The transition period of the "New Asset Management Regulations" has entered the countdown. Recently, the Banking Financial Management Registration and Custody Center released the "Semi-year Report of China's Banking Financial Management Market (2021-Part 1)" (hereinafter referred to as the "Report") and announced the banking financial management "midterm exam" report card. Judging from the report, the bank wealth management market is showing a steady and positive trend. In the first half of 2021, bank wealth management accelerated the disposal of guaranteed products and existing assets . At the same time, the net value process of wealth management products is also progressing in an orderly manner. From the perspective of the type and structure of wealth management products, the scale of fixed income wealth management products still dominates, the balance of equity wealth management products has also increased, and the balance of mixed wealth management products has decreased.
Net value transformation is steadily advancing
According to the "Report" released by the Banking Industry Financial Management Registration and Custody Center on August 13, as of the end of June 2021, the scale of wealth management products reached 25.80 trillion yuan, a year-on-year increase of 5.37%; in the first half of the year, commercial banks and wealth management companies issued a total of 25,500 new products, raising a total of 62.41 trillion yuan of funds, and creating a total of 413.751 billion yuan of returns for investors.
As the transition period of the "new asset management regulations" has entered the countdown, the standardized transformation of wealth management products has achieved remarkable results, mainly manifested in two aspects: continuous reduction in guaranteed products and further reduction in interbank financial management scale. According to the data, as of the end of June 2021, the balance of guaranteed products has a surviving balance of 0.15 trillion yuan, a decrease of 90.68% year-on-year; the balance of interbank wealth management was 271.88 billion yuan, a decrease of 30.45% from the beginning of the year and a decrease of 62.78% year-on-year. The scale of interbank wealth management accounts for less than 2% of all wealth management products.
Beijing Business Daily reporter noticed that while accelerating the disposal of guaranteed products and existing assets, the degree of net value transformation has also continued to increase. As of the end of June 2021, the scale of net value wealth management products reached 20.39 trillion yuan, an increase of 17.18% from the beginning of the year and a year-on-year increase of 51.06%; net value products accounted for 79.03% of the remaining balance of all wealth management products, an increase of 11.75 percentage points from the beginning of the year.
With the continuous issuance of net value wealth management products, the number of investors holding net value wealth management products has also shown a continuous upward trend. The number of investors in open net value products is showing a significant upward trend, while the number of investors in non-net value products is gradually decreasing. Reflecting on the data, in the first half of 2021, the proportion of investors holding net value wealth management products was 94.80%, an increase of about 24 percentage points from the same period last year. This also intuitively reflects that investors' acceptance of net value financial products is constantly increasing.
shows the performance of the "mid-term exam" transcript of bank wealth management. In the view of senior financial regulatory policy expert Zhou Yiqin, the net value transformation speed of wealth management products is generally relatively fast. Currently, the proportion of net value wealth management products has reached 80%. At the same time, the number of investors holding net value wealth management products accounts for 94.80%, indicating that most investors have the experience of purchasing net value products, which has laid a good foundation for subsequent product marketing. As the transition period approaches, commercial banks will continue to compress the issuance of non-net value products and guide customers to purchase net value products of commercial banks or wealth management companies.
Fixed income products still dominate
In the context of the net value transformation of wealth management products, fixed income wealth management products still dominate and their persistence scale and proportion continue to increase. Data from the report shows that as of the end of June 2021, the remaining balance of fixed income wealth management products was 22.75 trillion yuan, an increase of 4.31% from the beginning of the year and a year-on-year increase of 15.04%, accounting for 88.18% of the remaining balance of all wealth management products.
Why do fixed income wealth management products have dominated for a long time? Dong Ximiao, chief researcher of China Merchants Finance , said that the investor structure, risk preference and investment research capabilities of bank wealth management determine that financial products are mainly fixed income products for a long time. From the perspective of investors' risk preferences, although investors' acceptance of net value wealth management products has increased significantly, investors still prefer wealth management products with lower risk.
