"Silver cooperation now lack of good investments

China's financial year-end 2011 Sprint series? trust articles planned language in the eyes of ordinary people in the past quite a bit of mystery of the trust industry, now as their development has gradually "fading".　　The third quarter of 2011 China's trust industry amounted to $ 4.1 trillion in assets, and the end of 2010 this figure is only $ 3 trillion, are explosive growth. Trust productsReal estate investment trust is the most popular, 2011 issue size, release number per cent respectively in the first half, 137.36%.　　Fiery financial products coming out in the shadow of a Bank and credit cooperative, but since these talks involve financing attracted the attention of regulators in disguise, and a halt to the violations of which mode of operation. The launch of the 2011 ChinaFinancial year-end Sprint series not only combs the trust scale cooperation development, real estate investment trust diablo 3 gold, silver letters, also reveals the hidden risks.　　How healthy and stable development of trust industry in the future are the common issues faced by parties. 1 the first three quarters of trust from $ 3 trillion to $ 4 trillion in assets trust than 3.04 trillion at the end of last year for the first three quarters grew 34.78%; collection trust growth promotion reporter Xu Tianxiao China's trust industry trust from the end of 2010, the $ 3 trillion in assets grow to $ 4 trillion at the end of the third quarter of 2011, only 9 months of time. This year, despite the constraints of the trust company net capital management approach, as well as traditional businesses including real estate investment trustAnd the effect of Bank and credit cooperative business restricted, but from the sense of fiduciary asset growth, trust companies still deserve to be in all the financial sub-sectors of the brightest stars. Wealth trust analyst m. w. fanger Puyi on the securities Journal said four quarter scale raising trust funds are expected over the first three quarter slowed, the trust assets in increments of four quarter than the first three quartersWill decline.　　Four-quarter slowdown in calculating data in accordance with the trust industry association, the first three quarters of this year, each quarter a net increase of about $ 330 billion in assets of the trust. "In accordance with the general law in each of the four quarters of General customer recycling stages, many customers buy products at the end of the expectations are not high, and because current banks to relax credit trackLike, it would also have an impact on trust product release, and the extent of the credit crunch next year won't be as strongly this year, in terms of credit from the Bank, trust company products issued by the external environment is not as of next year so well this year. "Fan Jie said:" four-quarter trusts should be a further increase in assets, but the increment is not as the first three quarters of this rapidly。　　"Usufruct trust analyst Lee? also told reporters that, trust assets for the first three quarters of this year's growth rate exceeded expectations of benefit trust, but this year the four quarterly under the influence of factors such as net capital, trust assets for the industry to increase the total number at the same time, growth from the slower. Accelerate the running period of development trusts Association figures showed, up to 20On September 30, 11, trust company fiduciary trust had reached $ 4.1 trillion in assets, compared with $ 3.04 trillion at the end of last year grew by 34.78%. Bohai securities research report forecasts expected as China's economic growth and increased wealth of the population, will further enhance the demand for professional wealth management institutions, development of trust industry will be more widelyWide.　　2011 trust assets growth is expected to be at about 40%, Standard Bank and credit cooperative business and the effect of strengthening supervision of the real estate investment trusts, trust asset growth in the coming years is expected to decline, but remained at around 20%. From the perspective of horizontal comparison of the financial industry in 2008, total size of the trust assets for $ 1.23 trillion, accounting for only1.8% of total asset size of the financial industry, and by the end of 2010, trust 3.04 trillion worth of assets had accounted for 2.9% of all assets of the financial industry, growth has been ranked first in the industry.　　Analysts pointed out that, in accordance with the trust assets growth rate this year, this percentage by the end of this year is expected to be significantly enhanced. Collections trust windWater, however, merely from the point of talking about the management of total capacity, 4.1 trillion worth of trust assets may have some "puffiness", to reflect the rising of overall management of the trust company, collection the size of the assets of the trust more persuasive. While a single type of trust business still accounted for a large proportion of the trust assets, but trust the proportion of the collection in recent years there have beenA significant increase. According to the trust industry association data released estimates, in a single class to trust in the new trust account for up to 93% as compared with 2008, collection classes only 7%, but released by the end of 2010 collections trust's share had risen to 19.27%, and according to the third quarter of this year's data, released a collection of the trust's share had risen to 30.97%, up to 6$ 60 billion, balance is over $ 1.1496 trillion.　　