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Li Jiacheng always smiles on the lion’s face 离开地球表面伴奏

Leo Li Jiacheng’s face always a smile the opinion leaders of sina finance (WeChat public kopleader) columnist Li Delin as drama, drama such as strangers. The 88 year old Li Jiacheng also fought at the front, his face is always smiling, he does not want to let others see his disappointed and unhappy, deep inside he is envious of those people night in the plane, because the night aircraft will soon be able to reach the shore of happiness. Leo Li Jiacheng: on the face always a smile: 88 year old Li Jiacheng was in Europe with a group of foreigners negotiations, Beijing city’s son: don’t let Li Jiacheng run a call. Li Jiacheng heard the roar, laughing. Boy is too young, you shout a few slogans, how can you frighten the lion’s old gun? In Li Jiacheng’s face, you’ll never find traces of pain. Rising in the Xiangjiang River, rising inland. Li Jiacheng has always been a model for Chinese businessmen. In the course of business, Li Jiacheng has been constantly breaking through the limits of their own energy, creating unexpected new situation. Li Jiacheng had the courage and courage of the lion in his heart, and his strong ambition once made him close to the bigwigs. The blessing of power pushed Li Jiacheng to the throne of wealth. In the prosperous part of Beijing City, Li Jiacheng can stay for ten years. When the tiger, flies everywhere Dunji when Li Jiacheng believes his luck, he believed that he came to this world is not ordinary people, so get Beijing to europe. Unexpectedly, the young people began to touch Li Jiacheng filled with righteous indignation, a sentence: I did not run. Life is like a play, play as people. The 88 year old Li Jiacheng also fought at the front, his face is always smiling, he does not want to let others see his disappointed and unhappy, deep inside he is envious of those people night in the plane, because the night aircraft will soon be able to reach the shore of happiness. The sons of Li Jiacheng who can become a gathering of many people, who can take the family fortune scepter of people? The 88 year old king Li Jiacheng is not love, tolerance, conceal the fragile heart of glass. Small to big business taxes, in political pro, from among the thousands of years of rich, reason, children and grandchildren to inherit the blessing, not gold, inherited the scepter Li Jiacheng relationship. Li Jiacheng will return to the North alone, when? The businessman Leo has the king’s vision, scenery long vision, Li Jiacheng will be the slogan of young passion and crashed into the red? In the world of mortals, the only thing that can make him appreciate is the red woman who never lets go. In the face of a distant capital, perhaps, Li Jiacheng would say, do business can see Dalang aircraft, look high. The author of this paper is a famous financial writer and a presenter of the language. Three minutes of financial talk show, a capital truth every day, WeChat public number: delinshe) this article is the author’s exclusive authorized sina finance use, please do not reprint. The statements made do not represent the views of the station.

狮子座的李嘉诚脸上永远挂着笑   文 新浪财经意见领袖(微信公众号kopleader)专栏作家 李德林   人生如戏,戏如生人。88岁的李嘉诚还奋战在前线,他的脸上永远都挂着微笑,骨子里是不想让别人看到他的失望和不快乐,内心深处他是羡慕那些夜航飞机里的人们,因为夜里的飞机很快就可以到达幸福的彼岸。 狮子座李嘉诚:脸上永远挂着笑   88岁的李嘉诚正在欧罗巴洲同一帮洋人交涉,北京城一儿郎振臂一呼:别让李嘉诚跑了。李嘉诚听闻京师怒吼,呵呵一笑。小伙儿太年轻了,你喊几句口号,岂能吓倒狮子座的老炮儿?在李嘉诚的脸上,你永远都找不到那种被痛苦划过的痕迹。   发迹于香江,崛起于内陆。李嘉诚一直是中国商人的榜样。在商业的征途中,李嘉诚一直在不断地冲破自己能量的极限,开创令人意想不到的新局面。李嘉诚骨子里有着狮子座过人的胆识,强大的企图心一度令他跟权贵亲密无间。权力的庇佑,将李嘉诚推向了财富的王座。北京城的繁华地段,李嘉诚可以空屯十年。当大陆苍蝇老虎无处遁迹之时,李嘉诚相信自己的运气,他相信自己来到这个世界上不是做平凡人物,于是抽身北京转战欧洲。没想到大陆青年们开始义愤填膺,李嘉诚淡淡地来了一句:我没跑。   人生如戏,戏如生人。88岁的李嘉诚还奋战在前线,他的脸上永远都挂着微笑,骨子里是不想让别人看到他的失望和不快乐,内心深处他是羡慕那些夜航飞机里的人们,因为夜里的飞机很快就可以到达幸福的彼岸。李嘉诚的子孙们济济一堂,谁才能成为那个可以接下家族财富权杖的人呢?88岁还不能含饴弄孙,李嘉诚的王者气度,难掩脆弱的玻璃之心。小商于赋税,大商于政亲,巨贾于政合,千百年的道理,儿孙们能够继承的是金银,继承不了大陆庇佑李嘉诚的权杖关系。   李嘉诚孤独北望,何时才会重返京师?狮子座的大商人有王者的气魄,风物长宜放眼量,李嘉诚岂会被激情少年的口号而坠入红尘?在红尘之中,唯一能让他欣赏的,只有那位不离不弃的红衣女子。面对遥远的京师,也许,李嘉诚会说,做生意岂能武大郎看飞机,眼界要高啊。   (本文作者介绍:著名财经作家、《德林爆语》主持人。三分钟财经脱口秀,每天一个资本真相,微信公众号:delinshe)   本文为作者独家授权新浪财经使用,请勿转载。所发表言论不代表本站观点。相关的主题文章:

