见习记者 魏域涛

Trainee reporter WeiYu out

　　用益信托工作室日前发布《2012年7月集合资金信托产品统计》，统计显示，7月信托公司成立的集合资金信托产品总规模与6月大致相当，收益水平有所反弹。其中，基建类信托依然以222.28亿元的成立规模继续领跑各类信托产品。

Usufructuary trust studio to released《In July 2012 set capital trust products statistics》，Statistics show that，July trust company established set capital trust products total scale and June are roughly equal，Income level rebounded。the，Infrastructure class trust still with 22.228 billion yuan established scale continue to lead all kinds of trust products。

　　用益信托首席分析师李旸认为，由于今年基建类信托融资规模远小于2009年，像三年前那样受到监管层风险提示的可能比较小。

Usufructuary trust chief analyst li Yang think，Because this year construction class trust financing scale is far less than 2009 years，Like three years ago that regulated layer risk suggestive may be relatively small。

　　从成立情况来看，7月份集合资金信托产品成立429个，成立规模为763.66亿元，与上月相比，成立产品数量持平，成立规模环比略有上涨，涨幅为8.37%；与去年同期相比，产品数量同比减少2.65%，但成立规模有所上涨，同比涨幅为0.53%。

From the situation was established，In July of assembled funds established trust products in 429，Established scale for 76.366 billion yuan，Compared with last month，Product quantity was flat，Established scale link up slightly，A 8.37% increase；Compared with the same period last year，Product quantity to reduce 2.65% year-on-year，But the increase in the scale was established，0.53% year-on-year。

　　从预期年收益率来看，7月份成立的集合资金信托产品的平均预期年收益率为9.31%，环比上涨了49个基点，同比上涨16个基点。

From the expected rate of return on years to see，Established in July of capital trust products set the average expected annual return of 9.31%，Link up 49 basis points，Rising 16 basis points。

　　用益信托分析师颜玉霞表示，同今年全年平均收益相比，7月预期收益仍有所下降，这说明预期收益水平总体呈下降趋势。

Usufructuary trust analysts YanYuXia said，Compared with the year average income，July expected return still fell，This shows expected income level declined overall。

　　从7月份的成立规模来看，基础产业领域继续成为融资大户。用益信托数据显示，7月份基础产业领域的集合信托成立数量为81个，占比19%，成立规模为222.28亿元，占比29%，成立规模继续占据各类集合信托榜首。

From July to the establishment of the scale，Basic industry continues to be large financing。Usufructuary trust data display，In July the set of basic industries trust is established for the number 81，Accounted for more than 19%，Established scale for 22.228 billion yuan，Accounted for more than 29%，Established scale continued to dominate all kinds of set top trust。

　　“今年大量的地方债务平台的存量债务到期，而土地财政吃紧，债务展期和借新还旧成了地方政府的必然选择。”普益财富研究员范杰表示，由于银行对借新有较苛刻的条件，信托成了一个较好的选择。

“This year a large number of local debt platform of the stock of debt maturity，But the land finances，Debt extension and borrow new also old become the inevitable choice of the local government。”PuYi wealth FanJie researchers said，As Banks to borrow the new have a harsh terms，Trust is a good choice。

　　由于基础产业建设项目中很大部分是由地方政府牵头主导，此类业务天然地与“政信合作”及“地方融资平台”有着千丝万缕联系。有了地方政府“托底”，基础设施信托收益率之高不亚于房地产信托，且产品频频遭遇“秒杀”。

Due to the basic industry, a large part of a construction project by local government lead dominant，Such a business and natural“Political cooperation letter”and“Local financing platform”Closely contact。The local government“TuoDe”，Infrastructure trust yield high no less than real estate trust，And frequently encountering products“Seconds kill”。

　　安邦咨询认为，政信合作只是地方政府解决债务问题的一种权宜之策，但无法真正缓解地方政府的偿债压力，还会导致风险向社会资金的转移。

AnBang consulting think，Zheng letter cooperation only local government debt problems to solve a expedient way，But can't really ease local government debt service pressure，It can also cause a risk to the transfer of social capital。

　　值得注意的是，三年前基建类信托曾引发过一波热潮，后因监管部门出台风险提示而陷入低谷。三年前，受中央政府的四万亿经济刺激计划出台的鼓舞，一轮基础设施建设热潮在各地兴起，地方政府纷纷采取各种手段为项目融资，信托也是其中的渠道之一。

It is important to note that，Three years ago infrastructure kind of trust has triggered a wave of hot flashes，Because of the supervision department issued after the risk prompt and bottomed。Three years ago，The central government by the four trillion economic stimulus plans to come out of inspiration，Round of infrastructure construction boom in the rise all over，Local governments have adopted various means for project financing，Trust is also one of the channels。

　　“当年的情况和现在的背景不一样，上一轮以中央政府为主，这一轮以地方政府为主。而且基建类信托的规模也不一样，上次的规模要大一点，因为受到政策的影响，当年占了很大比例的银信合作项目被叫停了。”李旸向本报记者表示，就目前状况来看，基建类信托的成立受到银监会限制的可能性不大。

“The condition and the background of now is not the same，With the central government as the main last round，This round of local governments give priority to。And infrastructure class trust scale is different also，The last scale bigger，Due to the influence of the policy，The accounts for a significant proportion of such cooperation project was turned down。”Li Yang to our reporter said，The situation，The establishment of the trust construction class by the banking regulatory commission (CBRC) limit is unlikely。