangdong Development Bank. Mixed products from the sale of HSBC Bank, linked to gold and the Australian dollar against the U.S. dollar.

    From the combination of structured financial products investment period and expected the highest income, stock products a longer investment period, was 2.33, the highest average expected yield, 9.96%; investment in commodity, interest rates, exchange rates and products for a period of shorter, less than six months, the average expected rate of return is relatively low.

    (Chinese Academy of Social Sciences, finance financial center)

    Reproduced quotes:

    The key point is: foreign banks for investment signed by the person: I am willing to bear the investment risk This language means: investors always bank financing; rather than the bank wealth management for investors!

    Trap! Careful ah!

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