前8月发行量2770亿，固定收益类超1684亿6成登顶 Before August 277 billion circulation，Fixed income kind super 168.4 billion 6 into top

　　理财周报记者 翟乐/文

Finance ZhaiLe/the weekly newspaper reporters

　　1683.56亿，这是今年以来截至8月6日固定收益类新发基金总份额。而整个市场的发行总额为2769.94亿份，固定收益类占据60.78%。

168.356 billion，This is since this year as of August 6, fixed income kind new hair fund always share。And the whole issue of the market a total of 276.994 billion copies，Fixed income kind occupy 60.78%。

　　2011年，固定收益类产品发行1247.51亿份；2010年，只有758.81亿份。规模增速惊人，固定收益类基金在2012年股市低迷的情况下出现井喷。

2011 years，Fixed income products issued 124.751 billion copies；2010 years，Only 75.881 billion of。Scale growth amazing，Fixed income funds, in 2012, the stock market downturn in the blowout appear。

　　中国证监会官网披露的新基金募集申请进度表显示，截至7月27日，112只待批基金中，有63只是固定收益类，占比达到56.25%。

The China securities regulatory commission's disclosure of the new fund raising application that schedule，By July 27,，112 DaiPi only funds，63 just fixed income kind，Reached 56.25%。

　

　发行主导者：固定收益类产品 Issue the masters of the：Fixed income products

　　2011年，新基金发行市场的口号是“以成立为目的”。小基金比比皆是，能发行10亿份以上，都会得到同行艳羡的目光。

2011 years，The new funds issue is the slogan of the market“In the form of for the purpose”。Small funds can be found everywhere，To issue more than 1 billion copies，Will get the envy of the peer eyes。

　　Wind数据显示，2011年新成立基金211只，总规模2762.46亿份，平均募集规模13.09亿份。今年，这一低迷状况得到改写。截至8月6日，共有130只新基金成立，总规模2769.94亿份，比去年全年的发行总数多出7.48亿份。而平均发行规模与去年相比，也多出8.22亿份，达到21.31亿份。

Wind data shows，In 2011 the new set up funds 211 only，The total size of 276.246 billion，An average of 1.309 billion to raise scale。This year，This downturn state are different。As of August 6,，A total of 130 only new fund established，The total size of 276.994 billion，Last year the total number of than issued more than 748 million copies。While the average issue size compared with last year，And more than 822 million copies，To achieve a 2.131 billion。

　　多出来的这部分规模，主要由固定收益类产品贡献所得。

Extra this part of the scale，Mainly by the fixed income products contribution income。

　　数据显示，今年以来成立股票型基金66只，发行份额962.87亿份，平均发行份额14.59亿份，占整体发行市场的比重是34.76%。而2011年，股票型基金共发行106只，1142.95亿份，平均份额10.78亿份，占比为41.37%。

Data shows，Since this year established stock fund 66 only，Issue 96.287 billion a share，An average of 1.459 billion share issuance，The whole issue of the market proportion is 34.76%。And in 2011，Stock fund were issued only 106，Of 114.295 billion，An average of 1.078 billion shares，Accounting for 41.37% than。

　　尽管平均募集规模比去年有所增长，但从股基整体发行现状及占整体市场比重来看，仍然有所降低。混合型基金今年发行6只，共募46.25亿份，平均募集7.71亿份，占市场比重1.67%。而受欧债危机影响，QDII的发行很不乐观，今年共发9只，募集总额42.36亿，平均募集仅4.71亿份。

Although average raise scale growth than last year，But from the whole issue of the present situation and the proportion of the overall market to see，Still reduced。Hybrid funds only 6 issue this year，From a total of 4.625 billion，An average of 771 million to raise，1.67% of the market。By European debt crisis and influence，The issue is not optimistic QDII，This year nine of hair，Raise total 4.236 billion，Average only 471 million a raise。

　　相比之下，固定收益类产品则成为发行市场主导者。

compared，Fixed income products has become the leading publication market。

　　截至8月6日，债券型基金发行31只，募集725.91亿份，平均份额23.42亿份，占市场比重26.21%。货币型基金发行8只，募集836.19亿份，平均份额104.52亿份，占比30.19%。保本型基金亦发行8只，募集121.46亿份，平均份额15.18亿份，占比4.38%。