Shun Securities do fr007 swap spreads at that time 卡卡西bg

Essence Securities: do more FR007 swap spreads is We want you! The first 2016 Chinese Potter Rockefeller award officially started! Fund, insurance, securities and other financial institutions ability to manage information, which is better? Please click on the vote to select the strongest organization in your mind! Shun – Fixed Income Securities Cheng Hao bond yield spreads and interest rate swaps fixed end fixed income market is a pair of basic relative value relationship. In our country, because of the special tax policy of national debt, it is more appropriate to compare the yield of financial debt and the interest rate of exchange rate. FR007 swap spreads can be defined as the spread of the yield of financial bonds minus the FR007 exchange rate of the same period. At present, the FR007 swap spreads are at the lowest historical level, and the exchange swap strategy of exchanging fixed end interest rates and short financial bonds will be a relatively high choice of earnings risk ratio. Theoretically, if the liquidity risk and transaction cost are not considered, it is equivalent to buy fixed rate bonds and buy bonds with repo and fix the fixed end and the floating end of the IRS. With financial bonds, for example, the first way of income for the financial bond yield minus R007 (domestic finance debt average financing cost can be estimated by R007 approximation), the second way to exchange fixed end interest rate minus FR007. The difference between the two investment returns can be approximately equal to the swap spread. Looking at the historical trend of swap spreads, it is found that the swap spreads over the period of 1 years are almost no less than zero, because if the bond is purchased and the cost of the swap lock is not profitable, then the risk will outweigh the benefits. If we consider the liquidity risks and transaction costs faced by repo bonds, the logical spread of interest rates cannot continue to be less than zero. At present, the interest margin of financial bonds swap has reached the lowest point in history in the past 35 years. In the vicinity of zero, this situation is only due to the relatively low interest rate of financial bonds, or the relatively high interest rate of fixed end exchange. There are two possible reasons for the relatively low interest rate of financial bonds: first, from the point of view of possession, the funds for purchasing financial bonds are not leveraged, and there is no need to buy back coupons and match interest rate swaps. If you do not lock through the exchange of capital cost, the cost of capital requires the Agency (or financing costs) is lower than that of R007 can be assured without holding financial debt, the underlying interest rate swap; second, the trading point of view, if the purchase of financial bonds for interest rate speculation, you can ignore the short-term negative carry. At present, under the policy background of controlling leverage, strengthening supervision and closing short and long funds, whether it is holding or to win capital gains, the risk of buying bonds may be intensified, and the bond interest rate will go down faster, thus driving the difficulty of narrowing the swap spreads. The exchange rate at fixed end is relatively high, possibly because the market demand for hedging is higher, that is to say, the hedging cost rises. Recently, bond futures basis (spot futures volatility) go high and FR007 increase, the former shows that the market outlook for the cautious, hedge demand increases, which indicates that the better effect of Repo hedge swaps (negative carry). On the optional interest rate risk theory