With the reduction of existing financial management since the "New Asset Management Regulations", the investment value of the bank's financial management rights market continues to emerge in order to stabilize the scale, hedge the risk of falling in the single market of , and meet the financial management needs of high-risk customers.The remaining balance of equity wealth management products in the first half of 2021 was 84.3 billion yuan, an increase of 10.15% from the beginning of the year and 1.54% year-on-year, accounting for 0.33% of the remaining balance of all wealth management products.
However, Beijing Business Daily reporters noticed that compared with the growth of fixed income and equity products, the balance of mixed financial management products has slightly decreased. As of the end of June 2021, the remaining balance of mixed wealth management products was 2.96 trillion yuan, a decrease of 25.44% from the beginning of the year and a decrease of 35.89% year-on-year, accounting for 11.49% of the remaining balance of all wealth management products.
"The balance of hybrid products has decreased. On the one hand, from the perspective of demand, in order to protect financial consumer rights, commercial banks have adjusted their investor rating standards since 2021. The overall idea is to be more conservative, and the risk rating of customers has shifted downward overall, which has also led to fewer customers who purchase mixed products (level three). On the other hand, from the perspective of supply, the stock market has fluctuated significantly this year, and the net value of mixed products fluctuates significantly. Commercial banks and wealth management companies have also adjusted the supply of products appropriately." Zhou Yiqin analyzed.
The balance of mixed financial management products has decreased, and there are fewer layouts for commodity and financial derivatives. As of the first half of 2021, the remaining balance of commodity and financial derivatives wealth management products was only 1.1 billion yuan.
talks about the reasons why the proportion of existing wealth management products has a large difference. Wang Hongying, director of the China (Hong Kong) Financial Derivatives Investment Research Institute, believes that bank wealth management has undergone less than four years of transformation from guaranteed principal and guaranteed returns to net value, and customers are still in the process of transformation acceptance. Therefore, the strategies adopted by commercial banks are relatively stable and conservative. In addition, the A-share market monetization this year is not very ideal, and the layout of equity wealth management products is relatively cautious, while commodity and financial derivatives are relatively high risks. It is usually operated by private equity institutions, which is somewhat different from the relatively safe and prudent financial management style of traditional banks.
product line may further enrich
As the transition period of the "new asset management regulations" is about to end, most banks will complete rectification before the end of 2021. For a small amount of difficult-to-dispose assets that individual banks have continued to exist, the China Banking and Insurance Regulatory Commission has also taken targeted measures to include them in the case-specific disposal in accordance with relevant regulations, and continue to urge relevant banks to implement comprehensive measures, actively rectify them, and clear them all as soon as possible. The market structure and conceptual atmosphere of financial products will fundamentally change.
At the level of net value transformation, the report mentioned that in the next step, bank wealth management will take net value transformation as an important breakthrough and explore further enriching the wealth management product line. In addition to allocating fixed income assets, we will gradually carry out equity and other asset allocation to meet investors' personalized and diversified allocation needs. At the same time, under the background of building a new development pattern, the future economic momentum will shift from traditional industries to areas such as scientific and technological innovation, green industries, advanced manufacturing, and infrastructure that require long-term financial support. On the one hand, cultivate the depth of financial investment, popularize long-term concepts and value investment concepts, and provide investors with optimized allocation and reasonable returns across periods and markets; on the other hand, actively participate in shaping and improving the ESG investment system and information disclosure mechanism, and play a unique role in the asset management industry in helping the transformation and upgrading of the national economy, ESG investment, achieving carbon peak and carbon neutrality, and rural revitalization.
Wang Hongying predicts that as products become more and more abundant, customers will have more and more high returns and pursuits for high returns and stronger risk tolerance. In the next few years, there will be more and more mixed products, equity products and even some financial derivatives financial products.
Beijing Business Daily reporter Meng Fanxia Li Haiyan
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