As of August 6,，A bond fund issued only 31，Raising of 72.591 billion，An average of 2.342 billion shares，26.21% of the market。Monetary fund issued only 8，Raising of 83.619 billion，An average of 10.452 billion shares，More than 30.19% of。Guaranteed fund also issued only 8，Raising of 12.146 billion，An average of 1.518 billion shares，More than 4.38% of。

　　时间倒回至2011年，债基平均募集18.41亿份，占比27.32%；货基平均募集25.11亿份，占比4.55%；保本基金平均募集21.6亿份，占比13.29%。

Time was back to 2011，An average of 1.841 billion to raise the debt，More than 27.32% of；An average of 2.511 billion, raise the goods，More than 4.55% of；An average of 2.16 billion guaranteed fund raising，More than 13.29% of。

　　我们再将时间维度拉长至2010年，彼时债基平均发行39.03亿份，占市场比重20.15%；货基平均发行44.75亿份，占比4.33%；而保本基金的数据为零，意味着当年并无保本型基金发行。

We then time dimension stretched to 2010，At an average of 3.903 billion, issued debt，20.15% of the market；An average of 4.475 billion, issued the goods，More than 4.33% of；And the data for zero guaranteed fund，That means that there is no guaranteed fund issuance。

　　从今年算起退后两年，固定收益类基金的市场占比分别为60.78%、45.16%、24.48%。三年的时间跨度不难发现，固定收益类产品正慢慢蚕食着权益类产品的市场份额。

From this year's count back two years，Fixed income funds of the market than were 60.78%、45.16%、24.48%。Three years of time span is not hard to find，Fixed income kind of product is slowly shrinking the rights and interests kind the product's market share。

　　股市哀鸿遍野，债市不断走强，是造就这一现象的主要原因。然而好买基金首席分析师曾令华分析认为，固定收益产品多发的趋势不会长久持续，国外市场固定收益类占比仅为15%。某一天当债市的光环退去，股市重新崛起，权益类产品的境遇便会得到反转。

Stock market there is so much pain，The strengthening of the debt markets，This phenomenon is a main reason。However good buy fund chief analysts think CengLingHua analysis，Fixed income of the multiple products trends will continue for a long time，The foreign market fixed income kind account for more than just 15%。One day when the bond market aura recede，Stock market rise again，The plight of the rights and interests kind products will get reversals。

　　发行大事件 Big events issued

　　2012年发行市场的崛起，始于两只沪深300ETF的超额发行。5月4日，华泰柏瑞沪深300ETF结束募集，首募329.69亿份。3天后，嘉实沪深300(160706,基金吧)ETF以193.33亿份的规模成立。两个交易所之间的暗战，以近两年来未曾出现过的天量首募规模华丽谢幕。尽管上市交易后，两只产品均出现不同程度的赎回，但不置可否，2012年的发行神话已经铸成。

Issued in 2012, the rise of the market，Began in two csi 300 ETF excess issue。May 4,，China peaceful BaiRui csi 300 ETF end collect，The first offering of 32.969 billion。3 days，Csi 300 fine fruit(160706,Fund it)In 19.333 billion the scale of ETF was established。Two exchange between the dark war，In the past two years have not seen in the day the first offering of scale luxuriant curtain call。Although after the listing，Two products are in different degree of redemption，But the fence，In 2012 the issuance of the myth has a molten image。

　　5月9日，当人们还没有从前述两只产品的热潮中回过神来，汇添富理财30天和华安月月鑫短期理财的成立，又一次给羸弱的市场注入力量。两只产品分别首募244.42亿份、182.22亿份。

May 9,，When the people do not have the foregoing two products from the rush back to god，Collect add rich financial 30 and HuaAn month xin the establishment of the short-term financial management，Once again to the weak market power injection。Two products separately from the first 24.442 billion copies、Of 18.222 billion。

