Since this year, the bank financial management market has fully moved towards net worth development. However, with the increased volatility of the A-share market, especially around the Spring Festival, the heavy positions of many funds such as new energy, semiconductor and biomedicine continued to decline, and some financial products with large equity assets were not spared.
Therefore, the net value of many financial products has declined, and even some financial products have fallen below the initial net value. Among them, many star funds with heavy positions Contemporary Amperex Technology Co.Limited(300750) were also seriously injured.
In this regard, insiders said that with the gradual recovery of the economy and the improvement of corporate profits, the equity market will also have a better performance in the later stage, and the net value of relevant equity financial products will follow the stabilization and recovery.
Contemporary Amperex Technology Co.Limited(300750) staged “door opening black”
As the largest heavyweight stock on the gem, since the beginning of the year, Contemporary Amperex Technology Co.Limited(300750) has staged a “black door”.
On December 3 last year, Contemporary Amperex Technology Co.Limited(300750) set a high price of 692 yuan / share. But in the past two months, Contemporary Amperex Technology Co.Limited(300750) share price retreated by nearly 30%.
In the first week after the Spring Festival, the stock price of Contemporary Amperex Technology Co.Limited(300750) fell all the way, and the market value evaporated nearly 240 billion yuan.
The reason is that according to market news, Contemporary Amperex Technology Co.Limited(300750) is seeking help from professional institutions in the United States to inquire about the possibility of being sanctioned by the United States.
In response to the above rumors, Contemporary Amperex Technology Co.Limited(300750) announced on February 13 that recently, a series of rumors about Contemporary Amperex Technology Co.Limited(300750) being sanctioned by the United States, being excluded from the gem weight index, and “collapse” with Tesla have emerged on the network platform, causing misunderstanding and misinterpretation in the market and affecting the corporate reputation. The company has officially reported the case to the public security organ and will investigate the legal responsibility of the rumor mongers according to law.
After the release of the rumor refutation statement, Contemporary Amperex Technology Co.Limited(300750) share price increased slightly, and many securities companies issued research reports to support it and continue to be bullish.
Yin Zhongxin, an analyst at Everbright Securities Company Limited(601788) , said the market overreacted to Contemporary Amperex Technology Co.Limited(300750) being affected by rumors of US sanctions. From the perspective of revenue side, Contemporary Amperex Technology Co.Limited(300750) currently has no revenue from the US market, and the equipment does not depend on the US. The rich customer structure and localized supply chain strategy make Contemporary Amperex Technology Co.Limited(300750) have strong anti risk ability in the international market. At the same time, excellent technology has brought strong product competitiveness and further stabilized the revenue side.
“Basically, Contemporary Amperex Technology Co.Limited(300750) forecast performance greatly exceeded expectations.” According to Yin Zhongxin’s prediction, the general trend of new energy will remain unchanged in the case of a sharp correction in the stock price in the early stage.
As of the closing on February 15, Contemporary Amperex Technology Co.Limited(300750) closed at 527 yuan / share, up 3.74%, with the latest market value of 1.23 trillion yuan.
multiple financial products broken
However, due to the drag of the previous “ningwang”, the gem index also fell by 20% and entered a technical bear market. Many financial products that only hold Contemporary Amperex Technology Co.Limited(300750) have also been affected. The net value of most bank financial equity products has been callback recently.
Data show that since this year, more than 40 active equity funds have retreated by more than 20%.
Equity financial products refer to stocks, stock funds, index funds and other products. The financial risks and expected returns of these products are usually higher than those of other financial products.
According to the reporter’s query on the data of China wealth management network, as of February 16, there were 211 equity products on the market, including Chinese and foreign banks and financial subsidiaries.
Among them, there are 20 equity wealth management products issued and managed by bank wealth management subsidiaries, including ICBC wealth management (1), China Merchants Bank wealth management (4), Everbright wealth management (5), ningyin wealth management (3), BlackRock Jianxin wealth management (2), Huaxia wealth management (3) and Zhongxin wealth management (2).
