1. What is the proof of income?

Income voucher refers to the securities that the securities company agrees to link the payment of total income with a specific object. The CSRC's Interim Provisions on the Management of Debt Financing Instruments of Securities Companies is clear; "Debt financing instruments of securities companies include securities company bonds, subordinated debts and income certificates."

In other words, the so-called income certificate means that the securities company borrows money from investors, uses equivalents and its own reputation as a guarantee, and pays the principal and interest when it matures. Some income vouchers will also be associated with specific targets, such as related equity, creditor's rights, credit, capital, interest rate, exchange rate, index, futures, basic commodities and so on.

Second, the classification of income vouchers

At present, the income voucher products issued in the market are mainly capital preservation products, which can be simply divided into:

No.65438 +0 fixed income voucher

Fixed income payment receipt agreed in the contract.

Features: capital preservation+fixed income

On the basis of ensuring the investment principal, the product pays the investors the investment income calculated at the fixed rate of return agreed in advance; The product structure is relatively simple and there is no derivative structure. (For example, the fixed rate of return is 4.5% per year)

No.2 floating income voucher

Income voucher for paying floating income linked to the performance of specific underlying assets according to the contract.

Features: capital preservation+fixed income part (contingent)+floating income part.

In addition to guaranteeing the principal and lower fixed income (contingent income), you can also get floating income linked to the performance of basic assets: the range of assets linked to basic assets is wide, which can better meet the needs of customers with different ideas about the market. (For example, the annualized rate of return of the fixed income part is 1%, and the floating income part depends on the performance of the underlying assets. )