Sunday, January 17, 2016
Friday, January 15, 2016
投资组合管理对中国投资者的重要性日益增加
自从30年前中国开始实施改革开放政策以来，中国投资者已经在这段不长的时间里体验了各种经验教训。最近的一次，就是今年实施熔断机制以来的第一周。中国股市充斥着大量散户，一直以来都是投机交易。大多数投资者蜂拥购买一支上涨的股票，全然不顾高股价，又或者集中抛售一支下跌的股票，使得中国股市成为了世界上波动最大的股权市场。
贝恩咨询的一份研究报告表明截止2014年底，中国的私有财产已达112万亿人民币（约合17万亿美元），中国成为仅次于美国的全球第二大私人财富管理市场，人均可投资产约为8.2万元。然而，储蓄和银行理财产品仍然是最主要的方式，占到66.5%，股票占到16.1%。
本周早些时候，中国最大的投资银行和研究服务公司之一——中国国际金融股份有限公司（CICC），敦促中国投资者将他们的投资策略从单一地押在一类资产的升值和紧盯风云变幻的股票市场，转变成采取投资组合策略，融合例如债券这样不与股票市场同步的投资，从而分散风险，降低投资的波动性。
在我看来，中国投资者是时候开始转变采取投资组合策略了，不仅是指那些传统的投资产品，例如股票和债券，也包括其他非传统产品，例如大宗商品、货币、私募股权基金、房地产和海外资产。一个多样化的投资组合能帮助分散因某一项投资未达预期而可能产生损失的风险。
Portfolio Management Becomes Increasingly Important for Chinese Investors
Since China’s Economic Reform and Opening-up policy that started some 30 years
ago, Chinese investors have learnt abundant
lessons within this relatively short timeframe, most recently, the plunge in the
first week after the launch of circuit breaker mechanism. China's stock market, crowded
with retailer investors, has been historically filled with speculative speculation as most investors flocked to one rallying stock,
regardless of its already high-valuation, and sell off a plunging stock in
herds, causing one of the most volatile equity markets in the world.
A Bain’s research report showing that by the end of 2014,
Chinese private wealth had hit 112 trillion yuan ($17 trillion)——the second
largest private wealth management market next to the US -- with per
capita investing wealth of 82,000 yuan. However, deposit and banks' wealth
management products still take up the majority (66.5%), while securities take up 16.1%.
Early this week, China
International Capital Corp (CICC), one if China’s largest investment
banking and research services companies, urged Chinese investors to shift
their investment strategy away from betting on appreciation of a single asset
class and relentlessly go after a surging stock, to take a portfolio
strategy, blending, for example, bonds, an asset class that
does not in sync with stocks, with stocks that could diversify risks and reduce
the volatility of the investment.
According to HSBC, Chinese
onshore bonds was a rising star, with a 2.5-percent total return in US-dollar
terms. “More Chinese mainland investors are
entering the offshore bonds market with US dollars this year”, said Cecilia
Chan, Asia Pacific fixed-income chief investment officer at HSBC Global Asset
Management (HK).
In
my opinion, it is time for Chinese investors to shift to portfolio investment,
not only the traditional investment products like stocks and bonds, but also
unconventional products such as commodities, currencies, private equity funds,
real estate, and
overseas assets. A diversified
portfolio can help spread the risk of possible loss because of below-expectations
performance of one or a few of them.
Sunday, January 10, 2016
The Commercial Ecosystem of Biotechnology in China
Since China’s first commercial cloning company was
established in September 2014 in the eastern Shandong Province with the birth of three
pure-blooded Tibetan mastiff puppies (prior to this,
cloning in China had been limited to scientific research), more and more
companies have shown interest in investing in the technology for commercial
use, especially animal husbandry. China has made rapid and
tremendous progress in fields like genome sequencing and cloning field.
At the end of 2015, Chinese scientists signed a deal to establish a
commercial animal cloning center in the Tianjin Economic and Technological Development Area
(TEDA), edging the controversial science closer to mainstream
acceptance.
China has great hopes in biotechnology industry, but also doubts to the same
degree. Some participants are worried that biotechnology will become the next
one after the Internet
bubble since it probably
will be another popular investment spot right after the Internet. However,
biotechnology industry was born with doubts and cautions which is different
from the advent of the Internet. Hence, it leads us to believe that the focus
on biotechnology is unlikely to result in “irrational prosperity”. Meanwhile,
the emerging biotechnology is demonstrating a diverse commercial ecosystem from
the Internet industry.
In my opinion, biotechnology is of great importance for developing
countries to solve many urgent problems such as human healthcare, food
supply, agriculture and environmental protection. China, as an emerging market, lacks of commercial
experience as well as original innovations, and the suitable and effective ways
to transform the science and technology achievements into products. However,
given the momentum underway, the sheer scale of the effort expended and its immense
market size, China will ultimately create a healthy and prosperous commercial
ecosystem for the development of biotechnology industry.
Wednesday, January 6, 2016
Rani Jarkas Investments Advice: Invest in Indonesia: Reforming Amid Development By...
Rani Jarkas Investments Advice: Invest in Indonesia: Reforming Amid Development By...: According to the UNCTAD 2014 World Investment Report , Indonesia is one of the three most attractive destination for multinational compa...
Rani Jarkas Investments Advice: 投资在印尼：改革与发展并存 王雷（Rani Jarkas）
Rani Jarkas Investments Advice: 投资在印尼：改革与发展并存 王雷（Rani Jarkas）: 根据 联合国贸易和发展会议 发布的 2014 年《世界投资报告》 ， 印尼是 2014-2016 年度最受跨国公司欢迎的三大投资地之一， 排在 印度 和 巴西 之前。印尼政府一贯鼓励 外国直接投资 在印尼绝大多数产业。许多全球大型公司，如 苹果 、 米其林 、 百度 和 富...
投资在印尼：改革与发展并存 王雷（Rani Jarkas）
根据联合国贸易和发展会议发布的2014年《世界投资报告》，印尼是2014-2016年度最受跨国公司欢迎的三大投资地之一，排在印度和巴西之前。印尼政府一贯鼓励外国直接投资在印尼绝大多数产业。许多全球大型公司，如苹果、米其林、百度和富士康，都计划增加在印尼的投资。
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