Key investment points
Fluctuation of net value of financial products
The number of products with valid net worth data this week is 8975, and the net worth growth rate is mostly in the range of 0-0.5%. Among them, the number of net worth products on the day before disclosure was 3895, the number of products whose net worth fell relative to the previous period was 260, and the median growth rate of net worth was 0.01%; In the week before the disclosure, the net value of products was 5080, and the number of products whose net value fell relative to the previous period was 1284, with a median net value growth rate of 0.07%.
Overview of financial sub opening and product issuance
Company dimension: as of April 3, 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 8660 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, 1374, 755 and 810 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, 692, 1703 and 4422 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 fifth week of March was 205, and the number of products issued within three months was 10, accounting for 4.9%, up from the previous week; The circulation of products within 6 months was 37, accounting for 18.0%, 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 205 financial products issued in the fifth week of March, 44 are open net worth products, accounting for 21.5% of the market; 156 closed net worth products, accounting for 76.1% of the market; There are 0 open non net worth products, accounting for 0.0% of the market; There are 5 closed-end non net worth products, accounting for 2.4% of the market. Compared with the previous week, the proportion of open net worth products increased, while the proportion of closed net worth products and closed non net worth products decreased.
Income type: among the 205 financial products issued in the fifth week of March, there are 0 Principal Guaranteed Fixed products, accounting for 0.0% of the market; 5 breakeven floating products, accounting for 2.4% of the market; There are 200 non breakeven products, accounting for 97.6% 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: 190 bond products were issued in the fifth week of March, accounting for 31.3%; 110 interest rate products, accounting for 18.1%; 82 stock products, accounting for 13.5%; 21 bill products, accounting for 3.5%.
Compared with the previous week, the proportion of stocks, interest rates, credit assets, exchange rates, commodities and other products increased, while the proportion of bonds and notes decreased.
Issuing bank: in the fifth week of March, CCB wealth management issued 23 financial products, ranking first, and CMB wealth management issued 19 financial products, ranking 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
The total number of financial products with a maturity of 596 weeks is higher than that of the first three months.
The proportion of products expiring within 1-3 months and 3-6 months increased, while the proportion of products expiring within 1 month, 6-12 months, 12-24 months and more than 24 months decreased. 97 products due within 3 months, accounting for 16.28%; 310 products due within 6 months, accounting for 52.01%.
Risk warning: unexpected changes in regulatory policies and unexpected exposure of credit risks.