安信证券:做多FR007互换利差正当时 We want you!2016首届中国波特菲勒奖评选正式开始!基金、保险、券商等金融机构资管能力孰优孰强?请点击【投票】,选出你心中的最强机构!   □安信证券固定收益部 程昊   债券收益率与利率互换 固定端的利差是固收市场一对基本的相对价值关系。在我国,由于国债的税收政策特殊,将金融债收益率与互换利率进行比较更合适。FR007互换利差可以定义 为金融债收益率减去同期限FR007互换利率的利差。目前,FR007互换利差处于历史最低水平,收取互换固定端利率、做空金融债的做多互换利差策略将会 是收益风险比相对较高的选择。   理论上说,如果不考虑流动性风险和交易成本,买入固定利率债券并利用回购进行债券融资与进入IRS收取固定 端、支付浮动端应该是等效的。用金融债举例,第一种方式的收益为金融债收益率减去R007(国内金融债平均融资成本可以用R007近似估计),第二种方式 收益为互换固定端利率减去FR007。两种投资收益率之差可近似等于互换利差。   观察互换利差的历史走势可以发现,1年期以上的互换利差几 乎没有低于过零,因为如果购买债券并用互换锁定资金成本来套息都无利可图,那么债券面临的风险将大于收益。若再考虑回购养券所面临的流动性风险和交易成 本,逻辑上互换利差不可能持续小于零。目前3 5年的金融债互换利差已达历史最低点,在零附近,这种情况的出现无非是由于金融债利率相对过低,或互换固定 端利率相对过高所致。   金融债利率相对过低原因可能有两点:第一,持有角度看,购买金融债的资金无杠杆,无需进行回购养券并匹配利率互换的 操作。如果不通过互换锁定资金成本,那只需要机构资金成本(或融资成本)比R007低即可放心持有金融债,无需对标互换利率;第二,交易角度看,若购买金 融债是为了利率投机,则可以无视短期负carry。当下,在控制杠杆,加强监管、资金面收短放长的政策背景下,无论是持有或是为了博取资本利得,买券的风 险可能都在加剧,债券利率更快下行从而带动互换利差收窄的难度较大。   互换固定端利率相对过高可能是因为市场套保需求走高,也就是说套期保 值成本上升。近期,国债期货基差(现货-期货)走高且FR007的波动性加大,前者说明市场对于后市谨慎、对冲需求增加,后者预示Repo互换的对冲效果 转好(负carry减少)。在可选的利率风险对冲工具中,互换的负carry仍处于低位,这几点都促使机构更多地运用互换进行对冲,互换利差随之收窄。未 来,若代表套保需求的国债期货基差走扩,互换利差可能有进一步收窄的压力。反之,互换利差走扩,回归正常。   综上,虽然互换利差的走势仍有不确定性,但继续压缩的空间应该很有限了。在控制杠杆,加强监管、资金面收短放长的政策背景下,收取互换固定端利率、做空金融债的做多互换利差策略将会是收益风险比相对较高的投资选择。(本文仅代表作者个人观点) 进入【新浪财经股吧】讨论相关的主题文章:

Weiminghu medicine involved in the acquisition of Sinovac snatch shares privatization 单挑冷血总裁

Weiminghu medicine involved in the acquisition of Sinovac snatch shares privatization hot column capital flows thousands of thousands of stocks the latest Rating Rating diagnosis simulation trading client Sina Level2:A shares Sina speed Kanpan finance client: the most profitable investors in participating in competitive tender offer Sinovac snatch medicine Weiminghu shares privatization, reporter Qin Peru, editor Sun Fang A although the A-share market nearly half a year to continue to adjust, but the huge valuation gap is still attracting a large number of shares in the capital to participate in the privatization and regression. Weiminghu pharmaceutical announcement today, the company intends to participate in the Qianhai Gold Development Fund Management Company Limited (Shenzhen), HENG FENG INVESTMENTS (INTERNATIONAL) LIMITED, FUERDE GLOBAL INVESTMENT LIMITED, Beijing sinobioway Group Co., Ltd. (Shanghai) and the north side of the Klc Holdings Ltd set up by the buyer to the buyer group, group (listed on the Nasdaq, Sinovac referred to as SVA) the board submitted a preliminary non binding offer of privatization transactions and the special committee. This is a competitive tender offer. Sinovac disclosed in February 1st, the company received the chief executive officer and Saif (SAIF Partners) a preliminary non binding offer of privatization, the company chairman and CEO Yin Weidong SAIF and Partners IV L.P Affiliated Companies offer to $6.18 per share to acquire the company’s remaining shares. The quotation is Sinovac January 29th closing price premium of approximately 23.11%. Sinovac’s 2014 annual report, Yin Weidong and Saif were holding 10.84% and 18.99%, is the two largest shareholder. Weiminghu buyer group intends to participate in the pharmaceutical trading price is the preliminary offer submitted per ordinary share of $7. Notice disclosure, the purchase price of $7 per share compared to Yin Weidong and Saif submitted an offer within the proposed $6.18 per ordinary share price premium of approximately 13.3%, compared to January 29th (i.e. Sinovac received Yin Weidong and Saif’s internal offer of the previous trading day closing price premium of approximately 39.44%). Sinovac total share capital of 55 million 810 thousand shares, at a price of $7 per share calculation, the buyer group given the valuation of about $390 million. According to the disclosure, Sinovac through a wholly owned subsidiary of Sinovac biotech (Hongkong) with Beijing based Sinovac, Kexing (Dalian) vaccine technologies incorporation and the Beijing branch in microbian Technology Co. Ltd., three enterprises, research and development, vaccines and related products production and sales for the main people. As of September 30, 2015, Sinovac $204 million in total assets, net assets of $124 million, before 2015 three quarter revenue of $44 million 575 thousand, gross profit of $33 million 91 thousand, net profit -160 million. Although the profit is not ideal, but in people with the disease of Sinovac

