Wednesday, January 11, 2012

證券商搵RQFII幫補

新年淡靜,禤中怡往日本走一趟,即使由兩個航班合為一班,機上依舊未能爆滿,可見要回復311大地震前水平仍需待一段時間。在東京新宿街頭,百貨公司折扣往往是五折,甚至是四折,也不見太多香港人急急掃貨,相反朋友則滿載而歸,即使要與當地人爭奪一番也值得。

日本政府正建議提高消費稅,從目前的5%,加至2014年的8%,直到2015年10月更要增至10%,主因提高稅收,應付社會保障支出大增的影響。要靠內部加稅,因日圓匯價高企已令出口業叫苦連天,面對外匯收入倒退趨勢,政府還有甚麼板斧呢!

不過,單靠加消費稅這種「塘水滾塘魚」方法難解決政府支出問題。有朝一日,當購物、購物和購物這種消費模式「爆煲」時,不知怎樣撐下去,或許依舊靠內地人的強橫買氣吧!

內地人的氣勢不但橫掃消費業,連金融業也不放過。禤中怡聽聞國有四大行的本港投資銀行部門近期積極物色好手加盟。相反街外卻傳出,有證券商減人手的消息,當中包括凱基和海通證券,但規模有多大就不得而知。

同證券界朋友談起,他第一句就話:「好辛苦」,畢竟從證券交易額看,各證券商能瓜分的比重有限,故此公司最近要求他們增值,幫手搵客分銷RQFII(人民幣合格境外機構投資者)的產品,幫補公司收入。

朋友坦言,現時很難叫客人買港股,而為了留客,只有推介RQFII,畢竟該類產品真正讓他們可以半直接方式投資內地債券和A股市場,有機會財息兼收,即憧憬賺取債息回報,以及人民幣匯價升值,甚至是股市向上等。

現時RQFII將八成資金用作買內地債券,餘下兩成買內地股市,似乎打「穩陣波」,證券界朋友話,從那些基金經理口中得知,由於內地股市未擺脫低迷氣氛,初期投入股市的比重肯定不會那麼進取,但即使買債券,也希望有4至6厘回報。由於溫總最近推出「提振論」,多少為該產品增添吸引力。

禤中怡望望內地國債的到期收益率,介乎2.78至3.67厘,而企業債券到期收益率更和味,有介乎4.49至9.5厘不等,確屬不錯的另一投資渠道。

不過,如果散戶入場便要計數,原來小額投資時,有些RQFII基金的認購費高達5%,而每年管理費亦要1.5%,在左扣右扣下,首年所賺回報便泡湯,比投資離岸人民幣產品的認購費約3%為高。當然,投資有風險,記緊望清楚條款。

(1月11日刊於《am730》)

6 Comments:

At 7:03 AM, Blogger Orchidee said...

散戶認購費用及管理費高逹6.5%,如果回報只有3.67% - 4%,那豈不是不投資反比投資好?

 
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