时间：2012年8月23日14：00-15：30

time：August 23, 2012 14：00-15：30

　　地点：中国证券网（www.cnstock.com）

site：The China securities network（www.cnstock.com）

　　嘉宾

guests

　　曾令华：好买基金首席分析师

CengLingHua：Good buy fund chief analyst

　　倪韵婷：海通证券(600837,股吧)基金分析师

NiYunTing：Haitong securities(600837,guba)Fund analysts

　　刘亦千：上海证券基金评价中心分析师

LiuYiQian：Shanghai securities fund evaluation center analysts

　　参与互动人数：3806

Participate in the number of interaction：3806

　　峰值访问数：965人

Peak access number：965 people

　　发帖数：278帖

Post number：278 1

　债市长期仍可配置 Long-term bond market can still be configuration

　　游客93137问：目前债券市场开始调整，目前还适合申购债基么？哪类产品投资优势较佳？

93137 visitors to ask：At present the bond market began to adjust，There is suitable for explain buy debt base yao？What kind of product investment advantages better？

　　刘亦千：短期内债券市场仍将承压，整体性投资机会欠缺，但长期来看债券型基金的配置价值仍然明显，建议投资者重点关注债券型基金的配置价值而非短期收益性。对于长期配置型投资者而言，目前仍然可以申购债基。从投资机会来看，建议警惕信用债和长期券种不断积累的风险，重点配置流动性更强、安全性更高的中短期债券型基金以及短期理财基金、货币市场基金。

LiuYiQian：Short term bond market will still confined，Lack of integrity investment opportunities，But in the long term bond fund configuration value still obvious，Suggest investors focus on bond fund configuration value rather than short-term profitability。For long-term investors type configuration，At present can still purchase debt base。From the investment opportunity to see，Advice alert credit debt and long-term certificate to accumulate risk，Key configuration fluidity stronger、Safety higher short-term bond fund and the short-term financial fund、Monetary market fund。

　　倪韵婷：近期债市调整的主要原因在于外汇占款持续回落，降准预期落空所导致的资金面趋紧，同时上半年基金投资信用债获得了巨大的浮动盈利，短期获利了结情绪也打压了债市表现。此外，受暴雨天气影响，近期蔬菜等食品价格上涨迅猛，美国经济数据下滑也使QE3悬于箭上，8月CPI回头的概率较大。因此债市的调整可能还会持续一段时间，短期可能并不是债券型基金的最好配置时机。不过短期收益率曲线与资金面相关度更大，资金收紧提升了短期债券的收益率，物价上涨预期对其影响较为有限，因此近期发行的久期在半年至1年左右的定期开放式债基和理财债基当前相对投资价值更高。

NiYunTing：The recent adjustment of bond market is the main reason for funding of foreign exchange dropped，Drop quasi expected lost in tightening the financing side，At the same time in the first half of the fund investment credit debt was a great floating profit，Short-term profits mood also crack down on the performance bond market。In addition，By the heavy rain weather，Recent vegetables food prices rise rapidly，Economic data in the us downturn also make QE3 hanging in the arrow，August the probability of CPI back larger。So the adjustment of the bond market could continue for a period of time，Short term bond fund may not be the best configuration time。But the short-term rate of return curve and financing area more correlation，Tightening the money improve short-term bond yields，Rising prices expected to its influence is relatively limited，Therefore in the current issue of long period in the six months to 1 year or so regular open debt financing and debt base current relative investment value higher。

　　曾令华：影响债券市场的几大因素来看：其一经济还是比较弱，这对债市利好；其二，CPI还处于低位，这也是利好；其三，总体放松的趋势不变，这也是利好；不好的方面，前期涨幅过大，信用债发行压力，以及央行松的节奏较慢。目前来看，债市是一个震荡行业，如果跌幅较大，可能会有一个波段的机会。

CengLingHua：The bond market influence of several major factors to see：One economy was still weak，The bond market bullish；The second，CPI is still in a low level，This is also good；thirdly，Overall relaxation trend unchanged，This is also good；Bad aspects，Too early or，The credit debt issuance pressure，And the central bank pine rhythm is relatively slow。So far，The bond market is a concussion industry，If heavy falls，There may be a band opportunities。

　　游客38437问：现在股市债市都陷入调整，投资进入“空窗期”，请问有哪些品种您比较看好？

38437 visitors to ask：Now the stock market bond market have sunk into the adjustment，Investment in“Window period”，Excuse me what breed you will prefer？

　　刘亦千：尽管市场或将在对未来恐慌的惯性中继续保持弱势，但随着市场的持续下跌和微幅放松政策的长期累计效，市场投资价值不断加大，尽管我们无法预测最佳的投资时点，但长期布局的时机已经到来。建议“稳健投资者保持谨慎、积极投资者积极布局”，其中稳健投资者建议关注亏损可能性极小且收益稳定货币市场基金、短期理财债基，积极投资者重点关注选证能力突出的历史绩优基金。

