reporter noticed that since this year, the proportion of equity asset allocation for wealth management subsidiaries has been increasing, and the proportion of products with PR3 risk (balanced) level has increased.
direct investment in stocks for wealth management products
This time, the "Sunshine Red Health Safety Theme Selection" released by Everbright Financial Management is PR4 (medium and high risk), and the starting purchase amount is 100 yuan for individual investors/institutional investors 100,000 yuan.
Image source: Everbright Financial Management
In terms of investment theme, Everbright Financial Management said that the changes in social trends caused by the epidemic have made good investment opportunities in the next 2-3 years related to health and safety themes such as public health security, online office, online education, medical care, etc. Under the downward trend of income of fixed income wealth management products, appropriately increasing the allocation of equity assets can increase the portfolio rate of return.
China Wealth Management Network information shows that among the existing products, there is another product released by ICBC Wealth Management in 2019 - ICBC Wealth Series ICBC Quantitative Wealth Management - Hengsheng Allocated Wealth Management products. The investment nature is equity, and the operating model is open-ended net value type. The current product net value is 1.7447.
Image source: China Financial Management Network
Since this year, the allocation ratio of equity assets of wealth management subsidiaries has been increasing, and the proportion of PR3 and above risk-level products has gradually increased.
According to information statistics from China Financial Management Network, among the 605 wealth management subsidiaries that started to raise this year, there are 211 products with risk levels of level 2 or below, and 394 with risk levels of level 3 (medium risk). Liu Yinping, an analyst at the Big Data Research Institute of
Rong360, said that judging from the wealth management products issued by wealth management subsidiaries this year, the allocation ratio of equity assets is further increasing, and the proportion of PR3 risk-level products has also increased significantly. Among the wealth management products issued by wealth management subsidiaries in 2020, PR3 risk-grade products accounted for 63.76%, while among the wealth management products issued in 2019, PR3 risk-grade products accounted for 47.06%.
More than
wealth management subsidiaries also expressed optimism about the cost-effectiveness of stock assets. China Construction Bank Financial Management believes that in the short term, the market is in the bottom fluctuation range. In the medium term, there is little possibility of a sharp rise in the market. As interest rates gradually decline, equity assets have outstanding cost-effectiveness.
BIC Wealth Management believes that from the perspective of valuation level, since the valuation rebounded in early 2019, A-shares are now at a historical medium valuation level, but due to the low yield of treasury bonds in the past ten years, the cost-effectiveness of stock assets has been relatively improved. Judging from the difference in stock-to-bond returns, the investment profitability of stocks has declined compared with the beginning of 2019, but it is still at a historical upper level and has a high investment value. Especially in recent times, the 10-year treasury yield has declined sharply and the overall valuation of the stock market has significantly enhanced the investment value of the A-share market.
Bank wealth management income fell
Rong360 Big Data Research Institute monitoring data showed that the average yield of RMB non-structured wealth management products in April was 3.89%, down 7BP month-on-month, falling for four consecutive months, setting the largest decline in the past 17 months, and hitting a new low in the past 41 weeks. The products issued by
wealth management subsidiaries are more competitive. In April, the average performance benchmark for wealth management products issued by wealth management subsidiaries was 4.34%, a month-on-month decrease of 12BP, which is 45BP higher than the average yield of wealth management products issued by traditional banks. Among the products that disclose the performance benchmark, the average term of closed products is 730 days, with an average performance benchmark of 4.45%; the average performance benchmark of open products is 4.01%.
In the week from May 4 to May 10, the average yields of "Baby" financial management and bank financial management both hit a new low. The average annualized return of "Baby" financial management, mainly money funds, , was 1.7%, a month-on-month decrease of 7BP; the average yield of bank wealth management products was 3.72%, a month-on-month decrease of 7BP.
Industry insiders believe that in the context of loose liquidity, the yield on fixed income assets continues to decline, and it is expected that the yield on subsequent bank wealth management products will still have room for downward. For investors who can bear certain risks, they can seek higher returns through diversified allocation and appropriately allocate some equity assets.
"Increasing the allocation ratio of equity assets by wealth management subsidiaries can bring higher yields to wealth management products and enhance the competitiveness of wealth management subsidiaries." Liu Yinping said that compared with funds, securities companies, trusts, insurance and other asset management institutions, wealth management subsidiaries are at a disadvantage in the equity investment field, and they are relatively lacking in investment experience and investment research capabilities. However, equity investment is the key to the wealth management subsidiaries achieving differentiated competition. Therefore, actively deploying equity investment in the early stages of establishment will be helpful for improving their investment research capabilities, improving product yields, enriching product types, and taking the lead in attracting some investors with medium and high risk preferences.
, chief analyst of banking at Everbright Securities, Wang Yifeng, believes that for bank wealth management subsidiaries, relying solely on fixed income investments, it is difficult to meet the needs of different risk-favorable hospitality groups. Doing a good job in credit sinking and enriching the product system has become the main means to build product competitiveness, and gradually improving equity asset allocation is an inevitable trend. It will take some time for wealth management subsidiaries to establish a highly market-oriented investment and research team, and it is more likely to enter equity investment through passive investment or cooperation with other institutions. Initial index and FOF/MOM are the preferred choices.
Edited by: Zheng Yashuo
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