　　随后，创新型短期理财产品发行潮袭来。众基金公司纷纷上报，有些公司甚至撤回已上报的产品而给短期理财基金让道。

then，Innovative short-term financial products issued by the tide。The fund companies have reported，Some companies are even withdraw already reported for short-term financial products and fund my way。

　　6月12日，汇添富理财60天又募集出160.59亿份的份额；7月10日，汇添富理财14天首募117.85亿份。数只百亿基金诞生，使汇添富在行业中的排名迅速升至第七位。而前十保卫战的号角也随即拉响。

June 12,，Collect add rich financial 60 days and raise the 16.059 billion copies of share；July 10,，Collect add rich financial 14 days first offering 11.785 billion copies。Only a few fund yuan was born，Make remit the ranking in the industry to add rich quickly rose to seventh。And ten of the defense before and horn sounded。

　　当银行渠道及投资者明显偏好固定收益类产品后，各大基金公司的产品研发重点也向此倾斜。

When the bank channel and investors clear preference fixed income after products，Each big fund company's product development to the key to tilt。

　　博时、广发、大成等公司明确表示，今后的发展重点就是固定收益类投资。博时基金固定收益部相关人员表示，信用产品将是未来固定收益产品发展的主要方向之一。博时早在2006年就开始开发自有的信用评级系统，通过定性和定量的研究，来对信用债进行风险评估和估值分析。

When rich、Wide hair negotiable、The company made it clear that incorporates, etc，The development of the future is to focus on fixed income investments。When the rich fixed-income department related researchers said，Credit products will be the future fixed income product development is one of the main direction。When rich early in 2006 to develop their own credit rating system，Through the qualitative and quantitative research，To credit debt risk assessment and valuation analysis。

　　而南方和招商，则随即演绎了债基发行大戏。7月20日，南方润元纯债首募85.62亿份；招商信用增强债更是一天募集37亿份封顶。招商基金总经理许小松曾表示，国内基金产品同质化严重，而且固定收益的基础投资市场发展相对不足，这与投资者分散风险的需求增长不符。一席话可以看出招商未来产品研发的方向。

And the southern and investment promotion，It then deduced debt issuance and spectacular。July 20,，The southern embellish yuan pure debt first offering 8.562 billion copies；Investment promotion credit enhancement debt is a day of raising 3.7 billion Monday。General manager of investment promotion fund XuXiaoSong has said，Domestic fund product homogeneity serious，And the fixed income based investment market development is relatively inadequate，This and investors dispersing risk not demand growth。A words can see the future direction of the investment promotion product research and development。

　　持续的创新 Continuous innovation

　　继短期理财产品等固定收益类创新型基金不断推陈出新后，市场似乎将创新的目光放在了ETF产品上。除此前创造发行神话的沪深300ETF，以及刚结束募集不久的跨境ETF，近期，博时欲打造债券ETF及黄金ETF产品。与之同时竞争的基金公司分别是国泰和易方达。

After short-term financial products and fixed income kind innovative fund after constantly，The market seems to be the eyes of innovation in the ETF products。Before the issuance of the myth that create csi 300 etfs，And just raise the end soon cross-border etfs，recent，When bo to create bonds ETF and gold ETF products。Meanwhile the competition of fund company is cathay Pacific and YiFangDa respectively。

　　作为行业第二大基金公司，易方达今年创新势头大增。早在今年5月3日，易方达就发行了一只彼时还较为稀有的纯债基金，首募达84亿份。此后，易方达又将创新矛头指向ETF产品。

As the second largest fund industry company，YiFangDa innovation momentum this year has greatly increased。As early as this year May 3，YiFangDa will issue a relatively rare back then is pure debt fund，The first offering of 8.4 billion copies。Since then，YiFangDa and innovation are pointing at ETF products。

　　但是，好买基金首席分析师曾令华认为，相比固定收益类创新产品，ETF产品更偏向于投机者，对大部分散户而言意义不大。

but，Good buy fund chief analysts CengLingHua think，Compared with the fixed income kind innovative products，ETF products turn even more to speculators，For most retail meant the is not big。

　　未来4个月，发行市场会带来怎么的惊喜，拭目以待。

The next four months，Circulation market will bring how of surprise，see。