Invest In Winter 2014

季刊 QUARTERLY WINTER 2014

www.investin.com.cn

独家特刊：投资基金和基金服务

EXCLUSIVE SUPPLEMENT: Investment Funds & Fund Service

观点： 私人银行，你所不知的秘密 OPINION: Private Banking, Myth and Mystery

特别报道： 太平洋联盟：拉丁美洲 联盟的新力量 SPECIAL REPORT: Pacific Alliance: New Kid on the Latin American Bloc

私人银行利用 境外投资吸引中国客户 Private Banks Tap Overseas Investment to Entice Chinese Clients Winter, 2014 INVEST IN

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编者的话 Letter From the Editor

中国国内的房地产降温明显，在颓势已成定局的情况下，投资者开始更关 注海外的机会，基金也已成为许多人的海外投资选择。本期杂志就投资基金和 基金服务作了简单介绍，并就几只比较热门的绩优基金作了逐一分析，希望能 对读者的海外投资起到参考作用。 私人银行业最近颇受中国的高净值人士关注，这也是财富管理的手段之一。 中国的私人银行业还处于初始阶段，可提升空间很大。本期杂志邀请香港财富 管理专家 Rocky Chan，就亚洲和国内的私人银行业所面临的机遇和挑战作了深 入分析。众所周知，加拿大是中国投资者青睐的国家之一，它丰富的自然资源 和顶尖的金融服务业，以及政府大力引资的政策，都让加国成为中国境外投资 的首选之地。本期杂志也着重介绍了加拿大的强势投资行业——清洁能源行业， 以官方数据和业界权威分析一个值得关注的加拿大投资热点。南美洲一直以来 都以资源丰富和风景秀丽著称，是南半球无可替代的资源大洲。而智利的农副 业尤其值得关注——中国科技巨头联想集团正进军智利的水果产业，希望以更 多的资金投入，在满足国内对南美热带水果需求的同时，获取更大的投资回报。

主编 Editor in Chief: John Yang

详情请见本期的特别报道栏目。

撰稿人 Contributors: John Yang, Jonathan DeHart, Leo

最后，感谢您一直以来对境外投资的关注，我们坚信 2014 年将以全新的姿

Zhang, Baron Laudermilk, Rocky Chan

态和更为丰富的内容为您的投资锦上添花！

美术总监 Art Director: Susan Shen

《境外投资》主编 John Yang With the overheating of the property market gradually cooling down in

China, investors are now turning to overseas markets, and fund is one of the

preferred options. This edition of Invest In discusses investment fund and fund services, with a couple of introductions to some best-performed funds for your reference.

Private banking is getting more attention by the Chinese wealthy class as

they seek ways to manage wealth. China’s private banking industry is in its

infancy and there is still plenty of room to improve. We have invited wealth management expert Rocky Chan to discuss the challenges and opportunities

it’s facing. Canada has always been China’s favorite trade partner, its abundant resources and top notch financial service sectors, as well as its anxious

government seeking foreign investment, all make Canada the first on the investors’ to-do list. This edition also introduces Canada’s featured investment

opportunity – Clean Tech sector with some in-depth looks and official data to make the report worthwhile of your attention. South America is another

continent to visit, as many Chinese investors already know, its natural resource is unparalleled in the southern hemisphere, with agriculture the most important sector in Chile, Lenovo of China is investing heavily in its fruit industry and is making great progress – this is also covered in our Special Report section.

Thank you for your support in the past year and I wish 2014 will be

another year that Invest In can deliver what you want to know to value your investment overseas.

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2014, Winter

Editor-in-Chief

John Yang editorial@investin.com.cn

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封面故事 COVER STORY

私人银行利用境外投资吸引中国客户 Private Banks Tap Overseas Investment to Entice Chinese Clients

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2014, Winter

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季刊 QUARTERLY WINTER 2014

www.investin.com.cn

Investment Funds & Fund Service An exclusive supplement of Invest In magazine

新闻 news 06 全球概览 World NEWS 全球投资新闻精选 All the latest news from across the world 观点 opinion 08 私人银行，你所不知的秘密 Private Banking, Myth and Mystery

封面故事 COVER STORY 12 私人银行利用 境外投资吸引中国客户 Private Banks Tap Overseas Investment to Entice Chinese Clients 联合报道 CO-PUBLISHED REPORT 20 斯洛文尼亚马里博尔市长访谈

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美国生物科技基金股票 可持续的长线投资 Investing in U.S. Biotech Funds & Stocks A Sustainable Investment

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美国新能源基金 强劲的长期投资 The Turnaround of U.S. Alternative Energy Funds: A Strong Long-Term Investment

——我们期待中国的投资家 Conversation with Dr. Andrej Fištravec, Mayor of Maribor, Slovenia 23 加拿大 一个能源超级大国和全球可持续 技术制造业的领导者 CANADA An Energy Superpower and Global Producer of Sustainable Technologies 特别报道 SPECIAL REPORT 32 太平洋联盟：拉丁美洲联盟的新 力量 Pacific Alliance: New Kid on the Latin American Bloc

40 中国科技巨擘放眼南美农业投资 China’s IT Tycoon Eyes South America’s Agriculture Investment 45 境外投资指南 Invest In Hand Book

advertiser directory 广告商目录 Constance - Inside Front Cover & Page 1 Plum Property Solutions - Page 3 Maribor - Page 19 Swissotel - Supplement Inside Front Cover Invest In Bespoke Event - Supplement Inside Back Cover Annual Investment Meeting - Page 31 Asia Offshore Association - Inside Back Cover invesTT Trinidad and Tobago –Outside Back Cover

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新闻 | NEWS

全球概览 Global update

绿 地 控 股 集 团 有 限 公 司 (Greenland Holding Group) 正加快在韩国的扩张步伐，计划投资人民 币 60 亿元（合 9.84 亿美元）在济州岛建一座高 58 层的双子塔。

Greenland Holding Group is beefing up its expansion in South Korea with plans to invest 6 billion yuan ($984 million) to build 58-storey twin towers on Jeju Island.

2013 年 12 月 15 日

中国获取了厄瓜多尔在未来数年间 90% 的石油 出口权（作为比较，中国持有美国 23% 的债务）。

China secured the rights to up to 90% of Ecuador's oil shipments in coming years (for comparison, China holds 23% of U.S. debt just held by foreigners).

2013 年 12 月 20 日

在美国加州的欧文市，有一个全新的住房项目正 在开发中，这个项目让美国一些最大的住房营建 商在经历了住房市场崩溃的危机后复苏。对于美 国建筑业来说，这是一场重生；对这个项目本身 来说，其客户则主要是中国人。

去

年年底中国政府新批准的《政府核 准的投资项目目录（2013 年）》确 保中国将进一步规范对外投资，深 化对外投资监管制度的改革。 消息称，中国共产党三中全会第十八次 大会在 2013 年 12 月 2 日举行的会议上表决 通过了《政府核准的投资项目目录（2013 年 本）》，希望确保和在最大程度上促进和“降 低中央政府的干涉”以真正由企业来决定其 投资方向和力度。 这是自 2004 年该政策颁布以来的第一次 修改，该政策自此建立了核查机制并沿用至 今。为进一步深化投资体制改革和行政审批 制度改革，加大简政放权力度，切实转变政 府投资管理职能，使市场在资源配置中起决 定性作用，确立企业投资主体地位，更好发 挥政府作用，加强和改进宏观调控，现发布《政 府核准的投资项目目录（2013 年本）》，并 就有关事项通知如下： 一、企业投资建设本目录内的固定资产 投资项目，须按照规定报送有关项目核准机

At a brand new housing development in Irvine, California, some of America's largest home builders are back at work after a crippling housing crash. It's a rebirth for U.S. construction, but the customers are largely Chinese.

美国中国之城转换规划重心

国人在伦敦进行的房地产投资自 2010 年以来 增长了 1500%，从当年的 8820 万美元增长为 2013 年第三季度末的 16.3 亿美元。

美

2014 年 1 月 8 日

Chinese investment in London real estate has risen over 1500% since 2010, increasing from US$88.2 million to over US$1.63 billion at the end of quarter three 2013.

2014 年 1 月 15 日

奇虎360表示， 通过领投一轮3000万美元 （约合1.8 亿元人民币）的融资，已大幅增加其对基于“云 计算”的在线安全公司 PSafe 科技公司的投资。

Qihoo 360 has significantly increased its bet on a Brazilian cloud-based online security company, PSafe Tecnologia, by leading a $30 million round.

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2014, Winter

图片 Photo by Xphotos

2013 年 12 月 10 日

新政确保中国将进一步放开对外投资 New Rule Change in China Will Open Up Floodgates for Outbound Investment

Sullivan China City Plan Changes Focus 国纽约附近的沙利文县即将建造的“中 国式迪士尼乐园”规划将会转变重心， 变成一个以教育为中心，包括大学、宿舍和 其它相关设施的城中城。“美国中国之城” 总裁 Sherry Li 女士在去年早些时候曾宣布 将在 Thompson-Mamakating 边界处建造一 个包括游乐园、商务中心和住宅等设施的项 目，占地面积 2231 英亩。 这 个 消 息 经 由 5 月 15 日 的 Times Herald-Record 首 次 报 道， 并 在 当 地 引 起 了 强 烈 反 响。 而 现 在 的 方 案， 将 在 Wild Turnpike 附近选址，占地 570 英亩。 更新后的方案去年年底由 Thompson 县 政府接受，更详细的消息能在该政府网站上

去年年底中国政府新批准的《政 府核准的投资项目目录（2013 年）》 确保中国将进一步规范对外投资，深 化对外投资监管制度的改革。 Catalogue of Investment Projects Subject to Governmental Verifications (2013) Overhauls Chinese Outbound Investment Regulatory Regime

获取：townofthompson.com。 之前的方案在最近受到了美国全国媒体 的关注，由纽约邮报、华盛顿邮报和福克斯 新闻等主要媒体等争相报道。中国城的网站 上则仍刊登早先方案的规划消息。 汤普森政府发言人 Tony Cellini 表示， 现在来绝对该项目的详细信息有点言之过 早，“但是到时候会引起更加巨大的反响。” 虽然该项目已经有所转变，许多项目的原宗 旨保持不变。作为曼哈顿的开发商，Sherry Li 仍希望在那里创造一个全新的中国式文化 氛围，提升沙利文县的利税额和创造数百个 永久性的工作机会。 “我的梦想是有一天，房客们能从媒体 渠道更多地探访中国的历史和灿烂文化，但 是游乐园并不是该项目的组成部分。” 该项目由 EB-5 美国投资移民计划进行 融资，有可能对来投资额在 50 万美元的中 国公民发放绿卡。这个提案正提交美国公民

NEWS | 新闻

关核准。企业投资建设本目录外的项目，实 行备案管理。事业单位、社会团体等投资建 设的项目，按照本目录执行。 二、法律、行政法规和国家制定的发展 规划、产业政策、总量控制目标、技术政策、 准入标准、用地政策、环保政策、信贷政策 等是企业开展项目前期工作的重要依据，是 项目核准机关和国土资源、环境保护、城乡 规划、行业管理等部门以及金融机构对项目 进行审查的依据。对于钢铁、电解铝、水泥、 平板玻璃、船舶等产能严重过剩行业的项目， 国务院有关部门和地方政府要按照国务院关 于化解产能严重过剩矛盾指导意见的要求， 严格控制新增产能。 三、项目核准机关要改进完善管理办法， 提高工作效能，认真履行核准职责，严格按 照规定权限、程序和时限等要求进行审查。 有关部门要密切配合，按照职责分工，相应 改进管理办法，依法加强对投资活动的监管。 对不符合法律法规规定以及未按规定权限和 程序核准或者备案的项目，有关部门不得办 理相关手续，金融机构不得提供信贷支持。 此次修订目录，把握了以下主要原则： 一是使市场在资源配置中起决定性作用， 最大限度缩小核准范围。对于市场竞争充分、 企业有自我调节能力、可以通过经济和法律 手段有效调控的项目，由核准管理改为备案； 二是科学划分中央和地方职责，以纵向 放权为主。对于现阶段仍需由政府核准，但 可以通过发展规划、产业政策、技术政策、

准入标准等进行引导调控的项目，尽量下放 地方政府核准并明确责任； 三是合理界定部门间的分工，加强横向 配合。按照职能分工，发展改革委核准跨地区、 跨行业、跨领域和涉及综合平衡、重大布局 的项目，行业管理部门核准需要由中央管理 层面管理的其他项目。

和移民服务中心。汤普森规划局已经同意了 该项目的下水道设施建设的可行性计划。美 国中国之城律师 Jacob Billing 表示，咨询公 司 M/E Engineering, P.C. 将 评 估 是 否 能 在 现有的下水道系统上进行扩展，以满足美国 中国之城的需要。一旦中国城融资到一定的 数目，该研究将会如期进行。

first reported by the Times Herald-Record on May 15, 2013. The current proposal, to be located on 570 acres off Wild Turnpike, Updated plans were filed with the Town of Thompson, and details are available on the town website, townofthompson.com.

Thompson Supervisor Tony Cellini said it's too early to determine the scope of the project because it's in the "embryo stage," but "the impact can be tremendous."

Although the project has transformed, many of the goals remain intact. Li, a Manhattanbased developer, still wants to create a platform to experience the Chinese culture, increase the Sullivan County tax base and generate hundreds of permanent jobs. "My dream is that someday, visitors can explore and learn about Chinese history through multiple media channels, but the amusement

T

he vision of a "Chinese Disneyland" in Sullivan County has been replaced by plans for an education center featuring a college, dormitories and related development. Sherry Li, president of China City of America, presented a project earlier last year that initially included an amusement park, commercial center and housing development on 2,231 acres along the Thompson-Mamakating border.

The concept has morphed since it was

C

atalogue of Investment Projects Subject to Governmental Verifications (2013)

Overhauls Chinese Outbound Investment

Regulatory Regime

In the strong spirit of reform as enshrined

in those key policy documents promulgated at the close of the Third Plenary Session of the

Eighteenth Congress of the Communist Party

of China’s Central Committee, the State Council promulgated on the 2th December 2013, the “Catalogue of Investment Projects Subject to

Governmental Verifications (2013)（《政府核 准的投资项目目录（2013 年本））” (“2013 Catalogue”), with a view to promoting the

“reduction and decentralization, to the greatest extent possible, of verification powers to truly implement the investment decision-making power of enterprises”.

This is the first revision made to the previous

catalogue released by the State Council in 2004; the pillar policy which established the very

since then. The 2013 Catalogue mostly covers investments which require governmental

verifications (as opposed to a simple process of filing for records) - broadly speaking, there are three types:

· Projects subject to government verifications

in 11 major sectors, including agricultural

water conservation, energy, transportation, the

information industry, raw materials, machinery

manufacturing, the light industry, new technology, urban construction, other social undertakings and finance;

· Foreign invested projects;

· Overseas investments by Chinese

enterprises.

The significance of those changes is that

for investments (projects) not listed in the

“verification” category (or “ 核准 ” in Chinese,

which in substance, is no different from “approval” in China’s context whereby the investors must obtain them before being able to execute a

concerned investment), they only require filing for records (post transaction).

This article discusses the significant changes

likely to be introduced by the 2013 Catalogue to

the current regulatory regimes, which we believe will have profound ramifications in the future trends of Chinese outward investments.

verification regime which has been in force

park is not part of the project on the table," Li said in a statement.

The project would be funded through the EB-5 Immigrant Investor Program, which could provide green cards to Chinese nationals who invest $500,000. That aspect of the project is under review by U.S. Citizenship and Immigration Services.

The Thompson Planning Board approved a feasibility study on sewer capacity Tuesday that will be paid for by China City of America. Consulting firm M/E Engineering, P.C. will determine whether it's possible to expand the existing sewer system to supply the new development or if a private sewer system must be created. Once China City funds an escrow account, the study will begin, said Jacob Billig, lawyer for China City of America.

Winter, 2014 INVEST IN

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观点 | Opinion INVEST IN

私人银行，你所不知的秘密 Private Banking, Myth and Mystery

私

人银行，顾名思义就是为富有的私 人投资者量身定制的银行、投资和 金融等服务。私人银行可以是一家

独立运作的公司，或一家零售银行的分部、 安全公司和金融服务机构等。 历史上，私人银行始于欧洲，当时以帮 助一些皇家家族管理资产著称。现在则早已 掀开了神秘的面纱，比以前更受欢迎。私人 银行瞄准高净值人士（HNWI），提供从银行 服务（储蓄和支付）、可自由支配的资产管理、 证券经纪、有限的税务咨询服务和一些基本 的专人服务，到由指定的经理人或私人银行 家提供的更加个性化定制服务的服务。 由一份凯捷咨询和美林集团联合发布的 调查报告中指出，美国在 2010 年以 310 万 的高净值人数，占据全球高净值人士总人数

Rocky Chan CPA, CFP tzeking@hotmail.com Linked-in: Rocky Chan @ shanghai

Infinity Financial Solutions 高级投资顾问 Rocky 在美国和中国金融及投资界拥有超过 15 年的专业经验，专业从事美国和境外投资顾问。 他擅长财务规划、股票研究、私募股权以及美 国的 EB-5 移民项目。

28.6%，使其当之无愧，成为拥有全世界最 大私人银行系统的国家。而根据一份麦肯锡 和民生银行出具的报告，亚洲紧随北美之后， 是全世界第二大财富市场。中国是推动增长 的中坚力量。 以下是需要注意的私人银行十大神秘之 处： 1) 名称上的神秘感： 这个行业的名称 和术语听起来绝对创意十足，对很多人来说 也有点搞不清楚。一个极好的例子是，一个 提供私人银行业务服务人员的职位名称——

Senior Investment Consultant Infinity Financial Solutions

Over 15 years of financial and investment experience in US and China, Rocky has specialized in US and offshore investments consulting. He has expertise on financial planning, equity research, private equity as well as EB-5 immigration to US.

他可能被叫作金融顾问、投资顾问、关系经 理和财富策略经理等等。而这个行业则能被 称为私人银行、财富管理，抑或投资顾问等等。 2) 私人银行是否只适合最富有的人群 呢？现在这个提法已经不太准确了。也许很 多顶级的私人银行只为资产超过 1000 万美 元的客户开户，现在的门槛已经越来越低。 现在要找一家能接受投资资产额度在 25 万 美元左右的私人银行已经不是难事，为中产

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2014, Winter

T

he intuitive description of private banking may be any banking, investment and financial services tailored for wealthy private investors. Private bank can be either an independent company or a division of retail bank, security firms and financial services institution.

Historically, private banking had developed in Europe, known for managing assets of some royal families. Nowadays, it is much more popular and demystified than before. It targets high net worth individuals (HNWI) for better and more customized services ranging from banking services (deposit taking and payments), discretionary asset management, brokerage, limited tax advisory services and some basic conciergetype services, offered by a single designated relationship manager or private banker.

The United States has one of the largest scale private banking systems in part due to the 3.1 million HNWIs accounting for 28.6% of the global HNWIs population in 2010, according to the co-research of Capgemini and Merrill Lynch.

Asia is the second largest wealth market, just behind North America. China is driving most of the growth, according to a 2012 report conducted by Mckinsey and Minsheng Bank.

Here are the most common 10 myths and Mysteries for you to ponder: 1) Mystery by the names: The terms and names in this industry may well be the most creative and confusing aspects for many. One great example is the job title of the person

Opinion INVEST IN | 观点

阶级家庭开户也已经变得司空见惯了。这个 情况在奢侈品行业也很普遍，很多顶级品牌， 如古驰的手提包和蒂凡尼的珠宝等，都越来 越多地被大众市场的消费者所青睐，大家的 购买目的也大多是自用或作为礼品赠送。 3) 私人银行家是否由家族的几代人一直 聘请？这样来说吧，这是非常理想的状态和 模式，是所有私人银行家梦寐以求的事情。 现实情况是，随着竞争的日趋激烈，忠诚度 和关系的紧密性会很容易被一些特殊情况所 打破，比如价格战、金融危机、收紧的政府 政策以及家族生意的管理不善等。现在，一 名高净值人士利用多个私人银行来服务自己 已经很普遍了。 4) 这两个名称听起来也许很相似，但是 也有细微的差别。私人银行其实是财富管理 的一个分支，覆盖了包括但不仅限于金融规 划，例如退休、教育、投资、税务、遗产、 保险等等服务范围。 5) 隐私性对比合法性。对其自身来说， 私人银行有一切理由来“协助”它的客户用 一切可能的手段来保护其财富并寻求增值。 经典的例子有瑞士联合银行（UBS）和美国 政府之间旷日持久的法律诉讼案。UBS 用尽 一切手段不让其私人客户的在隐私法的保护 下暴露给公众，但是美国税务当局则指责他 们在帮助客户逃税。最后的结果所有人都知 道，UBS 需要面对极为严厉的处罚。 6) 私人银行是否意味着高净值人士能得 到更多的投资选择？私人银行提供的产品有 哪些优势？研究表明，高净值人士所期待的 当然不仅限于互惠基金而已。这在中国尤其 明显，在中国人们更喜欢冒险并对舶来品更

who provides private banking services.

He may be named and called a financial adviser, investment consultant, relationship manager, and wealth strategist and so on.

This industry can be named private banking, wealth management, and investment advisory and so on.

2) Is private banking only for the wealthiest people? It is not quite true anymore. While a few high end private banks may still only open accounts for clients with assets over $10 million. The minimum is getting lower and lower. Now it is not difficult to find private banks which would accept investment assets as little as $250,000, open up the services to the middle income family as well. It is very similar to the situation in luxury products such as Gucci bags and Tiffany jewelries that have been purchased more and more often by the mass market consumers for personal use or for gifting purpose.

