"Why are bank wealth management products the same as funds? They report a net value every day, and the expected annualized rate of return is gone?" Xiao Li, who had just received the year-end bonus to prepare for financial management, was very puzzled. Two years ago, he helped his mother buy financial products on mobile banking. In his memory, each product has an "expected annualized rate of return", and the mother selected the products based on the level of this value. Now it's his turn to work and make money and buy financial management, but he finds that the bank's products have changed.
In the past two years, the bank wealth management market has indeed undergone major changes. With the transition period of the new asset management regulations ending at the end of 2021, the first year of the new asset management regulations in 2022 officially started, and the bank wealth management market has entered the era of full net value.
"Expected Annualized Rate of Return" is difficult to find
Entering 2022, only a few banks are still selling non-net-value products. Open the "wealth management products" of various banks and mobile banks, the words "expected annualized rate of return" cannot be found in the public information of most products, and are replaced by "performance benchmark", "unit net value" and "historical rate of return". Some banks also remind investors with eye-catching text below the "performance benchmark" that "performance benchmarks do not represent the future performance and actual returns of the product."
Xiao Li said that in the past, my mother used to choose from the level of the "expected annualized rate of return". Although he has the word "expectation", in his impression, he has never heard of the financial products his mother bought that did not meet the standards after they expired. Now that the "expected annualized rate of return" has become the "performance benchmark", he feels a little confused and doesn't know what it means.
Wealth management products are no longer "guaranteed"
Traditional expected return wealth management products. Before the product expires, banks will not disclose the operating information during the period. After the product expires, the principal and income will be automatically received, and basically the expected rate of return can be achieved.
's current net value product, banks need to regularly disclose the net value of financial products, and the way investors calculate returns has also undergone major changes. Like funds, financial products, the initial net value is 1 yuan. Calculated by the number of shares and the corresponding net value at the time of purchase and redemption. When calculating the yield, taking the 1-year product as an example, when redeemed one year later, if the net value becomes 1.05 yuan, the yield is (1.05-1)/1=5%.
The maturity income of a financial management product is determined by the change in the net value. If the net value at redemption is higher than the net value at the time of purchase, you will make money, and if you lose money at the lower level. But the bank does not guarantee that it will only rise and not fall. Because the main purpose of wealth management products to net value is to break the rigid redemption, wealth management products no longer guarantee capital, banks no longer guarantee the bottom line, and product losses can only be borne by investors personally.
According to statistics, as of the end of December 2021, bank wealth management subsidiaries had 5,240 RMB non-cash management products disclosed net value data, of which 37 products had cumulative net value less than 1, accounting for 0.71%; 3,315 products disclosed net value at the beginning and end of the fourth quarter, and 103 products with net value declined during the period, accounting for 2%.
From the perspective of the actual net value performance of the product, most of the medium and high-risk financial management products with large net value fluctuations are medium and high-risk financial products. The overall loss ratio of net value products is not high. As long as investors are cautious, they can control the risks within the affordable range.
Investors must balance the risk and return
The bank wealth management products issued now no longer publicize the "expected rate of return", but they will indicate the performance benchmark. What is the difference between the two? Tang Yanfei, a researcher at
, said that the performance benchmark of bank wealth management products is the estimated returns that investors may obtain based on the previous performance of wealth management products or the historical performance of similar products. Its actual earnings will fluctuate around performance benchmarks. Performance benchmarks now mainly include single numerical, interval numerical and exponential. The expected rate of return is the expected rate of return that can be achieved when the financial product is established into a one-year rate of return. The performance benchmark is a reference value given by bank wealth management products, and the expected rate of return is an uncertain estimate.
"In the past, investors paid too much attention to the expected rate of return of the product when purchasing financial products, but after the financial products break the rigid redemption, investment must be responsible for its own profits and losses. If you buy financial products, you cannot only look at the performance benchmark."Liu Yinping, an analyst at Rong360 Digital Technology Research Institute, reminds investors that they should focus on the risks of products. The level of product risks is mainly judged from the risk level, investment scope, asset allocation ratio, historical net value fluctuations, etc. Generally speaking, wealth management products with higher performance benchmarks are either at high risk or liquidity deviations. Investors should be able to balance the relationship between product risks, returns, and liquidity.
text/Reporter of this newspaper Photo provided by Cheng Jie
/Visual China
How to choose a net value financial product?
Tang Yanfei suggested that first, investors can look at the performance benchmark of financial products. It is a center for measuring the performance of the product in a certain period. The usual indicators include annualized yield since its establishment, annualized yield since this year, annualized yield in the past three months, 7-day annualized yield and previous day annualized yield, etc.
Secondly, investors can also view the net value trend of wealth management products. The net value trend chart best reflects the operation ability of net value products. Usually the horizontal coordinate is the product's net value date, and the vertical coordinate is the cumulative net value of the product. The investment target of a good net value financial product is more inclined to be "stable", that is, to control the amplitude of net value fluctuations and control the degree of net value retracement, and try to downplay the net value disturbance caused by short-term market fluctuations. Its net value curve generally shows a stable upward trend.
Finally, there is no historical performance comparison when the new product is released. Investors can also refer to the performance benchmark to judge the return target.
Expert advice
. Looking at the historical fluctuation range of the yield curve
1. Compared with the original expected rate of return products, the most obvious thing is to use net value to reflect the performance of this product every day. The first thing to pay attention to when choosing a net value product is the yield curve. The greater the curve fluctuation, the higher the product risk. The smaller the fluctuation of the product yield, it means that the product is more stable and more suitable for conservative investors.
2. Look at the maximum drawdown
The maximum drawdown refers to the extent that the net value of this product has dropped from the highest point since its establishment to the lowest point since its establishment. The drawdown reflects the maximum loss that the product may have. The lower the value of the product retracement, the more stable the product.
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