1. 信托：房地产信托提前还款 房企资金链好转

1. Trust：Real estate trusts prepayment room enterprise capital chain better

　　事件：据每日经济新闻(博客,微博)报道，今年以来近40款房地产信托提前终止。其中包括中融信托——桂林裕恒地产房地产股权投资集合资金信托、中融信托——润丰水尚股权投资集合资金信托、四川信托——广州建和商业广场物业收购贷款集合资金信托、北京信托——南昌丹石街区集合资金信托、中诚信托——深圳紫园投资集合资金信托、中诚信托——上海新城创宏投资集合信托等。

events：According to the daily economic news(blog,Micro bo)report，Since this year nearly 40 of real estate trusts terminate。Including the trust-it melt in guilin constant real estate real estate equity investment margin of assembled funds trust、It melt in the trust-a wet embellish is equity investment capital trust set、Sichuan trust-guangzhou built and commercial square property purchase loans set capital trust、Beijing stone blocks trust-nanchang Dan assembled funds trust、"Honesty, shenzhen purple garden investment capital trust set、"Honesty, the Shanghai newtown and macro investment trust set。

　　点评：对上面这些提前终止的房地产信托进行分析，可以发现他们有一些共同特点：这些房地产信托都有提前终止条款，一般是满一年后，融资方可以要求提前终止。而这些信托产品都是在符合提前终止条款之后，才提前终止的，因此都不是违约，属于正常清盘。

Comment on：Above to these earlier termination to real estate trusts for analysis，Can find they have some common features：The real estate trusts have terminated terms，General is full a year，RongZiFang may require terminate。And these products are in compliance with the trust in advance after termination，To terminate，So they were not breach，Belongs to the normal winding。

　　这些房地产开发商之所以选择提前还款，我们认为主要原因是这些开发商找到了更廉价的融资渠道。这么多的房地产信托提前还款，说明开发商的资金链已经出现好转，没有那么缺钱了。今年以来，随着降准、降息、增加逆回购、增加贷款规模等一系列货币政策的放松，融资成本不断下降。从下图可以明显看出这一趋势，今年以来，一年期Shibor（上海银行间同业拆放利率）持续走低。

The real estate developers chose prepayment，We think that the main reason is the developers found more cheap financing channel。So many of the real estate trusts prepayment，The capital chain that developers has been improved，Not that are short of money。Since this year，Along with the drop must、Cut interest rates、Increase inverse repurchase、Increase the size of the loan and a series of monetary policy to relax，Financing costs continue to drop。From below it was clear that this trend，Since this year，The one-year Shibor（Shanghai inter-bank put down interest rates）falling。

　　2. 宏观经济：PMI止跌企稳 稳经济措施生效

2. The macro economy：PMI stabilising economic measures stability reason come into effect

　　事件：8月1日，中国物流与采购联合会公布数据显示，7月份中国制造业采购经理人指数（PMI）为50.1%，比6月微幅回落0.1个百分点。

events：August 1,，China federation of logistics &purchasing figures，In July, China's manufacturing purchasing managers' index（PMI）50.1%，June fell back slightly more than 0.1%。

　　点评：7月PMI与上月基本持平，最近两个月环比跌幅显著收窄，这说明经济增速下滑趋势已经基本得到控制，最近一系列的稳经济措施正在发挥作用。随着积极财政政策、稳健货币政策的实施，下半年经济增速很可能会出现止跌回升，对于中国经济增长依然持乐观态度。

Comment on：July PMI and flat last month，Two recent decline y/y significant narrow，This shows that economic growth slowdown has basic under control，The latest in a series of steady economic measures are at work。Along with the positive fiscal policy、Stable monetary policy implementation，The second half of economic growth is likely to appear reason to bounce back，For China's economic growth remains optimistic。

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　　3. 证监会：年内第3次降低证券期货市场收费 救市力度仍不够

3. CSRC：Years of securities and futures market third lower fees help city is still not strength

　　事件：据中国证券报报道，“证监会有关部门负责人2日表示，9月1日起，将第3次大幅度降低A股交易经手费、过户费和期货交易手续费标准。交易手续费和市场监管费标准今年以来已先后两次较大幅度降低。这三次降费可降低证券、期货市场投资者交易成本达155亿元。这位负责人在回答中国证券报记者提问时表示，证监会积极协调有关部门研究降低印花税。”

events：According to the Chinese securities news said，“Securities regulatory commission in charge of relevant departments 2, said，September 1,,，The third time will greatly reduce A shares transaction charges、Transfer fee and futures trading commission standard。Trading and market supervision fee standards since this year already has two more significantly reduced。The three JiangFei can reduce securities、Futures market investors trade cost up to 15.5 billion yuan。In the Chinese stock certificate report in answer to a question said，CSRC positive coordinate the departments lowering stamp duty。”