3) Are private bankers kept by families over several generations? Well, it is the ideal model and situation all private bankers are dreaming of. In reality, with increasing competition, the loyalty and close bonding is much easy to break up by incidents such as fee competition, financial crisis, tighter governmental control, mis-management of family business and so on. Currently, it

is very common to see one HNWI is having multiple private bankers to serve him.

4) Is private banking the same as wealth management? It sounds similar but there are subtle differences. Private banking is actually a subset of wealth management, which covers a broader range of services, including but not limited to financial planning such as for retirement, education, investment, taxation, estate, insurance and so on.

5) Privacy versus legality. Which one will win? Of course the government or legality will eventually win. For its own benefits, private bank has all the reason to “assist” its clients to do whatever it takes to grow and protect the wealth. The classic example of course has to be the long legal fight between UBS (United Bank of Switzerland) and the US government. UBS tried its best not to disclose its private clients’ information on the ground of private secrecy while US taxing authority accused them of assisting in tax evasion. Eventually everybody knows UBS has to suffer severe penalties.

6) Will a HNWI benefit a lots by having a much better investment choices provided by private banks? What is the product offering advantage in private banking? Well, studies indicated that HNWI is certainly expecting more than just mutual funds. It

兴致勃勃。和一般情况相反，在中国高风险 和更复杂的产品反而热销。所以，我们总是 能看到许多人成为难以置信甚至可笑的交易 的牺牲品。 简单来说，产品的创新，比如租赁或结 构性金融产品更有吸引力。不过，纯粹的顾 问服务在中国反而不那么招待见。相反的是， 良好的投资顾问在北美有更高的价值，且是 市场的推动力之一。私人银行提供产品的最 大差异因素是开放的结构性产品平台，在那 里私人银行分配所有的第三方产品，并且抽 取佣金作为回报，不仅仅是销售它们自己所 能提供的产品。现代客户需要最佳的产品， 因此大多数银行需要遵从一个开放性架构的

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产品平台。由于中国人有不喜欢支付顾问费 用的习惯，这个平台在中国的发展非常缓慢。 7) 私人银行的收费很高？当然高，大多 数人根本无法承受。但是，从百分比的角度 来看，收费也不算太疯狂。普通的已经购买 互惠基金（前置期限策略、后置期限策略、 管理费、12b-1 费用和其它相关费用）的投 资者，他们会很惊讶地发现，和高净值人士 在私人银行开放产品架构平台方面的费用相 比，他们支付的价格非常高昂。就这样笼统 地简单计算两者的费用也许不是很公平，因 为不同的私人银行针对不同的客户收取的费 用都不尽相同。但是，有高投资额的高净值 人士显然更容易有更大讨价还价的能力，因 此享受到的折扣也不可同日而语。 也有银行遵从不收取客户任何顾问费用 的交易模式。银行以销售第三方产品获取的 佣金而成长。有些其它银行完全依赖顾问服 务，并收取客户资产管理百分比的费用（例

美国在 2010 年以 310 万的高净值人数，占据全球高净值人士总人数 28.6%，使其

如，所有被管理资产的 1.5%）。但是，一

当之无愧，成为拥有全世界最大私人银行系统的国家。

些银行也同时提供交易模式和顾问模式。客

The United States has one of the largest scale private banking systems in part due to the 3.1 million HNWIs accounting for 28.6% of the global HNWIs population in 2010, according to the co-research of Capgemini and Merrill Lynch.

户可以随需要选择。 8) 他们如何保持商业先机？你知不知道 为什么那些高净值或超高净值人士的家族和 高官子女很多都在高盛或其它顶级的投行供 职？很容易猜到的结论是他们深厚的关系背 景为那些投行的未来业务带来潜力。 但是，如果这个模式被过度应用，也会 产生非常严重的副作用，比如最近发生在德 意志银行的以向中国高官子女提供工作的方 式进行行贿的一系列丑闻。和任何一个销售 生意一样，领先的一代在私人银行业务中扮 演了举足轻重的角色。不同的银行以不同的 方式行事，比如电话推销、上门推销、论坛、 顶级沙龙、免费赠品、家族联系甚至异性相 吸等手段来吸引客户。赠送在中国是必须要 学会的商业手段，而北美则更多地依赖信任 （信托）。 虽然一些银行很大程度上依赖其批发银 行推介的业务，也有很多银行和他们的零售 和公司银行分部的业务紧密相连。大部分银 行在各业务部门间都有利润分享的机制。这 可能是向其它部门的一次性付款或以年回扣 的方式回报其介绍客户。很多银行相信客户 推介是业务的主要来源。在对私人银行提供 的服务感到满意后，客户很可能再介绍他的

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isespecially true in China, where people like to take more risk and feel excited to have exotic products. Contrary to the norm, high risk and complicated products sell in China.

Therefore, we can always see victims fall into unbelievable or even ridiculous deals.

In short, innovation in products such as lending/structured financing gets its sex appeal. However, pure advisory service is not getting too far in China. On the contrary, sound investment advice certainly has value and already fuel the market growth in North America. The key differential factor of product offering in private banking is open architecture product platform, where a private bank distributes all the third party products in return for commission and is not restricted to selling only its proprietary products. Clients today demand the best of breed products and most banks have to follow an open architecture product platform. This platform has a slow growth in

China due to the fact Chinese don’t want to pay for the advisory part of fee.

7) Is the fee very high in private banking?

Of course, most people cannot afford to pay the fees in dollar terms. However, in percentage wise, it is not too crazy. For regular investors who are buying mutual funds (front end loaded, back end loaded, management fees, 12b-1 fees and the likes) already, they may be surprised to find out that they are paying much higher rates, comparing with HNWI paying fee in open architecture product platform of private banking. It may not be fair to generalize in such a simple way because different private banks charge their clients in different rates on various products. However, HNWI with higher investment amounts definitely is easy to command a higher bargaining power and enjoys lower institutional rates. There are banks that follow the transactional model where the client is not charged any advisory

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朋友进来。 9) 私人银行业务在中国是否正在发展壮 大？是的，但和大家期望的规模差距还是很 大。原因呢？中国富人的大蛋糕一直在增大， 但是私人银行业务在中国仍在苦苦挣扎。这 个现象的背后有很多深层次的原因。 首先，大量的中国高净值人士都在建立 自己的投资公司，比如私募基金、信托甚至 银行来管理自己的投资资产。信托则非常匮 乏，没有信托意味着私人银行家们没有生意 可做。他们有信心或有足够的能力来管理巨 额的财富资产。 其次，许多中国的高净值人士正把资产 转移到香港和其它离岸金融属地来隐藏、多 样化经营或为资产寻求更佳的投资机会。这 让私人银行家们没有东西可玩。根据麦肯锡 的同一份报告，在中国，现在私人银行的客 户中大约 40% 的人不满意现在得到的服务。 大约 50% 的高净值人士只把其可投资财富 的 20% 或更少用于投资，60% 的高净值人 士在海外拥有资产。这些对中国的私人银行 业务来说既是挑战也是机遇。 10) 高净值人士的财富来源在哪里？在 中国，高净值人士中绝大多数是商务人士， 比如阿里巴巴的马云或腾讯的马化腾。但 是在北美，作为雇员也有可能成为超级富 豪。高层次的商界精英比如很多成功的上市 公司首席执行官、首席财政官、总监和副总 裁等也很容易成为私人银行的座上宾。秘密 就是具有高利润的股权期限薪酬包比如奖 励性股票期权（ISO），非限制性股票期权 （NQSO），以及非现金自由期权（non-cash free grand）等，这些都比他们的薪水高出 千百倍。能持有上亿美元的股票期权，也难 怪具有传奇色彩的苹果公司首席执行官史蒂 夫·乔布斯愿意象征性地领取一美元年薪。

fee at all. The banks thrive totally on the commissions they get by distributing third party products. Some of the other banks are totally advisory driven and charge the clients a percentage of Asset Under Management (AUM, e.g. 1.5% of entire AUM). However, a few banks offer both a transactional model and an advisory model. The clients choose whatever suits them.

8) How do they get the business lead?

Do you know why the sons and daughters of so many super riches and the ultra-powerful officers always work for Goldman Sachs or other high end investment banks? It is an easy guess that the connection is great for the future business generation for these investment banks.

However, if these practices have been overly applied, it may get serious side effects, such as the recent problem encountered by Deutsche Bank which was accused of bribing Chinese officers by offering job opportunities for their children. As any sales business, lead generation plays a vital part in the private banking business. Various banks go about in different ways such as cold calls, warm calls, seminars, luxury events, free gifts, family tie and even opposite sex charm to attract the attention of prospects. Gifting is a must in doing business in China while trust is highly valued in North America. While some banks rely heavily on their wholesale banking referrals, there are a few others that have strong tie-ups with their retail and corporate banking divisions. Most banks do have a revenue sharing mechanism in place within divisions. It is either a onetime charge to the division or an annuity that the division gets for a client referral. Many banks believe that the primary source of leads must be client referrals. A client would refer his friends when he is satisfied with service provided by the private bank.

9) Is private bank business growing in China? Yes, but not too significant as everyone has expected. Why? The pie of

wealthy Chinese is certainly getting bigger.

However, the private banking business in China is still struggling. There are many reasons behind this abnormal outcome.

First, a great number of Chinese HNWI are setting up their own investment companies such as private equity funds, trusts or even banks to manage their own investment assets. Trust is lacking. No trust simply means no business for private bankers. They are confident or maybe skillful enough to manage the massive assets.

Second, many other Chinese HNWIs are moving out their assets to Hong Kong, and other offshore jurisdictions to hide, diversify or search for better investment opportunities, leaving the private bankers with no much to play with. According to the same Mckinsey reports, in China, about 40% of current private bank clients are not satisfied with their current service. Nearly 50% of HNWIs only allocate 20% or less of their investable assets. 60% of HNWIs have assets offshore. These certainly create both challenges and opportunities in private banking business in China.

10) Where does the HNWI make his money from? In China, HNWIs are predominately business owners such as Jack Ma of Alibaba or Pony Ma of Tencent.

However, in North America, being an employee can also run a chance of becoming super rich. High level executives such as CEO, CFO, directors and vice presidents in successful public companies are very common on the prospecting list of private bankers. The mystery lies on the lucrative stock option compensation packages such as incentive stock option (ISO), non qualified stock option (NQSO), and non-cash free grand, which could be a thousand times of their basic salary. With billion dollar worth of stock option compensation, no wonder the legendary Apple CEO Steve Jobs was willing to take the symbolic $1 annual income as salary.

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私人银行利用 境外投资吸引中国客户 Private Banks Tap Overseas Investment to Entice Chinese Clients

By Leo Zhang

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2014, Winter

封面故事 COVER STORY

过

去几年里，中国富有家庭的数量 不断攀升，这引发了人们对于个 性化理财服务的需求。在这个过

程中，私人银行努力帮助越来越多的中国客 户寻找境外投资机会，以规避国内管制。 去年，中国个人投资者的可投资资产达 80 万亿元（13 万亿美元）。从 2008 年起， 这一数额以年均 21% 的速度上涨。据胡润 富豪榜报道，中国富翁的平均财富在 2013 年经济形势好转的形势下创历史新高。 据胡润研究所称，中国大陆 1,000 名富 翁的平均财富达到了 64 亿元，这一数额自 2008 年全球金融危机以来上升超过两倍。 其中，有 559 名富翁在今年变得更加富有， 甚 至 有 144 名 富 翁 的 财 富 增 加 了 50% 以 上。胡润研究所表示，这要得益于中国创业 板（主要针对创业型企业）的收益率上升了 60%。美元亿万富翁的数量也创历史新高， 总数达 315，与去年相比增加了 64 位。 在中国，人们考虑进行投资时选择却很 有限。黯淡的国内股票市场一、较低的银行 存款利率再加上政府对房地产市场的紧缩引 发了人们对于能够带来稳定收益且同时风险 可控的理财需求。 “私人银行业务面向小群体客户，但 这一小群体对于理财服务的需求却非常之 大，”中国工商银行私人银行业务总经理在 上海的陆家嘴论坛上提到。“私人银行业务 的小平台甚至可以从整个银行业的重组中获 利。” 截至 2012 年末，中国四大国有银行， 即中国工商银行、中国银行、中国建设银行 以及中国农业银行拥有 120,000 多名私人银 行业务客户，管理的资产超过 1.7 万亿元。 此外，海外放款人和私人理财机构也提供各 种个性化私人银行业务来吸引富有的客户。 将目光投向海外 如今，为了客户的利益，私人银行业务机构 已经将目光转移到海外。据普华永道的一项 调查显示，中国大陆的大多数高净值人士要 求其银行寻求海外投资机会。 9 月发布的调查报告涉及 50 多个国家 和地区的 200 家金融机构。其中有百分之 二十四的调查对象来自亚太地区，还包括 四五家中国大陆的主要银行（有私人银行业 务）。

T

he staggering growth of China's wealthy families has been triggering demand for customized wealth management services in the past years. During the process, private banks are endeavoring to help a growing number of Chinese clients look at offshore opportunities to avert domestic regulations.

Individuals in China had 80 trillion yuan (US$13 trillion) worth of investable assets last year, which expanded by an average annual rate of 21 percent from 2008, according to industry data. As reported by the Hurun Rich List, China’s richest people saw their average wealth shoot up to a record high in 2013 as the economic situation improved.

The average wealth of the 1,000 wealthiest people on the Chinese mainland reached 6.4 billion yuan – more than doubled since the global financial crisis in 2008, according to Hurun Research Institute. Among them, 559 of the richest became richer this year, with 144 experiencing a growth in wealth of more than 50 percent. That was attributed to a 60 percent hike in China’s ChiNext exchange, the exchange for high-growth start-ups, Hurun Research Institute said. The number of dollar

billionaires hit a record high, too, totaling 315 individuals. That’s up 64 from last year.

In China, people have a limited number of options when they consider making some investment. The lackluster domestic stock market, low bank deposit rate and the government’s tightening on the real estate market have spurred the need for wealth management that could bring steady returns with controllable risks.

"Private banking serves a small group of customers, however this small group has a very large need (for wealth management services)," said Ma Jian, general manager of private banking at the Industrial and Commercial Bank of China, at this year’s Lujiazui Forum in Shanghai.

"The small platform of private banking could even leverage the restructuring of the whole banking sector."

By the end of 2012, the Top Four Chinese state-owned banks – ICBC, Bank of China, China Construction Bank and Agricultural Bank of China – had more than 120,000 private banking customers and managed more than 1.7 trillion yuan of assets. In addition, foreign lenders and privately-owned wealth managers also provide tailor-made private banking Winter, 2014 INVEST IN

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封面故事 COVER STORY

报告指出，虽然私人银行在未来两年内 仍指望大陆市场来吸引新的客户，但 88% 的调查对象认为境外贸易应该是潜在中国客 户的首要选择。 据普华永道的报告显示，对境外私人银 行业务的需求不断增长主要是由于高净值人 士或者可投资资产超过 1000 万元的人士的 数量增多，这些人倾向于在全球范围内配置 资产。另外，该报告还指出，大陆资本的监 管力度加大也促使富有人士将资产转移到海 外。 较少限制资本流动的香港，其城市的私 人银行数量仅占到 14%，这表明银行会建 议客户将投资转移到境外。 “我们希望随着更便利的跨境资本流动 的到来，中国大陆的私人银行业务活动会增 加，” 普华永道中国的银行业和资本市场 负责人 Jimmy Leung 在发布报告时的一次 记者招待会上讲到。“但在这一方面，中国 与美国或者欧洲还相差甚远。” 在中国大陆，银行的私人银行业务客户 通常是自己创造了财富并且希望强力控制其 资产的第一代企业家。Leung 表示，金融机 构需要在资产规划以及理财方面提供更加多 样化的服务，而不是集中于传统的资产投资。 报告显示，与 2009 年和 2011 年相比， 中国的高净值人士对于投资和理财的需求 更加复杂化，对中长期理财规划的意识加强 而且对于财富保值和继承规划需求也日益增 长。 考虑到这些因素，高净值人士在面临市 场波动时的态度变得更加保守并希望通过多 样化投资来获得稳健的收益。贝恩 / 大通曼 哈顿银行（CMB）财富报告称，在这个全 球资本的时代，高净值人士对于境外资产配 置的需求不断增加。 据 贝 恩 表 示， 截 至 2012 年 底， 中 国 高净值人士的数量增加至 70 多万人，相比 2008 年底已经增加一倍多。到 2013 年， 这一人数还将增加 20%。 “中国高净值人士在财富创造方面是非 常成功的，”贝恩的北京合作伙伴兼财富报 告的合著者 Jennifer Zeng 表示。“但随着 富有人士的年龄不断增长，他们现在陷入一 个两难的境地：如何保存财富并将之留给家 人。这给面向中国私人财富市场的银行带来

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businesses to lure wealthy clients.

Looking Offshore Nowadays, these private-banking services providers are going offshore for the sake of their customers.

According to a survey conducted by PricewaterhouseCoopers, a majority of high net worth individuals on China’s mainland are requiring their banks to seek overseas investment opportunities.

The survey report, which was released in September, covered 200 financial institutions from more than 50 countries and regions. Twenty-four percent of the respondents are from the Asia-Pacific region, including four to five major banks on the Chinese mainland with private banking business.

The report noted that although private banks still count the mainland market to lure new clients over the next two years, 88 percent of the respondents believed that offshore transactions 2012 年中国私人银行总结

should be the first choice for potential Chinese clients.

The growing demand for offshore private banking is largely due to the increase in HNWIs, or those with investable assets exceeding RMB 10 million, who are inclined to allocate their assets globally, according to the PwC report. In addition, tougher supervision over capital on the mainland is also encouraging rich people to move assets offshore, the report said.

Hong Kong, which has imposed fewer restrictions on capital flows, saw only 14 percent of private banks in the city saying that they would suggest their clients place investment in offshore jurisdictions.

"We hope that the private banking activities on the mainland would increase in the wake of a more convenient crossborder capital flow," said Jimmy Leung, banking and capital markets leader at PwC China, said at a press conference

Summary of Private Banking Sector in China 银行 Bank

私人银行客户 Private Bank Client

托管资产 Custody Assets

增速 Growth Rate

银行总资产 Total Asset

私人银行客户资产 Assets for being Private Bank Client

中国工商银行 Industrial & Commercial Bank of China

23,200

4732 亿 473.2 bn

9%

17.5 万亿 17.5 trillion

800 万 8 million

招商银行 China Merchants Bank

19,500

4342 亿 434.2 bn

17.38%

3.4 万亿 3.4 trillion

1000 万 10 million

中国银行 Bank of China

40,000

4500 亿 450 bn

60%

12.68 万亿 12.68 trillion

100 万 1 million

中国农业银行 Agricultural Bank of China

35,000

3960 亿 396 bn

12.9%

13.24 万亿 13.24 trillion

800 万 8 million

上海浦发银行 Shanghai Pudong Development Bank

6,000

1000 亿 100 bn

N/A

3.14 万亿 3.14 trillion

600 万 6 million

中国民生银行 China Minsheng Bank

9,400

1281.7 亿 128.17 bn

101.91%

3.21 万亿 3.21 trillion

800 万 8 million

中信银行 China CITIC Bank

11,700

1053.5 亿 105.35 bn

-49.4%

2.96 万亿 2.96 trillion

600 万 6 million

光大银行 China Everbright Bank

13,200

900 亿 90 bn

N/A

2.28 万亿 2.28 trillion

1000 万 10 million

来源：搜狐财经 Source: Sohu Finance

封面故事 COVER STORY

图片 Photo by Alex Avancini

虽然近几个世纪以来，各个阶层的父母都希望将子女送往国外接受教育已经成为了 社会的普遍现象，对于现如今拥有商业意识的中国人来说，国外教育也相当于一个简单 的投资：投资越多，回报越大。然而，与教育相关的投资绝不仅限于学费。

While a strong desire to educate one’s offspring has been a cultural norm within in all levels of Chinese society for centuries, for business-minded Chinese today, a foreign education also amounts to a straightforward investment: the more they put in, the more they’ll get out. And education-related investments are by no means limited to tuition. 了许多机会，但前提是它们要能够有效地响 应这些新兴需求。” 贝恩表示，与 2008 年底的 2900 万元 相比，到今年年底，预计高净值人士的人 均可投资资产将增加至 3180 万元。现在， 中国有 20 个省的高净值人口超出了 10,000 人。 贝恩 / 大通曼哈顿银行（CMB）报告指 出，中国高净值人士的投资行为在不断演变。 “生活品质”和“子女教育”以及“财富保 值”是首要理财目标。在 2009 年的调查当 中位于理财目标榜首的“财富创造”今年下 滑到第四位。 该报告的亮点之一是约三分之一的高净 值人士和一半的超高净值人士或者可投资资 产超过 1 亿元的人士都在考虑财富继承规 划。虽然有一半的超高净值人士有兴趣设立 “家族信托”，但大陆的家族信托产品却极 少。因此，私人银行将有好机会去帮助这些 中国大陆客户在海外设立家族信托。

when releasing the report. "But China is not yet comparable to the United States or Europe in this area."

In China’s mainland, clients of banks’ private banking business are usually firstgeneration entrepreneurs, who create the wealth on their own and hope to have strong control over the assets. Therefore, financial institutions need to provide more diversified services in terms of asset planning and wealth solutions rather than focusing on traditional asset investment, according to Leung.

Compared with 2009 and 2011, China’s HNWIs have more complicated demands for investment and wealth management, stronger awareness of mid- and long-term wealth management planning, and increasing demands for wealth preservation and inheritance

planning, the report showed.