Single class in predominantly yinxin cooperation trust limited this year, a collection of trust product development speed is extremely eye-catching. Because a single trust clients often are institutional investors or high net worth individuals, investment details tend to be specified, trust management responsibility in which you do not need to be responsible for a large, rate of returnRelatively low products specific to the investment direction of investment and collection details the design management are trust companies, rate is quite high.　　Therefore, growth of trust than the collection, on the one hand means improvement of trust management, but also means that the trust rate increased. According to the information trust Association, liquidation of June this year trust project year comprehensive real incomeBenefit rate reached 5.12%, and this number is only 4.63% by the end of last year.　　Trust the first three quarters of this year reached 18.477 billion yuan in profits, compared with last year by 16.38%. CITIC building investment is expected, from the beginning of last year's trend of quarterly data, trust business size at the end of last year's downward trend, but renders better yields up StatePotential. And realistic annual earnings rise, elastic show more trust business.　　In 2012, given that some relaxation and rigid support for the demand for the control of, or trust business will appear well blowout, which yields or slight decline, but because of the trust strong elasticity of traffic, we trust industry revenues are expected to show a big increase. Price turning points coming seasonsReal estate investment trusts begin fever-real estate investment trust products accounted for in the third quarter of this year than just 38.84%, fell by 14.01% have been signs of a slowdown in 2 reporter Xu Tianxiao "trust company on two legs to walk, is real estate on one foot and the other is securities investment on one foot. "Trust company insiders told Ming Pao in mindSaid. According to the information trust Association, as of end of the third quarter, real estate investment trust business balance reached a historic high of $ 679.769 billion, all proportion as high as 17.24% in the trust assets. Compared with $ 432.368 billion in the end of last year grew by 57.22%, exceeds the total assets of the trust in the period 34.78% growth of nearly 25%.　　However, this pattern is slowly changing. The first three quarters of high growth may have been of levers. In fact, the real estate investment trust in the third quarter of this year's link has been a significant slowdown of growth. Puyi wealth analyst Fan Jie told reporters that: "with more than 600 billion in the third quarter compared to the balance, at the end of four quarters of this year's data should notWill have too big a change, even if the payment number in the second half of this year, that figure in the four-quarter decline was likely. "Real estate investment trust grows the number doubled according to usufruct trust data, the first half of 2011, including affordable housing trust diablo 3 power leveling, issued a total of 536 real estate investment trust product, issue size up to 167.01 billionYuan, the issued amount rose 145.88%, issue size rose 137.36%. Average yields of up to 9.81% than other products with an average of almost 1.5%.　　Distribution market in the first half of this year is the best representation of popular real estate investment trust. UBS expects real estate trust in the first half of the year brings business income of the trust's income thanCases of more than 60%. Accompanied by real estate regulation and fengshengshuiqi real estate investment trust as a trust company money-making tool, and with increasingly hangs the risk also attracted the attention of regulators. In February this year regulators issued the relevant notice of trust net capital calculations (bank supervision "2011", 11th), net capital to trust companies, venture capitalCalculation criteria and monitoring indicators have made clear, and real estate investment trust financing of real estate investment trust business of most mainstream risk factors increase the risk of up to 3% meters. At the same time, regulators repeatedly interviewing real estate trust company and control the growth of the more radical, enhancing risk monitoring. Although not yet in the second half with a clearly defined on the real estate trustPolicy regulations, but real estate investment trust market of hot anomaly in the first half already feel the autumn flow. According to the released 233 of the third quarter of 2011 trust company real estate investment trusts (including subsidized housing), the issue size was 62.091 billion yuan. Compared with the second quarter, post a decline in the number 33.05%, issue size also fell by 46.15%.　　