LiuYiQian：Although the market or in the future will be in panic to keep the inertia of the weak，But as the market continues to fall and slightly relax policy long-term accumulated effect，Market increasing investment value，Although we can't predict the best investment time，But long-term layout time has come。Suggestions“Robust investors remain cautious、Active investor actively layout”，The robust investors suggest attention deficit chance and income stable monetary market fund、Short-term financing bonds base，Active investors focus on selected card ability outstanding historical performance optimal fund。

　　倪韵婷：当判断债市股市机会均不好的情况下，可以考虑适当配置货币基金、短期理财债以及有运作周期的分级基金稳健类份额，来提高资金的使用效率。对于风险承受能力较强的投资者，也可以考虑配置持有到期年化收益较高具有安全垫的传统封基。

NiYunTing：When judge bond market stock market opportunities are bad situation，Can consider the appropriate configuration monetary fund、Short-term financing bonds and operation cycle classification fund robust class share，To improve efficiency in the use of funds。For risk to bear ability strong investors，Also can consider configuration hold expires annualised income is higher with safety cushion traditional seal base。

　短期理财基金“吃香” Short-term financial fund“popular”

　　游客72493问：请问短期理财债基和货币基金相比优势何在？不同周期的短期理财债基如何选择？

72493 visitors to ask：Excuse me, short-term financial and monetary fund debt than what advantage？Different period of short-term financing bonds base how to choose？

　　刘亦千：短期理财债基和货币基金相比，前者的优势在于未来收益可明确预期，无论是未来收益率走高还是走低，均可较为直观的预期和反映；后者的优势在于流动性更强，申购赎回不受持有时间限制。对于不同周期的短期理财债基，理论来讲，周期更长的品种因为牺牲其流动性，预期收益更高，但由于不同的投资者对流动性的要求不一样，投资者可以根据自身的流动性需求选择合适的品种。

LiuYiQian：Short-term financing and debt than monetary fund，The former's advantage lies in the future income can clear expectations，Whether the future rate of return go high or low，All can be more intuitive expected and reflect；The latter's advantage lies in the fluidity stronger，Explain buy redemptive from holding time limit。For different period of short-term financing bonds base，Theoretical terms，Cycle longer varieties for sacrifice its fluidity，Expected earning higher，But as a result of different investors to liquidity requirements are different，Investors can according to their own liquidity demand choose appropriate varieties。

　　倪韵婷：短期理财债的相对优势主要有两点：1、期间封闭运行，或者必须有一定的持有期，管理人可以采用期限匹配的方式来锁定收益，并规避流动性风险；2、银行间市场杠杆使用比例更大。目前理财债基在银行间市场的回购比例上限是净资产的40%，而货基是20%，在相同条件下通过持有到期所得到的收益更高；3、信用债评级要求更低。理财债基对于信用债评级要求一般可以放到AA或AA-，而货基则要求较高。短期理财债基属于短久期产品，一般来说，期限越短的产品在加息通道中能够通过产品的轮换使得收益率跟上市场水平，因此如果预期未来利率上升，尤其是经济进入滞胀期时，这类产品相对价值较高。而在降息通道中，长久期产品可以提前锁定相对更高的收益，因此这一阶段债券型基金，尤其是纯债型基金表现要好于短期理财债基。

NiYunTing：Short-term financial debt relative advantage mainly has two points：1、Closed operation during，Or must have certain profitability，Managers can use period matching way to lock income，And avoiding the liquidity risk；2、Interbank market leverage use proportion is bigger。The current financial debt base in the interbank market buybacks proportion of the net assets of the upper limit is 40%，And cargo base is 20%，In the same conditions through the hold expires the higher yield；3、The credit debt rating requirements more low。Financial debt base for the credit debt rating requirements can generally in AA or AA -，And cargo base is the demand is higher。Short-term financing bonds base belong to short duration products，Generally speaking，The shorter the time limit of the products in raising interest rates to channel through the rotation rate of return on that keep up with the market level，So if a rise in interest rates expected future，Especially when economic stagflation period，This kind of product relative value is higher。And in cut interest rates in the channel，Long period products can advance lock higher yields，So this stage bond fund，Especially pure debt fund performance better than the short-term financial debt base。

　　游客83053问：近期短期理财债基扎堆发行，期限也呈现短期化趋势。您认为该类基金适合哪类投资者？

83053 visitors to ask：Recent short-term financing bonds issued base gathers together，A lot of time also presents the trend。Do you think this kind of fund is suitable for what kind of investors？

　　倪韵婷：适合资金量不大、同时存在短期支出需求的低风险投资者，这类产品是活期存款良好的替代品。另外，在投资者对大类资产（如股票、债券）的未来走势判断不清晰，需要短期观望时，短期限的理财债也是寄存资产的良好对象。

