Recently, it was reported that the product yield of “Beiying A-share new opportunity equity financial products phase 2 (minimum holding 720 days) (referred to as Beiying A-share new opportunity)” established by BlackRock Jianxin financial in January 2022 was – 56.80%.
Industry stakeholders told the China Securities Journal China Securities Taurus reporter that this value is the annualized rate of return as of a certain date. The product has only been established for more than one month, so it is unreasonable to measure the product performance by the annualized rate of return.
Net value performance of “Beiying A-share new opportunities”
Picture source: China Financial Network
It is understood that this product is an equity financial product, and the target customers are Chinese China Construction Bank Corporation(601939) radical individual customers. According to the latest data of China financial network, as of February 11, the net value of new opportunities of Beiying A shares was 0.9474. Since its establishment, the net value of the product has fluctuated between 1.0050 and 0.9474.
rational view of loss
According to the data of China financial network on February 14, there are 19 equity financial products managed by bank financial companies in the whole market, with obvious differentiation in performance. Among them, the net value of 10 products fell below 1 yuan, and the cumulative decline of some products was more than 20%.
However, insiders said that the net value differentiation of equity financial products is obvious, which is related to the overall performance of the equity market. Investors should treat the loss of financial products rationally. Although the net value of bank financial products may be affected by market fluctuations in the short term, the long-term operation is still stable.
According to the preliminary statistics of the half year report of Bank Of China Limited(601988) financial management market (first half of 2021), a total of 1173 new products issued in the first half of 2021 have fallen below the initial net value, and only 139 products have fallen below the initial net value by the end of June 2021.
What do you think of the yield index?
Since January 1, 2022, the new regulations on asset management have been officially implemented, and bank financial products have also entered the era of full net worth. Compared with expected return products, the return of net worth products fluctuates more, and investors need to select products in combination with product term, risk level, performance comparison benchmark and other indicators.
According to the relevant person of China Post Financial Management, the performance comparison benchmark is the estimated income that investors may obtain calculated by the product manager based on factors such as past investment experience. Different types of financial products pay attention to different yield indicators. Taking cash management financial management as an example, investors should refer to the indicators of “seven day annualized rate of return” and “10000 shares of income”, while other net worth products mainly refer to the “performance comparison benchmark”.
China Minsheng Banking Corp.Ltd(600016) indicates that for products with a holding period of less than one year, although the annualized rate of return is objective and real, it enlarges the value of the rate of return in the sense.
For example, the yield of a product in a month is 0.5% and the annualized yield is 6%. If the next month’s yield is 0.45%, the annualized yield becomes 5.4%. It seems that there is a retreat of 60 BP, but in fact, the difference in product yield is only 0.05 percentage points, and the annualized yield enlarges the gap by 12 times.
China Minsheng Banking Corp.Ltd(600016) it is suggested that investors should restore the annualized rate of return to the actual value of return corresponding to the investment period when vertically comparing financial products.