Given these factors, HNWIs have a more conservative attitude as they face market fluctuations, and they pursue moderate returns by diversifying their investments. Meanwhile, in an era of global capital, demand for overseas asset allocation is increasing among HNWIs, according to the Bain/CMB wealth report.

According to Bain, the number of Chinese HNWIs grew to more than 700,000 at the end of 2012, more than doubling since the end of 2008, and on pace to increase an additional 20 percent in 2013.

"High net worth individuals in China have been very successful in creating wealth," said Jennifer Zeng, Bain partner in Beijing and co-author of the wealth report. "But as wealthy Chinese age, they now face a dilemma in how to preserve wealth and leave it to their families. This presents many opportunities for banks serving the private wealth market in China, if they can effectively respond to these emerging needs."

The average individual investable assets per HNWI are expected to grow to RMB 31.8 million by the end of this year, compared with RMB 29 million at the end of 2008, Bain said. There are now 20 provinces in China with HNWI populations exceeding 10,000.

The Bain/CMB report found that the investment behaviors of China's HNWIs continue to evolve. "Quality of life" and "children's education" followed "wealth preservation" on the list of top wealth management objectives. "Wealth creation," which topped the list of wealth management objectives in the 2009 survey, dropped to fourth place in this year’s report.

One of the highlights in the report is that about one-third of HMWIs and a Winter, 2014 INVEST IN

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封面故事 COVER STORY

“私人银行业务面向小群体客户，但这一小群体对于理财服务的需求却非常之大，” 中国工商银行私人银行业务总经理在上海的陆家嘴论坛上提到。“私人银行业务的小平 台甚至可以从整个银行业的重组中获利。”

"Private banking serves a small group of customers, however this small group has a very large need (for wealth management services)," said Ma Jian, general manager of private banking at the Industrial and Commercial Bank of China, at this year’s Lujiazui Forum in Shanghai. "The small platform of private banking could even leverage the restructuring of the whole banking sector." 与普华永道的报告一样，贝恩 / 大通曼 哈顿银行（CMB）的报告也指出有越来越 多的中国高净值人士寻求境外资产配置，从 而分散风险并获得投资机会。自 2011 年以 来，进行境外投资的高净值人士和超高净值 人士的百分比几乎翻了一倍，如今有一半的 超高净值人士在进行境外投资。接受采访的 境外投资人士当中，约有 60% 的人称他们 希望增加海外控股份额。贝恩 / 大通曼哈顿 银行（CMB）的报告称，高净值人士希望 在选择更为复杂的产品方面获得良好的建议 和指导并称他们更愿意选择专业性强并且在 国际市场方面拥有专长的银行作为他们的境 外资产配置服务提供商。 “随着中国私人理财市场的不断发展以 及投资渠道的增多，高净值人士对于投资管 理的需求也日益复杂，”贝恩香港合作伙 伴兼公司理财和私人银行业务全球负责人 Sameer Chishty 指出。“他们对于中长期

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half of ultra-HNWIs, or those with RMB 100 million in investable assets, are considering wealth inheritance planning.

Although a half of ultra-HNWIs are interested in establishing "family trusts," there still very few family trust offerings in the mainland. Thus, private banks have a good opportunity to help the Chinese mainland clients set up family trust in offshore jurisdictions.

Just like the PwC report, the Bain/ CMB report also noted that Chinese HNWIs are increasingly seeking overseas asset allocation for risk diversification and investment opportunities. The percent of HNWIs and ultra-HNWIs with overseas investments have roughly doubled since 2011, with half of ultraHNWIs now invested overseas. Roughly

60 percent of those interviewed who have overseas investment now said they expect to increase their overseas holdings. HNWIs seek superior advice and guidance in selecting more sophisticated offerings and say that they prefer banks with high degrees of professionalism and expertise in international markets as their service providers for oversea asset management, according to the Bain/CMB report.

"With the development of China's private wealth management market and proliferation of investment channels, HNWIs' demands in investment management have become more sophisticated," said Sameer Chishty, Bain partner in Hong Kong and global head of the firm's wealth management and private banking practice. "They have stronger needs in mid- and longterm wealth planning, and have rising demands in wealth preservation and inheritance."

Challenges and Opportunities for Private Banks Globally, the private banking and wealth management industry is reshaping as its moves through an inflection point.

According to the PwC report, despite the rebound of global wealth to around pre-2008 levels, Asia-Pacific's wealth management industry is still facing significant margin pressure caused by stringent and costly regulatory requirements, uneven growth across geographic markets and subdued client activity. These dynamics are further compounded by shifting demographics and existing challenges around operations, technology and talent management.

In reponse to these challenges, wealth managers, particularly in established markets, are now reviewing their

封面故事 COVER STORY

财富规划的需求增大，同时对于财富保值和 继承的需求也不断上升。” 私人银行面临的机遇和挑战 正处在其发展的转折点上的私人银行业务和 理财行业在重塑其全球格局。据普华永道报 告称，尽管全球财富恢复到 2008 年以前的 水平，亚太地区的理财产业仍面临严格监管 要求、地域市场发展不均衡以及客户活动减 少带来的巨大利润压力。人口迁移以及运营、 技术和人才管理方面的现有挑战使这种情况 进一步加剧。 为了应对这些挑战，理财机构，特别是 发达市场的理财机构现已开始对其策略、业 务模式和价值链进行审查并转型，以便重新 建立客户和商业优势。对于许多市场的产业 人士来说，这使得他们重新聚焦到核心领域。 一些理财机构正开始梳理其财富和资产管理 部门，这预示着重组已经开始。 对于现有市场，形势仍然严峻。日益严 格的监管、增长的放缓以及缓慢的财富创造， 都会在短期内将其置于不利境地。但是，对

strategies, business models and value chains and are transforming themselves to re-establish client and commercial advantage. For some industry players in many markets, this has led to refocusing on core areas. Restructuring has already occurred with some wealth managers combing their wealth and asset management arms.

For established markets, the environment remains challenging.

Mounting regulation, sluggish growth and slower wealth creation are all conspiring against them in the short term. However, for emerging markets, there's still potential for development.

The picture is brighter, with robust market growth, higher wealth creation and younger clients. As Asia's population ages, preparing for retirement, enjoying

于新兴市场，仍存在发展潜力。由于强劲的 市场增长、较高的财富创造和年轻的客户， 前景比较乐观。根据普华永道调查，随着亚 洲人口老年化，准备退休、享受累积的财务 和规划业务转型将越来越重要。普华永道表 示，服务供应商必须更加努力地吸引客户参 与慈善支持、税务规划和专家收集。 根据普华永道本年度的调查，在竭力应 对当前和计划监管变化的规模、速度和成本 的过程中，合规性是全世界大多数私人银行 的主要风险担忧。管制的成本预期会持续上 涨。据 94% 的受访者称，跨境银行监管和 更高的税收透明度将增加风险。报道表示， “海外策略必须面面俱到，不得将客户和机 构置于风险之中。” 在持续投资于技术基础设施，以实现高 效流程和先进技术平台的同时，普华永道表 示，建议私人银行考虑分享后台功能，创造 流程优化中心，以维持成本和提高效率。为 了追求规模，受访者正在寻求操作平台的替 代方案，包括总集团内更多的跨部门分享， 所有银行都在考虑更多第三方操作外包。 对于以中国客户为目标的私人银行，普 华永道的 Leung 称，“应考虑专为客户设

据胡润富豪榜报道，中国富翁的平 均财富在 2013 年经济形势好转的形势下 创历史新高。

As reported by the Hurun Rich List, China’s richest people saw their average wealth shoot up to a record high in 2013 as the economic situation improved.

accumulated wealth and planning for business transitions will become increasingly important, according to PwC. Services providers have to work harder to engage their clients in philanthropy support, tax planning and specialist collection, PwC said.

In this year's PwC survey, compliance is the top risk concern for private banks all over the world, as they struggle to deal with the scale, speed and costs of current and planned regulatory changes. The cost of regulations is expected to continue to rise. Cross-border banking regulations and greater tax transparency will increase risks, according to 94 percent of the respondents. "Offshore strategy must be water-tight and not expose clients and the organization to risk," said the report.

While continuing to invest in technology infrastructure to achieve efficient processes and sophisticated technical platforms, private banks are being advised to consider sharing backoffice functions and creating a center of process excellence to maintain costs and improve efficiency, according to PwC. In the quest for scale, respondents are seeking alternative arrangements for operational platforms, including more cross-divisional sharing within parent groups, and all players are considering more third party operational outsourcing.

As for private banks targeting Chinese clients, “tailored client servicing ought to be considered to capture more market share. As global and regional private banks target the China market for their new clients, China's private banks need to equip themselves to compete," according to PwC’s Leung.

According to Bain/CMB report, a growing number of Chinese HNWIs are aware of private wealth management, and a majority are turning to various institutions that can help them better Winter, 2014 INVEST IN

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封面故事 COVER STORY

计的服务，以占取更多的市场份额。由于全 球和区域私人银行的新客户定位中国市场， 中国的私人银行需要做好竞争准备。” 根据贝恩 / 大通曼哈顿银行（CMB）报 告显示，越来越多的中国高净值人士注重私 人财产管理，其中大部分将目光投向能够帮 助他们更好地管理其财富的众多机构。高净 值人士在选择复杂的产品时，寻求优质的建 议和指南，称他们希望在国际市场中拥有高 度专业精神和专业知识的银行担任其海外资 产管理的服务供应商。 中国的私人银行产业面进入了发展的重 要阶段。中国私人财富市场的未来成功关键 在于打造强大的品牌形象，提供全面的服务 平台以及采用专业知识，例如提高其服务提 供能力。私人银行的最终目标是建立更加深 入的关系，在长期内形成更加牢固的纽带。 贝恩表示，在这种情况下，拥有巨大的 客户群、多样化的产品和全面的金融服务平 台的中国银行比外国银行具有更大的优势。 该优势使中国银行占据上风，尤其是对于希 望多样化产品的客户。不足为奇，中国私人 银行产业的竞争十分激烈，整个产业的格局 正在转变。 贝恩指出，在过去，中国的金融机构主 要致力于打造自身的品牌形象。如今，他们 的目标转向其客户 - 理解和探索客户的短期 和中期乃至长期的财富管理需求。金融机构 希望借助提供不同的服务和财富管理建议， 突出其专业化和打造强大的服务平台。 中国的国内私人银行面临的竞争愈演愈 烈，迫使他们维护和加强在品牌管理、目标 客户细分、定制产品和服务开发方面的优势。 “维护和加强其竞争优势同样要求国内 私人银行建立优质的服务团队、通过多种渠 道扩展产品和服务平台”报道指出，“此外， 在全球资本化的时代，中国高净值人士的海 外资产配置需求正在上升。中国银行应利用 其对中国高净值人士的深入了解和与其的良 好关系，制定出最适合促进其海外扩展策略 的方案。”

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manage their wealth. HNWIs seek superior advice and guidance in selecting more sophisticated offerings and say that they prefer banks with high degrees of professionalism and expertise in international markets as their service providers for oversea asset management.

China’s private banking industry has entered a critical stage of development.

The key to future success in China’s private wealth market is to build a strong brand image, provide a comprehensive service platform and adopt professionalism, such as improving the ability to provide services. The final goal of private banks is to build deeper relationships that produce stronger ties in the long run.

Under such a scenario, Chinese banks, with their huge customer base, diversified products and comprehensive financial service platforms, have more advantages than foreign banks, according to Bain. These advantages give Chinese banks a leg up, particularly among clients who desire diversified products.

Not surprising, the competition within China’s private banking industry is fierce, and the entire industry landscape is shifting.

Bain pointed out that in the past,

financial institutions in China focused primarily on establishing their brand image. Now, they are more focused on their clients — understanding and exploring clients’ short-term and midto long-term wealth management needs. Financial institutions would like to underscore their professionalism and build strong service platforms by providing differentiated services and wealth management advice.

China's domestic private banks face intensified competition, requiring them to maintain and fortify their advantage in brand management, targeted customer segmentation and the development of tailored products and services.

“Maintaining and strengthening their competitive advantage also demands that domestic private banks assemble high quality service teams and expand product and service platforms through multiple channels,” the report said.

“Additionally, Chinese HNWIs' needs for overseas asset allocation are on the rise in an era of capital globalization.

Chinese banks should leverage their deep understanding of and good relationships with Chinese HNWIs, and develop models that best suit their strategy to accelerate their overseas expansion.”

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Winter, 2014 INVEST IN

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Q&A 专访

Interview

斯洛文尼亚马里博尔市长访谈 ——我们期待中国的投资家 Conversation with Dr. Andrej Fištravec, Mayor of Maribor, Slovenia

问：由于斯洛文尼亚和马里博尔对中国投资 者来说相对比较陌生，您能否从经济和政治 的角度给读者做一个简单介绍？ 答：斯洛文尼亚在 22 年前独立，是一个有 200 多万人口的国家。斯洛文尼亚历史悠久， 文化多元，它不仅在南斯拉夫的铁托时代， 早在奥匈帝国统治时期就已经独树一帜。马 里博尔在前苏联时期已经是我国的工业巨 擎，也是前南斯拉夫时期最具潜力的城市。 马里博尔是斯洛文尼亚共和国的第二大 城市。它位于欧洲中部，和奥地利、意大利、 匈牙利和克罗地亚接壤。斯洛文尼亚在 10 年前加入欧盟，但同时与前南斯拉夫的成员 国，比如塞尔维亚、克罗地亚和波黑共和国 等的联系都甚为紧密。如今，斯洛文尼亚在 商业和旅游业方面仍然在该地区独霸一方。 另外，马里博尔的酿酒业历史非常悠久， 我们有欧洲中部最大的酒窖和全世界最古老 的葡萄园。 问：和其它欧洲城市相比，马里博尔在投资 环境方面有什么独特之处？中国投资者选择 贵国的理由是什么？ 答：在柏林墙倒塌（1989 年 ~1991 年）之后， 马里博尔在政治和社会方面经历了巨变。马

《境外投资》近期有幸和斯洛文尼亚马里博尔市（Maribor）市长安德烈博士（Dr. Andrej Fištravec）座谈， 畅聊这个相对陌生的前苏联成员国城市。作为一座 欢迎外国投资的城市，我们一起从市长的角度来看看这个城市的投资环境。

Invest In had the opportunity to chat with Dr. Andrej Fištravec, Mayor of Maribor, Slovenia, who briefly introduced the town and the country.

As a city seeking foreign investment, let’s see what Maribor has to offer from a Mayor’s standpoint.

里博尔的工业历史悠久底子雄厚，从业人员 都受过良好的教育。这里优秀的基础设施无 缝连接其它欧洲国家。马里博尔完善的基建 设施包括一个机场和四通八达的高速公路， 以及纵贯全欧洲的交通服务设施。我们的文 化多种多样，也是远近闻名的好客之都。 教育方面，马里博尔大学是斯洛文尼亚 的第二大大学，教授的专业科目涉及各行各 业，热门的比如自然科学、信息技术和多种 实践科目都具有国际权威。

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Q: Since Slovenia and Maribor are comparatively new to Chinese investors, can you briefly introduce the country and the city from an economic and political angle?

A: Slovenia has been independent for 22 years. It has a population of about 2 million with a very rich and diverse historical influence, from the time of Tito's Yugoslavia and before that, from Austro-Hungarian monarchy. Maribor was considered to be an industrial giant and one of the most prospective cities in Yugoslavia.

Maribor is the second largest city in the Republic of Slovenia. It lies in the center of Europe on a crossroad between Austria, Italy, Hungary and Croatia. Slovenia has been

Co-published Report

a member of the European Union for 10 years, but at the same time the connection with former Yugoslav republics like Serbia, Croatia, Bosnia and Herzegovina, is still very strong in the business and tourism sectors.

Maribor has a long history in wine production. We have the biggest wine cellar in central Europe and the oldest vineyard in the world.

马里博尔是投资斯洛文尼亚的不二之 选，因为这里能满足投资者的一切营商需求。 最重要的优势之一，是这个城市的地理位置 （距离奥地利 10 公里；匈牙利 50 公里； 意大利 150 公里，以及克罗地亚 35 公里）。 马里博尔的工业区坐落在高速公路和铁路附 近，机场仅在区区 5 公里之外。马里博尔政 府欢迎来自中国的投资者，并且竭尽所能提 供一切方便和必要的支持。上海的斯洛文尼 亚领事馆也和马里博尔政府紧密合作，邀请 中国投资者访问斯洛文尼亚，特别是投资马 里博尔。而马里博尔代表团也在过去的六个 月内四度访问中国招商引资。 马里博尔最早的历史记载可以追溯到公 元 1164 年，今年我们正好庆祝建市 850 周 年。我们在今年 4 月份将召开一个商务会议， 非常欢迎中国的投资者莅临指导。 中国对斯洛文尼亚最大的投资项目就在 马里博尔。这家公司名叫“Durabus”，以 生产大客车为主。这家公司的前身是前南斯 拉夫最大的汽车生产商 TAM，Durabus 现 在的生产地点就设在 TAM 的厂房原址。 问：您是否能简单介绍一下您自己以及您在 接待外国 / 中国投资方面的经验？ 答：我在 2013 年年初被选举为马里博尔市 长。我有一个社会学的博士学位，也有在世 界其它地方的工作经验。在担任马里博尔市 长一职后我的首要任务之一就是把马里博尔 向外国投资者开放，作为目标市场，中国是 我的首选。在 2013 年 11 月，我访问了杭州， 在访问期间我签署了马里博尔和杭州两个城 市之间的合作备忘录。

Q: Compared with other European nations, what is unique in Maribor in terms of investment environment? Why should Chinese people consider your country?

A: After the fall of the Berlin wall (1989–1991) Maribor has experienced radical political, economic and social changes. Maribor has a rich industrial history and a well-educated labor force. It has very good infrastructure facilities inside European traffic connections. It has developed infrastructure including an airport, highways, and railways to service transportation throughout Europe. We have a strong reputation for our cultural tolerance and our kind curiosity towards tourists.

The University of Maribor is the second largest in Slovenia with a wide spectrum of programs in areas such as natural sciences, technical and applicative programs.

Maribor is the most suitable city to invest in, because it offers everything that an investor would need to conduct business. One key advantage is the city’s geographical position (10km from Austria, 50 km from Hungary, 150km from Italy and 35km from Croatia). The industrial zone is located near a highway and the railway, the airport is just 5 km away. The Municipality of Maribor is open to Chinese investors and offers all the support it can. The Slovenian Consulate in Shanghai also cooperates with the Municipality of Maribor on inviting Chinese investors to Slovenia especially to Maribor.

Delegations from Maribor have visited China four times in the last six months.

Maribor was firstly mentioned in historical documents in the year 1164 AD and this year we will celebrate 850 years of Maribor, we will hold a business conference in April to which Chinese investors are really welcome.

The biggest Chinese investment in Slovenia is in Maribor. The company is called Durabus which produces buses, it’s operating on the premises where the former automotive company TAM once stood, which was the largest automotive producer in Yugoslavia.

Q: Can you also briefly introduce yourself and your experiences in dealing with foreign/Chinese investors?

A: I became mayor of Maribor at the beginning of 2013.I have a PhD in Sociology with international experiences. At the beginning of the function as a mayor of Maribor I gave myself the task to open Maribor to foreign investors and for the target market I chose China. In November 2013, I visited Hangzhou, where I signed a Memorandum of Cooperation between the two cities.

Q: We understand that there are projects already available for Chinese investors; can you briefly introduce these projects?

A: As the Mayor, I would like to increase the efficiency of the city's operations and reduce our ecological impact. We welcome solutions that can fulfill one, if not both criteria. One way this can be achieved would be to renew the city's lighting system with LED technology. Additionally we would like to build a recycling facility to serve our citizens better.

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Q&A 专访

Co-published Report

Interview

问：我们知道马里博尔现在已有对中国投资

者开放的项目，能否简单介绍一下这些投资 项目呢？

答：作为市长，我希望能提升城市运作的效 率，同时降低对环境的影响。我们欢迎能提 供两者或其一解决方案的投资者。一个很好 的达成目标的途径就是用 LED 技术更新整 个城市的照明系统。此外，我们还想建造一 个垃圾回收设施来更好地服务市民。 另外一个能引起投资者兴趣的项目是我 们的 Marifarm 制药公司。这家公司在当地 的雇员超过 110 名。工厂建筑的面积超过 16000 平方米。 上述两个项目我在以下做一个简单归 纳，如果要知道详细情况，也可以直接联系 我们： Marifarm 公司 ·迅速——他们比竞争对手更高效迅速（在 流程上） ·灵活性——他们根据顾客的需要灵活机动 ·定价极具竞争力——他们在高质量和低价 格之间达成平衡 ·地理位置——和欧盟和东南欧国家关系极 为密切，对欧盟以外国家的商务人士也极具 吸引力 ·团队——高度专业化的员工队伍 公共照明系统 ·路灯数量：14279 盏 ·投资总额约 600 万欧元 ·投资回报时间大约是 7 到 9 年 ·降低功耗 cca 50% ·从低功耗节约的能源为 cca 55% ·更低的维护费用 cca 55% ·每年的月度每盏灯能源消耗≤ 44,5 kwh 如您希望获知详细情况，请访问马里博尔旅 游局网站： www.maribor-pohorje.si/recommended. aspx 联系方式： Mestna občina Maribor Ulica heroja Staneta 1 2000 Maribor SLOVENIA E-mail: mestna.obcina@maribor.si

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2014, Winter

Another opportunity that would be of interest is Marifarm pharmaceutical company. The company is currently employing over 110 people from the area. The surface of the factory building is more than 16,000 square meters.