2011 real estate investment trust products in the third quarter accounted for more than a mere 38.84%, fell 7.42% per cent and a decrease of 14.01%. Usufruct trust believes that 2011 will be the end of the trust company net capital management measures on liquidation of the point in time, part of the trust's net capital ran out, and real estate investment trustAre among the highest proportion of net capital occupied, so under the influence of many different factors, there was a real estate investment trust product release in the third quarter slowdown. Four-quarter slowdown in certain real estate investment trust is still the main industry in the future "and the balance of more than 600 billion dollars in the third quarter compared to four quarters of this year's data should not be too big changes, even if the latter half of the yearYear payment number comparison, decline in real estate investment trust balance at the end of four quarters of this year is possible.　　"Fan Jie said. Usufruct trust analyst Lee? told reporters that: "in the long view, real estate investment trust is a trust company's main business, while the current real estate market regulation factors of real estate investment trusts have convergence, but in the futureMarkets recover, trust company on the premise of risk is reasonable and will continue to develop their business, but you should not return to this popular State in recent years, now, after all, trust company had net capital management limited, in the financing of real estate investment trust business under high risk factor of 3%, scale must also be subjected to constraints of the business. "UBS Securities analyst at UBS believes thatChina Banking Regulatory Commission will step up controls on real estate investment trust, will reduce the exposure of banks and trust companies to real estate industry. New real estate investment trusts in the four quarters further reduced. However, the more tightly regulated to trust loan will increase the developer financing pressures. As real estate sales in the next few months tended to be weak, some excessive expansion of small and medium developers will face on the balance sheet of the fiscal deficitDifficulties, and may go bankrupt. And $ 3 off-balance sheet lending was slam the cooperation between banks and cooperation between trust is hard to find growth yinxin lack of good investments, short term, there is a breakthrough this year, four per cent from the quarter the balance should be flat or slightly down this newspaper reporter Xu Tianxiao insiders say yinxin cooperative business: smellSmelly, ate sweet.　　Sounds just so, rely on the powerful platform advantage, in the absence of net capital constraint in an age, a trust company can help banks build channels without any scruples, no worries about customers not worried management, although yields as low as qiansan, as long as doing large-scale support himself without problems. Just doing this directly caused the failure of credit control,Amount of $ 2.2 trillion of sheet silver cooperation loans last July raised regulators Slam, until now, the silver cooperation between trust business remains there is not much improvement. Usufruct trust analyst Lee? told reporters that: "Silver cooperation now lack of good investments, short term developments, there is a breakthrough, and this year yinxin cooperation trust company businessPart broke through the financing of such percentage shall not exceed 30% restrictions, investment business trust company of trying to do more to compress financing business than in disguise, but it is difficult to achieve. Cooperative business balance at the end of four quarters of the year silver letters should be flat or down slightly in the third quarter. "End of the third quarter banking business rose last year, the CBRC issued instead of falling, 72ndText reminding trust fund raising cooperation between banks and letter balance of business cooperation between banks and wealth management business balance shall not be higher than 30%. On January 20 this year, regulators issued the notice about further regulating cooperation between banking and financial businesses, compression reminded again trust company bank and credit cooperative business loan class, on the end of commercial banks is not transferred to the Bank and credit cooperation trust loans included in the table, the trust company shouldWhen the period of risk capital in accordance with the ratio of 10.5%.　　At the beginning of the circular issued, the industry believes that silver business will significantly reduce the size of the letter, however silver cooperation between trust business balance as of end of the third quarter of this year compared with the earlier this year not to cut rise. According to the information trust Association, as at the end of the first quarter of 2011, trust banking business balances reached1.67 trillion yuan in all trust assets than 40.83%; 2010 trust company bank balance of cooperation between trust business was 1.66 trillion yuan at the end, at the end of 2010 all trust assets as a percentage of 54.61%. From the data on the percentage, silver cooperation between trust business less than three quarters of this year has declined, but from the sense of scale, and the end of 2010Compared to the slightly increased, even compared with the 2 quarter of the year were up to 3.2%.　　