未名医药参与收购科兴生物 抢食中概股私有化 热点栏目 资金流向 千股千评 个股诊断 最新评级 模拟交易 客户端 新浪财经Level2:A股极速看盘 新浪财经客户端:最赚钱的投资者都在用   参与竞争性要约收购科兴生物   未名医药   “抢食”中概股私有化   ⊙记者 覃秘 ○编辑 孙放   尽管A股市场近半年来持续调整,但巨大的估值差距仍吸引着众多的资本参与中概股的私有化和回归。   未名医药今日公告,公司拟参与由中金前海发展(深圳)基金管理有限公司、HENG FENG INVESTMENTS(INTERNATIONAL)LIMITED、FUERDE GLOBAL INVESTMENT LIMITED、北京北大未名生物工程集团有限公司和北大未名(上海)投资控股有限公司等组建的买方团,由买方团向科兴生物(纳斯达克上市,简称SVA)董事会及其特别委员会提交无约束力的私有化交易初步要约。   这是一次竞争性的要约收购。科兴生物2月1日披露,公司收到首席执行官与赛富基金(SAIF Partners)的初步非约束性私有化要约,公司董事长兼总裁尹卫东与SAIF Partners IV L.P附属公司提议以每股6.18美元收购该公司剩余的流通股。该报价较科兴生物1月29日收盘价溢价约23.11%。科兴生物2014年报显示,尹卫东与赛富基金分别持股10.84%和18.99%,是持股量最大的两个股东。   未名医药参与的买方团拟提交的初步要约的拟定交易价格则为每股普通股7美元。公告披露,7美元每股的购买价格相较于尹卫东和赛富基金提交的内部要约所提议的每股普通股6.18美元的报价溢价约13.3%,相较于1月29日(即科兴生物收到尹卫东和赛富基金的内部要约的前一个交易日)收盘价格溢价约39.44%。科兴生物总股本为5581万股,以7美元每股的价格计算,买方团给出的估值约为3.9亿美元。   据披露,科兴生物通过全资子公司科兴控股(香港)拥有北京科兴生物制品有限公司、科兴(大连)疫苗技术有限公司和北京科兴中维生物技术有限公司三家企业,主营人用疫苗及其相关产品的研究开发、生产和销售。截至2015年9月30日,科兴生物总资产2.04亿美元,净资产1.24亿美元,2015年前三季度实现收入4457.5万美元,毛利润3309.1万美元,净利润-160万美元。尽管盈利不太理想,但科兴生物在人用疫苗领域技术水平处于行业领军地位,2009年,公司在全球率先完成甲型H1N1流感疫苗盼尔来福.1的临床试验并获准生产。   一位接受上证报记者采访的券商人士表示,竞争性要约在境外并不罕见,未名医药参与发起收购应是有业务整合的打算。回头来看提出竞争性要约收购的买方团,六家成员公司中,北京北大未名生物工程集团有限公司是未名医药的控股股东,北大未名(上海)投资控股有限公司也由北大未名生物工程集团控股,三家公司属于关联关系,而中金前海发展等另外三家机构则均属于专业投资服务公司。另从业务来看,未名医药主营也是生物制药,并正在研发手足口病疫苗等,与科兴生物有着整合的基础。   此外,据记者查询,未名医药此前就与科兴生物有过业务合作,其参股公司(持股比例26.915%)北京科兴生物制品有限公司的控股股东正是科兴控股(香港)有限公司(持有剩余73.09%的股份),后者则是未名医药此次参与竞争性要约收购的科兴生物的全资子公司。THE_END 进入【新浪财经股吧】讨论相关的主题文章: