永续中票是一种特殊的金融工具，被广泛应用于企业融资之中。它具有一定程度上的债券特性，同时也蕴含着权益类金融产品的特点。为什么永续中票能够被归类为权益呢？下面将结合永续中票的基本概念和特点进行解释。

永续中票是指发行方在规定的期限内，没有偿还债务的义务。也就是说，与传统债券不同，永续中票没有到期日。它像股票一样，具有长期存在的特点。

永续中票的持有人在享受一定利息收入的同时，也承担着与股东相似的风险，如资产负债表调整、盈利水平下降等。这意味着持有永续中票的投资者不仅能够以固定利率获得稳定的收益，而且还分享了企业的盈利增长。

此外，如果企业发展良好，其市价上升时，持有永续中票的投资者也能够享受到资本收益。相反，如果企业经营不善，其市价下跌，持有永续中票的投资者可能面临资本损失。

总之，由于永续中票具备债券和权益的特性，因此被归类为权益类金融产品。它不仅提供稳定的利息收入，还能分享企业的盈利增长和资本收益，这也是吸引许多投资者关注和选择永续中票的原因所在。

Perpetual medium-term notes, also known as perpetual bonds, are a special type of financial instrument widely used for corporate financing. They possess certain characteristics of bonds while also incorporating features of equity-based financial products. Why are perpetual medium-term notes classified as equity? Let's delve into the basic concept and features of perpetual medium-term notes to explain.

Perpetual medium-term notes refer to the issuer's obligation to not repay the debt within a specified period. In other words, unlike traditional bonds, perpetual medium-term notes do not have a maturity date. They resemble stocks in terms of their long-term existence.

Holders of perpetual medium-term notes enjoy a fixed interest income and assume risks similar to shareholders, such as adjustments to the balance sheet and a decrease in profitability. This means that investors holding perpetual medium-term notes not only receive stable income through fixed interest rates but also share in the company's profit growth.

Furthermore, if the company performs well and its market price rises, investors holding perpetual medium-term notes can also benefit from capital gains. Conversely, if the company performs poorly and its market price declines, holders of perpetual medium-term notes may face capital losses.

In conclusion, perpetual medium-term notes are classified as equity-based financial products due to their combination of bond and equity characteristics. They provide not only stable interest income but also the opportunity to share in a company's profit growth and capital gains. These are the reasons why many investors pay attention to and choose perpetual medium-term notes.