Taking the five equity financial products of Everbright financial subsidiary with the largest number of issues as an example, the initial net value is 1 yuan. Up to now, the net value of sunshine red new energy theme fund unit is 0.8975, the net value of sunshine red 300 dividend enhancement unit is 0.9261, and the net value of sunshine red selected units with health and safety theme is 0.7563. The initial net value of the above three products fell below.
The products of other financial subsidiaries also have a net value of “breaking 1” more or less
(screenshot from Everbright financial official website)
According to their positions, many new energy vehicle related business companies led by Contemporary Amperex Technology Co.Limited(300750) are important heavyweights of the above products.
“After the new regulations on asset management, bank financial management will be fully netted. Now bank financial management is actually a fund like product, and there will be net value fluctuations like the fund.” Liang Xiaoman, chief researcher of Ruirong assets, told Huaxia times.
As for the reasons why some equity financial products break the net value, industry analysts told our reporter that the net value of equity financial products is closely related to the performance of the stock market. Especially this year, affected by the interest rate hike period of the Federal Reserve Bank, the A-share market has become more volatile. The new energy industry, which rose the best last year, also needs some time to digest the valuation, Contemporary Amperex Technology Co.Limited(300750) bears the brunt of pressure, and the net value of financial products related to Contemporary Amperex Technology Co.Limited(300750) will be broken in the position configuration.
opportunities and risks coexist
Under the new regulations on asset management, bank financial management will gradually break the rigid cashing and return to net worth, and the principal and interest guaranteed products will withdraw from the market in the future. As a new force of asset management to undertake the parent bank, the development of financial subsidiary has attracted much attention.
In the more than trillion bank financial market, 20 equity products only occupy the tip of the iceberg of the bank financial market. But at present, from the position allocation of products issued by it, bank financial management has exposed the weakness of equity asset investment.
Chen Zhiyi, a researcher of Puyi standard, told the Huaxia times that due to the lack of active investment and research ability, bank financial products are often relatively conservative when investing in equity assets. Most of the heavy positions are the leading enterprises in the hot sector, such as Contemporary Amperex Technology Co.Limited(300750) , Wuxi Apptec Co.Ltd(603259) , Semiconductor Manufacturing International Corporation(688981) . Under the background of the tightening of sanctions on Chinese enterprises by the U.S. Department of Commerce, The share prices of these enterprises have performed poorly this year, and after the previous pursuit, the market has returned to rationality, and the rising power of leading enterprises in the hot sector at a high level is slightly insufficient.
“Bank financial management should improve its active management ability in the equity market, deeply explore the investment targets of the undervalued sector, tap more high-quality non leading enterprise investment, and reasonably disperse the investment in equity assets.” Chen Zhiyi said that in terms of allocation, it can spread to other subdivided industries to stabilize returns and reduce the overall risk fluctuation of the portfolio.
In addition, the data show that the number of net worth products issued by banks and wealth management companies in the fourth quarter of 2021 was 2005, with a month on month increase of 33.67% and a year-on-year increase of 143.33%. The proportion of net worth products continued to increase. At the same time, bank financial management will face positive competition with the fund industry, and the living space is in doubt.
Liu Yinping, an analyst at rong360 Digital Technology Research Institute, told Huaxia times that as financial products enter the era of full net worth, financial companies can directly invest in the equity market, and the two sides are facing the problem of competing for customers. However, due to the great difference between the two customer groups, most bank financial products are fixed income products, and most of the customers are stable investors, The customer base is huge, the overall risk of public funds is higher, and the risk tolerance of investors is higher. At present, the competition has little to do with it.
“Most wealth management companies indirectly invest in the equity market through fof and MOF and have cooperative relations with public funds. On the basis of strategic cooperation, both sides can achieve mutual benefit and win-win results.” Liu Yinping thinks.
In terms of avoiding the risk loss of financial products, Chen Zhiyi said that bank financial products should disperse the underlying assets as much as possible, reasonably distribute the assets among high liquidity assets, fixed income assets, equity assets, commodities and financial derivatives through the allocation of large categories of assets, disperse the underlying assets, reduce the fluctuation of single assets and the impact on the overall rate of return. At the same time, bank financial products can flexibly adjust positions, appropriately reduce the proportion of equity assets, increase the proportion of fixed income assets and control the withdrawal of product net value in case of equity market shock.
