每日经济新闻(博客,微博)记者 裴文斐 发自上海

Daily economic news(blog,Micro bo)Reporter PeiWenFei from Shanghai

　　“港口航道项目融资渠道主要还是依靠银行和债券，港口信托在基建项目中比较冷门。”业内人士告诉《每日经济新闻》记者，“港口公司资产收益率比较低，较难到期偿付信托项目。”

"Port channel project financing channel is still mainly rely on Banks and bond,Port trust in the infrastructure project unpopular."The personage inside course of study tells[Daily economic news]reporter,"Port company return on assets is lower,More difficult to expire reimbursement trust project."

　　9月7日，发改委批准了7个港口航运基建项目，数百亿的投资预算催生出大量融资需求，记者在采访时发现，银行和债券依旧是港口企业融资的主要选择，不过银行的态度则较为冷淡。

On September 7,,Development and reform commission approved the seven port shipping infrastructure projects,Billions of dollars in investment budget gave birth to the large financing needs,In an interview with reporters found,Banks and bond is still the main port enterprise financing choice,But the attitude of the bank is very cold.

　　一些银行人士向记者透露，基建项目最受欢迎的仍是房地产、轨道交通，港口业务由于经济下滑、进出口贸易受阻等原因并不受青睐。

Some bankers has revealed,Construction project of the most popular is still real estate/Rail transit,Port business because of the economic downturn/Import and export trade hindered wait for a reason is not popular.

　　有分析师对港口建设项目表示担忧，他指出港口需求增长已经减缓，但建设仍未止步，未来费率及产能利用率前景堪忧。

Analysts said it was worried for port construction projects,He pointed out that port demand growth has been slow,But still did not stop the construction,The future rate and capacity utilization prospects are grim.

港口融资渠道还是银行 Port financing channels or bank

　　“眼下国内港口建设融资，主要渠道还是银行，国际上港口建设的主要融资渠道就是债券和银行贷款。”一资深信托人士告诉记者，“港口信托并非主流，此前国内港口如河北曹妃甸曾成功发行产品，目前正在预热的港口项目非常稀少。”

"At present domestic port construction financing,The main channel or bank,International port construction on the main financing channels is bonds and bank loans."A senior trust people told reporters,"Port trust is not the mainstream,After the domestic ports such as hebei caofeidian had successfully issued products,Is currently preheating port project is extremely rare."

　　信托这几年异军突起，帮助不少企业渡过难关。融资领域涉及各行各业，5.54万亿元的受托规模仅次于保险，位居国内金融行业规模第三的位置。

Trust this years rise,Help many companies tide over the difficulties.Financing areas involved in all walks of life,5.54 trillion yuan after the scale of insurance,In the domestic financial industry scale third place.

　　虽如此，“港口项目信托的缺点是收益率低。”资深信托业人士刘擎接受《每日经济新闻》记者采访时表示，“经营港口本身并不特别赚钱，大部分港口上市公司资产收益率比较低，若资产收益率低于10%，理论上就无法支撑信托项目的成本。而且港口盈利状况各不相同，赤湾港、大连港(601880,股吧)、连云港(601008,股吧)、日照港(600017,股吧)，负责任的信托经理还需要去调查核算。”

Is so,"Port project trust are the shortcomings of low yield."Senior business people kymlicka accept[Daily economic news]A reporter to interview said,"Business port itself is not particularly to make money,Most of the port listed companies return on assets is lower,If the return on assets less than 10%,In theory could not support the trust project cost.And port profitability each are not identical,Chiwan port/The dalian port(601880,guba)/lianyungang(601008,guba)/Rizhao port(600017,guba),Responsible trust manager need to investigate accounting."

　　“个人认为，港口融资最容易获得市场认可的方式是抵押股票。因为大多数的港口都有股票，上市公司就有10多个。”刘擎向记者表示。

"Personally think,Port financing the most easy to get market recognition way is mortgage stock.Because most of the port has stock,The listed company has more than 10."Kymlicka told reporters.

　　利得(中国)财富管理研究院副总监王珍向记者透露，“港口项目融资总金额比较大，需要比较资深、财力雄厚的信托公司方能承办。”王珍告诉记者，“规模较小的信托公司的资信水平易受质疑，大信托公司对接的概率比较大。”

gains(China)Wealth management institute vice director WangZhen has revealed,"Port project financing total amount is bigger,Need to compare senior/Deep pockets of the trust company can undertake."WangZhen told reporters,"Smaller trust company's credit level is susceptible to question,Big trust company docking probability is bigger."

　　而银行对于港口融资看法不一，国有大行表示，只要满足融资条件，可以提供贷款；而部分中小银行表示，不愿意涉足于此。

And bank for port financing opinions differ,The state-owned big line said,As long as meet the financing conditions,Can provide loans;And some small and medium-sized bank said,Don't want to set foot in this.

