Under the weak market conditions, bank financial products that are good at fixed income investment frequently spread "second light" news.
On February 25, Hongrui No. 2 financial product under Puyin financial management was officially put on sale. The sales volume exceeded 3 billion yuan in five minutes. In less than half an hour, all the 10 billion amount issued to retail customers were sold out.
In the view of insiders, the large sales of bank financial products one day is the issuance achievement made by the bank channel to fully support the "good start" of the financial subsidiary. It has particularity at a specific time point and is not equivalent to the normal issuance of the bank financial products market as a whole, but it also reflects the investment demand of the huge group of low-risk investors behind the bank financial products.
bank financial management welcomes "hot money"
Puyin financial management sold 10 billion in half an hour
News of another explosion in the 28 trillion bank financial management market.
On the morning of February 25, the diversified series Hongrui No. 2 financial products of Puyin financial management were officially launched. The sales volume exceeded 3 billion yuan in five minutes, and the issuance scale reached 10 billion yuan in less than half an hour.
According to insiders, the issuance amount of Hongrui No. 2 financial product is 11 billion yuan, of which 10 billion yuan is for retail customers, 1 billion yuan is for institutional investors, 10 billion retail customers have been sold out one day, and 1 billion yuan for institutional investors continues to be issued.
Fund Jun logs in to the bank app page and sees that the retail remaining amount of this financial product is zero at present.
In fact, Hongrui No. 2 is the second financial product issued by Puyin financial since its establishment. Ruihong Qihang, the first financial product issued on February 10, also attracted 12 billion yuan a day.
According to the relevant product specifications, Hongrui No. 2 is a fixed income financial product with a risk level of R2 and is open every 14 months. The manager will flexibly allocate the asset allocation proportion according to the market conditions. According to the current market return level of investable assets, leverage operation and other factors as the calculation basis, after deducting the rate, the benchmark range of product performance is 3% - 5.5%, and the weighted average is about 4.37%.
In terms of rate, taking class A shares as an example, the product does not charge subscription fee, subscription fee and redemption fee, but an annualized 0.25% sales service fee, an annualized 0.15% fixed management fee and an annualized 0.02% custody fee. In addition, if the annualized rate of return after deducting the sales service fee, custody fee and fixed management fee from the net value of the investment portfolio in each closed cycle exceeds the accrual benchmark of the floating management fee, the excess managers will withdraw the floating management fee according to a certain proportion.
Hongrui No. 2 aims at absolute return, mainly through the allocation and trading of project assets and bond assets, and strives to achieve medium and long-term stable return on the basis of risk control and withdrawal. In terms of investment strategy, the manager constructs the asset allocation framework through the judgment of macroeconomic and market valuation level, studies and judges the market and industry through qualitative and quantitative investment research, selects assets with stable return characteristics to build a portfolio, and according to the market liquidity, valuation and risk return characteristics of subdivided industries in different periods, Dynamically allocate and adjust bonds and project assets within the scope allowed by laws and regulations and this product.
In terms of investment proportion, 80% or more positions will be invested in fixed income assets, of which non-standard investment accounts for no more than 49%.
channel support and other factors boost
is more attractive to steady investors
A number of insiders said that the recent hot sales of financial products concentrated on the advantages of channels and products.
According to an insider, Hongrui No. 2 is the second product of Puyin financial management since its establishment. It has received full support from Shanghai Pudong Development Bank Co.Ltd(600000) and strives to achieve a "good start" issuance effect.
"On the one hand, these two issues are the first products of different types of Puyin financial management, which are basically issued with the strength of the whole bank, so they have achieved good results; on the other hand, the performance comparison benchmark of this product has advantages in similar products, which is favored by investors." An industry insider believes that the two explosion of Puyin financial management issuance are related to product positioning.
"Recently, I heard that many bank financial products and products of financial subsidiaries have good issuance results, mainly because such products are very attractive at the time of market shock." According to a person from a fund company, he observed that many products issued by bank financial subsidiaries with a term of less than three months have a return of 4% and 5%. Compared with the volatile equity market, they are very attractive to steady investors. "There is no shortage of money in this market. What is always lacking is good products."
A person from a fund company also attributed the issuance of bank financial products exceeding 10 billion a day to two factors: first, the weighted average performance benchmark of more than 4% is more attractive to investors; Secondly, in the past few years, banks have been reducing the scale of financial products that do not meet the new regulations of asset management. They did not start to scale until the establishment of the bank's financial subsidiary. The issuance effect of 10 billion a day can also be seen as the momentum for a long time in the past.
