⊙记者 邹靓 ○编辑 于勇

ZouJing ○ ⊙ reporters in yong editor

　　房地产信托发行量萎缩、矿产信托风险暴露、另类信托频遭质疑，上半年，在信托品种“集体中枪”的格局下，似乎只有基础设施信托独善其身，呈现出供需两旺的繁荣景象。2012年上半年，集合信托产品“吸金”4107亿元。在经过2011年下半年的井喷式增长之后，集合信托产品数量增长有所放缓，但募集规模增长仍在加速。

Real estate trusts circulation atrophy、Mineral trust risk exposure、Additional kind of trust PinZao questioned，In the first half，The trust varieties in“Shot in the collective”Pattern of，It seems that the only infrastructure trust possess，Presents the supply and demand of two popular prosperity。In the first half of 2012，Set trust product“Suck gold”$410.7 billion。In 2011 after years of growth in the second half of the year after a blowout，Set the number of product growth slowed in the trust，But raising scale growth is still in speed。

　　多款信托暴露风控软肋 A number of exposure to the wind control soft rib of the trust

　　普益财富最新发布的2012年上半年信托市场分析报告中显示，上半年，共有65家公司成立了2350款集合信托产品，合计募集资金4107.13亿元，同比分别增长24.01%、19.58%，环比分别增长3.21%和9.99%。

PuYi wealth of the latest release in the first half of 2012 the trust market analysis report shows，In the first half，A total of 65 the company established 2350 collection of trust products，Total 410.713 billion yuan to raise funds，Year-on-year growth of 24.01%, respectively、19.58%，Annulus comparing up by 3.21% and 9.99% respectively。

　　从资金投向上来看，工商企业、其他、证券投资领域成立的产品数量位居前三，成立数量分别为825款、475款、375款，募集规模分别为1393.99亿元，816.91亿元、541.64亿元。

From their money to come up，Industry and commerce enterprise、other、Securities investment fields established in the top three product quantity，The number of established respectively for 825、In 475、In 375，Collect size is 139.399 billion yuan respectively，$81.691 billion、$54.164 billion。

　　值得关注的是，上半年房地产领域产品成立287款，同比下降92款，环比下降113款。在房地产行业持续调控、房地产信托今年集中到期的大背景下，房地产信托风险备受市场关注。一季度末，大量房地产信托宣布提前到期，房地产基金产品加速发行，多有故意隐瞒投资项目目的和为老信托和其他金融产品接盘之嫌。

There is concern，Real estate during the first half of 287 the field of product was established，Year-on-year drop in 92，Annulus of 113 drop。In the real estate industry for regulation、This year the focus on real estate trusts expires background，Real estate trusts risk is market focus。At the end of the first quarter，A large real estate trusts announced expires in advance，Real estate fund product acceleration issue，Many have intentionally hide investment projects for the purpose and the old trust and other financial products JiePan too。

　　不仅是房地产领域，艺术品信托、矿产信托的风险也在加速暴露。中国艺术品市场目前已经出现较大泡沫，中国经济一旦疲弱使得藏家的经营性收入减少，艺术品赖以维持高价的资金紧张，泡沫就将破灭。经过上半年的雅盈堂事件，艺术品信托的疯狂正在降温。同样，以“诚至金开1号”为首暴露的煤矿信托风险，不仅引起了监管部门的重视，也引发了行业的广泛思考。

Not only is in the real estate industry，Art trust、The risk of mineral trust also accelerated exposure。Chinese art market has now appear larger bubble，China's economy once the weak of management to reduce income that collectors，Artwork on the high cost of maintaining of funds，The bubble will burst。After the first half of the year earnings of hall events，Art is the crazy trust cooling。The same，to“Sincerity to gold open no. 1”Exposure to coal mine led the trust risk，Not only caused the attention of the supervision department，Also initiated the industry widely thought。

　　基础设施信托仍有“后劲” Infrastructure are still trust“Staying power”

　　这边厢危机四伏，那边厢风光独好。

Crisis on this side of the box，There alone compartments scenery。

　　上半年，共有36家信托公司发行成立214款基础设施领域产品，比去年同期增加125款，比去年全年增加15款，合计募集资金503.96亿元，增长最为明显。

In the first half，There are thirty-six trust company founded in 214 issued the infrastructure sector products，Last year in 125，Last year than increase 15 paragraph，Total 50.396 billion yuan to raise funds，Growth is most obvious。

　　上半年，欧美经济衰退，中国经济面临外需不振；房地产受政策调控，投资受到影响。为保持经济较快增长，各地基础设施项目上马较多，地方债务平台展期和借新还旧不可避免。相比银行信贷的苛刻，信托融资无疑是更好的选择。

In the first half，Europe and the recession，China's economy is facing of foreign demand；Real estate by policy adjustment，Investment affected。To keep the economy growing rapidly，All infrastructure projects more on horseback，Local debts platform and borrow extension is also new old inevitable。Compared with the rigors of the bank credit，The trust financing is undoubtedly better choice。

　　从资金供给方看，由于基础设施领域信托预期收益率较以前有一定提升，在存贷利率下调、整个集合信托市场收益率有下滑趋势的情况下，这样的收益率较之其他领域集合信托对投资者有更大的吸引力。

From capital suppliers' look，Because the infrastructure sector trust the expected rate of return than before a certain ascend，In the deposit and loan rate、The whole set a falling market yields trust，This yields than other areas to set the trust are more attractive for investors。