北京 王小伟

Beijing WangXiaoWei

　　“在"负利率时代"，我还可以投资一些类似房屋、黄金、艺术品等东西，甚至是从未碰过的邮票，这些"纸面财富"都值得"操作"。可是最近一段时间，却不知道应该投资什么。”在过去两年时间里，使自己个人资产翻两番的投资者小陆说。

“in"Supportive era"，I can also invest in some similar houses、gold、Art and what，Even never touch the stamps，these"Paper wealth"Are worth"operation"。But the most recent period，But don't know should invest??????。”In the past two years，Make your own personal assets of quadrupling the lu said investors。

　　国家统计局日前公布，6月CPI同比上涨2.2%，创29个月以来新低。早在2月份，3.2%的CPI涨幅就已经低于当时的一年期银行定存利率。随着二季度逐月走低的CPI数据悉数出台，即使央行进一步连续降息，也很难改变利率水平高于通胀水平的状态，长达两年的负利率时代已经暂告终结。然而，面对这一“利好”，很多“理财达人”却高兴不起来，他们反倒不知从何处下手，让手中的资产保值增值。

The national bureau of statistics has announced，June CPI rose 2.2% year-on-year，And the lowest since 29 months。In early February，3.2% of the CPI increase has been lower than at the time of the one-year bank deposit account interest rates。The second quarter of the month after month lower CPI data on full，Even if the central bank cut interest rates further continuous，And it is hard to change interest rates higher than state level of inflation，More than two years of age have temporarily supportive ended。however，Facing this“good”，many“Finance decides”But not happy，But they don't know where to begin，Let the hand of value of the assets。

　　今年以来，各投资领域似乎都不约而同地感到“嗖嗖”凉意。A股自“五穷”“六绝”之后，还没有发出“七翻身”的明确信号；楼市调控政策使房地产价格难以维系负利率时代的疯狂走势。在负利率时代赚足眼球的资产，如红木、红酒等实物，遭遇越来越严重的有价无市问题，邮票等“追随品种”也已经被冷落多时……在诸多“通道”被封堵的情况下，以往的“理财达人”顿时变成“无料衰客”。

Since this year，The investment field seem to complicity to feel“SouSou”Cool idea。A shares since“Five poor”“Six off”after，Has not issued“Seven over”Clear signal；Market control policies that real estate prices hard to sustain the age of the supportive crazy situation。In the era of the attention of the full supportive earn assets，Such as annatto、Red wine, physical，Encounter more and more serious all the problem has a price，Stamps, etc“Follow varieties”It has also been left out in the cold......In many“channel”Was blocked，previous“Finance decides”Was a“Anticipate failure guest”。

　　本轮CPI增速快速下行，不仅源于翘尾因素，重要的原因还在于国内需求不旺，经济增速或出现超预期下滑。央行货币政策逐步宽松的空间还可能增大，之前受捧的收益率较高、流动性较好的银行理财产品将逐步淡出，红火的高收益信托也将越来越少。上述因素势必令资金的理财途径再度缩减，大小资金可能被迫寻找新出路。

This CPI growth fast to the downside，Results from not only QiaoWei factors，Important reason lies in domestic demand is not busy，Economic growth or appear than expected slowdown。The central bank's monetary policy gradually relaxed space could also increase，By holding the yield on the higher、Liquidity good bank financing products will gradually fade out，The red high yields trust also will be less。The above factors, certainly will make money again by way of financial management，Size fund may be forced to seek new ways。

　　随着负利率时代的终结，虽然在银行存钱不再赔，但投资者并不会把标杆调整为跑赢储蓄利息，而很多理财通道也不会达到短期内的高收益率。因此，投资理财的选择难度已经加大。经过数月的等待和数次试探后，小陆目前的投资选择已经偏向保守，他开始考虑配置一些中长期的理财产品，试图提前锁定相对较高的收益。虽然不能实现在短期内的快速升值，但跑赢定存却不成问题。经济进入新周期，投资理财的模式和理念也必须随之改变。正如小陆所说，“我的理财不得不由短平快，步入漫长投资期。因为不能要求理财产品"忠贞不贰"，而应该是我们自己相时而动，对收益率做到"忠贞不贰"。”

With the end of the age firmly negative，Although in the bank saving money no longer compensate，But investors will not put the benchmarking is adjusted for run win savings interest，And many financial channel also won't achieve higher yields in the short term。so，The choice of finance and investment has increased the difficulty。After months of waiting and several times after test，The current investment choice has lu to conservative，He began to consider some of the financial product configuration medium and long term，Trying to lock the higher income in advance。Although cannot achieve rapid appreciation of in the short term，But run win time deposits but is a problem。Economy entered a new cycle，Investment banking mode and concept also must change accordingly。As lu said，“I have to DuanPingKuai by the financial management，Investment into long。Because can't require financial products"ZhongZhenBuEr"，And should be our own phase sometimes move，Yields do to"ZhongZhenBuEr"。”

　　在负利率时代，像小陆一样利用不断放大的杠杆，财富累计效应通常都会比较理想。而随着正利率时代的到来，资金的风险偏好降温，虽然尚不能确定诸多大资金会陆续回流到银行，但是高杠杆率的投机行为承受更大的风险已渐成事实。从这个角度说，“理财达人”变身“无料衰客”，或许也不失为一件值得欣慰的事情。

In the era of supportive，Lu like as using constantly magnified lever，Wealth accumulative total effect usually more ideal。And with the arrival of the age of the interest rate is，The risk preference of funds cooling，Although are not sure many big money will have backflow to the bank，But high leverage ratio of speculative accept more of the risk is a fact。From this perspective，“Finance decides”change“Anticipate failure guest”，Maybe also can yet be regarded as a thankfully things。