Some fund companies also said that over the years, bank financial products have provided investors with a clearer product understanding of such products by providing stable income products. Bank financial products have also accumulated a large number of stable customer groups. The issuance success of 10 billion a day is a comprehensive embodiment of the brand and user reputation of Bank financial products in the past.
"Fund companies should also make more efforts in product positioning and user experience in the future. The 'fixed income +' product line launched in recent years is also striving to provide investors with a fund category with low withdrawal and comparable yield to bank financial management." The above fund company said.
the issuance of bank financial management subsidiaries decreased sharply in the beginning of the year
more medium and long-term products in the layout
Since the formal implementation of the measures for the administration of financial management subsidiaries of commercial banks in December 2018, commercial banks have successively set up financial management subsidiaries to carry out financial management business and promote the reform of financial management business system. By the end of 2021, 29 bank financial management subsidiaries in China had been approved for preparation, of which 22 had been opened. It is worth mentioning that foreign banks have arranged Bank Of China Limited(601988) financial management market one after another, and established joint venture financial management companies with Chinese commercial banks and financial management subsidiaries. At present, there are four
(data source: Puyi standard)
(data source: Puyi standard)
According to the statistics of Puyi standard, by the end of 2021, the business scale of 9 Financial Management subsidiaries had exceeded trillion, all of which were financial management subsidiaries of national banks.
Among the state-owned financial management subsidiaries, ICBC financial management increased by nearly trillion in 2021, and the product scale exceeded 2 trillion. It is one of the only two financial management subsidiaries with a scale of more than 2 trillion. Among the remaining state-owned financial management subsidiaries, except China Post Financial Management, its business scale exceeded trillion; Among the joint-stock financial management subsidiaries, the business scale of CMB financial management is unparalleled, ranking first among them.
Everbright wealth management, xingyin wealth management and Xinyin wealth management rank in the second gradient, with a business scale of trillion. The business scale of Guangyin wealth management is the smallest, which has not exceeded the financial management subsidiaries of some urban rural commercial banks that have opened; The business scale gap of urban rural commercial financial management subsidiaries is small, and the scale is less than 500 billion.
On the whole, the current business scale of financial management subsidiaries has shown a more obvious head effect.
Puyi standard said that from the performance of nearly a year, whether fixed income products or mixed products, the product performance of non financial subsidiaries is slightly higher than that of financial subsidiaries, but the difference between the two is not large, either because the development time of financial subsidiaries is relatively short, and their investment and research ability has not opened the gap with non financial subsidiaries.
At the same time, whether financial subsidiaries or non financial subsidiaries, the overall performance of fixed income products is much higher than that of hybrid products, which to some extent means that their investment advantages are still concentrated in traditional fixed income assets, and the investment ability of equity assets is still its weakness. After all, equity investment ability can not be built overnight, It is necessary for issuing institutions to continuously increase investment and build a "top-down" and "bottom-up" investment and research framework.
It is worth mentioning that according to the statistical data of Puyi standard, in January 2022, the bank's financial management subsidiary issued 878 financial products, with a month on month decrease of 781 and a sharp decline.
Yu Yaqin, a researcher at Puyi standards, said that the sharp decline in new products issued by financial subsidiaries in January may be affected by seasonal endogenous reasons of banks. First, banks will issue products in large quantities at the end of last year in order to offset the performance scale at the end of the year; Second, influenced by the "good start" activity in the banking market, the "good start" activity prompted the bank to complete the issuance reserve of products at the end of last year and turn to product marketing at the beginning of the year. In addition, the Spring Festival, as a traditional festival for Chinese people to leave the old and welcome the new, has been said since ancient times that "all things greet the spring and send residual wax, and the end of the year is tonight". Therefore, affected by it, the circulation of bank financial management market may show a certain downward trend before the Spring Festival.
At the same time, the three-year transition period of the new asset management regulations officially ends with the arrival of 2022, and the number of products issued by financial subsidiaries may show a downward trend in the future. Yu Yaqin said that since the new asset management regulations prohibit term mismatch and guide funds to make long-term investment, the medium and long-term limited products of the new products of the wealth management sub will increase significantly. The extension of the product term will make the wealth management sub do not need to issue medium and short-term products frequently, resulting in the decline of the number of wealth management sub products.
Looking forward to the future, Qin Jing, a researcher of Puyi standard, also said that in the future, the financial management business will be carried out by independent financial management subsidiaries, and the asset management industry will gradually develop to "real asset management". It can be predicted that while the competition in the asset management industry intensifies in the future, the Matthew effect will become more and more significant. But at the same time, the threshold of entering the track has also been raised. Institutions with the ability of "real asset management" can undoubtedly find their own positioning in the fierce competition, make full use of their comparative advantages, and then highlight the encirclement.