NiYunTing：For there is not、At the same time existing short-term expenditure demand lower risk of investors，This kind of product is current deposit good substitutes。In addition，In the investors in the categories of assets（Such as stock、bonds）The future trend of the judgment is not clear，Need short-term when watching，Short term financial debt is also register assets good object。

　　刘亦千：短期理财基金期限短，执行买入并持有的策略，使用成本摊余法估值，亏损风险极小，但收益也低于股票型基金、混合型基金和普通债券型基金，适合对资金安全性和流动性要求较高、不能承担亏损风险的低风险偏好者。

LiuYiQian：Short-term financial fund short term，Executive buy and hold strategy，Use cost amortized method valuations，Loss risk minimum，But earnings are lower than the stock fund、Mixed type fund and common bond fund，Suitable for capital safety and liquidity demand is higher、Can't bear the risk of loss of low risk preference person。

　分级基金“分开看” Classification fund“Separate see”

　　游客20585问：相对分级股基稳健份额的迅猛上涨，债基A类份额上涨也较为可观。请问背后的原因是什么？未来是否还有投资机会？

20585 visitors to ask：Relative classification strands of base steady share of the rapid rise，Debt base class A share rise is also considerable。The reasons behind the excuse me, what is it？Whether there is a future investment opportunities？

　　刘亦千：近期股债两市皆弱，分级基金稳健份额的约定收益较高，在当前市场环境中优势明显，受到投资者青睐，二级市场表现强劲。另一方面随着市场持续疲软分级基金杠杆份额吸引力渐退，带动稳健份额折价有所回归，二级市场上表现较好。此外，少数产品因其合约约定的不定期折算模式隐含看空期权，而随着市场下跌产品相应母基金净值已经接近其不定期折算点，隐含套利机会，引发投资者参与。从短期投资机会来看，上市的稳健份额的后市走势还得依赖于股票市场的表现，倘若股市持续下跌，稳健份额将继续保持强势；但若股票市场扭转走强稳健份额或面临一定调整风险。

LiuYiQian：Recently a debt two cities are weak，Hierarchical fund steady share agreement income is higher，In the current market environment obvious advantages，By investors favor，The secondary market strong。On the other hand along with the market remains weak classification fund lever share attraction away，Drive steady share discount to regression，Secondary market performance is better。In addition，A few products because of its contract agreed tramp reduced mode implied look empty option，But along with the market fall products corresponding mother fund net value is close to the tramp reduced point，Implicit arbitrage opportunities，Cause investors to participate in。From short-term investment opportunities to see，Listing of the steady share of the trend of the market outlook still have to depend on the performance of the stock market，If the stock market continued to drop，Robust share will continue to remain strong；But if the stock market torsional stronger robust share or faced with a certain risk adjustment。

　　曾令华：债基的A份额，一般是有固定年限，约定收益的份额，这类份额的预期明确，赚多少钱是可以算出来的，目前来看，像海富通稳进增利A、泰达宏利聚利A，年化收益是6%左右，分别有2-3年左右。如果期限匹配，而且对这个收益率还满意的话，可以投资。

CengLingHua：Debt base the A share，There is usually fixed fixed number of year，The share of income agreed，This kind of share clear expectations，How much money can be worked it out，So far，Like fortis haitong stability ZengLi into A、The teda manuterm gather the A，Annualised yield is about 6%，There were 2-3 years or so。If the time matching，Also to the rate of return is satisfied with words，Can invest。

　　倪韵婷：目前市场整体没有趋势性的机会，因而类似固定收益类产品的稳健份额关注度有所提升，相比市场上无风险利率，稳健份额每年的约定收益显著更高，因而是稳健投资者不错的选择。这其中我们需要区分有到期日和永续型的产品，对于永续型产品，其利息每年以母基金形式偿付，但本金只能通过二级市场买卖，因而会受到折溢价波动影响，建议投资者在折价较大时才介入。对于有到期日的产品我们可以很容易计算出其持有到期的年化收益，目前市场上多只这类产品持有到期年化收益均在6%以上，对于稳健投资者而言仍具较高配置价值。

NiYunTing：The present market overall no trend of opportunity，So similar fixed income products steady share attention to improve，Compared with the risk free rate on the market，Robust share every agreed to a significantly higher earnings，It is robust investors good choice。Which we need to distinguish between a maturity date and sustainable type products，For sustainable type products，Its interest every year by mother fund payment forms，But the principal only through the secondary market trading，And will be affected by folding premium fluctuations，Suggest investors in large discount to intervention。For maturity date products we can easily calculate the hold expires the annualised income，More on the market at present only this kind of product hold expires annualised income are more than 6%，For robust investors still provide higher configuration value。

　　（本报记者 丁宁 整理）

（Our reporter DingNing finishing）