China Radio International Beijing August 31 (Reporter Feng Fang) Recently, the business data of bank wealth management subsidiaries in the first half of the year were disclosed one after another. In the first half of the year, the net value transformation of wealth management subsidiaries continued to deepen, the scale of existing wealth management products has generally increased steadily, and operating performance has generally increased. Among them, the wealth management subsidiaries of four large state-owned banks, including ICBC Wealth Management, have completed net value transformation, and the net value products of many wealth management subsidiaries account for more than 90%; China Merchants Bank Wealth Management ranked first in the scale of products, and the product scale of wealth management subsidiaries of small and medium-sized banks has grown strongly; the net profit of the six wealth management subsidiaries exceeded 1 billion yuan in the first half of the year, and China Construction Bank Wealth Management ranked first in the growth rate.
(Picture from CFP)
transformation continues to deepen, and the net value wealth management products of the four companies account for 100%
It has been more than three years since the first batch of wealth management subsidiaries opened. After the new asset management regulations were officially implemented at the beginning of this year, wealth management subsidiaries have gradually ushered in the era of post-asset management new regulations for full net value.
According to the "China Banking Industry Financial Management Market Semi-annual Report (2022-Part 1)" (hereinafter referred to as the "Report") recently released by the Banking Industry Financial Management Registration and Custody Center, as of the end of June 2022, the scale of net value wealth management products reached 27.72 trillion yuan, accounting for 95.09% of the remaining balance of wealth management products, an increase of 16.06 percentage points from the same period last year.
As the semi-annual report disclosure comes to an end, among the 28 wealth management subsidiaries that have opened, except for Minsheng Financial Management, Goldman Sachs ICBC and Hengfeng Financial Management, the remaining 25 companies have followed the semi-annual report of the parent bank or disclosed their first half of the year's business data on their own. Data shows that in the first half of the year, the transformation of wealth management business in the banking industry continued to deepen, and the scale and proportion of net value products have reached a relatively high level.
Among the wealth management subsidiaries of large state-owned banks, among the existing wealth management products of ICBC Wealth Management, Agricultural Bank of China Wealth Management, China Construction Bank Wealth Management, and Bank of Communications Wealth Management at the end of the first half of the year, net value products accounted for 100%. In addition, the net value transformation of many joint-stock banks and their wealth management subsidiaries has also achieved remarkable results, and the proportion of net value products has further increased. At the end of the first half of the year, the scale of Ping An Bank Group's caliber net value products accounted for 98.2% of non-guaranteed wealth management products, the proportion of net value wealth management products of Everbright wealth management products reached 96.3%, and the proportion of CITIC Bank and Xinyin Wealth Management's net value products reached 93.92%.
, director of the Shanghai Financial and Development Laboratory, Zeng Gang, told the , China Radio and Television reporter: "Under the background of the new asset management regulations, only a very small number of wealth management products are still undergoing net value adjustments. During the transformation process, the proportion of net value products has gradually increased or even reached 100%. This also fully reflects that under the requirements of the new asset management regulations, the transformation and transformation of the overall product of the wealth management industry has achieved decisive results."
China Merchants Bank Wealth Management Products Ranking the Scale, and the scale of wealth management subsidiaries in small and medium-sized banks has grown rapidly. In terms of wealth management products, the report shows that the scale of the wealth management market has grown steadily, and wealth management subsidiaries have become an important force in my country's asset management industry. As of the end of June 2022, the balance of banking wealth management products was 29.15 trillion yuan, an increase of 12.98% year-on-year; the scale of surviving products of wealth management subsidiaries was 19.14 trillion yuan, an increase of 91.21% year-on-year, accounting for 65.66% of the entire market.