　　“对于此类固定资产购置，只要符合贷款要求，我们都可以办理。”某国有大行支行行长告诉记者，“不过，对于银行更偏爱大企业做固定资产购置，小企业风险略高。银行做得最多的基建项目还是房地产、轨道交通。”

"For this kind of fixed assets acquisition,Should accord with the request for the loan,We can be dealt with."A state-owned large line branch President told reporters,"but,For bank prefer big enterprise do purchase of fixed assets,Small businesses slightly higher risk.Bank doing most of the infrastructure project or real estate/Rail transit."

　　某城商行人士告诉记者，港口项目融资金额较高，该行不愿意涉及。“对于周期长、项目融资额大的港口项目我们持谨慎态度。”该人士说道，“还要观察融资方情况，是多年积累还是刚刚转型，企业家素质等诸多因素。”

A city business people told reporters,Port project financing amount is higher,The bank would not involved."For a long period/Project or junk-rated big port project we cautious attitude."This personage said,"To observe RongZiFang situation,Is accumulated for many years, or just transformation,The quality of entrepreneur, and many other factors."

　　不过，也有行业乐于接受港口项目，一票据公司负责人告诉记者，类似港口项目的基建工程，只要企业出示银行开具的承兑汇票，他们就会积极贴现。

but,Also have industry to accept the port project,A bill company controller told reporters,Similar port project construction engineering,As long as enterprise show issued by the bank acceptance bill,They will actively discount.

　　“基建项目可以免税，不要增值税发票，贴现起来更简便快捷。”上述票据公司负责人说道。

"Construction project can tax exemption,Don't bill of value added tax,Discount up more simple and rapid."The above bill company officials said.

产能过剩存忧 Excess capacity with sorrow

　　港口上半年完成吞吐量47.4亿吨，同比增长7.2%，虽总体保持增长，但增速继续回落，分析师指出，这是受到国内经济增速放缓、需求放缓、欧美经济危机影响所致。

Port throughput of 4.74 billion tons in the first half finished,Year-on-year growth of 7.2%,Although the overall growth,But growth continues to fall,Analysts pointed out that,This is by the domestic economic growth is slowing/Slowing demand/Europe and the United States economic crisis caused by the impact.

　　“经济环境不佳，对进出口行业影响较深，复苏还需要时间，而一般港口信托项目也就1~2年，港口兑付压力颇大。”有信托人士也对此表示担忧。

"The economic environment is not good,To import and export industry influence deep,Recovery still need time,And general port trust project is 1 ~ 2 years,Port cash a pressure is quite big."A trust people also expressed concern.

　　齐鲁证券的一份研报直言，需求增长虽减缓，港口建设仍不止，未来费率及产能利用率前景堪忧。

Qilu securities a research report the truth,Demand growth is slow,Port construction is still more than,The future rate and capacity utilization prospects are grim.

　　“从购买固定资产、无形资产和其他资产支付现金来看，虽然较去年有较大的下降，但在建工程依然保持较高的水平，表明港口在基础设施建设领域保持较为旺盛的需求。”分析师在研报中指出。

"From the purchase of fixed assets/Intangible assets and other assets to pay cash,Although a large drop last year,But the project under construction is still maintain a relatively high level,Show that port in the infrastructure field remain relatively strong demand."Analysts said the research report.

　　“在建工程的规模占固定资产的比重约在19.2%左右，较2011年同期18.4%的水平有所上升，在建工程绝对规模较2011年同期增加27.9亿元 （未考虑期间在建工程转入固定资产的考量），在建工程规模巨大。”研报中说道。

"The scale of the project under construction of fixed assets proportion about 19.2%,Than the same period in 2011 increased 18.4% level,Construction in progress absolute scale is the same period in 2011 an increase of 2.79 billion yuan (During construction in progress without considering the fixed assets into consideration),Construction of large scale projects."Research report said.

　　“我们观察到华东和北方地区上市公司在建工程占比在40%以上，且这些项目主要为港口建设项目；而非上市公司港口的建设项目也主要集中在华北地区。环渤海和华东地区港口未来新建泊位的产能利用率存在一定的下滑风险。我们对于港口较为密集的华东及环渤海地区港口装卸费率和产能利用率仍然保持较为谨慎的态度。”分析师认为。

"We observe that the east China and the north area of listed company construction in progress than in more than 40%,And these programs mainly for the port construction project;And private companies port construction project also mainly concentrated in north China.Bohai sea and east China port future new berth of capacity utilization rate has certain risk down.We for port more densely populated east China and link bohai sea area port rate and capacity utilization rate still maintain a cautious attitude."Analysts believe.