Lee?: "the examination of the notification deadline is the end, so as long as the product before the end of the period end there was no problem, silver to reflect the reality of the business, maybe four-quarter figures more convincing. Insiders told reporters that: "the new cooperation between banks and letter this yearSupplies a lot of it is to undertake by the trust company of the newly established nearly two years, these companies because there is no restriction of net capital in the short term by big silver cooperative business is ' impulse ', the most convenient way. "The fact that silver letters on cooperation in investment products this year and not find a more appropriate way, it also makes fund raising cooperation between banks and letter balance percentage shall not exceed 30% the red line is fragile.　　In the first half of this year in the full swing of commercial banks financing products hot shadow has also collaborated with Bank and credit products, because it involves the financing in disguise, attracted the attention of supervision and a halt to the violations of which mode of operation. Usufruct trust research indicates that a platform is the continued trust, using the concept of the right to trust benefits being centered. Through fundingProperty management company delegate funds to trusts, loans for the payment of a trust, access to a collection (the) right to benefits, then banking funds to purchase this usufruct; second trust platform aside, direct loans. Raise fund directly commissioned branch bank loan, a little more subtle approach is both banks "inverted", but due to regulatorsContinuing crackdown, both paths have now been blocked. "Silver cooperation present situation is a tepid State banks and trust both sides still had not found a very good profit growth point" he?: "financing the collection of a trust company is developing very rapidly, as the two sides are currently does not rely on Bank and credit cooperative, so it is not necessary in this regard stepped on ' red line '。　　"Four-quarter balance or drop in trust in a single type of trust business, set up by the trust company independent bypass trust scheme and the single class share is increasing. According to the China Trust Industry Association statistics, yinxin cooperation trust products in a single class of products share dropped from 81% in late first quarter of 2010 to 201159.22% of the end of the third quarter, declining trend is clearly. CICC is expected, due to the cooperation between banks and the letter code for business continues, trust released the single class size after rapid growth will gradually decline, future fund raising yinxin cooperation products will continue to be strictly controlled. Silver letters after this cooperation will result in the Elimination of the adverse effects of the trust assets growth rate at the end of 2013But trust business single class with a lower rate of trust assets by yinxin collaborative product-related policies negative effect this year and next will be less than 20%. UBS Securities believes that CBRC required banking business, and tables, entering at least one bank or trust company's balance sheet. For banks, if silver cooperation fully into the table, then we believe that the Bank and creditBusiness only role is to deposit through higher yields.　　While net capital requirements will cause a trust company from scale driven to rate-driven change, low rate Bank cooperation between trust business in marked reduction in four quarters. 4 wine tasting mineral trust walk in speculative play with works of art in question edge industry experts say, because of the immaturity of the market, investmentReporter Xu Tianxiao guarding against the risks in the first place to get high yields, trust eyes growing wide, attempting to jump out of the familiar traditional businesses, today's hottest industries have tentacles. Such as tea, wine, art and minerals, but these walk in trust for investment or speculation, I do not know brings good fortuneOr a curse.　　Industry sources said, due to the immaturity of the market for these products, investors focused on the yields of such products at the same time, should pay even more attention to the current development situation of the relevant market, as well as products wind-controlling measures of compliance. Usufruct trust Li? in response to a reporter's question, said: "while trust very many new products this year, but with real estate investment trustTraditional businesses, trusts still did not find very suitable alternatives, is also on the sidelines and looking for.　　"Traditional mineral trust a meteoric rise in real estate investment trusts are tightening business tightening now, was supposed to" chicken ribs "mineral resources of the trust in the third quarter of this year had been" approved ". Usufruct trust data show 2011Trust involved in issuing a total of 35 of the third quarter of mineral resources products, an increase of 169.23%; size of up to 22.312 billion, an increase of 315.96%, financing demand skyrocketed. In addition to the number and scale of growth, improved the participation of another obvious sign is the trust company, third quarter of this year a total of 19Trust companies involved in the issuance of mineral resources of the trust, and only 9 per cent over the same period last year.　　