⊙记者 团圆

⊙ reporter reunion

　　7月5日晚间，央行宣布年内第二次降息。随着降息的不断演进，固定收益类信托未来收益率走低逐渐确立趋势。从近期发行的固定收益类信托产品情况来看，虽然平均收益并没有明显下降，但不同存续期的产品走势已明显分化，三年期产品收益率大幅走低。在此情况下，投资者应当选择长期产品尽早锁定收益，还是选择短期产品等待更好的投资机会，理财专家为你细细道来。

On July 5, night，The central bank announced years cut interest rates for the second time。Along with the continuous evolution of lower interest rates，Fixed income kind trust the future yields low gradually establish trend。In the current issue of fixed income kind trust production situation，Although average income and no significant decline，But during different products trends have significantly differentiation，Three-year product yields sharply lower。In this case，Investors should choose long-term product lock income as early as possible，Or choose the short-term products for a better investment opportunities，Financial experts for you carefully the ways。

　　一般来说，固定收益类信托的收益率走势和CPI、银行利率呈现同向变化。在高通胀时期，银行利率走高，固定收益类信托的收益率也随之升高；而随着通胀下滑，银行利率开始掉头向下，固定收益类信托的收益率也将随之降低。

Generally speaking，Fixed income kind trust of yield of the trend and CPI、Bank interest rates present homonymous changes。In the period of high inflation，Bank interest rates go up，Fixed income kind trust yields also increase；But with inflation down，Bank interest rates began to turn down，Fixed income kind trust yields will also decreases。

　　今年以来，央行分别于6月8日、7月6日两次降息，降息通道已然打开，信托产品收益随之普遍回落。从历史数据来看，CPI、SHIBOR数据对固定收益信托收益率均有一定的前瞻性。虽然目前固定收益类信托产品的平均收益仍在高位，但未来收益率走低已是不争的事实。

Since this year，The central bank in June 8, respectively、On 6 July, two cuts，Rate cuts have open channel，Trust product revenue then generally fall back。From the historical data and see，CPI、SHIBOR data on fixed income trust yields all have certain looking。Although the fixed income kind trust product average revenue is still in the high，But the future yields lower already is the fact that does not dispute。

　　从近期发行的固定收益类信托产品的情况来看，不同存续期的产品收益率走势出现明显分化。部分信托公司18个月至2年期产品收益率已下降0.5个百分点，存续期在3年左右的产品，收益率则普遍下降1个百分点。而存续期为1年的信托产品，收益率依然保持高位，说明企业融资偏向短期。从另一个角度来说，融资企业普遍相信，长期来看，市场资金面的紧张状况将趋于缓和。

In the current issue of fixed income kind trust product and see，The product yield during different movements appear obvious differentiation。Part of the trust company 18 months to two years product yields have fallen 0.5%，During the 3 years products，Yields are generally fell 1%。And for 1 year during the trust products，Yields are still remain high，That enterprise financing short-term。From another point of view，Financing enterprise widely believe，In the long term，The tensions in the capital market will be mitigated。

　　根据好买基金研究中心的统计，6月份41家信托公司共成立210只固定收益信托产品。纳入统计的170只产品的收益率从3.3%到11.5%不等，存续期为0.08年至5年。从各存续期产品近一年的平均收益率来看，一年期(及以下)产品的预期年化收益率为8.05%，较5月微幅增加，但较2月的近一年高点下降0.56个百分点；一年(不含)至两年期产品的平均收益率为9.21%，较1月的最高点下降0.28个百分点；两年(不含)至三年期产品平均收益率为8.61%，较3月的高点已经下降0.82个百分点。

According to the good buy fund research center statistics，41 house in June of 210 only trust companies established the fixed income trust products。Into the 170 statistics only the yield on the products range from 3.3% to 11.5%，During is 0.08 years to 5 years。From the products during nearly a year to see the average yield，one-year(And the following)The products intended annualised rate of return of 8.05%，More may slightly increase，But a February highs nearly a year down 0.56%；A year(Do not contain)Two years to the average products return of 9.21%，Is the highest point of the January dropped by 0.28%；Two years(Do not contain)To three-year average return of 8.61% products，A march high has fallen by about 0.82%。

　　对于投资者而言，固定收益类信托无论在何时都是可配置的产品。现阶段有两种投资策略：第一种策略是，如果目前在固定收益类信托产品上的配置还不是很大，那么可以买入三年期且收益等各方面都不错的产品，锁定长期的收益。第二种策略是，如果配置比例已经很大，则可选择期限较短的产品，可待资本市场企稳回升时加大股票类资产配置。

For investors，Fixed income kind trust at any given time are the configuration of the products。At present there are two investment strategy：The first kind of strategy is，If currently in fixed income kind trust products, the configuration is not a very big also，So can buy three years and earnings and so on various aspects are good products，Lock the long-term benefits。The second strategy is，If the proportion has very big，It may be chosen period shorter product，Can stay capital markets stabilising picks up increase of stock asset allocation。

　　2012年6月固定收益信托收益率统计

In June 2012, fixed income trust yields statistics

　　收益率（%）

yields（%）

　　存续期

during

　　数量

number

　　平均 最高 最低

Average high minimum

　　0年~1年

0 ~ 1 year

　　68

68

　　8.05

8.05

　　11

11

　　3.3

3.3

　　1年（不含）~2年

1 year（Do not contain）~ 2 years

　　115

115

　　9.21

9.21

　　11.5

11.5

　　7.2

7.2

　　2年（不含）~3年

2 years（Do not contain）~ 3 years

　　12

12

　　8.61

8.61

　　10.5

10.5

　　6

6

　　3年（不含）以上

3 years（Do not contain）above

　　2

2

　　9

9

　　10

10

　　8

8

　　未披露

Did not disclose

　　13

13

　　6.98

6.98

　　9

9

　　5.5

5.5

　　数据来源：好买基金研究中心

Data sources：Good buy fund research center