Both abovementioned projects are briefed below, you can also get detailed information by contacting us directly: Marifarm · Speed - they are faster than the competition (by the process) · Flexibility - they adjust to the needs of customers · Competitive pricing - they achieve good balance between quality and price · Location - excellent connection with EU countries and countries from SE Europe, it’s also interesting for business partners outside EU · Staff - high professional competence Public Lighting · Number of lights: 14279 · Approximate amount of investment 6 million EUR · ROI from savings is in between 7 and 9 years · Reduced power consumption cca 50% · Savings from lower power consumption cca 55% · Lower maintenance costs cca 55% · Yearly power usage per MOM inhabitant ≤ 44,5 kwh

For more information, you can visit: Maribor tourism: www.maribor-pohorje.si/ recommended.aspx Contact us: Mestna občina Maribor Ulica heroja Staneta 1 2000 Maribor SLOVENIA E-mail: mestna.obcina@maribor.si

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美国生物科技基金股票 可持续的长线投资 Investing in U.S. Biotech Funds & Stocks A Sustainable Investment

By Q Intel Research

2

013 年生物技术类股票的增长有目 共睹，投资者们在去年看到许多生 物技术公司加入上市大军。简单说，

我们相信，美国生物技术工业正方兴未艾， 因为美国政府继续支持该产业以及全球范 围内对它的需求增长，且在未来几年内， 美国生物技术产业仍然会保持增长的势头。 美国生物科技企业和股市的蓬勃发展 是以美国各个生物科技领域，包括医药生 物科技、农业生物科技和工业生物科技的 迅速发展为前提的。2001 和 2010 年间， 美 国 生 物 科 技 工 业 成 长 了 6.4%， 创 造 了 96000 个工作岗位。对比来看，美国在这

I

n 2013 biotechnology equities have seen tremendous growth, and investors are taking note as this year saw many biotech firms go public.

To be clear, we believe that the U.S. biotechnology industry is in a current boom and it will continue for the next few years as the U.S. government continues to support the industry and as its demand across the globe continues to increase.

But before one invests in U.S biotech equities, one should know their history, how the U.S. political system has affected

the industry, and the risk inherent in the sector.

The U.S. boom in biotechnology firms and stocks has come in the backdrop of the booming of various U.S. biotechnology sectors including medical biotechnology, agricultural biotechnology, and industrial biotechnology. Between 2001 and 2010, the U.S. bioscience industry grew by 6.4%, adding more than 96,000 jobs. By comparison, total employment for all private sector industries in the United States fell by 2.9%, losing more than 2014 Investment Funds & Fund Service

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十年间在所有私营领域的总就业率反而下 降了 2.9%，失去了超过 300 万个工作岗位。 这个国家的医药生物科技领域仍然逆势成 长，以生物科技新药研发、疫苗和体外诊 断等为该行业创造了超过 87000 个新的工 作机会。 过去两年间有一大波以生物科技股上 市的公司，显现出这个行业发展势头的迅 猛程度。在 2013 年，超过 30 个生物科技 公 司 公 开 招 股， 这 也 是 自 2000 年 来 数 量 最 多 的 一 年。 而 2012 年 也 能 称 为 生 物 科 技 IPO 的第二大年。上市公司中的许多公 司非常年轻，大多涉足研究和开发领域， 在 2010 和 2012 年间开始显现出很好的业 绩。 许 多 只 股 票， 比 如 Clobis Oncology, Inc. (CLVS), Tesaro, Inc. (TSRO and Aegerion Pharmaceutics, Inc. (AEGR) 等 等在上市后的收益率都在 300~500% 之间。 和一年前相比，按市值计算的纳斯达克生 物 科 技 指 数 上 升 了 45%， 由 美 金 计 算 的 Arca Biotech 指数则上升了 35%，由大型 美国和欧洲制药公司股份计算的医药指数 （Pharmaceutical Index） 上 升 了 32%。 在 同 一 时 期， 标 准 普 尔 500 指 数 上 升 了 25%。美国的生物科技指数非常繁荣，投 资者们开始担心这个增长势头是否是长期 的，风险有多大，或者是否是一个可持续

尽管存在风险，纳斯达克生物科技指数相比 2000 年时的高峰仍非常坚挺——正好早于当时 的网络公司泡沫——许多投资者正考虑在美国的生物科技产业抓取第一桶金的机会。

Regardless of the risk, with the Nasdaq Biotech Index trading well above its previous all-time peak in 2000 - just before the epic dot-com bust - many investors are thinking about capturing some of these fast growing profits out of the biotech industry in the United states.

性的长线投资机会。 极高的增长速度让人们开始担心美国生物 科技产业是否存有泡沫。“很显然，生物 科技产业对新药的研发来说是利好消息， 对 整 个 产 业 来 说 也 是 发 展 的 动 力，”QIntel Research 公 司 联 合 创 始 人 和 执 行 总 裁 Baron Laudermilk 表示，“由于对这些 创新产品和服务的需求不断增加，以及美 国有满足这些需求的创新原动力和人才， 现在的发展势头和先前的不可同日而语。” 尽管存在风险，纳斯达克生物科技指数相 比 2000 年时的高峰仍非常坚挺——正好早 于当时的网络公司泡沫——许多投资者正 考虑在美国的生物科技产业抓取第一桶金 的机会。 奥巴马政府对美国生物科技产业的高 速增长功不可没。而一个更为规范的政策 环境和相对较低的资本要求也在为这个行 业添砖加瓦。美国食品和药监局（FDA） 去年批准了 39 种新药的上市——这也是自 1996 年以来创造的新纪录。我们预估，借

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3 million jobs. The country’s medical biotechnology sector is continuing to see strong growth as the industry has established more than 87,000 new jobs by designing new biological drugs, vaccines and in-vitro diagnostics.

In the last two years there has been a wave of biotech IPOs that shows that the industry is quickly growing. In 2013 more than 30 biotech firms went public, the highest number since 2000. Indeed 2012 were the second best year in terms of biotech IPOs. Many of these firms are younger firms that are involved in research and development, which started performing well in the 2010-2012 period.

Stocks such as Clobis Oncology, Inc. (CLVS), Tesaro, Inc. (TSRO and Aegerion Pharmaceutics, Inc. (AEGR) have gained 300-500% since they were launched.

Compared with a year ago, the NASDAQ Biotech Index which is weighted by market cap, is up 45%, the dollarweighted Arca Biotech Index has risen 35%, and the Pharmaceutical Index of large U.S. and European drug makers' shares has increased 32%. Over the same time period, the S&P 500 Index has gained 25%. The biotech indexes in the U.S. are booming and investors are beginning to wonder if this rapid growth is short term and risky, or if it is a sustainable route of growth.

The rise of fast pace growth is triggering talk of a biotech bubble in the U.S. “Clearly the biotechnology industry is providing a major opportunity for new drug development thus creating a significant boom in the industry,” said Baron Laudermilk, Co-founder &

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款利息成本的大型生物技术在资本市场比 2007 年低 2%，并很有可能在未来的几年 内保持。 生物科技公司的坚挺表现 过去十年内的大部分时间，由于基因工程 产业泡沫的破灭，总的来说，对冲基金尽 量避免在生物科技股的投资。纳斯达克生 物科技指数则以压倒性的优势在业绩上遥 遥领先于其它产业。利润率将近 10000 个 基准点或 100%。这意味着投资在各个产 业上的普通基金，在其它生物科技控股公 司上投资的减少的同时，比投资在该行业 上的基金表现更差。而在特定基金上，比 如重点在生物科技上的基金，则表现更佳。 长线和持续的增长 许多人相信生物科技产业对美国市场的影 响是永久和正面的，也将继续成为美国生 物科技产业的催化剂。 过去的五十年，全世界的预期寿命一 直在稳定增长。这在很大程度上要感谢医 疗产业的不断进步。这一势头将在未来很 多年内保持增长，人的预期寿命也会不断 提高。因此对医药行业来说，他们将会在 其中发现很多机会，寻找方法延长人类的 寿命。 因此，对医疗保健产品的需求将保持 增长，特别是对和寿命有关的疾病治疗， 比如癌症和阿尔兹海默氏病等。与此同时， 收入水平也在不断增加，因此没有理由说 诊疗这些疾病的药物不能卖一个好价钱。 最后，大众坚信美国的食药监局将继续在 奥巴马政府的鼓励下批准更多的新药上市。 相关的法规也在努力加速这一情况变为现 实——去年批准了 39 种新药——在十年之 内更甚——而去年年底前为止，已经批准 了 20 多种。只要美国继续保持民主党执政， 这一情况将会持续。历史上看，共和党总

Managing Director, Q Intel Research. “This boom is different than the last ones since the demand for these innovative products and services continue to rise, and the U.S. has the talent and the know-how to fulfill this demand.”

Regardless of the risk, with the Nasdaq Biotech Index trading well above its previous all-time peak in 2000 - just before the epic dot-com bust - many investors are thinking about capturing some of these fast growing profits out of the biotech industry in the United states.

The Obama Administration is partly credited for fueling a growth spurt of the U.S. biotechnology industry. Indeed a more favorable regulatory environment and lower capital costs are helping build the rally. The U.S. Food and Drug Administration (FDA) approved 39 drugs last year - a record beaten only in 1996.

We estimate that interest costs for largecap biotech’s to borrow in the capital markets are about 2% lower today than in 2007, and are likely to remain there for several more years.

The Strong Performance of Biotech Firms For much of the last ten years, mutual funds in general avoided investing in biotech stocks due to the genomics bubble burst. Again, post 2010, the scenario has changed rapidly. The Nasdaq Biotech Index has outperformed other segments in a most conclusive fashion.

The margin is close to 10,000 basis points or 100%. This means that general funds, investing across sectors, which have assigned lower weightages to their biotech holdings, have underperformed those with overweight positions. Sector specific funds, focusing solely on biotech, have performed even better.

The Long Term Case for Growth The bulls believe that the biotechnology industry has many permanent, positive

changes in the U.S. market that will continue to be the catalyst for growth in the county’s biotechnology industry.

Over the past fifty years, life expectancy figures have steadily increased across the world. This is primarily attributable to better access to healthcare. This trend is expected to continue and life expectancy will only increase over the years. This therefore will create many opportunities for pharmaceutical firms to continue to find ways to extend peoples’ lives.

As a result, the demand for healthcare will increase, particularly treatments for diseases related to advancing age such as cancer and Alzheimer’s disease. At the same time, income levels continue to rise and there is no reason why such treatments cannot command premium pricing.

Finally, the bull case rests on the belief that the US Food & Drug Administration will continue to approve more drugs and treatments under the Obama Administration. The regulator, which has taken steps to hasten its approval process, certified 39 drugs last year – its most in a decade – and has approved 20 more so far this year.

However this will continue to happen as long as the U.S. has a democratic president. Historically Republican presidents have approved less drugs and treatments than democratic ones due to their belief that some of the drugs and biotechnology treatments conflict with their religious or ethical beliefs.

The Rising Opportunities in the U.S. Biotechnology Industry While several companies will continue to face challenges like EU austerity measures and genericization, the pharma industry should be out of the worst of the genericization phase from 2013.

Many companies, which had faced generic headwinds in the last couple of 2014 Investment Funds & Fund Service

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统批准的新药和新的治疗方法要少于民主 党，因为他们相信一些生物科技产品和治 疗方式和他们的宗教或伦理相悖。 美国生物科技产业的增长机会 随着欧盟紧缩政策的加强，一些公司 也将和欧盟一样，面对同样的问题，医药 行业应该已经走出了 2013 年以来最为艰难 的时期。许多在过去几年内面对挑战的公 司应该从 2013 年开始就走出困境。成本的 下降、人员的精简，流程的简化、新兴市 场的成长和产品获批等因素，都将在很大 程度上支持这一行业的整体复苏和成长。 在 高 市 值 股 票 市 场 上， 强 生 公 司 （Johnson & Johnson）似乎在 2013 年， 甚至至少在 2014 年之内是一个表现上佳的 投资。该公司在 2013 年上半年业绩突出， 而且这一现象也将在未来一年内继续保持。 强生公司希望藉由产品许可或兼并的方式 引入新产品来抵消销售的后劲不足。我们 相信该公司的多元化格局和潜在业务的不

years, should see their results improve from 2013. Cost-cutting, downsizing, streamlining of the pipeline, growth in emerging markets and product approvals should support growth.

Among large-cap pharma stocks, Johnson & Johnson appears to be a good investment in 2013 and for at least the next year. The company has performed well in the first half of 2013 and the momentum should continue through the remainder of the year. The company has been trying to offset the declining sales of some of its important products by bringing in new products through

2013 年美国主要生物科技公司 IPO 情况

in-licensing deals and acquisitions. We believe the diversity and strength of the company’s underlying businesses will continue to provide strong growth in future.

Forest Labs is doing well with first quarter fiscal 2013 results beating expectations. The company has launched several new products over the past few quarters and continues to make impressive progress with its pipeline.

In the biotech space, we are positive on Biogen (BIIG) Tecfidera, the company’s recently launched oral multiple sclerosis drug, is off to a strong

Major U.S. Biotech IPO in 2013 公司名称 Company name

股票代码 Stock symbol

变动率 Change

上升值（美元） Raised

Acceleron Pharma

XLRN

上升 47%

$93 million 9300 万美元

Agios Pharmaceuticals

AGIO

上升 58%

$122 million 1220 万美元

Alcobra Pharma

ADHD

上升 141%

$25 million 2500 万美元

Ambit Biosciences

AMBI

上升 124%

$65 million 6500 万美元

Aratana Therapeutics

PETX

上升 367%

$39.6 million 3960 万美元

Bind Therapeutics

BIND

0%

$75.05 million 7505 万美元

Blubird bio

BLUE

上升 42%

$116 million 1.16 亿美元

Cancer Genetics

CGIX

上升 67%

$7 million 700 万美元

Cardio3 BioSciences

CARD

下降 15%

$29.7 million 2970 万美元

Cellular Dynamics

ICEL

上升 44%

$46 million 4600 万美元

Chimerix

CMRX

上升 21%

$118 million 1.18 亿美元

Epizyme

EPZM

上升 146%

$80 million 8000 万美元

Evoke Pharma

EVOK

上升 6%

$25 million 2500 万美元

断加强将继续在未来支持强有力的增长势 头。 Forest Lab 在 2013 年 第 一 季 度 的 表 现超出期望值。该公司在过去几个季度中 连续发布了几个新产品，并将在未来继续 保持这一势头。 在生物科技领域，我们对 Biogen (BIIG) Tecfidera 非常看好，该公司最近发布了一 种口服多发性硬化症药物，在发布后的一 季度内销售总额达到了 1.92 亿美元（包括 库存的 8200 万美元）。在 Tecfidera 在口 服多发性硬化症药物市场上有潜力夺魁的 同时，“干扰素”和“那他珠单抗”两个 产品应该也继续为销售额的不断攀升立功。 Biogen 公司也正以它的血友病药物而获得 大量市场份额。 我们也对 Amgen（AMGN）比较看好， Amgen 应该能以其在主要市场上的扩张， 新生产技术的运用和流水线的开发而达成 其长期的战略目标。Enbrel 应该也会继续 保持好的业绩。Amgen 的后期流水线也正 发挥作用。 Medivation (MDVN) 应 该 继 续 为 患 者提供前列腺癌的治疗药物，Xtandi，也 业绩斐然。根据我们手头的数据显示，到 目 前 为 止，Xtandi 大 有 爆 发 的 潜 力。 它 现 在 正 参 与 几 项 研 究， 其 中 包 括 化 疗 前 预备药物等。涉足化疗前预备药物领域对

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来源：Q Intel Research Source: Q Intel Research

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Medivation 来说是非常利好的消息。 在同类公司中，Actavis（ACT）的定 位看上去比较正确。我们看待 Actavis 集团 的并购消息，把它作为一个很好的战略步 骤，相信这家公司能够轻易达到自己的目 标。我们也对即将到来的 Warner Chilcott (WCRX) 并购消息持乐观态度，这一步同 样具有战略性和经济意义。在一些主要的 专利在外来几年内相继到期之时，Actavis 在仿生制药方面的发力让我们信心倍增。 风险和弱点 我们建议避免在那些增长缓慢以及在上市 后股票没有立即升值的公司上投资。这包 括那些开发的药物很有可能会被 FDA 或其 它美国监管机构发难的公司。当然 FDA 在 对授权生产新药方面一直以来是非常慎重 的，因此许多公司往往会在得到批文前不 得不等待很长时间。因此在投资一家公司 之前，确保美国监管机构已经批准了他们 的产品和服务就显得非常重要。 Bristol-Myers Squibb (BMY) 的 表 现 欠佳，因此我们建议，如果您已经投资了 这家公司的话，应该考虑抛出。虽然该公 司去年第二季度的业绩基本和期望值持平， Bristol-Myers 在 2013 年的展望并不乐观， 而 且 其 新 药 Fervex—— 一 个 OTC 药 物， 在法国和其它国际市场上被召回的事件， 也对其是一个比较重大的打击。此外，艾 乐妥（Eliquis）的表现也令人失望。医药 公 司（The Medicines Company） 看 起 来 也在提升利润方面后劲不足，该公司的收 入预期一直在降低，且其第三季度的业绩 仍持续表现平平。 结论 随着资金成本的降低和政府创造的有利政 策和经济环境，美国的生物科技产业发展 迅速。很多新的公司先后上市，大量的新 机会也对投资者敞开大门。生物科技产业 将继续以合理的速度在未来几年内保持持 续上升的势头，美国将继续保持最大市场 的地位，也将继续成为你全世界生物科技 产品的最大消费国。 * 欲 获 知 有 关 Q Intel Research 对 美 国生物科技基金的更多见解和信息，请联 系 Mr. Baron Laudermilk (blaudermilk@ qintelresearch.com)

start with launch quarter sales coming in at $192 million (including inventory stocking of $82 million). While Tecfidera has the potential to gain the top spot in the oral multiple sclerosis market, Avonex and Tysabri should continue contributing significantly to sales. Biogen is also progressing with its hemophilia pipeline.

We are also positive on Amgen (AMGN) Amgen should be able to deliver on its long-term strategy based on expansion in key markets, launch of new manufacturing technologies, and pipeline development. Enbrel should continue performing well. Amgen’s late-stage pipeline is also moving along.

Medivation (MDVN) should continue delivering with its prostate cancer therapy, Xtandi, performing well. Based on the data we have seen so far, we believe Xtandi has blockbuster potential.

It is currently in several studies including for the pre-chemo setting. Expansion into the pre-chemo setting would be a major positive for Medivation.

Among generic companies, Actavis (ACT) looks well-positioned. We view the acquisition of Actavis Group as a smart strategic move and we believe the company will be able to achieve its guidance easily. We are also positive on the upcoming acquisition of Warner Chilcott (WCRX), which makes strategic and financial sense. With fewer major patent expiries slated to occur in the next few years, we are encouraged by Actavis’ focus on building its branded and biosimilars pipeline.

Risk and Weaknesses We recommend avoiding investing in firms that offer little growth or opportunity and that have failed to see a raise in their stock prices quickly after they went public. These include firms that are developing drugs and technologies that will more than likely

run into regulatory issues by the FDA and other important U.S. regulators.

Indeed FDA has been exercising more caution in granting approval to new products and several firms are facing delays in receiving final approval. So before investing in a firm, ensure that the appropriate U.S. regulator approves its products and services.

Bristol-Myers Squibb (BMY) is not performing well and we recommend that if you are investing in it, that you consider selling it. While the company’s second quarter results were in-line with expectations, Bristol-Myers cut its outlook for 2013 reflecting negative currency movement and the recall of Fervex, a local over-the-counter (OTC) product in France and other international markets. Moreover, Eliquis’ performance has been disappointing. The Medicines Company (MDCO) appears to be having some problems gaining increasing its profit margins. Earnings estimates for this company have been declining with third quarter results expected to remain flat on a sequential basis.

Conclusion The biotechnology industry in the United States is seeing rapid growth as capital cost decrease and as the White House continues to create a positive business and regulatory environment for them.