Including the real estate business has always been immersed in a higher percentage in the trusts and CITIC trust this year has turned its business income that same high level of trust of mineral resources. In addition, the mineral collection trust yields also led all the way trust product yields, paragraph 35 of the third quarter of mineral resources in trust the average period2.28, the average yield of 9.77%, average earnings rose by 19%; collection of trust products as a whole in the third quarter average period of 1.92 years, the average yield of 9.32%. High inflation and rising inflation expectations is an important factor pushing product revenue, in addition, according to the theory of supply and demand, rising financing needs helpPush mineral trust income rise of an important driving force. Analysts pointed out that, as the end is approaching, the trust net capital management trust company in liquidation for net capital requirement compliance approaches, trust company in particular, there is considerable pressure on levels of compliance in net capital trust company, four quarters will reduce the risk of real estate trust products are released, the pillars of business reductionIs bound to make a trust company to seek other higher-paying, less attraction to investors with a large trust products, and mineral resources trust products is one of them.　　Therefore, as a Government policy to encourage oriented industries, over a period of time in the future, such trust products of mineral resources would last a relatively rapid rate of growth. Art trust and everyone wanted to Cup ""In addition to mineral resources trust, Arts Trust has become a wonderful work of the trust market this year. From investment trusts as an industry first, sweetener to taste, art trusts have in the past two years, but for this emerging market, even the trust industry in China, do you want to go to "cut the cake" or "? muddy water" debate did not cease.Statistics show, the third quarter of 2011 a total art trust issued 31, representing the first three quarters of last year increased by 25, an increase of up to 416.67% and scale of the first three quarters of this year is $ 4,108,755,000, $ 3,819,255,000 over the first three quarters of last year, an increase of up to 1319.26%. The first three quarters of this year a total of 11 issue of family trust companies to participate in the work of art trust, over the first three quarters of last year increased 9, an increase of up to 450%. "Release small base last year was a reason, but it can feel, more and more trust art trust go this year.　　"Analysis on the reporter talked about. But although art trust fast growth, butHigh art trust market questioned. "First identification is a valuation difficulties, the industry has not yet had a recognized, authoritative and objective identification of works of art institutions, besides the present trust company, art kind of thing is better than cognitive areas of the General staff, this gives trust future growth increased uncertainty in the value of specific works of art. "Analysts say.Trust industry concentration lowered?　　In addition to mining and Arts Trust, trust emerging investment targets for the collection of this year also includes wine, tea, such as precious metals and ST unit. UBS Securities believes that under the premise of real estate trusts a correction in the short term, diversification and investment of equity investment direction is the direction of trust industry in transition facing; industrial talents accumulation and channelConstruction is the key to the transformation of industries and companies, it is recommended that focus on creativity and direct sales channels leading trust companies. Bohai securities also pointed out that in the inquiry report, concentration of industry, trust asset concentration and trust between 2008-2010 income concentration is declining, as in recent years, such as large single strategic investor by restructuring the way into the trust industryAnd integration of resources and enhance trust company competitiveness, competition intensified. Usufruct trust analyst Lee? told reporters that: "in addition to real estate, securities investment trust this year because of the influence of market and policy more bleak, but next year than this year, the development of better bills class trust belongs to the more recent varieties of hot, but because theNature of such financing, blind may give rise to regulatory vigilance even interference. Compared with traditional business, as there has not yet found a suitable alternative to banks, and the trust industry are policy-sensitive industry, industry concentration degree of investment trust companies will fall further, yet it's hard to say. "" I feel like this year trust imitation of the innovative products quickly, "Puyi wealth Fan Jie, an analyst said: "such as the recent hot paper products, launched a immediately followed by a number of mimics, traditional businesses tighten, we are also looking for the right way, from this perspective, the trust company of the year does have a certain degree of concentration of industry decline. ”