Key investment points
Fluctuation of net value of financial products
The number of products with valid net worth data this week was 18893, and the net worth growth rate was mostly in the range of 0-0.5%. Among them, the number of net worth products on the day before disclosure was 3935, the number of products whose net worth fell relative to the previous period was 448, and the median growth rate of net worth was 0.01%; In the week before the disclosure, the net value of products was 14958, and the number of products whose net value fell relative to the previous period was 967, with a median net value growth rate of 0.08%.
Overview of financial sub opening and product issuance
Company dimension: as of March 27, 2022, 29 financial subsidiaries have been approved to be established, including 25 financial subsidiaries and 4 Sino foreign joint venture financial companies; 25 financial subsidiaries have officially opened, including 22 financial subsidiaries and 3 Sino foreign joint venture financial companies. At present, there are 8615 financial products in the duration and sale stage, among which ICBC financial products, BOC financial products and CCB financial products rank among the top three, with 1373, 751 and 806 respectively.
Product dimension: at present, the investment period of financial products issued by the financial sub branch is mainly 3-6 months, 6-12 months and 1-3 years, 693, 1688 and 4400 respectively; The operation mode is mainly closed net worth type; The risk level is mainly medium and low.
Overview of issuing market
Expected rate of return of RMB financial products: compared with the previous week, there is no change in the expected rate of return of financial products in each period.
Number and duration of products issued: the total number of financial products issued in the fourth week of March was 232, and the number of products issued within three months was 7, accounting for 3.0%, down from the previous week; The circulation of products within 6 months was 55, accounting for 23.7%, down from the previous week. According to statistics, a total of 6479 products have been issued since the beginning of 2021, with a year-on-year growth rate of - 40.68%.
Operation mode: among the 232 financial products issued in the fourth week of March, 33 are open net worth products, accounting for 14.2% of the market; 182 closed net worth products, accounting for 78.4% of the market; There are 0 open non net worth products, accounting for 0.0% of the market; There are 17 closed non net worth products, accounting for 7.3% of the market. Compared with the previous week, the proportion of closed net worth products increased, while the proportion of open net worth products and closed non net worth products decreased.
Income type: among the 232 financial products issued in the fourth week of March, there are 0 Principal Guaranteed Fixed products, accounting for 0.0% of the market; 5 breakeven floating products, accounting for 2.2% of the market; There are 227 non breakeven products, accounting for 97.8% of the market. Compared with the previous week, the proportion of Principal Guaranteed floating products increased and the proportion of non principal guaranteed products decreased.
Basic assets: 218 bond products were issued in the fourth week of March, accounting for 40.15%; 98 interest rate products, accounting for 18.05%; 13.55% of the products; 19 note products, accounting for 3.50%. Compared with the previous week, the proportion of stocks, interest rates, bills, exchange rates and other products increased, while the proportion of bonds, credit assets and commodity products decreased.
Issuing bank: in the fourth week of March, the 22 financial products issued by China Merchants Bank ranked first, and the 14 financial products issued by CCB ranked second. At the same time, Bank Of China Limited(601988) has issued 324 financial products since the beginning of 2022, ranking first.
Maturity market overview
Number and term of products: the total number of financial products due in the fourth week of March was 595, down from the previous week.
The proportion of products expiring within 1 month, 1-3 months, 6-12 months and more than 24 months increased, while the proportion of products expiring within 3-6 months and 12-24 months decreased. 88 products due within 3 months, accounting for 14.79%; 260 products due within 6 months, accounting for 43.70%.
Risk warning: unexpected changes in regulatory policies and unexpected exposure of credit risks.