As many of these new firms go public, a vast number of new opportunities are emerging for investors. The biotechnology industry is here to stay and will continue to grow at a reasonable rate for the next few years, as the United States continues to be the largest market and leading consumer of biotechnology products in the world. * To learn more about Q Intel Research’s intelligence and insights into U.S. biotech funds, please contact Mr. Baron Laudermilk (blaudermilk@ qintelresearch.com) 2014 Investment Funds & Fund Service

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国新能源基金在全球对新能源需 求在持续几年的疲软后，开始重 现发展势头的环境下显露勃勃商

机。在表现欠佳的几年里，在投资者持股观 望许久后，最终开始有所回报，吸引了许多 短期和长期投资者的注意力。 首先，让我们看看什么是新能源基金： 这是一个集合投资新能源资源发展的公司集 团资金的公司，这些能源包括风能、地热能 和太阳能等等。 可再生能源互惠基金在过去几年内表现 上佳，很多都以两位数的回报率增长。交易 型开放式指数基金（ETFs）的表现平均来 看也很不错，但是回报却仁者见仁了。作为 此次研究的重点，我们要看看美国新能源基 金的主要驱动力和在最近的高回报表现，并 以一只表现很好的基金作深入分析，接着我 们来解释一下怎样选择购买。 美国新能源基金高回报的驱动力 美国新能源基金高回报的驱动力之一是能源 价格的居高不下和来自政府的支持。或者换 一句话说，新能源基金的加速发展得益于能

美国新能源基金 强劲的长期投资 The Turnaround of U.S. Alternative Energy Funds: A Strong LongTerm Investment

源价格高涨和奥巴马政府的全力支持。 政府为新能源公司创造的减免税政策已 成为和普通石油能源竞争的主要武器。对新 能源的减免税让他们羽翼丰满到可以和处于 同行业，但依赖石油的能源大佬们同台竞争 的主要特点。 有趣的是，尽管美国在过去一年里能源 市场的高企和联邦税务对该行业减免税所持 的暧昧态度，新能源在这个国家已经显露出 强劲的势头，让美国不再完全依赖于石油的 能源供给。美国风力电力公司、美国太阳能 公司和美国地热能源公司都功不可没，上升 势头明显。美国至少有 17000 兆瓦来自于 上述三个种类的发电量的基础设施正在建设 中。根据美国能源信息部的消息，可再生能 源在未来的三年内将占据美国发电总量的三 分之一。 风 能 是 2013 年 以 19500 兆 瓦 的 装 机 量而领先的发电方式，包括在过去六个月 内超过 1000 兆瓦的发电量。美国风能协会 （AWEA）第二季度包括预测总附加发电量 将达到 7500 兆瓦，让美国的总发电量上升 45%。仅在德州一个地方，今年的风力发电 装机量或在建的发电量就达到了 4200 兆瓦。 爱荷华州以 1700 兆瓦居第二位。美国联邦

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By Courtesy of Q Intel Research

U

.S. alternative energy funds are seeing souring returns as the demand for alternative energies rises across the world after several years of poor performance. For investors that have held onto their shares in the past year when they were giving low returns, finally they are becoming lucrative, and they are attracting a lot of attention from short-term and long-term investors.

First let’s define what an alternative energy fund is. It is a company that gathers money from its investors and invests in a group of firms that are engaged in the development of alternative energy resources, such as wind turbines, geothermal energy or solar panels.

Renewable energy mutual funds have had strong returns in the past year, many showing gains in the double digits.

Exchange Traded Funds (ETFs) are also doing well on average, but returns are much more variable. In this research note, we will look at the driver’s of U.S. alternative energy funds’ recent high returns, followed by an evaluation of well performing funds, and then we explain a simple method in selecting a U.S. alternative energy fund.

The Drivers of U.S. Alternative Energy Funds’ High Returns One of the main drivers of U.S. alternative energy funds’ high returns is high-energy prices and government support. Or in

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政府和地方政府和投资者合作，使这个行业 以正确的方向发展，成为可持续的市场。 地热能源也在长足发展，虽然速度没有 那么惊人。约有 3000 兆瓦的发电量长在使 用或在建。内华达州是美国地热发电的热 点地区，在建的发电量达到 1900 兆瓦。在 2013 年年初，破纪录的 2820 万美元的贷 款授予了热能勘探，意味着更多的项目即将 上马。这表示投资者和能源公司正努力在新 地方寻求新的机遇将这一行业推向市场。 美国政府对新能源产业的推动让新能源 公司在很短时间内获得收益。在 2008 年， 也就是布什政府的最后一年任期内，非水力 发电占据所有发电量的 3.06%，月发电量 为 10508 千瓦时。到 2012 年年中，非水力 可再生能源发电量已经达到了总发电量的 78.7%，为 18777 千瓦时。 另一个可再生能源的来源是美国石油公

other words, the accelerated growth of alternative energy firms is a response to the powerful combination of highenergy prices and growing government support from the Obama Administration.

The tax credits that the Administration has created for alternative energy firms has become crucial for them to remain competitive with the fossil fuel industries that receive regular government support.

The tax credits that are now granted to alternative energy funds has helped level the playing field to an extent to open the gate for alternative energy firms into the competition with the country’s most powerful oil companies.

Interestingly enough, despite the energy markets rapid surge this year in

the U.S., and in spite of vagueness over federal tax credits and a week economy, alternative energies are making a strong gain in the country that is attempting to slowly become less reliant on fossil fuels.

U.S. Wind power firms, U.S. solar panel companies, and American geothermal energy are all on the rise. At least 17,000 megawatts (MW) of these three energy sources are now under construction in the United States. According to the Energy Information Administration, renewable energy will account for about one-third of new electricity generation added to the U.S. grid over the next three years.

Wind energy is leading the way with 19,500 MW of installed capacity in 2013, including more than 1,000 MW added in the last six months. The American Wind Energy Association (AWEA) second-quarter report predicts that total additions for the year will come to 7,500 MW, boosting U.S. wind capacity by 45%.

In Texas alone, more than 4,200 MW of wind capacity has been installed this year or is currently under construction.

Iowa is in second place with 1,770 MW. The federal government and local governments of the U.S., with the help of wealth investors, are pushing this industry in the right direction to make it a sustainable market.

Geothermal energy is expanding as well, although at a slower rate. Nearly 3,000 MW is currently on-line and about 4,000 MW is under development.

Nevada is the hotbed for U.S. geothermal, with as much as 1,900 MW in different phases of development right now. At a government in early 2013, a record $28.2 million of leases was sold for geothermal energy exploration, which suggests that additional projects may soon begin. This demonstrates that investors and energy companies are finding new opportunities in new places to open this industry to the public.

2014 Investment Funds & Fund Service

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司，以投资的方式分散其发电方式。德州石 油大亨 T. Boone Pickens 宣布计划在德州 到北达科塔州的风力走廊内安装数以千百万 瓦特的风力发电设施。他计划将为美国提供 20% 的发电总量——足够美国风力发电工 厂在未来的几十年间顺利运行。其它的主要 美国石油公司，包括埃克森美孚，雪佛龙和 康菲公司等，不是在新能源产业进行投资， 就是正在评估怎样进入这个市场。 高速发展的美国新能源互惠基金 2012 年对新能源互惠基金来说获利良多。 这些基金在一年间的平均回报率高达 9%， 其 中 一 半 以 上 的 回 报 率 都 超 过 了 15% 或 更多。其中一些表现最佳的基金是 Allianz RCM Global Water (AWTAX), 和 Pax World Global Environmental Markets (PGRNX)， 两 者 的 回 报 率 都 超 在 20% 之 间， 也 是 自 2009 年以来增长最为稳定的。 AWTAX 基金的表现也非常稳定，年增长 率在 17% 以上，一年期的增长率超过 20%。 该基金向美国股市投资了 30% 的资金，在一 些主要的新能源公司，如美国水务（American Water Works），Pentair，Severn Trent 和 联 合工具集团（United Utilities Group）都有所收 获。我们遇见这只基金将因为其在海外分散 的投资模式和国内的新能源股市而保持持续 高速的增长，也得利于基金经理们将风险降 至最低的能力。 交 易 所 交 易 基 金（ETF） 在 新 能 源 领 域的表现相比互惠基金来说没那么好。但 是总体来说，它们都表现上佳，其中很多 只都在 2012 和 2013 年收益丰厚。但是也 有三家新能源公司表现欠佳，iPath Global Carbon ETN (GRN) 在过去的 12 个月内下 降了 50%。 2013 年最佳新能源基金 在对美国超过 50 只表现最佳的新能源基金 和全球基金在最近几年内的表现，以及基金 经理的背景经验分析后，利用其它模型来理 解这些基金的可持续发展性，我们认为其中 五个最佳基金无论在可持续发展性、低风险 和长期投资的有效性方面都值得推荐。 1. ProFunds Oil Equipment Services & Distribution (OEPSX) 在股本证券或其它衍生金融产品上投入

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The government’s drive to support alternative energies has allowed alternative energy firms to make major gains in just a short period of time.

During 2008, the last full year of the Bush Administration, non-hydro renewables accounted for 3.06% of net electrical generation with an average monthly output of 10,508 gigawatthours. By mid2012, the average monthly electrical generation from non-hydro renewables had grown by 78.70% to 18,777 gigawatthours.

Another major source of alternative energy growth is coming from U.S. corporate oil companies who are diversifying their revenues by investing in it. Texas oilman T. Boone Pickens announced a plan to install hundred of thousands of megawatts of wind turbines in the wind corridor that runs from Texas to North Dakota. His plan would provide at least 20% of the country's power - enough to keep U.S. wind turbine factories in operation for decades to come. Other major U.S. oil companies including Exxon Mobil, Chevron and Conoco Philips either have investments in alternative energies or are evaluating future investments in them.

Fast Growing U.S. Alternative Energy Mutual Funds 2012 was a lucrative year for alterative energy mutual funds. These funds returned over 9% for the year on overage, and over half of these funds had gains of over 15% or better. Some of the best performing funds have been Allianz RCM Global Water (AWTAX), and Pax World Global Environmental Markets (PGRNX), both which have had annual returns around 20% and have seen steady growth since 2009.

The AWTAX fund has also seen strong growth as its year to date is over 17% and its one year growth sitting over 20%. The

fund invest more than 30% of its assets in US stocks, and in major alternative energy companies such as American Water Works, Pentair, Severn Trent and United Utilities Group. We expect this fund to continue to grow at a fast rate due to its diversified investments in overseas and domestic alternative stocks, and because of the fund manager’s ability to keep risk low.

Exchange traded funds (ETF) performance in renewable energy has not been as exciting and lucrative as the mutual funds. But overall, they are doing well, in which many of them are showing gains in 2012 and 2013. But three major alternative energy firms have lost money recently. iPath Global Carbon ETN (GRN) went down by almost 50% in the past 12 months.

Best Alternative Energy Funds in 2013 After analyzing more than 50 top performing alternative energy funds from the U.S. and the globe, by studying the funds recent performances in the last few years, the background performance of the fund managers, along using other models to understand the sustainability of these funds, we have come up with five top funds that we believe to be sustainable, low-risk, and possibly longterm investments.

1. ProFunds Oil Equipment Services & Distribution (OEPSX) invests the majority of its assets in equity securities or derivatives whose daily return corresponds to that of the Dow Jones U.S. Oil Equipment, Services & Distribution index. The energy mutual fund returned 38.60% in the last one-year period. The energy mutual fund has an expense ratio of 1.29% compared to a category average of 1.49%. As of September 2013, this energy mutual fund held 87 issues, with 3.48% of its total assets invested in First Quantum Minerals Ltd.

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它的大部分资金，该产品的日收益和道琼斯 美国石油设备、服务和分配指数相关联。 该能源互惠基金在过去的一年内的收益是 38.6%，支出比为 1.29%，该种类中的平均 支出比为 1.49%。在 2013 年 9 月，该能源 互 惠 基 金 持 有 87 期， 其 3.48% 的 总 资 产 在第一量子矿业有限公司（First Quantum Minerals Ltd）进行投资。 2. JHancock2 Natural Resources (JINRX) 从长线寻找完全收益。该基金对那些跨 国公司的股本证券和其它相关证券投资很 多，涉及的行业包括自然资源和来自新兴市 场的公司等。投资主要围绕在这些公司展开， 能从未来对自然资源的迅猛需求中获益。该 能源互惠基金在去年的年收益率是 3.69%。 3. Calvert Global Alternative Energy (CGAEX) 这是一个投资者寻求目标明确、在新能 源公司方面有独特表现的基金。管理层一般 来说专注在科技、工业原料和公用事业领 域，在 2010 年 12 月前占据其投资总额的 90%。这个团队管理的基金在上述领域进行 更为风险的投资，总的来说，在规模更小， 利润更低的公司投资，这些公司是标准普尔 500 市场指数的主要贡献者。 4. Guinness Atkinson Alternative Energy (GAAEX) 寻求长线的资本增长。该只基金向境内 外新能源领域的公司着重投资。他们投资目 标不看重市场占有率，甚至可能在欠发达的 经济体投资。该基金在去年年内的回报率是 92.73%，基金经理 Edward Guinness 和他 的团队从 2007 年始就管理该基金。 5. RS Global Natural Resources A (RSNRX) 寻求长线的资本增长。该基金把其资金 的大部分投资于全球自然资源公司的股票市 场。这些公司应该在至少三个国家运作。这 一能源基金在去年的回报率是 -1.25%。开 支比率是 1.45%，和行业平均的 1.51% 比 略低。 上述提供的信息和交易资料仅为参考所 用，不能作为购买或出售这些正确的完全依 据。投资意味着大量的风险，您必须在作任 何投资决定前作详尽的风险评估。历史的交 易和市场数据并不意味将来能有相同表现。

2. JHancock2 Natural Resources (JINRX) seeks total return over the long term. The fund invests heavily in equity and related securities of those global companies, which are related to the natural resources industry, including those from emerging markets.

Investments are focused on those companies, which can profit from the future demand growth of natural resources. The energy mutual fund returned 3.69% in the last one-year period.

3. Calvert Global Alternative Energy (CGAEX) Here's a fund for investors seeking targeted, exclusive exposure to renewable-energy firms. Management typically concentrates on the technology, industrial materials, and utilities sectors, which accounted for more than 90% of total assets as of December 2010. The team-managed fund makes riskier bets in those industries, generally investing in far smaller, less-profitable companies than those that make up market indices such as the S&P 500 Index.

4. Guinness Atkinson Alternative Energy (GAAEX) seeks capital growth over the long term. The fund invests

heavily in domestic and foreign companies from the alternative energy sector. The fund invests in companies regardless of their market capitalization and may also invest in developing economies. The energy mutual fund returned 92.73% in the last one-year period. The fund manager is Edward Guinness and he has managed this energy mutual fund since 2007.

5. RS Global Natural Resources A (RSNRX) seeks capital growth on a longterm basis. The fund invests most of its assets in securities of global natural resources companies. These companies should have a presence in a minimum of three countries. The energy mutual fund returned -1.25% in the last one year period. The energy mutual fund has an expense ratio of 1.45% compared to a category average of 1.51%.

The information and trades provided above are for informational purposes only and are not a solicitation to buy or sell any of these securities. Investing involves substantial risk and you should evaluate your own risk levels before you make any investment. History has shown that past results are not an indication of 2014 Investment Funds & Fund Service

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独家特刊 | exclusive SUPPLEMENT

如何选择新能源基金？ 评估新能源基金要考虑的因素包括： ·哪个基金能产生最佳收益？ ·什么法规能增强或抑制所选基金的表现？ ·这种基金的支出有多大？ ·这种基金的风险有多高？ 根据我们的调查发现，表现上佳和更积极 的基金经理能使基金产生较高的收益。这是因 为他们在这个行业里更有经验。在投资基金之 前一定要调查一下基金经理的背景资料，他 / 她是否有新能源基金操作的经验？他 / 她能否 曾为该只基金带来稳定的收益？您选择的基金 经理还在服务其他什么客户？或者看分析家们 的资料和他们上司的背景资料，才能获知到底 这个基金经理有没有操作该项基金的经验。 在美国，法规在政府对公司的基金操作层 面扮演了一个市场准入和举足轻重的角色。历 史上看，民主党的总统和国内议会往往会通过 法案对新能源基金表示支持，因此让他们得到 政府的有力支持。在共和党当政的政府下，石 油公司会得到政府的大力支持，确保新能源在 能源产业得不到足够的市场份额。但必须研 究和调查政府总统对这个行业的书面报告， 因为政府对政策的改变有非常大的影响力。 大约五年前，投资者会认为投资新能源 领域风险极大，因为他们看上去得不到任何 的政府支持且根本无力和主要的石油企业竞 争。但当美国继续对新能源进行投资以及大 公司投资的分散化时，新能源才得以得到稳 定的投资也变得更加常态化。理解这些基金 风险的关键在于评估基金的多样化程度。如 果基金单单是投资新能源中的一种，比如风 能，那就比投资多种新能源的风险要大得多。 投资者也需要注意的是，虽然过去的表现并 不能代表将来的收益，但是它至少能告诉你 基金的变化是怎样的。 结束语 我们相信美国新能源基金是很好的投资渠道 也是短期内增长迅速的行业之一。此外，我 们相信这种基金也是长线投资的选择，至少 在未来的五到十年之内亦是如此。这也将随 着美国更多降低对外国石油的依赖程度，转 而着重发展国内能源的情况而越来越明显。 * 欲获知美国新能源基金的更多信息， 请联系 Mr. Steve Sing (Ssingh@ qintelresearch.com)

S10 Investment Funds & Fund Service 2014

future performance.

How to choose an alternative energy fund?

Important factors when evaluating an alternative energy fund are the following: • Which fund is most likely to bring the best yields?

• What types of regulations could possibly enhance or dampen that specific fund’s performance?

• How large are these type of funds’ expenses?

• How risky are these U.S. alternative energy funds?

Much evidence from our research has shown that good and active fund managers are able to produce high yields.

This is because they are experienced in the industries that they are investing in.

It is important that before one invest in a fund that they look at the fund manager’s background. Has he/she worked in alternative energies before? Does he/she have a record of being able bring high yields for their funds? Who else does this your fund manager work with? Or in other words, look at their analysts’ backgrounds and the other managing directors to acquire a view of the level of experience handling the fund.

In America, regulations play a role in the ability for a company to gain access to government support or being hampered by complicated regulations. Historically democratic presidents and a democratic congress have passed legislation that supports the development of alternative energies, therefore allowing them to gain access to government support. Under a Republican president, corporate oil companies get significant support to ensure that alternative energy companies do not gain market share in the energy sector. This is of course extremely simplified. But it is important to study the energy policies and statements from

presidents as they have significant power to change the playing field.

Approximately five years ago investors would have considered alternative energy risky, as they seemed to not have any support from government and did not stand a chance to compete with major oil companies. But as the U.S. continues to invest in alternative energies and as investors look for ways to diversify their portfolios from oil, alternative energies have become an interesting and possibly long-term, stable investment. The key to understanding the risk of one of these funds is to evaluate how diverse the fund is. Chances are if the fund simply invests in one source of alternative energy, such as wind power, it would clearly be more risky than investing in an alternative fund that invested in multiple alternative energy sectors. Also investors should keep in mind, while past performance does not necessarily predict future returns, it can tell you how volatile a fund has been.

Final Remarks We believe that U.S. alternative energy funds are a good way to diversify one’s portfolio and acquire some short-term rapid growth as the industry continues to boom under the Obama Administration.

Furthermore, we believe that these types of funds will be a strong long-term investment, say over 5-10 years. This will happen as the U.S. incrementally breaks its addiction from foreign oil and focuses more on building energy sources domestically. * To learn more about Q Intel Research’s intelligence and insights into US alterative energy funds, please contact Mr. Steve Sing (Ssingh@qintelresearch. com)

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《境外投资》的会议服务包括： 提供独有的论坛，根据目标受众为您的公司邀请与会者 提供高品质的场地、设施和技术支持人员 向与会者发出个人品牌和双语邀请函以及感谢信 所有代表的会议材料上印有公司品牌 具有成本效益的组合

《境外投资》是中国对外投资 新闻的首席供应商，也是追逐 全球赢利机会的中国金融中 介 机 构、 投 资 者 和 政 府 组 织 的重要市场平台。 《境外投资》 涵盖了所有重要的媒体渠道， 包 括 杂 志、 网 络 新 闻、 数 字 化应用程序以及会议 ——旨 在重塑离岸金融中心营商以 及推销自我的方式。

Invest In is the #1 provider of outbound investment news in China and an essential market platform for Chinese financial intermediaries, investors, and government organizations pursuing lucrative opportunities globally. Invest In covers all essential media channels including magazines, online news, digital apps, and conferences – to reshape the way your investment promotion agency does business and how you market in China.

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会议能够为那些希望在业内人 士面前更好展示自我的企业提 供宝贵的会面机会。无可否认 的是这种营销媒介是一种最为 有效的交流工具，在定期广告 的协助下，能够促进未来更高 层次的合作。客户的反馈表明， 努力地向业内人士展示强劲的 承诺普遍能够获得赞赏，并且 获得更好业务的表现。

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What Invest In Conference packages offer: Exclusive forum to present your company to a select list of attendees, according to your target audience objective Quality venue, facilities and support staff Personally branded, bilingual invitations and thank you notes to attendees.

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Co-published Report

加拿大

An Energy Superpower and Global Producer of Sustainable Technologies

一个能源超级大国 和全球可持续技术制造业的领导者 Winter, 2014 INVEST IN

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加拿大风力研究所 Wind Energy Institute of Canada 加拿大是世界最大的风力发电国家之一，总装机容量高达 6500MW - 爱德华王子岛的风力发电设施是风力发电科技研发的理想之地。

Canada is now one of the largest producers of wind energy in the world with current installed capacity at 6,500 MW – and Prince Edward Island’s windswept landscape is a perfect place for research and development on wind technology.

加

拿大是能源超级大国——不光在传 统的石油和天然气领域，在可再生 能源，水力、太阳能、风力、生物

能甚至潮汐能方面，无不是世界首屈一指的 能源超级大国。 事实上，可持续性能源技术的发展是加 拿大政府工作的重中之重：从联邦政府到地 区和省级政府无一例外。的确，对新兴生物 科技引导性经济的支持在政策面的税收优惠 和激励政策，以及刺激市场发展的法律法规 和教育计划，加拿大政府都从上而下始终贯 彻。因此，如何更好地驾驭自然资源，已经 成为这个国家的基本国策，因此，加拿大一 直以来不断吸引国际投资者纷至沓来，寻求 机会。

加拿大的风力、太阳能和其它可再生能源产 业一瞥 加拿大令世界艳羡的能源输出工业化国家的 地位将在 21 世纪继续保持，加拿大的可替 代能源项目建设从东海岸到西海岸，进行得 如火如荼。加拿大的可再生能源总量在世界 上排名第三。在很多省内的大型清洁能源收

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anada is an energy giant – not just in the traditional oil and gas sector but also in renewable energy, with a diversified mix of hydro, solar, wind, biomass, and even tidal power.

