A reporter from Beijing Youth Daily recently learned from multiple channels that with the recovery of market conditions and investor sentiment, the net value of most products has returned. In the past month, the net bankruptcy rate of bank wealth management products has dropped significantly. The latest statistical results released by many institutions at different times recently show that the current proportion of "net broken" wealth management products has dropped to a relatively reasonable level of less than 5%.
The number of "net-breaking" financial products
has dropped by more than 50% compared with March
Beiqing Daily reporter learned from Puyi Standard that there are about 3,015 net value RMB financial products (excluding foreign bank products, QDII products and statistical Products that did not disclose net value data during the period) had a cumulative net value less than 1 in March this year. However, under the same caliber, there were only about 1,460 products on June 27 this year, a drop of more than 50% from March.
Puyi standard data shows that as of June 27, 2022, among the 20,910 existing net-value RMB products initially counted, a total of 704 products are experiencing a cumulative net value of less than 1, accounting for about 3.4%. dropped to a relatively reasonable range.
Nancai Wealth Management Data shows that as of June 24, among the 32,982 publicly offered financial products that have been renewed, except for 13,104 financial products that have not disclosed the latest net value, there are 878 products with a net value less than 1, accounting for the total number of products. 2.66%. Although the net loss rate of financial management companies is also slightly higher, it has also returned to a low level. Among the 32,982 financial products, 12,584 were issued by financial companies. In addition to 3,043 products whose net worth was not announced, there were 722 financial products that broke the net value, accounting for 5.74%. The number of net-breaking products issued by financial management companies accounted for 82.23% of the total number of net-breaking products.
In fact, even for products that are still "net-breaking", most of the net values are above 0.98, and only a few are less than 0.95. Since many products are closed or fixed-open, investors cannot redeem them at any time. Therefore, the impact of "breaking the net" on investors is more reflected in the psychological level, and the actual impact is very limited.
The stock market rebounded and the bond market recovered
Helped "net-breaking" products to regain lost ground
It is understood that the "net-breaking" wave of financial products since late March this year was mainly dragged down by the double kill of stocks and bonds at that time. Industry insiders pointed out that the current recovery of lost ground by "net-breaking" products is also affected by the stock and bond markets.
Liu Yinping, an analyst at Rong360 Digital Technology Research Institute, believes that there are two reasons for the recent rebound in net financial value. On the one hand, the bond market has picked up and bond prices have risen. The underlying assets of fixed-income financial products are mainly bonds, and the yields have risen accordingly; On the other hand, many financial products are allocated with equity assets, and the rebound in the stock market has pushed up the net value of financial products.
Zhongtai Securities expressed its opinion that the main reason for this "jump" in the net value of financial products is the ample liquidity in the inter-bank market and the recovery of the bond market. The yields to maturity of 1-year and 3-year short-term and medium-term bills have fallen by 37BP and 30BP respectively from the stage highs at the end of March. In contrast, the yields to maturity of 10-year government bonds are basically at the same level as at the end of March. level. Loose policies continue to lead to rising market optimism about the bond market, and the capital gains (floating profits) in the early stages of bonds are temporarily released.
More analysts believe that the main reason for the repair of financial products is the rebound of the stock market. At present, the bond market is still continuing to fluctuate and adjust, and the yields of pure fixed-income products are relatively weak. The main ones that have performed better recently are fixed-income +, hybrid and equity financial products.
Equity products have the fastest return in value
html They have rebounded strongly since late AprilIn the past two months, the fastest return in net value has been the equity financial products that can be invested in the stock market. Wind data shows that among the existing products issued by financial management companies, 9 products have returned more than 10% since June. Among them, the top six return rates are all equity financial products. Among them, Everbright Financial's Sunshine Red new energy-themed product and Sunshine Red ESG industry selection have returned more than 20% in the past month, and the net values of both products have left the "net-breaking" camp. The net values of CMB Financial Management Zhaozhuo Consumer Selection, Zhaozhuo Special New , and Zhaozhuo Shanghai-Hong Kong-Shenzhen Selection have all returned to above 1, and the yield rate in the past month has been between 12% and 15%.
A reporter from Beiqing Daily checked China Financial Management Network and found that the net value of Sunshine Red new energy-themed products was only 0.7054 on April 26, and reached 1.0391 on June 28, with an increase of 47% in two months. Industry insiders revealed that some financial management companies quietly increased their positions at the stock market low in late April and slightly increased the allocation ratio of equity assets to . The net value of hybrid and equity financial products with more equity rebounded significantly.
Analysis
Products with a higher degree of “net-breaking” are also equity products
Currently, most of the products with a high degree of “net-breaking” are equity financial products. Take Everbright Financial Management's Sunshine Red Hygiene Selected Products as an example. On July 2 last year, the net value of this product was 1.1915. On April 25 this year, it was only 0.6313, a drop of 47%, nearly halved. However, the net value of the product has since bottomed out and has risen to 0.7775 on June 27. The yield in the past two months has exceeded 23%, and it still has not gotten rid of the label of "net breaking".
BlackRock CCB Financial's "Bei Ying A-share New Opportunities Equity Financial Products Phase 2 (Minimum Holding 720 Days)" is also an equity financial product that has enjoyed a recent rise but has not yet returned to the "initial line" product. On April 26 this year, the net value of the product was 0.8177. On June 30, the net value rose to 0.9646, an increase of 18% in two months. Even so, the product has not returned to its initial net value of 1.
Regarding the bank financial management market in the second half of this year, Puyi Standard researcher Zhang Chuhui said that it is expected that the central bank will continue its loose economic policy in the second half of the year, and the low interest rate environment will continue to put pressure on the management of net worth financial products and the income of underlying assets.
Liu Yinping, an analyst at Rong360 Digital Technology Research Institute, reminded investors that the income trend of net value financial products is difficult to predict, especially financial products linked to the stock market. If investors pursue relative safety of funds and relatively stable returns, it is best to purchase fixed-income financial products with an R2 risk level and no equity assets allocated. The net value of such products will be relatively stable, but the returns will be relatively low; investors If you are pursuing higher investment returns, you can consider financial products with risk levels of R3 and above and allocation of equity assets. However, the short-term net value of such products fluctuates relatively large, so you should try to hold them for the long term.
This article/Reporter Cheng Jie
Coordinator/Photo provided by Yu Meiying/Visual China