　　点评：在证监会主导下，今年已经连续3次出台政策，降低证券期货市场的收费标准，3次降费累计，按2011年的成交量测算，全年将减少收费155亿元，其中A股降低67亿元，期货降低88亿元。2011年A股印花税425亿元，即使减半增收，力度也比这3次降费的累计效果大得多。而且印花税能够直接让投资者受益，刺激效果更加直接明显，而降低经手费、过户费，则容易被证券公司、期货公司截留，很难产生鼓励帮助投资者的作用。不过印花税是由财政部和国税总局负责的，证监会作用有限，只能是建议推动。

Comment on：In the CSRC leading，This year have 3 consecutive policy，Reduce the rate of securities and futures market，3 JiangFei accumulative total，In 2011, the volume of the measure，A year will reduce the charge of 15.5 billion yuan，Among them A shares lower 6.7 billion yuan，Futures lower 8.8 billion yuan。In 2011 A shares stamp duty is 42.5 billion yuan，Even in half 'income，Strength also three times than that of the cumulative effect JiangFei。And stamp duty can directly to benefit investors，Stimulate more direct effect is obvious，And reduce brokerage、Transfer fee，It's easy to be a securities company、Futures company intercept，It is difficult to have help investors to encourage the role。But the duty is issued by the ministry of finance and the state administration of responsible for，Securities regulatory commission limited role，Can only promote is suggested。

　　4. 股市：沪指再创新低 2100点出现支撑

4. The stock market：HuZhi reached a new low of 2100 points appear support

　　事件：本周沪指呈现触底反弹走势，周涨幅0.19%，周五收于2132.8点。本周二再创新低，创下2009年以来3年多的新低2100.25点。

events：This week HuZhi present hit bottom trend rebound，Weeks or 0.19%，Closed at 2132.8 PM on Friday。Tuesday reached a new low，A record 2009 years since three years of low 2100.25 points。

　　点评：本周二创下新低2100.25点之后，成交量并未明显放大，周三、周四、周五虽然呈现上涨趋势，但是也没有成交量的配合。本周成交量依然维持在地量水平，说明仍然没有主力资金进场。不过现在毕竟是处于底部区域，也不用太悲观，沪市平均市盈率已经是历史最低水平，甚至低于2008年10月份和2005年6月。底部究竟在哪里，谁也不知道，也许就是2100点，当然也有可能继续下跌，跌到2000点、1664点、甚至1000点，都有可能。我们能做的就是做好防守，保住本金，不抄底，不博反弹，耐心等待趋势反转，耐心等待牛市到来，相信牛市迟早会来临。

Comment on：Set a new lows after 2100.25 points on Tuesday，Volume has not obvious amplification，On Wednesday、Thursday、Although the upward trend on Friday，But also have no volume to cooperate。This week in quantity still maintain volume level，Still no first-choice money that comes into play。But now, after all, is at the bottom to the area，Also need not too pessimistic，Shanghai average p/e is the lowest level is a history，And even lower than in October 2008 and June 2005。Where is the bottom，Who also don't know，Perhaps is 2100 points，Of course may continue to fall，Fell to 2000 point、1664 points、Even at 1000，may。We can do is make defense，Keep principal，Don't copy the，Don't bo rebound，The patience to wait for trend reversal，The patience to wait for coming bull market，Believe that the bull market will come sooner or later。

　　5. 债市：指数继续下跌 持有短债或可转债

5. The debt markets：Index continue to fall short debt or hold convertible bonds

　　事件：本周巨潮企债指数399481下跌0.14%；上证企债指数000013下跌0.03%。

events：This week the tidal wave debt index fell 0.14% to 399481 enterprises；The Shanghai index fell 0.03% to 000013 high debt。

　　点评：本周很多债券都在周一和周二上午出现大幅下跌，市场一度出现恐慌，有些短债都出现了超跌，周二下午开始出现超跌反弹。不过从周线来看，这些债券大部分都仍处于下跌趋势当中。建议持有短债，卖出长债；或者卖出债券，买入可转债。

Comment on：This week in many bonds on Monday and Tuesday morning appear down significantly，At one time there market panic，Some short debt appeared in the fall，Super Tuesday afternoon began to appear fall rebound。But from the weekly and see，Most of these bonds is in a fall of trend。Suggestion hold short debt，Sell long debt；Or sell bonds，Buy convertible bonds。