In fact, the development of sustainable technologies is a priority for all levels of government in Canada: federal, provincial, territorial and regional. Indeed, many support the emergence of a bio-economy with targeted policies and incentives that range from tax credits and education programs to market-stimulating regulations. As a result, projects to harness natural sources of power are underway across the country, and international investors are increasingly attracted to Canada.

A Look at Canada’s Wind, Solar and Other Renewable-Energy Clusters Canada’s enviable status among industrialized countries as a net exporter of energy will continue to rise during the 21st century, as alternative-energy

projects proceed at a record pace from coast to coast. Indeed, Canada has the third-largest renewable-energy capacity in the world. Major long-term commitments for clean-power purchases in several provinces spur domestic development in this rapidly-growing sector.

Further, Canada is the world’s thirdlargest producer of hydroelectric energy, with generation of about 373 terawatthours of electricity in 2011; it added another 1.3 GW (gigawatt) of capacity to end the year with 76.4 GW. Canada’s status as a leader in hydropower stems from longstanding, home-grown technical expertise. For instance, the well-known engineering firm SNC-Lavalin has participated in hydro generation projects in more than 120 countries with a total installed capacity of more than 250 GW, and some 90,000 kilometres of power lines.

Canada boasts similar world-class capabilities in the wind energy sector where its installed wind-energy capacity now exceeds 6.5 GW and supplies about

Co-published Report

购项目更让这个新兴产业驶上高速发展的快 车道。 不仅如此，加拿大还是世界第三大水电 大国，2011 年的水电发电总量达到了 373 万 兆 瓦； 在 去 年 底 新 建 成 13 亿 瓦 特（1.3 GW）的发电能力，让这个国家的水电发电 能力上升到 764 亿瓦特。加拿大在水电方面 的领先地位得益于其长久以来的高度专业性。 著名的发电企业 SNC-Lavalin 公司就曾参与 全世界超过 120 个国家的水电项目，总装机 容量高达 2500 亿瓦特，输电线总长度也超 过了 90000 公里。 加拿大在风力发电方面也处于领导地位， 总装机容量超过 6.5GW 且分担了该国 3% 的 发电量，让这个国家成为世界排名第九的风 力发电国家。2011 年该国的新风力发电项目 高达 1.27GW；在诸如不列颠哥伦比亚省、 阿尔伯塔省、萨斯喀彻温省、安大略省、魁 北克省、新布伦瑞克省和新斯科舍省等都 将在不久后追加 1.3GW 的发电量。在该行 业投资的著名公司包括法国的 EDF、西班 牙的 Acciona、美国的 Invenergy 和 Pattern Energy，以及德国的 WPD 等。国际行业领 导者，比如大宇、三星、埃纳康和西门子等， 都继续在加拿大投资和建造电站、涡轮叶片 和其它基础设施。 加拿大也是一个新兴的太阳能发电国家。 有超过 350 家太阳能企业在加拿大运作，其 中包括 40 家光伏产品的制造企业。作为新 兴的能源技术，太阳能光伏（Solar PV）对 研发要求很高，而加拿大拥有世界一流的高

three percent of domestic electricity demand, making it the country with the ninth-largest wind energy capacity in the world. In 2011, new projects added more than 1.27 GW to the country’s wind-energy capacity; projects in British Columbia, Alberta, Saskatchewan, Ontario, Quebec, New Brunswick and Nova Scotia will soon increase capacity by a further 1.3 GW. Well-known international investors in the sector include France’s EDF, Spain’s Acciona, U.S.’s Invenergy and Pattern Energy, and Germany’s WPD. International leaders such as Daewoo, Samsung, Enercon and Siemens continue to invest in Canadian plants to develop and manufacture towers, turbine blades and other essential components.

Canada is also emerging as a growing solar-energy. More than 350 solar companies operate in Canada, including 40 manufacturers of solar photovoltaic (PV) components. As an emerging technology, solar PV is R&D intensive, and Canada houses worldclass university research groups, research institutes and testing facilities dedicated to solar PV technologies. The

industry now covers the entire supply chain from raw materials (e.g. highpurity polysilicon) to finished products; it includes system integration as well as specialized parts and components such as solar cells, mounts, inverters and control panels. The cluster is based largely in Ontario, Canada’s manufacturing heartland. Ontario is also the first jurisdiction in North America to establish a comprehensive feed-in tariff program for electricity generated from renewable sources. Ontario’s research community is involved in the whole range of technologies: thin films, spectroscopy, power distribution and generation, radiation modeling, photovoltaics energy conversion and silicon refinement, along with system design. This research strength, combined with government support and advanced-manufacturing capacity, positions Ontario as a prime location for project developers and for manufacturers of sustainable, alternative-energy technologies and related components.

Overall, there were 289 MW (DC) of solar PV capacity installed in Canada in 2011 representing over 335 GWh of

等学府研究机构、研究团体和测试设施来服 务这一行业。 该行业目前覆盖了整个产业链， 从原材料（如：高纯度多晶硅）到制成品， 包括系统整合和特殊部件，如太阳能电池、 柄座、逆变器和控制面板等均在该国研发制 造。 加拿大可再生能源行业大部分位于安大 略省，这个加拿大的制造业中心。安大略是 北美第一个对可再生能源采取电价补贴的省 份。安大略的研发机构涉足的科技行业非常 广泛，其中包括薄膜、光谱学、能源的分配 和生产、辐射建模、光伏能源转换和精制硅， 以及系统设计等。这一研发强项，以及政府 的鼎力支持和先进的制造能力，让安大略省 在可持续可替代能源科技和相关产业方面处 于世界领先地位。 总体上说，2011 年加拿大的太阳能光伏

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发电总装机量是 289 兆瓦（直流电），年度 发电量达到 335GWh。这一产业每年为加拿 大经济贡献 5.84 亿美元的产值和大约 5100 个直接或间接的工作机会。 加拿大在海洋能的利用上也可圈可点。 加拿大三面环海，在潮汐能和波浪能方面无 与伦比。虽然大多数海洋能技术正处于发展 阶段，一些试探性的演示项目表明在这方面 对加拿大国民和投资者意味着的巨大潜力。 加拿大早在 1984 年就积极参与海洋能的开 发，在新斯科舍省的安纳波利斯罗那尔的芬 迪湾建造了 2000 万瓦的潮汐能发电站。

加拿大：世界生物能和生物产品的领导者 加拿大可观的农业、森林资源和生物质能， 加上加拿大本国研发的转换技术，都为它提 供生物科技产业经济发展的必要基础。 无论是汽车还是飞机，生物石油在加拿 大已发展到每年 200 亿升的规模。加拿大在 这个发展迅速的市场上占有先机，这要感谢 它的新技术和极为合适的资源环境， 如玉米、 小麦、油菜和纤维素（木制纤维），以及政 府的大力支持。 遵从“联邦可再生燃料法规”，加拿大 在汽油中加入平均 5% 的乙醇。44 家乙醇和 生物柴油工厂已经在加拿大境内投产。在加 拿大东部，玉米是乙醇的主要来源，而动物 脂肪则是生物柴油的主要来源；在加国西部， 乙醇和生物柴油的来源主要是小麦。 加拿大几个市政和公共交通车队的燃料 现在已经改用生物柴油。2011 年，加拿大政 府规定在柴油燃料和取暖油中加入 2% 的可 再生成分。加拿大政府以提供诸如“可持续 性发展科技，加拿大下一代生物燃油基金”， 一个金额为 5 亿美元，旨在鼓励在全世界第 一家商用下一代可再生燃油项目的私人投资 方面的基金，来大力支持国内的可再生能源 的生产。 加拿大的生物材料研发在最近几年也得 到了显著发展。最近新开业的该国第一座纳 米结晶纤维素工厂，意味着生物材料即将在 加拿大生物制品产业中扮演更为重要的角色。 纳米结晶纤维素复合材料由木材纤维素制造，

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power generation on an annual basis.

This level of activity created $584 million of direct economic output and employed approximately 5,100 direct full-time equivalents on an annual basis.

Canada is also becoming a force to reckon with in the field of ocean energy.

Bordered by three oceans, Canada is exceptionally rich in tidal-current and wave-energy resources. Although most ocean-energy technologies are still under development, several demonstration projects provide a glimpse of their potential benefits for communities and for investors. Canada became active in ocean energy in 1984 with the construction of the 20 MW tidal energy plant on the Bay of Fundy at Annapolis Royal, Nova Scotia.

Canada: A World Leader in Bioenergy and Bioproducts Large reserves of agricultural and forestry biomass resources, coupled with new made-in-Canada conversion technologies, provide a sound basis for the country’s emerging bio-economy.

Whether for ground vehicles or aircraft, biofuel production has now reached two billion litres per year and continues to grow. Canada enjoys an advantageous position in this fastgrowing world market, thanks to new technologies, an abundance of suitable resources such as corn, wheat, canola

and cellulose (wood fibre), as well as supportive government policies.

In accordance with the Federal Renewable Fuel Regulations, Canada now blends an average of five percent ethanol into its gasolines. 44 ethanol and biodiesel plants already operate in Canada. In Eastern Canada, corn is the primary feedstock for ethanol, while animal fats are the primary feedstocks for biodiesel; facilities in Western Canada use wheat for ethanol and canola for biodiesel.

Several municipal and publictransit fleets in Canada already rely on biodiesels. In 2011, the Government of Canada introduced a two-percent renewable-content requirement for diesel fuel and heating oil. The Government of Canada strongly supports domestic production of renewable fuels by providing funding for programs such as Sustainable Development Technology Canada’s NextGen Biofuels Fund, a $500 million program designed to leverage private-sector investment in the world’s first commercial facility to produce nextgeneration renewable fuels.

The development of biomaterials has also increased significantly in recent years in Canada. The recent opening of the country’s first nano-crystalline cellulose plant indicates that biomaterials are destined to play a significant role in the Canadian bioproducts industry.

Co-published Report

在航空航天行业中被用于取代更笨重、昂贵 和不可再生的材料。其它可利用生物材料的 行业包括汽车零件、轮胎、绝缘材料、纺织 品和塑料制品等。加拿大也是世界第二大林 产品出口国，有丰富的森林资源。加国也是 植物基因组学的世界领先国家，拥有多家生 物制品的石油产品研发中心。

Nano-crystalline cellulose composites produced from wood fibres are used in the aerospace industry to replace heavier, more expensive and non-renewable materials. Other biomaterials are used in the production of automotive parts, tires, insulation, textiles and plastic composites.

Canada, the world’s second-largest exporter of primary forest products, has an abundant supply of forestry resources.

It is also a world leader in plant genomics and has a number of centres of excellence for the development of the oils used in bioproducts.

为了支持加拿大可再生能源和相关纤维产业的发展，许多国际公司在加拿大建立了新的设施和工厂进行新技术的研发和产品的制造。

To support the development of Canada’s renewable-energy capacity and related industrial fabric, many international firms have set up new facilities in Canada to develop and manufacture related components and technologies.

国际投资者的新投资项目（自 2012 年 1 月始）

New Investment Projects by International Investors (since January 2012) - TSP 加拿大大厦，中国的泰胜风力设备公 司（简称 TSP 中国公司）和位于不列颠哥 伦比亚的 Top Energy 公司，将在安大略 的索罗尔德建造一个 2500 万美元的风力 发电设备制造工厂。 - 日本的日立公司将和 SaskPower，一家加 拿大皇家公司合作，在萨斯喀彻温省的埃 斯特万共同建造一个 6000 万美元的碳捕 获设备测试工厂。 - 顶尖的国际投资者比如英国的国际能源公 司和韩国的 CS Wind 风力发电公司最近都 在安大略省投资了新的工厂设施。

- TSP Canada Towers, a joint venture between China-based Taisheng Wind Power Equipment (known as TSP in China) and British Columbia-based Top Renergy, will establish a $25-million wind-tower manufacturing facility in Thorold, Ontario.

- Japan-based Hitachi will build a new $60 million carbon-capture test facility in Estevan, Saskatchewan, in partnership with SaskPower, a provincial Crown corporation.

- Top international investors such as U.K.-based International Power and South Korea-based CS Wind have recently invested in new facilities in Ontario.

加拿大欢迎来自中国的国有和私营企业在这里进行直接投资。 Canada is open for business and welcomes foreign direct investment from China’s growing and significant business community and the private sector.

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由 Sheikh Mohammed bin Rashid 盛情邀约和大力支持

Under patronage of Sheikh Mohammed bin Rashid

阿联酋经济部长 宣布于 2014 年 4 月 8 日 ~10 日在迪拜国际会展中心召开

第四次年度投资大会（AIM） UAE Ministry of Economy gears up for 4th Annual Investment Meeting (AIM) at Dubai International Convention & Exhibition Centre from April 8 to 10

阿联酋迪拜，2014 年 1 月 16 日消息 Dubai, UAE, 16 January 2014：

在

HH Sheikh Mohammed bin Rashid Al Maktoum 的指示下，阿联酋副总统和 总理以及迪拜统治者和阿联酋经济部

长当天宣布，预定 2014 年 4 月 8 日 ~10 日在 迪拜国际会展中心举办的第四届年度投资大会 的准备工作正有条不紊地展开。 阿联酋经济部长、经济部副部长和外贸 部部长 H.E. Abdulla Al Saleh 在一次代表 H.E Sultan Bin Saeed Al Mansoori 的发言中表示， 过去三次 AIM 会议的成功让世人该地区和全球 投资界所面临的机遇和挑战受到世人瞩目。

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U

nder the directive of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, UAE Ministry of Economy announced today that preparations for the 4th Annual Investment Meeting (AIM) scheduled from 8 to 10 April 2014 at the Dubai International Convention and Exhibition Centre are in full swing.

Delivering the speech on behalf of H.E Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, H.E. Abdulla Al Saleh, Undersecretary, UAE Ministry of Economy, Foreign Trade Sector said that the past three editions of AIM succeeded in putting the spotlight on challenges and opportunities facing

会议 C0nference

Al Mansoori 表示： “即将在迪拜举行的 2020 年世博会让国外投资者蜂 拥而至，踊跃投资阿联酋的服务行业。”

Al Mansoori: “Dubai winning Expo 2020 bid whets appetite of foreign investors to invest in UAE services sectors” 他还补充道，第四届会议在阿联酋大跨步 变成全球主要投资目的地的形势下召开，举办 的时间正当时。 Al Saleh 表示，阿联酋已成为全球首选投 资目的地国家之一，这一切要感谢国家有利的 投资环境和独一无二的优势，比如战略性的地 理位置、先进的物流基础设施、高度灵活性的 政策和外国投资的不断增长。 在 由 经 济 部 副 部 长 Al Saleh 代 言 Al Mansoori 的一段讲话中，他着重赞美了阿联酋 政府对保持国际和地区投资流入工作方面的领 先地位所出的努力。 今年的会议将围绕“维持在前沿和新兴市 场的可持续性和包容性增长的投资合作伙伴关 系”。届时，来自 165 个国家的代表将受邀参 加论坛并有望吸引 10000 名来访者。 HE 表示，AIM 2014 举办在全球增长仍未 完全复苏，增长的驱动力正在更替，根据国际 货币基金组织（IMF）在最近举办的世界经济展 望（WEO）上的一份报告，IMF 预测全球平均 增长率将会在 2.9%。尽管如此，全球增长在很 大程度上受先进经济体的驱动。 在谈到阿联酋时，HE Al Saleh 表示：“在 阿联酋，经济增长已经回复正轨，这得益于我 们在经济上的相对优势和针对企业和私人行业 发展方面有利的政策法规，以及保持平衡性的 国家战略。政府花费的增长和旅游交通和贸易 行业的复苏都对经济的回暖起到了促进作用。 在阿联酋赢得 2020 年世博会方面，HE Al Saleh 认为竞标的成功将吸引更多的外国投资 者在 2014 年来到阿联酋。他表示：“这也是发 展中国家首次在吸引外国直接投资（FDI）方面

investments in the region and globally.

He added that the fourth edition comes at a time the UAE has moved to the forefront as a key investment destination globally.

Al Saleh said that the UAE had become a tier-one investment destination thanks to its conducive business environment backed by its unique features and advantages like its strategic location, logistics infrastructure, high flexibility and increase inflow of foreign investment.

In Al Mansoori’s speech delivered by the Undersecretary, Al Saleh lauded the UAE government’s initiatives in maintaining a lead position when came to international and regional investment inflow.

This year’s meeting will focus on the theme ‘Investment Partnerships for Sustainable and Inclusive Growth in Frontier and Emerging Markets.’

Representatives of 165 countries have been invited to the forum that is expected to attract 10,000 visitors.

HE said that the AIM 2014 comes at a time when global growth is still in low gear and the drivers of growth are shifting, according to the IMF’s latest World Economic Outlook (WEO) report. The IMF had forecast global

growth to average 2.9 percent in 2013.

However, much of the pickup in growth is expected to be driven by advanced economies.

Speaking about UAE, HE Al Saleh said: “In the UAE, the economy is back on the growth path, thanks to a balanced national strategy based on our comparative advantages and supportive policies toward entrepreneurship and private sector development. Increased government spending and a significant resurgence in tourism transport and trade has contributed to this upswing.”

On UAE’s Expo 2020 win, HE Al Saleh said that the successful bid will whet appetite of foreign investors to invest in UAE services sectors in 2014.

He commented: “For the first time, developing countries absorbed more FDI than developed countries, with a 52% share.”

阿联酋经济部部长苏尔坦·阿尔·曼苏里

H.E Sultan bin Saeed Al Mansouri Minister of Economy, UAE

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超过发达国家，占据了投资总额的 52%。” 他表示，AIM 吸引了许多经济部长、决策者、 经济学家、行业专家、分析家、商人和投资者， 更不用说大量的地区和世界的媒体工作者。 Al Saleh 指出，阿联酋以全球化和在全球 化经济中扮演的先进杰出角色而成功吸引了外 国投资。并补充说，阿联酋理想的经济和投资 环境得益于现代化的机场、港口、通讯、交通 和物流服务设施等的高度整合。 AIM 组 织 委 员 会 首 席 执 行 官 Dawood Al Shezawi 先生表示，国际和地区投资者们都非 常看好本次盛事，我们届时将回顾国际投资选 择，分享实践经验，着重在新兴市场简化和最 大化投资效益等方面展开讨论。他认为，本次 会议将会有超过 10000 名来自阿联酋和世界的 资深人士参加。 定于 4 月 8 日举行的开幕式将发布 2013 年的外国直接投资报告，讨论投资法规和立法 框架。今年，新加入的内容还包括部长圆桌会 议——一个由来自各国部长、商界精英、多边 机构代表和世界知名研究和学术机构的专家学 者等组成的高层次论坛。 在本届 AIM 的最后两天里，重点将围绕农 业、旅游和娱乐行业、基础设施、物流行业的 投资展开讨论，也将讨论 2020 年世博会的投资 事宜。此外，还将讨论风险管理、动态机构投 资和能源、制造业和金融操作等。另外，还有 后一个关于中国投资和在新兴市场上最佳实践 经验的小组讨论。 Al Shezawi 还表示，AIM 2014 将探讨在亚 洲、非洲和世界其它新兴市场的投资机遇。 Al Shezawi 总结道：“论坛将着重讨论全 球经济所面临的挑战和对外国直接投资的影响。 另有为了促进投资合作伙伴关系和最大化投资 效益和企业并购等必要的法规等话题。AIM 还 将评估在不同经济领域投资的重要性和全球现 代化经济投资方面的重要意义。”

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He said that AIM has attracted the participation of a variety of Economy Ministers, Undersecretaries, decisionmakers, economists, experts and analysts, businessmen and investors in addition to the media of the world and the region.

Al Saleh stressed that the UAE has succeeded in attracting foreign direct investment through globalization and its strong role as a prominent player in the modernized globalized economy.

Al Saleh added that the UAE has the advantages of the ideal economic and investment environment supported by a modern integrated structure of airports and ports, communications, transportation and logistics services.

Mr. Dawood Al Shezawi, CEO, AIM’s Organizing Committee said that international and regional investors are keen to attend this global event that will review a host of investment options, and share practices and experiences, with a focus on simplifying and maximizing investments in emerging countries.

He noted that the event will see participation of more than 10,000 senior officials from the UAE and the world.

The inaugural session on April 8 will witness the release of the foreign direct investment report for 2013, and discussions on legislative and regulatory frameworks for investments.

This year, the new addition will be the Ministerial Roundtable, a high

level forum involving ministers from various countries, business leaders, and representatives of multilateral agencies as well as world renowned experts from research centres and academia.

In the last two days of AIM, the focus will be on investment in the agricultural sector, tourism and entertainment industries, infrastructure and logistics sector as well as discussions on investments pertaining to Expo 2020, risk management, dynamic institutional investments and investments in the sectors of energy, manufacturing and financial operations and a panel discussion on investments in China as well as case studies on best practices of investment in emerging markets.

Al Shezawi said that AIM 2014 will look into investment opportunities in emerging markets in Asia, Africa and the rest of the world.

Al Shezawi concluded: "The forum will focus on the challenges facing the global economy and their impact on foreign direct investment as well as the necessary legislations to promote investment partnerships and maximize investments, mergers and acquisitions.

AIM will also assess significance of investing in different economic sectors and other issues critical to investments in modernized global economy.”

