After the introduction of regulatory regulations in June 2021, the scale of cash management products has maintained rapid progress. (1) According to the annual report of bank financial management, the scale of cash management products accelerated to 9.3 trillion yuan in the second half of 2021, contributing nearly half of the increment of financial management scale, and the total scale of products was the same as that of the current goods base. (2) In terms of industry structure, bank asset management and large bank financial management subsidiaries have the greatest pressure drop. At the end of 2021, the cash management products of banks and financial management subsidiaries of large banks were 3.83/3.46 trillion yuan respectively, accounting for 32% / 38%. The decline of customers' risk appetite, the pressure of institutions' own scale expansion and the requirements of net worth transformation promote the scale expansion of cash management products. (1) Since the second half of 2021, the return performance of the equity market has weakened, the asset volatility has increased, and the preference for the return of low-risk funds has promoted the double growth of the scale of goods base and cash management products in the second half of 2021. (2) At present, it is difficult for banks to issue high rate products in financial management, which is reflected in the decline of 8% to 8% in the proportion of mixed and equity products. Under the structure dominated by fixed income products, "price supplement by volume" and scale expansion are still the most important strategies under the profit assessment caliber. (3) For nearly 300 small and medium-sized banks that still issue financial products, cash management products accounted by amortized cost method can not only meet the process of net worth products, but also strive for transition time.
In the process of rectifying the new regulations of cash management products, the asset side structure was adjusted, and there was differentiation in the downward trend of product income. (1) Star cash products maintained a high level of return, channeled through direct sales / other bank consignment / online and other channels, and failed to meet the requirements in terms of asset structure / duration / leverage / credit sinking. The annualized rate of return of some products remained at about 2.8% - 3% in recent 7 days. (2) The overall product configuration structure has been gradually stabilized and short-term, guiding the revenue center to go down slowly. According to the annual report, the total cash allocation of financial management products and interbank deposits accounted for 95.1% in 2027.
Learn from the experience of cargo based development and regulatory requirements to explore the changes of cash management products. (1) The scale of reserves is limited in the short-term risk reduction stage. It is estimated that the asset management department of commercial banks can reduce the pressure of relevant products by about 300 billion yuan at most, and the large-scale wealth management subsidiary / joint-stock wealth management subsidiary / urban commercial bank wealth management subsidiary need to supplement the risk reserve of 173 / 77 / 225 million yuan respectively. (2) In the long run, the market demand for liquidity management products continues to exist. Grasp the window period of yield advantage in stages, shop the flow and grasp the entrance. In addition to the parent bank's consignment channels, accelerate the layout of regional banks / online channels. (3) Overseas experience: cash management products often break out in the promotion stage of interest rate marketization, but with the completion of interest rate marketization, it is difficult for relevant accounts to continue to become the leading product line due to the lack of yield advantage. (4) Industry product layout: products with rights, "fixed income +" and multi strategy investment will be the mainstream track. It is expected that the "fixed income +" of Bank Of China Limited(601988) wealth management subsidiary may form a product system type different from the secondary debt base and stock debt mixed products of public funds.
Key words: bank financial management and cash management products
