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新加坡理财 | 高票息≠稳赚？全面拆解固定票息结构性票据（FCN）

✦ 作者：Jolysse Wu 邬宇思｜独立财务顾问
✦ 关键词：结构性产品｜固定票息｜敲入敲出｜挂钩股票｜风险缓冲

前言：票息20%真的存在吗？

2024年底，一款挂钩麦当劳和苹果的FCN产品在市场上引起热议：年票息高达18%，期限仅为1年。

许多投资者惊呼：”比股票还暴利，为什么我没早买？”

但作为专业理财顾问，我们需要提醒：高票息的背后，往往意味着“对冲风险的代价”。FCN是一个典型的“高收益≠低风险”的产品。

本篇文章将深入解析FCN的结构、原理、适合人群、历史表现、费用机制与误区，帮助你判断这类产品是否真的适合你。

 

什么是FCN？

FCN，全称为 Fixed Coupon Note，中文名为固定票息结构性票据。

它是一种由银行或券商发行的结构性金融产品，挂钩于某些股票、ETF或指数的价格走势， 在合约期间向投资者支付固定利息（票息），并在期末根据挂钩标的的表现决定是否返还本金或交割资产。

 

✔ 产品基本结构：

  1. 固定票息：只要挂钩资产未跌破特定价格，投资者每季度或半年固定获得收益
  2. 挂钩标的：如特斯拉、苹果、麦当劳、标普500等，可以自己来选择
  3. 敲入条款（Knock-in）：标的资产若跌破某个价格，投资者可能需要“以市价接收股票”，即承担本金亏损
  4. 敲出条款（Auto-call）：若标的上涨至目标价，产品提前终止并支付票息和本金

 

FCN如何运作？

让我们通过一个真实案例说明FCN的结构：

✦ 产品案例（2025年发行）：

  • 挂钩资产：黄金 + Barrick Gold (GOLD)+ Newmont Corporation (NEM)
  • 发行方：Marex

    货币：新币（SGD）

    期限：9个月

    票息：年化10%，每月支付

    敲出水平：100%（观察日价格若高于发行价则提前赎回）

    敲入水平：83%（即跌破初始价格17%，触发敲入）

    挂钩资产与敲入价：

      • GLD.US：敲入价为231.13（初始价为278.47）
      • GOLD.US：敲入价为16.06（初始价为19.35）
      • NEM.US：敲入价为39.47（初始价为47.55）
  • 运作逻辑：
    • 每月观察一次，若三个标的价格均未跌破83%敲入价，则投资者可继续拿票息
    • 若在任一观察期末，三个标的中任意一个价格 ≥ 初始价，产品提前赎回，本金返还 + 当期票息
    • 若敲入发生，且到期时挂钩资产仍低于初始价，投资者可能需按初始价格买入标的资产（即本金转化为股票）

     

FCN适合哪类投资者？

✔ 有 较强风险承受能力，能接受部分或全部本金被转换成股票的情境；
✔ 熟悉并愿意研究挂钩资产的基本面（如美股科技股、黄金、能源）；
✔ 希望在波动市场中获得固定现金流，并愿意承担潜在股票接收义务；
✔ 有一部分资产用于战术性操作，目标是提高收益率。

 

⚠️ 并不适合：

  • 完全保守型投资者；
  • 未来1年可能需要动用本金的人群；
  • 不熟悉所挂钩标的的人。

 

FCN的费用结构

FCN通常不会收取额外管理费，但隐含成本体现在：

项目 说明
分销商费用 被嵌入产品结构中，投资人不直接支付
投资门槛 一般为 20万至35万新币起
流动性风险 产品需持有至到期，不可提前赎回
申购方式 通过私人银行、独立财顾或专业理财平台

 

常见误区与风险提醒

🔸 “18%票息=稳赚？”票息固定 ≠ 本金保障。若触发敲入且股票到期时未反弹，可能转换为亏损股票。

🔸 “我不在乎被交股票”看似合理，但如果挂钩资产是你并不了解的公司或板块，恐怕未必能接受。

🔸 “只选票息最高的就行”票息高通常意味着敲入价设置较低，风险也相应增加。

🔸 “FCN等于定存+股票”本质上更像是一种复杂的期权组合交易，非存款类工具。

 

 

建议与配置思路

✅ 配置建议：

  • 若总资产 > 100万，可考虑将 5%-10%配置为FCN；
  • 适合用于增强收益的“战术仓位”，不建议作为养老金或孩子教育金的主力资金配置；

 

✅ 策略搭配建议：

  • 可搭配分红基金或保本类工具，形成“底层保守+上层进取”结构；
  • 高净值客户可考虑结构更复杂的“雪球型产品”与 FCN 组合使用。

 

总结

FCN并非“理财陷阱”，但也绝不是“稳赚法宝”。它为熟悉市场、有一定判断力的投资者提供了一种在波动中赚取现金流的机会。

关键在于：你是否真正理解它的机制、风险、边界。

 

⚠️ 如果你对FCN有兴趣，但不确定是否适合自己，我建议你：先模拟，再尝试；从小金额起步，逐步建立经验。

 

如果您希望深入了解FCN产品是否适合您的投资组合，欢迎随时联系我！😊
I’m Jolysse Wu 😊

我是独立财务顾问 Jolysse 邬宇思，专注于资产规划，为您打造适合您家庭的财富方案。感谢一路以来的支持与信任！💖

新加坡理财 | 高票息≠稳赚？全面拆解固定票息结构性票据（FCN） — Engage

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

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JolysseWu 邬宇思

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Hi, I’m Jolysse. Thank you for visiting my website and I’m looking forward to getting to know you personally.

I’m an independent financial consult and strive towards helping my clients and their families to accumulate wealth and helping them grow their investment portfolios.

您好。我是宇思，您也可以叫我Jolysse。

我是一名具有10年财富管理经验的理财顾问，TOT\COT百万圆桌会员，金融学&管理学双学士，先后服务过近千个客户，个人美股及衍生品投资最高年化收益率达366%。在信息爆炸的时代，为您用中立、专业、挑剔的眼光去选择最合适您的理财方案！

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