From the total number, among the various wealth management subsidiaries, China Merchants Bank Wealth Management ranked first in the scale of existing wealth management products at the end of the first half of the year, reaching 2.88 trillion yuan, an increase of 3.60% from the end of the previous year. China Construction Bank Financial Management ranked second, with the scale of existing wealth management products at the end of the first half of the year reaching 2.05 trillion yuan. Xingyin Wealth Management followed closely behind, with the scale of wealth management products reaching 1.96 trillion yuan at the end of the first half of the year, one step away from the 2 trillion yuan mark.
In addition, the product scale of the two joint venture wealth management subsidiaries is much lower than that of other companies. BlackRock Construction Corporation, which opened in May last year, ranked at the bottom of the scale, with the scale of surviving wealth management products at the end of the first half of the year only 3.01 billion yuan; Schroders Bank of Communications, which opened at the beginning of this year, came from behind, with the scale of 3.41 billion yuan in the end of the first half of the year.
From the perspective of growth rate, the scale of wealth management products of most wealth management subsidiaries has achieved positive growth. The growth of subsidiaries of small and medium-sized banks' wealth management subsidiaries is rapid, and the scale of existing wealth management products such as Chongqing Rural Commercial Wealth Management, Ningyin Wealth Management, Nanyin Wealth Management, Hangzhou Bank Wealth Management, and Suyin Wealth Management all achieved double-digit growth at the end of the first half of the year. Among them, Chongqing Rural Commercial Wealth Management had the highest growth rate, with the scale of wealth management products reaching 146.332 billion yuan at the end of the first half of the year, an increase of 20.01% from the beginning of the year.
It is worth noting that the scale of wealth management products of many large state-owned banks' wealth management subsidiaries shrank compared with the beginning of the year at the end of the first half of the year. Among them, ICBC Wealth Management fell by 9.80%, ABC Wealth Management fell by 7.77%, China Construction Bank Wealth Management fell by 6.46%, and Bank of Communications Wealth Management fell by 6.22%.
"Finance management subsidiaries have gone from nothing to something. Initially, they mainly took over the parent bank's existing wealth management products, but the division methods of different companies are different. Due to the alternation of new and old products, the scale of wealth management subsidiaries may fluctuate in stages, which is normal and does not represent a long-term trend." Zeng Gang pointed out, "Theoretically, all new products must be issued by wealth management subsidiaries. After that, with the steady development of wealth management subsidiaries, the scale of wealth management products will continue to rise."
fixed income products have become the mainstream of allocation. BlackRock China Construction Bank has a heavy holding of equity
A major feature of banking wealth management products is the low risk, which is reflected in asset allocation. Most of the wealth management subsidiaries are mainly fixed income products. Data shows that at the end of the first half of the year, the proportion of fixed income products among the existing wealth management products of Huiyin Wealth Management, Huihua Wealth Management, Schroders Bank of Communications, Guangbank Wealth Management, Xingyin Wealth Management, ICBC Wealth Management and other companies was more than 90%, which were 99.08%, 98.8%, 96.4%, 93.33%, 92.35%, and 90.34%, respectively.
. In contrast to most companies, BlackRock Construction Corporation has a heavy holding of equity products. At the end of the first half of the year, among BlackRock's existing wealth management products, the scale of equity products was 2.848 billion yuan, accounting for 94.61%. At the same time, China Radio International reporters noticed that in the second half of the year, BlackRock China Construction Bank is also increasing its layout of fixed income products, and has issued two issues of "Baiyu Credit Selected Fixed Income Financial Management Products" in July.
In addition, from the perspective of product investment direction, green finance has received a lot of attention. During the reporting period, many wealth management subsidiaries continued to promote the layout of green wealth management products.
For example, China Merchants Bank Wealth Management introduced wealth management products with ESG concepts, and gave priority to supporting the investment of green bonds . As of the end of the reporting period, the scale of ESG wealth management products reached 925 million yuan, and the balance of invested green bonds reached 24.603 billion yuan.
Xingyin Wealth Management continues to increase investment in ESG resources and product layout, and has issued a total of 16 ESG products, with a scale of more than 37 billion yuan. At the same time, the company continues to increase investment in green fields such as energy conservation and environmental protection, clean energy, and ecological environment industries.