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太平洋联盟： 拉丁美洲 联盟的新力量 Pacific Alliance: New Kid on the Latin American Bloc

By Jonathan DeHart

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新

成立的太平洋联盟，是中国占据 拉丁美洲支点最重要的一步。然 而，障碍仍然存在。

当美国占据亚洲支点的时候，中国在世 界各国中也占有同样多据点。习近平总理自 上台以来，便一直保持着繁忙的会议行程， 其中评价最高的是他到访非洲和拉丁美洲国 家。本文将对后者进行深度解析。 正如欧盟和东南亚国家联盟（东盟）一 样，一些拉美区域团体正集聚力量，并与其 他世界各地的贸易同盟建起了桥梁。这样的 联盟从南方共同市场和安第斯共同体开始， 而太平洋联盟则是近期刚形成的团体。 鉴于其重点在于面向亚洲，太平洋联盟 将会是中国进军其联盟国区域最重要的团 体。一旦合作关系展开，带来的经济效应很 可能是巨大的双赢局面。但这样的结果并不 是这么简单就能实现的，中国在新形成的拉 美经济秩序中将占据什么样的角色，还有许 多问题需要考虑和评估。然而，太平洋联盟 将如何运行？当有这么多国家参与，平稳交 易到底能否实现？也许最大的问题是：能起 到影响拉美经济作用并成功赢得民心的到底 会是中国还是美国？ 在过去的几十年间，中国与南美洲的贸

2013 年，太平洋联盟以 GDP 为 2.9 万亿美元，紧随欧盟，北美自由贸易协定（NAFTA） 和东盟之后，成为世界第四大贸易联盟。

As of 2013 the Pacific Alliance's collective GDP was $2.9 trillion and it is the world's fourth-largest trading bloc, trailing only the EU, North American Free Trade Agreement (NAFTA), and ASEAN.

易自 2000 年左右出现了大幅上扬。有些人 认为，跟中国的参与程度相比，美国似乎忽 略了与其南部邻国的经济关系。然而问题在 于：中国将在增加拉美经济活动中获得什么 好处？ 从拉丁美洲的各种贸易集团，到中国在 该地区的出现不断增多，本文将重点探讨中 国在太平洋联盟中潜在的巨大经济机会，并 将对联盟之外的两个最大玩家在影响力的持 续软实力斗争问题上一探究竟。 背景：拉丁美洲的崛起 虽然本报告的重点是太平洋联盟，但读者首 先需要了解有关拉美贸易同盟的一些背景知 识。正如东盟和欧盟正走向更大程度的一体 化，拉丁美洲也在为此而努力。拉美三个最 大的贸易同盟是安第斯国家共同体，南方共 同市场，而现在又有了太平洋联盟的加入。 三个联盟中，安第斯共同体的历史最 为悠久。该联盟在“卡塔赫纳协定”下于 1969 年成立，最初被称为“安第斯条约”， 1996 年改为现在的名字。该小组成员包括

T

he newly formed Pacific Alliance could be the most important point in China's pivot to Latin America. But obstacles remain.

At a time when the United States is "pivoting" to Asia, China is just as much pivoting to other regions of the world.

Since President Xi Jinping came to power he has maintained a busy travel itinerary by any standard. By and large Xi's most touted trips have been to countries in Africa and Latin America. It is towards the latter that this report turns.

Just as the European Union and the Association of Southeast Asian Nations (ASEAN) have done, a number of Latin American regional groupings are pulling their collective strengths and building bridges to other trade blocs around the globe. It all started with Mercosur and

the Andean Community (Comunidad Andina in Spanish), with the Pacific Alliance (Alianza del Pacifico in Spanish) being the most recent to take shape.

Given its orientation towards Asia, the Pacific Alliance could prove to be the most relevant to China's foray into the region. If the partnership takes off, the economic results could be enormously win-win. But this outcome is far from being a given. There are a number of issues to consider when assessing what China's place will be in this newly emerging Latin American economic order.

For one, how will this work logistically? With so many countries involved, is it realistic to expect smooth exchange to take place? Perhaps the biggest question of all: will Chinese Winter, 2014 INVEST IN

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玻利维亚，哥伦比亚，厄瓜多尔和秘鲁，其 总部设在利马。此联盟涵盖了大量的土地， 共达 470 万平方公里，约 100 万人。2005 年，当委内瑞拉还是成员国时，联盟 GDP 总和为 7453 亿美元。除去委内瑞，该联盟 2011 年 GDP 为 90286 亿美元。 安第斯共同体的东南面国家组成了另一 个团体。阿根廷，巴西，巴拉圭（目前暂停）， 乌拉圭和委内瑞拉等国家被称为南方共同市 场，此联盟不论在人口还是经济方面都明显 大于安第斯共同体。该联盟 “南方共同市 场”名称的缩写以三个官方语言（西班牙语， 葡萄牙语和瓜拉尼语）共同组成。其成员国 已签署包括人民，货物和货币的自由贸易协 定，成为一个类似安第斯共同体的完整同盟 团体。玻利维亚，智利，哥伦比亚，厄瓜多 尔，圭亚那，秘鲁，苏里南是联盟的准成员 国，不具有完全投票权或不受限制进入南方 共同市场正式成员国市场的权利。 2011 年，南方共同市场的五个成员国 总人口约 260 万，仅巴西就占 195 万。去年， 该联盟以 GDP 为 2.9 万亿美元，紧随欧盟， 北美自由贸易协定（NAFTA）和东盟之后， 成为世界第四大贸易联盟。 这两个联盟都在更庞大的新兴经济中占 有很重要的地位，一旦形成，将会呈现出一 个真正大规模的区域团体。在 1999 年，安 第斯共同体和南方共同市场探讨了对于合并 成一个名为 “南美自由贸易区”（SAFTA） 的大型同盟的可能性。在 2004 年 12 月， 这两大联盟在签署合作协议后，联合发布了 仿照欧盟的南美国家联盟（USAN）意向书。 但是，暂且不说智利和哥伦比亚，墨西哥和 其他中美洲就没有被包涵在以上联盟的范围 内。其他贸易区及国家，特别是亚洲市场也 没有触及到。而这些问题都在 2012 年 6 月 得到了解决。 太平洋联盟：通往亚洲的桥梁 2012 年 6 月 6 日，拉美联盟的最新成员—— 太平洋联盟，在智利的帕拉那天文台诞生。 虽然比其他兄弟年轻许多，这个新联盟将寻 求一种全新的商业模式。正因为如此，它的 方向断然是针对太平洋 - 特别是亚洲，或者 更精确来说，中国。 贸易区一般都不是热门话题，但太平洋

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influence or that of the United States win the hearts of ordinary Latin Americans?

For the past decade or more, some argue the US has neglected its southern neighbors relative to China's level of engagement in the region, which has seen a drastic uptick since around 2000.

This leads to the question that touches on the bottom line: what does China have to gain by increasing its economic activity in Latin America? From the evolution of Latin America's various trade blocs to China's growing presence in the region, this special report will highlight the great potential economic opportunities for China inherent in the Pacific Alliance and give a glimpse of the ongoing soft power struggle for influence in the region now playing out between the two largest outside players.

Background: Latin America Rising Although the focus of this report is on the Pacific Alliance, a bit of background knowledge of trade blocs within Latin America is in order. As ASEAN and the EU have moved towards greater integration, so too has Latin America. The three largest trade groupings within the region are the Andean Community of Nations, Mercosur, and now the Pacific Alliance.

Of these, the Andean Community has the longest history. Founded in 1969 under the Cartagena Agreement, it was initially called the Andean Pact and took its present name in 1996. The group comprises Bolivia, Colombia, Ecuador and Peru, where its headquarters is based in Lima. All told, the member countries cover a massive swath of terrain, amounting to 4.7 million square kilometers and home to around 100 million people. As of 2005, at which point Venezuela was also a member, the combined GDP of the member states was $745.3 billion. Minus Venezuela, the

group's GDP PPP in 2011 was $902.86 billion.

To the east and south of these members of the Andean Community, another grouping was formed by the nations of Argentina, Brazil, Paraguay (currently suspended), Uruguay and Venezuela. This other Latin American gathering, called Mercosur (or sometimes Mercosul), is significantly larger in terms of population and economic footprint than the Andean Community.

The group's name – an abbreviated form of a title rendered differently in the trade bloc's official languages Spanish, Portuguese and Guarani – translates to "Southern Common Market" in English.

Its member states have inked free trade agreements and ease of movement for people, goods and currency – amounting to a full customs union similar to the Andean Community. Bolivia, Chile, Colombia, Ecuador, Guyana, Peru and Suriname are associate members, which do not have full voting rights or unfettered access to Mercosur full members' markets. All told, the combined population of Mercosur's five member nations was around 260 million as of 2011, with Brazil's195 million accounting for the lion's share. As of last year the group's collective GDP was $2.9 trillion and it is the world's fourthlargest trading bloc, trailing only the EU, North American Free Trade Agreement (NAFTA), and ASEAN. Both of these groups are large pieces in a much bigger emerging economic jigsaw puzzle that will reveal a truly massive regional grouping once complete.

In 1999 the Andean Community and Mercosur began in earnest to discuss the possibility of merging into one mega-bloc touted as the "South American Free Trade Area" (SAFTA). And in December 2004 they signed a cooperation agreement and

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2012 年 6 月 6 日，拉美联盟的最新成员——太平洋联盟，在智利的帕拉那天文台诞生。 虽然比其他兄弟年轻许多，这个新联盟将寻求一种全新的商业模式。

On June 6, 2012, in Chile's Paranal Observatory, the newest member of the Latin American bloc was born: Alianza del Pacifico (Pacific Alliance). Much younger than its cousins in the region, this new group seek to approach business in a new way.

联盟不一样。联盟成立的那一天，智利财政 部长 Felipe Larra 称之为“今天在拉丁美洲 发生的最令人兴奋的事情。” 太平洋联盟已经涵盖的国家包括智利， 哥伦比亚，墨西哥，秘鲁，今年 5 月 22 日， 又新添加了哥斯达黎加。所有国家大约占拉 美地区 GDP 的 36％。如果这些联盟国被看 作是一个国家，它将以超过 2 万亿美元的 GDP，超越印度成为世界第九大经济体。 太平洋联盟贸易方面表现也很不错： 2010 年出口总额约 $ 4450 亿美元，超过南 方共同市场近 60％。除了降低关税至 10％ 的目标以外，该联盟还鼓励成员国为总共

released a joint letter of intent to push for a Union of South American Nations (USAN) modeled on the EU. But what about Mexico and the rest of Central America – not to mention Chile and Colombia? Further, what of reaching out to other major trading blocs and individual nations, most notably the massive markets of Asia? These questions were addressed in June 2012.

Pacific Alliance: Building a Bridge to Asia

On June 6, 2012, in Chile's Paranal Observatory, the newest member of the Latin American bloc was born: Alianza del Pacifico (Pacific Alliance).

Much younger than its cousins in the region, this new group seek to approach business in a new way. As such, its orientation was decidedly towards the Pacific - specifically, Asia. Or, to be even more precise, China.

A trade bloc isn't usually a hot topic of discussion, but the Pacific Alliance is bucking that trend. Felipe Larra, Chile’s finance minister, called the alliance "the most exciting thing going on today in Latin America."

The nations in this progressive trade union include Chile, Colombia, Mexico, Peru, and as of May 22 this year Costa Rica. All told, these nations comprise roughly 36 percent of Latin America's GDP. If these nations were viewed as a single country, it would pass India to be the world's ninth largest economy with a nominal GDP of more than $2 trillion USD. In trade terms, the countries in this group have an equally impressive showing, exporting around $445 billion in 2010 -- exceeding the total exports of Mercosur members by nearly 60 percent over the same period.

Alongside the goal of lowering tariffs to 10 percent, member of the Alliance have put a premium on opening their borders to migration of their combined population of 215 million between member states. This would promote tourism, as well as educational and business exchange.

Likewise, financial markets would be integrated (e.g. Latin American Integrated Market, or MILA, the joint stock exchange shared by Chile, Colombia and Peru).

Looking beyond the group's formal membership, Canada has free trade Winter, 2014 INVEST IN

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215 万人口开放各地边界。这将促进旅游业， 教育和商业交易的发展。 同样，各国金融市场也将被整合（如拉 美综合市场，由米拉、由智利、哥伦比亚和 秘鲁联合共享的证券交易所）。除了联盟国 之间的正式关系之外，加拿大与墨西哥和智 利达成了自由贸易协定，未来将与哥伦比亚 和秘鲁的也达成此协定。虽然加拿大政府有 权加入，但他们仍然正在考虑是否要将身份 由观察员提升为观察候选员。 一些周边国家包括美国和巴拿马也对参 与表示了兴趣。美国想要成为团联盟观察员， 而巴拿马则表示有兴趣加入联盟。《经济学 家》杂志曾报道，该联盟正积极鼓励美国的 加入，目的在于打造一个横跨美洲的自由贸 易区。美国已经与各联盟国签署协议。 我们再来看看亚洲的情况。今年 4 月， 中华人民共和国要求成为联盟观察员。此外， 东盟在 2012 年 11 月被邀请加入。虽然观 察员不能享有充分的特权，但必然能够增加 与联盟国之间的贸易联系。虽然听起来十分 乐观，但要实现联盟所希望达成的目标仍有 很长的路要走。 “有人表示，太平洋联盟的‘联盟’特 性要强于其‘太平洋’特性，”华盛顿智库 中国与拉美项目主任 Margaret Myers 在美 洲对话中说道。 虽然 Margaret Myers 同意“成员国在 减少移民障碍方面已取得了很大进步”， 90％的贸易商品都免除了关税，她补充说， “但太平洋联盟在增强亚洲和拉美关系方面

2009 年，中国超越美国成为巴西最大的贸易伙伴，光去年一年的贸易总额就超过 $ 750 亿美元。 2011 年 4 月，巴西总统罗塞夫（Dilma Rousseff）选择在美国之前优先访问 中国。

In 2009 China surpassed the US as Brazil's largest trading partner in 2009, with trade between the two hitting more than $75 billion last year alone. In April 2011, Brazilian President Dilma Rousseff paid a visit to China, before stopping off in the U.S.

的程度，将取决于成员国在维系亚洲国家关 系上的一致努力，解决更广泛的发展问题， 加强区域生产，并在全球价值链中定位自 己。”她还说，“除了对成为观察员这一身 份上表示一定的兴趣以外，中国还没有把注 意力集中在太平洋联盟上。” 中国的新邻居 虽然中国目前可能会满足于联盟观察员的身 份，但据过去十几年与拉美地区的贸易和投 资记录来看，中国不会长期处于这种相对被 动的状态。 当 20 世纪 70 年代后期北京颁布了的 改革开放的政策之后，中国首次成为国外投 资者渴望进军和开发的目的地，这种状态持

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agreements in place with Mexico and Chile, with potential FTAs on the table with Colombia and Peru. The government of Canada has permission to join, but they are still mulling whether to upgrade their status in the group from observer to observer-candidate.

Other nations on the periphery of the group include the United States and Panama, with the former expressing an openness to becoming an observer to the group while the latter expressing interesting in joining.

The Economist reported that the

Alliance is keen for the U.S. to join their club, with the ultimate aim of creating an FTA zone that spans the Americas. The U.S. has already inked agreements with each member of the Alliance.

This brings us to Asia. This April, the People's Republic requested to become an observer in the bloc. Further, ASEAN was invited to join in November 2012. While observers do no enjoy full privileges, they do gain increased access to the trade links of the group's members.

While all of this may sound great, it is still a way to go before the group can fully

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begin to actualize its collective hopes.

"It has been said that the Pacific Alliance is still much more 'alliance' than 'Pacific,'" said Margaret Myers, China and Latin America program director of the Washington DC-based think tank, InterAmerican Dialogue.

While Myers granted that "the member nations have made considerable progress toward reducing migration barriers in particular," removing tariffs from 90 percent of traded goods, she added, "the extent to which the Pacific Alliance will increase Asia-Latin America ties depends, however, on unified efforts among members to engage Asian nations, address broader development issues, strengthen regional production, and position themselves within global value chains."

She continued, "China has yet to focus much attention on the Pacific Alliance aside from some interest in pursuing observer status." 续了近几十年。在本世纪初，资金已开始出 现逆流的现象。随着进军北美和非洲，中国 开始在拉丁美洲大量投入资金作为推动“走 出去”计划的一部分。 此计划开始于为拉美洲的国有企业现金 注资，并由天然资源行业迅速扩大到私人产 业。作为美国南部邻居的墨西哥一直是投资 的主要来源，中国希望同过与其建立联系来 达到进军北美市场的目的。今天，中国是拉 美第二个最重要的国外投资来源。自 2005 年以来，中国为拉丁美洲提供的贷款超过 $ 870 亿美元。仅在 2010 年一年间，中国就 发放了 $307 亿美元的贷款，超过世界银行、 美洲开发银行和美国进出口银行提供的贷款 总和。 2009 年，中国超越美国成为巴西最大 的贸易伙伴，光去年一年的贸易总额就超过 $ 750 亿美元。 2011 年 4 月，巴西总统罗 塞夫（Dilma Rousseff）选择在美国之前优 先访问中国。

China's New Neighbors Although China may at present be content to maintain observer status in the alliance, the trade and investment records of the People's Republic in the Latin American region over the past decade or so suggest that this relatively passive state of affairs will more than likely not be prolonged indefinitely.

After Beijing issued the Opening and Reform policies of the late-1970s, China first became a destination for foreign investors eager to tap into the seemingly endless opportunities. While this continued for a few decades, funds began to flow the opposite direction around the dawn of this century. Along with substantial forays into North America and Africa, China began to invest heavily in Latin America as part of its push to "go abroad".

What began as a series of cash injections into state-owned enterprises, mainly in the natural resources sector, swiftly expanded to include private industries. Mexico, in particular, has been a major source of investment for China, eager to forge ties with the southern neighbor of the United States and use its proximity to more easily access North American markets. Today, China is now the second most important source of foreign investment in Latin America.

Since 2005, China has committed to giving more than $87 billion in loan commitments to Latin America. In 2010 alone, China's loan $37 billion worth of commitments amounted to more than the combined total of loans offered by the World Bank, Inter-American Development Bank, and US ExportImport Bank.

In 2009 China surpassed the US as Brazil's largest trading partner in 2009, with trade between the two hitting more than $75 billion last year alone. In April 2011, Brazilian President Dilma Rousseff paid a visit to China, before stopping off in the U.S. Great Breakdown of Chinese Loans in the Latin American Region In 2004 an especially important event in the history of Sino-Latin American ties took place: then Chinese President Hu Jintao paid the region a visit. Ever since Hu's historically significant trip, China and its key regional trading partners have greatly deepened their diplomatic, cultural and economic ties, to the great benefit of both sides.

As Myers explained, "Latin America is very important to China as a source of much-needed raw materials, a market for Chinese exports, and in terms of political partnerships as China pursues a limited set of foreign policy interests."

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拉丁美洲地区来自中国的贷款情况分解 在 2004 年，时任中国国家主席胡锦涛访问 拉丁美洲地区，这一举措奠定了中国和拉丁 美洲各国关系的转折点。自胡锦涛主席具有 历史意义的到访后，中国和其主要的区域贸 易伙伴极大地加深了彼此外交，文化和经济 的关系，这对双方都大有裨益。 正如 Myers 所说，“拉丁美洲对中国 来说非常重要，不但是中国急需的原料来源， 为中国出口提供市场，而且是中国外交政策 中为数不多的政治合作伙伴之一。”她补充 说，“2013 年，习近平到访斯达黎加、特 立尼达、多巴哥以及墨西哥的目的是加强中 国与这些国家之间的关系，并扩大合作地区 及影响力。” 虽然目前看来进展状况良好，但美洲对 话网指出，“中国和拉美各国政府并未深度 了解彼此的利益，以及完全确定日益复杂的 中拉美关系意味着什么。拉美国家也没有 充分利用通过加强与中国的关系所带来的机 遇。”简单来说，这些挑战包括解决贸易不 平衡等状态。例如，2012 年墨西哥从中国

to Costa Rica, Trinidad and Tobago, and Mexico was intended to strengthen China fs relations with these countries in particular, as well as with the region more broadly."

While great progress has been made, as the Inter-American Dialogue website notes, "Chinese and Latin American governments have yet to satisfactorily understand one another's interests or to fully determine the implications of increasingly complex Sino-Latin American relationships. Nor have Latin American countries taken full advantage of the range of opportunities emerging from enhanced relations with China."

At the simpler end of the spectrum, these challenges include things like trade imbalances. For example, Mexico imported $57 million worth of goods

from China in 2012, while exporting a mere $5.7 million worth to China.

Perhaps the larger question is the form China's engagement in the region will likely take shape over time vis-a-vis its biggest competitor, the United States.

Myers said, "China’s presence ‚œ economic, political, and otherwise ‚œ has certainly strengthened over the past decade. China is now the top trade partner for Brazil, Chile, and Peru, for example. It is projected to soon become the top trade partner for a few other countries in the region. Overall U.S. trade with Latin America still surpasses that of China, however."

Myers added, "U.S. investment is also much higher than China fs. Japanese investment is still higher than China’s, for that matter."

进口了价值 5700 万美元商品，而中国的出 口仅为 $ 570 万美元。更大的问题或许在于， 一旦中国面临其最大的竞争对手——美国， 在拉美地区的参与方式很有可能会逐渐发生 改变。 Meyers 说，“中国的存在感、经济、 政治以及其他方面都在过去十年中明显加 强。中国现在是巴西，智利，和秘鲁最大的 贸易伙伴。估计很快也会成为该地区其他国 家的最大贸易伙伴。但目前美国与拉美的贸 易总额仍超过中国。”Meyers 接着说，“美 国的投资也远远高于中国，日本的投资也仍 高于中国。” 软销售：中美影响力对比 虽然美国和日本在拉丁美洲投资仍比中国 多，但金钱并不是唯一的衡量标准。在对拉 美的外交努力上，美国相对中国就显得比较 松弛。当习近平和奥巴马今年 6 月在加州会 晤时，肯定都有考虑双方关于拉丁美洲的竞 争。“从外交角度来看，美国肯定没有抛弃 拉丁美洲，但由于中国即使在 2008 年金融 危机的余波中，仍然能让拉美地区的几个国 家保持较高的经济增长率，中国被拉丁美洲

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虽然美国和日本在拉丁美洲投资仍比中国多，但金钱并不是唯一的衡量标准。在对拉 美的外交努力上，美国相对中国就显得比较松弛。

While it is important to take note of the facts that both the U.S. and Japan still invest more heavily in Latin America than China does, money is not the only thing that talks. If the diplomatic efforts of the U.S. and China in Latin America are compared, the former seems to be letting the line go slack, while the latter is pulls it tighter.

