⊙记者 涂艳 ○编辑 张亦文

TuYan ⊙ reporter zhang aijing ○ editor

　　业内迅速掀起一股超短期理财基金的热潮。在基金公司纷纷抢滩7天、14天理财基金的同时，渠道似乎也传来不小的回应。

The industry quickly set up a huge super short term financing fund upsurge。In the fund companies have beaching 7 days、14 days financial fund at the same time，Channel seems to have spread a lot of response。

　　渠道叫好 Channel hurrah

　　“在银行超短期理财产品被迫下架之后不久，就有渠道找到我们看能不能开发超短期理财基金。其实有很多银行客户有这方面的需求，而这也是普通期限理财产品断档接驳中银行留住客户的很好选择。”工银瑞信的一位渠道人士透露。

“In the bank super short term financial products were forced to shortly after the frame，Have channel find we can see if it's development super short term financing fund。There are a lot of bank customers have the demand，And this is also the common term financial product DuanDang connection Banks in retaining the customer is very good choice。”Work silver rui believed a channel sources。

　　而在2011年底，银监会为控制商业银行通过发行短期理财产品来揽取存款的行为，专门发文限制了期限在1个月以下银行理财产品的发行。

At the end of 2011，The CBRC to control commercial Banks through the issuance of short-term financial products to pull QuCunKuan behavior，Special outgoing mail limits the term in a month the bank financing products issue。

　　据悉，本周五业界首只将运作周期缩至7天的超短期理财新品——工银瑞信7天理财债券型基金在全国上柜，而募集期也仅为4天。而接下来，在8月6日同时拿到批文的嘉实7天理财债基也将在20日首发。

It is reported，On Friday, the first will only operation cycle shrinkage to 7 days of super short term financing new product -- work silver red letter day 7 financial bond fund in the national otc，And collect period also only for four days。And the next，On August 6, at the same time to the approval of the fine fruit 7 days financial debt base will be 20 starting。

　　此前，首批短期理财基金的数百亿募集规模再次刺激了市场的神经，而本次除了工银瑞信、嘉实的两只7天理财债基获批外，还有包括富国基金(博客,微博)的7天理财现金宝和招商基金的7天理财债基都在待审。

after，The first batch of short-term financial fund raising scale billions again to stimulate the nerve of the market，And the work except silver red letter、Fine fruit two 7 days financial debt base outside approved，There are including rich fund(blog,Micro bo)Seven days financial cash treasure and investment fund 7 days financial debt base are pending。

　　据普益财富的7月银行理财市场报告显示，7月份发行的理财产品平均期限为121天，而目前银行理财产品中1-3个月期限的占到主流，达55.05%，其次分别是占比达24.91%和12.35%的3-6个月产品和6-12个月产品。也就是说，目前对于流动性要求极高的客户尤其是大资金客户来说，银行理财产品似乎显得“无能为力”。

According to PuYi wealth on July bank financing market report，July issue of financial product average time period for 121 days，And at present bank financing products 1-3 months of time limit of the mainstream，Up to 55.05%，Secondly were accounted for more than 24.91% and 12.35% of 3-6 months products and 6 to 12 months products。That is，At present liquidity requirements for high customer especially big money for customers，Bank financing products seem to appear“powerless”。

　　同时，与银行理财产品5万元的门槛相比，基金的千元门槛也无疑便于吸引对资产流动性要求较高的小额投资者参与其中。而同时，工银瑞信7天理财债基的投资管理费和托管费分别为0.27%/年和0.08/年，均低于目前货币型基金0.33%/年和0.10%/年的水平。

At the same time，And bank financing products 50000 yuan compared threshold，Fund one thousand yuan threshold is also easy to attract to liquidity requirements higher small investors involved。At the same time，Silver red letter work 7 days financial debt base investment management fee and custodian fee were 0.27% / 0.08 and/year，All is below the current monetary fund 0.33% per year and 0.10% / level。

　　信用债仍有配置价值 The credit debt still have configuration value

　　短期理财基金的投资方向是大部分投资者更为关切的话题，类似产品与货币基金、通知存款等是否有相对优势？是否能提供投资者一个满意的回报率呢？

Short-term financial fund investment direction is the majority of investors are more concerned topic，Similar products and monetary fund、Notice deposit have comparative advantage？If you can provide investors a satisfactory rate of return it？

　　据了解，类似短期理财基金多将投向银行协议存款、大额存单、短融券和央票等，与货币基金多数无异。但在正回购上限上，工银7天理财可达40%，高于货币型基金20%的上限。当个券存在较好的投资机会时，管理人能够使用更高比例的回购杠杆来放大投资回报。当然，如果发生市场错判，使用正回购所产生的高杠杆也会导致亏损幅度的增加。

It is understood，Similar short-term financial fund will be more to the bank deposit agreement、Big deposit receipt、Short securities and central ticket, etc，And monetary fund the most。But in positive repurchase on upper limit，Silver work 7 days finance can amount to 40%，Monetary fund 20% higher than the upper limit。When a ticket is good investment opportunities，The manager to use a higher proportion of the buyback lever to enlarge investment return。Of course，If there is mistake market，Use the buyback is produced by the high lever can also lead to the increase of amplitude losses。

　　同时，由于产品并未要求基金经理完全采用持有到期策略，组合平均剩余期限最高可到127天，与产品7天的投资期限存在错配，管理人的动态期限配置空间较大。

At the same time，This product did not ask for the fund manager completely using hold expires strategy，Combination average remaining term of the highest to 127 days，And the product of seven days investment period exist mismatch，The administrator of the dynamic term configuration space larger。

　　对于短期理财基金而言，应对到期申赎的流动性压力也是一个考验。对此，海通证券(600837,股吧)认为，以工银这只产品为例，由于其投资范围限定了产品只能投资于一些高评级、高流动性个券，同时40%的回购比例上限也使管理人能够在出现超预期赎回时，通过债券正回购大量融入现金，因此总体来看资金延期兑付发生的概率并不大。

For short-term financing in terms of fund，Deal with maturity "redeem liquidity pressure is also a test。this，Haitong securities(600837,guba)think，Work with silver this only products as an example，Because of its investment limited the product can invest in some high rating、High flow a voucher，At the same time, 40% of the buyback proportional limit also make the manager to appear in super expected when redemption，Through the bonds are buyback a lot into cash，Therefore overall capital extension of the probability of occurrence in a cash is not big。

　　同时他们认为，近期发布的数据显示宏观经济出现企稳迹象，而复苏期中信用利差有望缩窄，当前时点上信用利差相对较大的中低评级信用债产品仍具有较好的长期投资价值。

At the same time they think，Recent data released by the display macroeconomic appeared signs of stabilising，And in the FuSuQi credit spread is expected to shrink narrow，The current credit spread point relatively large low rating credit debt products still has a good long-term investment value。