Agricultural Bank of China Wealth Management has increased its investment in green bonds and steadily promoted the issuance of green wealth management products. As of the end of June, the balance of investment in green bonds by wealth management funds reached 5.647 billion yuan, and the total balance of wealth management products of "Agricultural Bank of China Anxin ESG Theme", "Agricultural Bank of China Concentrated ESG Theme" reached 27.7 billion yuan.
6 companies have net profits of more than 1 billion yuan, and China Construction Bank Wealth Management has increased by more than 261% year-on-year
Bank Wealth Management subsidiaries have developed for more than three years. While the scale of existing wealth management products has grown steadily, their operating performance is also steadily improving. Data shows that in the first half of the year, the net profit of wealth management subsidiaries generally achieved positive growth. In terms of scale, China Merchants Bank Wealth Management ranked first, achieving a net profit of 2.066 billion yuan in the first half of the year, an increase of 32.69% year-on-year. Among the 25 wealth management subsidiaries, a total of 6 have net profits of more than 1 billion yuan in the first half of the year. In addition to China Merchants Bank Wealth Management, they are Xingyin Wealth Management, China Construction Bank Wealth Management, Bank Wealth Management, , Agricultural Bank Wealth Management, and Xinyin Wealth Management.
From the perspective of growth rate, China Construction Bank Financial Management's net profit ranked first in the year-on-year, as high as 261.63%, and achieved a net profit of 1.913 billion yuan in the first half of the year. In addition, the net profit growth momentum of small and medium-sized banks is strong. Hangzhou Bank Wealth Management's net profit in the first half of the year was 741 million yuan, a year-on-year increase of 212.66%, ranking first among the wealth management subsidiaries of each small and medium-sized bank. Chongqing Rural Commercial Wealth Management and Huiyin Wealth Management's net profit in the first half of the year increased by 184.21% and 158.82% respectively, ranking second and third among the wealth management subsidiaries of small and medium-sized bank.
It is worth noting that among the large bank wealth management subsidiaries, two of them had negative net profit growth in the first half of the year. Among them, Ping An Financial achieved a net profit of 392 million yuan in the first half of the year, a sharp decline of more than 50% year-on-year. In the semi-annual report, Ping An Bank stated that in the first half of the year, Ping An Financial Management focused on the construction of core competitiveness such as investment and research capabilities, channel capabilities, and product capabilities, adhered to market-oriented, professional and refined business strategies, continued to improve customer operations, product research and development and investment and research systems, and maintained the stable and healthy development of Ping An Financial Management business.
In addition, Xingyin Wealth Management, which has rapidly grown its scale of wealth management products in the first half of the year, also saw a slight decline in net profit. Xingyin Wealth Management achieved a net profit of 1.958 billion yuan in the first half of the year, a year-on-year decrease of 1.26%. Industrial Bank stated in its semi-annual report that during the reporting period, Xingyin Wealth Management insisted on customer-centricity, continued to promote business transformation and innovation, continuously improved the quality and efficiency of serving the real economy, strengthened the group's coordinated and coordinated operations, and improved the construction of core competitiveness such as investment and research, products, channels, and technology.
Zeng Gang believes: "From the overall opening time of wealth management subsidiaries, it is two or three years long, and only a few months short, and the business model has not been fully formed. Moreover, some wealth management subsidiaries have reduced profit pressure from their parent banks, making some profit data not fully reflect the profitability of wealth management subsidiaries. At present, there is no need to pay too much attention to the profit changes of wealth management subsidiaries."
Zeng Gang pointed out that in the long run, the development of wealth management subsidiaries must first solve two problems. On the one hand, we must do a good job in investor education, so that customers can adapt to changes in net value transformation, and implement the concept of rational investment, and do not pay too much attention to changes in net value. On the other hand, we must strengthen investment and research capabilities and improve the risk control system, so as to protect the interests of investors while obtaining better returns for customers.
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