中國基金經(jīng)理青睞新三板.

　　中國的基金經(jīng)理們正扎堆進入這個國家新生的場外交易市場，被科技行業(yè)和消費相關(guān)行業(yè)等新興產(chǎn)業(yè)的投資機會所吸引，這些板塊在中國主要股市比重偏低。詳細請看下面的雙語信息：

　　An index launched last week shows the National Equities Exchange and Quotations (NEEQ) hasgained 53 per cent in 2015, more than the 13 per cent rise for the Shanghai Composite Indexand comparable to gains in ChiNext, Shenzhen’s Nasdaq-style start-up board.

　　上周推出的全國中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)(National Equities Exchange and Quotations，簡稱NEEQ)成份指數(shù)迄今已上漲53%，超過上證綜指(Shanghai Composite) 13%的漲幅，與納斯達克式的深圳創(chuàng)業(yè)板(ChiNext)不相上下。

　　Launched in late 2012 and known as the “new third board”, NEEQ hosts trading of 2,130companies, up from about 350 at the start of 2014.

　　NEEQ于2012年底推出，俗稱“新三板”，其上市公司數(shù)量已達2130家，遠遠高于2014年初的大約350家。

　　Lured by the ease of listing on NEEQ compared with the often years-long approval process forChina’s main stock exchanges, Chinese companies raised Rmb13.2bn ($2.1bn) on theplatform last year and another Rmb2.9bn in the first two months of 2015.

　　相比中國主要交易所往往長達數(shù)年的審批過程，新三板掛牌更為容易，受此吸引，中國企業(yè)去年在新三板平臺上融資132億元人民幣(合21億美元)，2015年頭兩個月又融資29億元人民幣。

　　“Companies on the new third board represent the direction of China’s economictransformation. Two years ago the State Council identified seven big strategic emergingindustries. The new third board is a chance to invest in these trends,” said Fu Bairui, generalmanager at fund manager QHKY Fund, who manages a dedicated third board fund.

　　前海開源基金(QHKY Fund)專門負責管理新三板基金的董事總經(jīng)理付柏瑞說：“新三板的企業(yè)代表了中國經(jīng)濟轉(zhuǎn)型的方向。兩年前國務院確定了七大戰(zhàn)略性新興產(chǎn)業(yè)。新三板是投資于這些趨勢的機會?！?/p>

　　While China’s main bourses tilt towards state-owned industrial groups, financial institutions andproperty developers, tech companies comprise 30 per cent of companies listed on NEEQ whilepopular consumption-linked sectors such as healthcare, media and tourism comprise another18 per cent. NEEQ uses a trading mechanism comparable to the OTC Bulletin Board or pinksheets trading system in the US.

　　中國的主板傾向于國有工業(yè)集團、金融機構(gòu)和房地產(chǎn)開發(fā)商，而在NEEQ上市的公司里，科技公司占了30%，醫(yī)療保健、媒體和旅游業(yè)等大眾消費相關(guān)行業(yè)占了18%。NEEQ所用的交易機制類似于美國場外交易公告牌(OTC Bulletin Board)或粉單市場(Pink Sheet)交易系統(tǒng)。

　　With investor interest in NEEQ surging, fund companies are scrambling to roll out newproducts. Until now, hedge fund-style products managing institutional money weredominant. But in recent weeks fund companies have launched mutual fund products tocapitalise on demand from retail investors, offering products with thresholds as low as Rmb1m.Some analysts warn that the rapid price run-up is out of line with fundamentals. Much of thegains are driven by speculation that NEEQ companies will eventually be able to transfer toChiNext or Shenzhen Small and Medium Enterprise board, where valuations are higher thanNEEQ.

　　隨著投資者對NEEQ興趣高漲，基金公司競相推出新產(chǎn)品。此前，管理機構(gòu)資金的對沖基金式產(chǎn)品占主導地位。但最近幾周基金公司紛紛推出共同基金產(chǎn)品，包括門檻低至100萬元人民幣的產(chǎn)品，以求獲利于散戶投資者需求。一些分析師警告稱，價格快速上漲與基本面脫節(jié)。大部分價格上漲的驅(qū)動力來自于一個猜測，即NEEQ公司將最終能夠轉(zhuǎn)移到創(chuàng)業(yè)板或深圳中小企業(yè)版，它們的估值高于NEEQ。

　　Additional reporting by Ma Nan in Shanghai

　　Ma Nan上海補充報道