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视为一个越来越重要的合作伙伴。”Meyers 说。“不管美国的政策如何，拉丁美洲多样 化合作关系的趋势必然会发生。” 对中国有利的是，由于 1823 年的门罗主 义事件，美国与拉美的商业往来也受到了影 响。相比之下，中国的贷款包涵的政策条件 比美国要少得多。此外，拉丁美洲的基础建 设缺口高达 2600 亿美金，以致中国的资金往 往流入到能源和基础设施项目。这些因素导 致拉美地区更容易接受中国的帮助。然而接 受中国帮助的弊端就是，中国的贷款通常希 望在签约的项目中使用中国的企业和设备。 代替当地货币的石油销售协议也包括在内。 皮尤研究中心在对阿根廷、玻利维亚、 巴西、智利、萨尔瓦多、墨西哥和委内瑞 拉 6,100 人的调查显示，在经济方面，“虽 然美国比中国更具影响力，但中国对大多数 国家产生的影响力更为积极。”然而，经济 影响并不代表全部。对于皮尤中心的调查， Meyers 说，“中国不可能在“软实力”上 取胜，尽管许多拉美人都尊重中国的科学技 术发展，但很少有人欣赏中国的思想习俗、 流行文化和商业手段。”她补充说到，“当 然这可能会随时间改变，但目前中国只被视 为主要的经济合作伙伴。” 如此说来，这应该是中国和美国对于拉 丁美洲的主要区别。从经济角度来看，目前 中国强于美国。但从“软实力”角度来看， 美国较中国略胜一筹。而这些竞争势力未来 将如何演变仍有待观察。 无论是哪个国家更具有影响力的，拉丁 美洲和中国对对方只会变得越来越重要，在 这一点上是毫无疑问的。

Soft Sell: Chinese vs. U.S. Influence While it is important to take note of the facts that both the U.S. and Japan still invest more heavily in Latin America than China does, money is not the only thing that talks. If the diplomatic efforts of the U.S. and China in Latin America are compared, the former seems to be letting the line go slack, while the latter is pulls it tighter. When Xi Jinping and Barack Obama met in California this June, competition in Latin America was clearly on their minds.

"From a diplomatic standpoint, the U.S. has by no means abandoned Latin America, but China is seen as an increasingly important partner that has helped several countries in the region to maintain relatively high rates of economic growth even in the aftermath of the 2008 financial crisis," Myers said. "The trend in the region is toward diversification of partnerships. This will happen regardless of U.S. policy."

One thing in China's favor is that the U.S. relationship with Latin America carries baggage left over from the Monroe Doctrine of 1823 and its history of mixing business with policy. By contrast, Chinese loans come with fewer policy-related conditions than do ones given by the U.S. Further, Chinese funds tend to flow into energy and infrastructure projects --

Latin America has an infrastructure gap of $260 billion These factors predispose the region to accepting China's help.

On the flipside, Chinese loans tend to come with the expectation that Chinese firms and equipment be used in the projects signed on for. Agreements regarding oil sales – in place of local currency – often enter the equation as well.

A recent Pew Research Study Center poll of 6,100 people in Argentina, Bolivia, Brazil, Chile, El Salvador, Mexico and Venezuela, found that when it comes to economics, "While the U.S. is generally stated to have greater impact than China, China’s influence is seen more positively in most countries."

But the story does not end with economic impact. Referencing the Pew Center poll, Myers said, "It is unlikely that China will win out in terms of 'soft power.' Although many Latin Americans respect China fs scientific and technological development, very few like Chinese ideas and customs, pop culture, or ways of doing business."

She added, "This could change over time, of course, but for the time being China is seen primarily as an economic partner, albeit a very important one."

As it stands, this seems to be the primary distinction made between the U.S. and China among Latin Americans.

From an economic perspective, China seems to lead. From a "soft power" perspective the U.S. currently exerts more pull. How these competing forces play out over time is yet to be seen.

Regardless of who is emerges as the preeminent influence in the region, the importance of Latin America for China and vice versa is beyond question and will continue to grow.

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中国科技巨擘放眼南美农业投资 China’s IT Tycoon Eyes South America’s Agriculture Investment

By John Yang

联

想控股集团创始人柳传志最近就 中国共产党的金融改革举措表示 其肯定的态度，他认为此举对国

家的政治经济环境的进一步稳定有非常重要 的作用。 柳传志——具有传奇色彩的“联想电脑 集团”公司的掌门人和现在高速发展的农 业投资公司“佳沃集团”的幕后老板，在 2013 年 11 月 28 日对智利进行商务考察时 做出上述评论，据消息，佳沃集团在智利当 地的出口商 Subsole 有战略合作伙伴关系。 柳传志重申，中国共产党决定对中国私 人和国营实体进行同等法律对待的方式意 味着可持续性的发展之路，且认为即将进 行的土地改革政策将大大刺激农民的购买 力，与此同时将迅速促进农村机械化和生产

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T

he founder of Legend Holdings has expressed positive views about the Communist Party of China’s (CPC) recently announced reforms to land and financial regulations, which he claimed have helped bring greater stability to the East Asian country’s business environment.

Liu Chuanzhi – whose company owns computer business Lenovo and the rapidly-growing agricultural investor Joyvio Group – commented on the changes Thursday (Nov. 28) as part of his first visit to Chile, where Joyvio has a strategic partnership with produce exporter Subsole.

Liu highlighted substantial benefits would come from the party’s decision to treat private- and state-owned entities in the same way legally, while adding that proposed land reforms would boost the purchasing power of farmers while improving mechanization and productivity.

The executive, who last year was named by Forbes Magazine as one of the 10 most important business leaders in China, reminisced on how far rural China had developed since his days working in the countryside as part of Mao Zedong’s re-education programs, and was upbeat that the new framework underway would

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力的发展。 作为去年被《福布斯》杂志评为中国十 佳最具影响力的商业领袖人物之一的柳传 志，回忆称，中国的乡村在他当年响应毛泽 东主席的“知识青年上山下乡接受再教育” 的务农时代已经经历了长足的发展，并表示 新出台的一系列政策措施会让中国的农村重 新驶上发展的快车道。 他说，中国将会从一个依赖于全球经济 的单一制造型经济体转变为一个更多依赖于 内部消费的国家。 此举和他的智利之行恰好不谋而合，利 用地球南北半球的季节差异，将南半球的丰 富农产品运到北半球，并利用两国间的自由 贸易协定享受的税收优惠政策，正好是一举 两得的事情。 柳传志和佳沃集团的代表受智利 Luksic 家族的邀请访问该国，Luksic 家族是智利最 赚钱的公司 Luksic 集团的所有人。在会谈中， 柳传志表示他对这个南半球国家对保护环境 所达成的目标感到非常惊叹。 “我们或许能收获比智利更美味可口 的水果食品，但我们不可能一直拥有智利湛 蓝的天空。”柳传志开玩笑说。 柳传志和联想 在上世纪 80 年代早期，柳传志在电脑科学 方面就表现出了才华，但对自己的事业仍不 尽满意。当在研究磁性数据存储系统时缺乏 直接性的可操作应用。他说：“我们是中国 顶尖的计算机科技研究机构，我们开发了第 一台电子管计算机和第一台晶体管计算机。 但是我们仅仅各生产了一台而已。接着我们 又去开发其它东西，我们的工作被存档保 存。”柳传志当时对自己的经济状况也甚感 不安；1984 年，他有一个家庭需要负担， 但是月收入仅仅只有差不多 100 元人民币 （16 美元）。 柳传志在 1984 年用 20 万人民币和一 群人数为十位的工程师一起创办了联想公司 （该公司的英文名称起先为 Legend，中文 意即“联想”），该公司在北京的办公室只 有差不多 20 平方码的大小。柳传志在得不 到中国科学院的资金支持的情况下想到了创 办 Lenovo 公司，他的上级为他和他的工程 师同伴们申请了上面所说的 20 万元启动资

support rural China even further.

He said China would now be shifting from an economy based on manufacturing that was more dependent on the global economy, to one that would be more focused on internal consumption.

This tied into the visit to Chile, which has advantages for shipping fruit to the Northern Hemisphere due to its timing in the counterseason, as well as tariff benefits from the two countries’ free trade agreement (FTA).

Liu and the Joyvio delegation were invited to Chile by the Luksic family, owners of Chile’s wealthiest company the Luksic Group. During the talk, the leader said he was impressed with the South American country’s level of environmental protection.

“We may be able to produce tastier plates of food that in Chile, but we can’t always produce Chile’s clear blue skies,” he joked.

Liu and Legend By the early 1980s, Liu had achieved relative success as a computer scientist but still felt frustrated about his career.

While his work on magnetic data storage was important it lacked direct practical application. He said, "We were the top computer technology research organization in China. We developed the first electron-tube computer and the first transistor computer. But we only produced one of each. Then we went on to develop something else. The work

was just filed away." Liu was also anxious about his economic circumstances; in 1984, Liu had a growing family but an income of only 100RMB (USD 16) per month.

Liu founded Lenovo (whose English name was originally Legend, in Chinese (Lianxiang), in 1984 with a group of ten other engineers in Beijing with 200,000 yuan and an office roughly 20 square yards in size. Liu came up with the idea to start Lenovo in response to a lack of funding at the Chinese Academy of Sciences. Liu's superior arranged for the academy to loan him and the other cofounders the afore-mentioned 200,000 yuan. Of this time, Liu said, "It wasn't easy. The lowest thing you could do in the early '80s, as a scientist, was to go into business. China had a strict planned economy and there was barely room for a freewheeling company like ours."

Aside from its domestic subsidiaries that are mainly focused on blueberries and kiwifruit, as well as its Chilean projects, Joyvio also has a strategic partnership with Perfection Fresh in Australia to provide grapes, cherries, oranges, mangoes and other fruits to Chinese consumers.

In June of 2012, Liu stepped down as chairman of Legend Holdings, the parent company of Lenovo. In the years just prior to his resignation, Liu focused on improving Legend's growth, buildingup its core assets, and issue a public offering of stock between 2014 and 2016.

Legend's major assets include Lenovo, Legend Capital, a real-estate venture called Raycom, Digital China, and Hony Capital.

In an interview with the BBC, Liu said that his vision for Legend is for it "to become an industry in it its own right" and that he wants it "to be become the top enterprise across industries...not Winter, 2014 INVEST IN

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特别报道 SPecial report

金。“当时”, 柳传志回忆道：“情况并不 轻松。在上世纪八十年代作为一名科学家你 能做的最低档的事情，就是下海从商。中国 的计划经济规范非常严格，对于我们这样的 公司几乎没有自由经营的空间。” 除了他在本土的子公司主营的蓝莓和奇 异果，以及在智利的投资项目之外，佳沃也 和澳大利亚的“完美新鲜公司”（Perfection Fresh）保持战略合作伙伴关系，供应樱桃、 甜橙、芒果和其它中国消费者喜爱的各种 水果。 2012 年 6 月，柳传志卸任联想集团， 也 就 是 Lenovo 品 牌 母 公 司 主 席 的 职 位。 在他辞职的前几年，柳传志致力于联想集 团 的 成 长、 建 立 核 心 价 值 和 在 2014 年 和 2016 年间的上市问题。联想的主要资产包 括 Lenovo、联想资本、一个叫作 Raycom 的房地产公司，以及数码中国和 Hony 资本。 在一次 BBC 的访谈节目中，柳传志表 示联想的目标是“自己成为一个行业”他也 希望“成为行业内的顶尖企业……不光在中 国，而是整个世界。”柳传志认为他的希望 野心十足，或许还需要他的继任者来继续完 成大业。 柳传志在和福布斯的一次采访中表示， 他希望不光做和 IT 有关的业务，联想控股 的产业将会在信息科技、房地产、服务业、 煤炭加工和农业等方面涉足。他认为农业“会 成为联想控股的下一个战略发展重点。”他 表示农业是他认为对中国消费者影响“巨大” 的机遇行业。“我们所做的一切都需要和我 们中国的业务相结合。”在 2012 年 7 月的 一次涉及把联想在香港上市的计划时，柳传 志谈到了海外投资计划，而福布斯对此的诠 释是，柳传志想把联想做成“中国版的通用 电气”。 作为南美洲主要的水果供应国，智利占 据了南半球 45% 的水果出口市场。中国驻 智利大使 Yan Wanming 透露称，智利向中 国出口的水果在 2013 年增长了 56% 中国一直以来都是智利最重要的水果出 口市场。智利水果出口协会主席 Ronald Bown 表示，智利对中国的水果出口在最近几年内 一直保持两位数的增长，除了联想的佳沃集 团，COFCO（中国粮油集团）和中国商会等 公司机构都在从智利进口大量的水果。

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农业会成为联想控股的下 一个战略发展重点。

Agriculture will become the next strategic development area for Legend Holdings.

only in China, but in the whole world."

Liu said that he realizes that his vision is extremely ambitious and may have to be left to his successors to implement.

Liu said in an interview with Forbes that he hopes to diversify away from IT-related businesses and that Legend Holding's assets will be focused mainly on information technology, real estate, services, coal processing, and

特别报道 SPecial report

消息称，联想现在智利有五个种植园， 在这个南美国家的投资总额将近 10 亿元人 民币。佳沃集团总裁陈绍鹏表示，中国对智 利的水果需求一直在持续增长，供需矛盾一 直非常突出，从智利进口水果无疑是一个潜 力异常巨大的市场。 关于在农业方面的投资，特别是海外的 农业，柳传志和联想集团没有一蹴而就的期 望。柳传志有一次对陈绍鹏说，“我们挣的 不是快钱，几十亿元的资金我们拿得出。所 以可以慢工出细活，步步为营地实现目标。” 柳传志还重申说，“购买智利的农场在 董事会上一经提出，我们就毫不犹豫地通过 了。但是反过来说，如果是一名公司以外的 专家提议，我们是否也会立即通过呢？答案 是否定的，我们只希望它是一项长远的投资， 作为我们全球化战略的一部分，联想希望进 行长线投资，且宁可把信任留给公司内部的 自己人。” 陈绍鹏和佳沃集团 佳沃集团以其科技公司的背景，运用“追踪 系统”来确保其产品的质量和安全性。在扫 描其产品上的代码后，客户可以在推向市场 前知道这个水果采摘于哪个农场，生产者姓 名，经历过何种监测，以及获知培养这个水 果的土壤，灌溉等“出生地”信息。 佳沃集团也以运用和当地的农民一起为 坏天气和极端气候而“演习”这种方法，改 变了传统的种植方式。 “我们听取农业专家的意见，教授农 民怎样保护水果不受冰雹或高温天气的影 响。”陈绍鹏还补充说。 该公司甚至还尝试用 ODM（原始设计 制造）的商业模型，这一在 IT 行业非常普 遍的模型和小型家庭农场和农业合作社一起 来增加农产品的产量。 陈绍鹏表示，中国的水果产业年产值约 为 5000 亿元（港币 6319 亿元），并将在 未来几年内保持 8~10% 的年增长率。虽然 农业公司或许不能对其母公司产生直接的经 济效益，他认为，在三到五年的时间内，仍 能让母公司获取稳定的回报。 “和其它产业相比，农业将会为集团在 上市后的长远增长提供火箭般的动力。”

agriculture. He said agriculture "will become the next strategic development area for Legend Holdings." Liu says agriculture is just one part of what he sees as "huge" opportunities in sectors that cater to Chinese consumers. In the same interview, Liu said that Legend's focus will continue to remain on China. "Whatever we do has to fit into something we are doing in China," said Liu when referring to plans for overseas investment. Liu said in July of 2012 that he plans to take Legend Holdings public with a listing in Hong Kong. Forbes speculated that Liu may be trying to "create a Chinese version of General Electric."

As the main fruit supplier in South America, Chile dominates 45% of total fruit exports in the southern hemisphere.

Chinese Ambassador to Chile – Yan Wanming mentioned that Chile’s fruit exports to China had grown by 56% in the first three quarters of 2013.

China has always been Chile’s most important fruit market. Ronald Bown, Chairman of Chile’s Fruit Export Association said, Chile’s fruit export to China has been keeping a two-digit increasing rate in the past years, apart from Joyvio of Legend, COFCO (China Oil & Foodstuffs Corp.) and China Merchants Association and many other companies are also importing fruits from Chile.

It is said that Legend now owns five plantation areas in Chile, with total investment of nearly a billion yuan in the South American nation, Chen Shaopeng, president of Joyvio said that the demand for Chile’s fruit products in China is increasing and simply way over supply, the potential of importing Chile fruit to China is inevitably huge.

About investing in the agriculture sector, especially overseas agriculture, Liu and Legend Group don’t expect it to

be a fast success. Liu once told Chen, “we are not going to make quick money, and billions of yuan is what we can afford, let’s take it slow and make it happen step by step.”

Liu also emphasized that, “Chen’s purchase of Chile’s farms was discussed during the board meetings and we haven’t even hesitated, on the other hand, if an outsider expert proposes such investment to us, we will approve immediately? The answer is no, we only want to make it a long term investment as part of our globalization strategy, Legend is keen on long term investment and we want to put trust on one of our own people.”

Chen and Joyvio Joyvio has taken advantage of its knowhow in IT to set up a "tracking system" to ensure the quality and safety of its produce. By scanning codes on its product packages, customers can learn which field the fruit came from, who was in charge of its production, what tests it went through before entering the market, as well as information on soil and water in the fruit's "birth place".

It has also changed the traditional way of farming by holding "drills" with local farmers to get prepared for bad weather and extreme climates.

"We follow the advice of agricultural experts and teach farmers how to protect our fruit from hail or high-temperature weather before it really happens," Chen said.

The company is even trying to apply the ODM (original design manufacture) business model, which is common in the IT industry, to work with small family farms and agricultural co-operatives to increase production capacity.

Chen said the annual value of China's fruit industry is estimated at around 500 Winter, 2014 INVEST IN

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农业策略 联想控股在 2010 年宣布将向农业扩张，而 酒业也是其扩张计划的一部分。去年 11 月 12 日，佳沃集团开始销售黄金奇异果。这 种水果的来源是中国西南部的四川省浦江 村，在那里，联想集团计划投资 10 亿元人 民币建立一个奇异果的培育生产基地。 在中国著名的电子商务平台“天猫”上， 一盒八粒装的佳沃奇异果售价为 128 元人民 币，价格比一些从新西兰进口的奇异果都要高。 奇异果是佳沃集团从 2013 年 5 月开始 上市的第二种水果，该集团当时开始销售的 是原产地来源为四川、山东和智利的蓝莓。 陈绍鹏表示，其公司也还将销售樱桃和葡萄 等产品。 根据柳传志制定的商业蓝图，联想控股 计划在 2014 和 2016 年之间上市，该公司 希望在涉足农业领域后，公司业务和利润能 得到长远的增长。 “在中国从投资导向型向消费型转换 的过程中，对高质量农产品的需求会不断增 加，到那时佳沃集团将会在高端市场上抢得 先机，”宋杰凝（音译），一位位于深圳的 产业研究中心分析员在 11 月下旬对媒体如 是说。 作为一家高科技公司，宋杰凝表示，联 想能把它在 IT 行业中的丰富经验运用于农 产品处理，把新技术运用在耕作和建立一个 食品追踪系统中，确保农业产品的安全性得 到保障。

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billion yuan (HK$631.9 billion) and is expected to grow by 8 to 10 per cent a year in the next few years. Though the agricultural company may not generate immediate profit for the parent company, he believed, it would be able to yield stable returns in three to five years.

"Compared to other sectors, agriculture will be a 'second-stage' rocket to provide momentum for the group's long-term growth after the initial public offering," Chen said.

Agricultural Strategy Legend Holdings announced in 2010 that it would expand into the agriculture sector, and the wine business is part of this strategy.

On November 12, Joyvio started to sell golden kiwifruit. The fruit is sourced from Pujiang County in Southwest China's Sichuan Province, where Legend plans to invest 1 billion yuan to build a major production base for kiwifruit.

On the tmall.com e-commerce platform, a pack of eight Joyvio kiwifruit is priced at 128 yuan, higher than the price of some kiwifruit imported from New Zealand.

Kiwifruit is the second fruit product

Joyvio has launched since May, 2013, when it began to sell blueberries sourced from Sichuan, East China's Shandong Province and from Chile. The company also aims to start selling cherries and grapes, according to Chen.

According to Liu's business blueprint, Legend Holdings plans a public listing between 2014 and 2016, and the firm hopes that by stepping into the modern agriculture business it can increase profitability in the long term.

"With China's transition from an investment-driven economy to a consumer-driven economy, demand for high-quality agricultural products will increase, and by then Joyvio will have a solid foothold in the high-end market," Song Jiening, an industry analyst at Shenzhen-based CIC Industry Research Center, told the press in late November, 2013.

As a high-tech company, Song said, Legend can apply its rich experience in the IT industry to the agricultural production process, by introducing new technology to farming and establishing a food tracking system to ensure food safety.

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