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济源市

  今年以来,上市公司购买信托产品需求旺盛。

  Wind数据显示,截至4月14日,今年以来已有31家A股上市公司认购了信托产品,合计金额接近50亿元。其中,海信家电、方大特钢、天邑股份认购金额位列前三,分别达32.4亿元、3亿元、2.26亿元。

  与去年同期相比,今年以来A股上市公司认购信托产品总金额虽有所减少,但认购的上市公司数量增加了9家。

  金乐函数分析师廖鹤凯指出,今年以来有多家上市公司布局信托理财主要是在风险考量的基础上平衡收益率的因素,在经过行业阵痛期后,信托理财常规产品的平稳性在增强。

  用益信托研究员帅国让建议,上市公司需根据公司的实际情况,理性进行选择,要把控制风险放在首位,产品的安全性和收益率需要以上市公司的风险承受能力来权衡,尽量选择靠谱的信托公司,选择风险可控、收益合适的信托产品。

  现金管理类、固收类信托产品受青睐

  今年以来,海信家电四次发布认购理财产品的公告。其中,2024年9月26日至2025年2月24日期间,海信家电及其附属公司认购22.03亿元百瑞信托理财产品;2025年2月27日至2025年3月18日期间,海信家电及其附属公司认购26.1亿元金谷信托理财产品。

  具体来看,海信家电购买的百瑞信托产品包含百瑞安鑫增利3号集合资金信托计划、百瑞安鑫增利集合资金信托计划(聚盈4号)等,购买的金谷信托理财产品名称为金谷•信远集合资金信托计划,均为固定收益类产品,中低风险,预期年化收益率随市场波动,具有不确定性,产品投资范围包括存款、债券等债权类资产。

  今年3月底,海信家电还曾发布公告称,以提高资金使用效率、增加现金资产收益为原则,拟使用自有闲置资金合计不超过人民币230亿元委托商业银行、信托公司、证券公司、基金公司、保险公司、资产管理公司等金融机构进行短期中低风险投资理财。

  另一家A股上市公司百大集团披露公告称,百大集团最近12个月共投资了23个信托理财产品,认购金额合计11.24亿元。

  自2025年1月10日至3月26日,百大集团累计赎回理财产品24497.86万元,收回上述理财产品本金24497.86万元,并收到相应收益427.64万元。理财产品受托方即包含杭银理财、爱建信托、浙商银行等。

  截至2025年3月26日,百大集团委托理财余额96122.52万元,其中银行理财产品22033.66万元、券商理财产品8000万元、信托产品66088.86万元。

  廖鹤凯表示,从上市公司投向上看,现金管理类、固收类信托产品更受青睐,现金管理类灵活稳定符合上市公司大部分闲置资金短期孳息的特点,固收类则属于较长期的配置选择。现金管理类需求增加是认购的上市公司数量增加的主要原因。

  上市公司需平衡安全性和收益率

  百大集团披露公告称,其购买的中诚信托的理财金额为1000万元,具体产品名称为中诚信托众惠11号集合资金信托计划,预计年化收益率4.50%。

百大集团委托理财的具体情况。公告截图

  廖鹤凯表示,今年以来有多家上市公司布局信托理财主要是在风险考量的基础上平衡收益率的因素,在经过行业阵痛期后,信托理财常规产品的平稳性在增强。

  “多数A股上市公司近年来现金流不充裕,更多地为主业发展做准备,现金流以保障生产经营为主。”廖鹤凯称,信托产品依然是目前国内风险和收益平衡较好的投资品类,选择面广且大多数是中低风险的产品,适合高净值客户和公司闲置资金配置。

  南开大学金融学教授田利辉表示,认购信托产品的上市公司数量增加的原因是分散投资需求、流动性管理需求和市场环境变化三大原因。经济环境的不确定性促使上市公司通过多元化投资降低风险。信托产品因其灵活性和定制化特点,成为企业分散资金配置的工具之一。

  2023年,为完善信托业务分类体系,原银保监会起草了《关于规范信托公司信托业务分类的通知》,明确将信托业务分为资产服务信托、资产管理信托、公益慈善信托三大类,并在每一大类业务下细分信托业务子项。

  帅国让表示,上市公司依然存在对信托投资的较大需求,在信托业务三分类的指引下,信托公司在法人及非法人组织财富管理信托中,可以综合化提供包括财富管理、现金流安排、税收规划、公益慈善、薪酬延付、股权激励等服务,以满足上市公司闲置资金的多元化配置需求。

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