【中文版】

固定收益是指投资者按照约定的利率和期限，从借款人那里获得固定的利息收益。这种收益不会因为市场利率的变化而改变，因此被称为“固定收益”。

固定收益通常与债券相关。债券是借款人发行给投资者的一种债务凭证，投资者购买债券即成为债权人，而借款人即成为债务人。债券的利率和期限是预先确定的，投资者可以按照这些条款获得固定的利息收益。

固定收益的优点在于风险较低。由于投资者的收益是固定的，因此不会受到市场波动的影响，投资风险相对较小。此外，固定收益投资通常具有较低的波动性和较高的流动性，能够满足投资者的稳健型投资需求。

然而，固定收益也有其局限性。首先，投资者的收益是预先确定的，不能随着市场利率的变化而调整。其次，如果市场利率上升，固定收益投资的吸引力将会下降，因为投资者将无法获得更高的利息收益。

总之，固定收益是一种风险较低的投资方式，能够满足投资者的稳健型投资需求。然而，它也存在局限性，需要投资者根据自身的投资目标和风险承受能力进行选择。

【英文版】

What is fixed income?

Fixed income refers to the fixed interest收益that investors receive from borrowers in accordance with the agreed interest rate and maturity. This kind of income will not change due to changes in market interest rates, so it is called "fixed income".

Fixed income is usually associated with bonds. Bonds are debt certificates issued by borrowers to investors, and investors who buy bonds become creditors, while borrowers become debtors. The interest rate and maturity of bonds are预先确定的, so investors can receive fixed interest income in accordance with these terms.

The advantage of fixed income is that the risk is relatively low. Since investors' income is fixed, it will not be affected by market fluctuations, and the investment risk is relatively small. In addition, fixed income investments usually have lower volatility and higher liquidity, which can meet the stable investment needs of investors.

However, fixed income also has its limitations. Firstly, investors' income is pre-determined and cannot be adjusted with changes in market interest rates. Secondly, if market interest rates rise, the attractiveness of fixed income investments will decline, as investors will not receive higher interest income.

In summary, fixed income is a relatively low-risk investment method that can meet the stable investment needs of investors. However, it also has limitations and requires investors to choose based on their own investment goals and risk tolerance.