Since the beginning of the year, China's stock market has been turbulent and the bond market has been repeated. Although the withdrawal range is controllable and the proportion is limited, the bank financial products after full net worth are still facing a huge redemption test in the "breaking net tide".
Under the high pressure, the survival scale of many financial management companies has dropped from the high point at the beginning of this year due to the superposition of pilot operations such as offsetting deposits at the end of the quarter. The Chinese reporter of the securities firm exclusively learned that the survival scale of the four financial subsidiaries of major banks has decreased by more than trillion in total.
but the good news is that in April, the bank's financial management ushered in a short respite. The reporter extracted the data and found that the number of "net breaking" of bank financial management has dropped to less than 2000, and no new net breaking products have been added for many days. In addition, the above-mentioned financial management personnel of large state-owned banks disclosed that at present, its management scale has returned to the peak level in March
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to dark March
In mid March, there was news from the market that the two head financial companies had suffered huge redemptions.
The market situation at that time was: the escalation of the conflict between Russia and Ukraine caused a sharp decline in overseas stock markets and a sharp rise in energy and Shenzhen Agricultural Products Group Co.Ltd(000061) prices; The inflation upward superposition epidemic situation has been repeated, and both China's bond market and stock market have suffered setbacks. Since the beginning of the year, the yield of 10-year Treasury bonds has risen by nearly 20 BP from the low point. The A-share has been deeply corrected, and the maximum pullback of the Shanghai and Shenzhen 300 index and the China Securities 500 index is close to 20%.
at that time, the net breaking proportion of bank financial management was about 3% - 6%, which was still in a controllable range, but it has attracted round after round of public opinion and added a lot of credibility to the rumors. However, it should be noted that the change in the survival scale of financial management in March usually has the factor of bank deposit at the end of the quarter. Therefore, the shrinkage of the survival scale of relevant financial management companies cannot be equal to the magnitude of huge redemption
However, the bank's financial management has indeed experienced a difficult march, and the reliable data obtained exclusively by Chinese journalists of securities companies can also be corroborated to a certain extent. The data show that the time management scale of the four major financial companies as of the end of the first quarter was lower than the peak time balance at the beginning of the year. The shrinking scale of three companies is more than 200 billion yuan, and one company is more than 350 billion yuan.
from the investment nature, the main redeemed products are fixed income products that occupy the absolute proportion of stock products. The reporter learned that: only for fixed income products, there are two Dahang wealth management companies located in Beijing, with a total reduction of about 380 billion yuan. It is worth mentioning that the balance of mixed products of the two companies remained stable, and the surviving balance only decreased slightly; The equity products of one of the wealth management companies remained stable and did not decrease
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short gasp after continuous blood loss
For bank financial management, which is trying to get out of the "darkest hour", it may be too early to say the "turning point", but the good news is that bank financial management has indeed ushered in a long lost short breath after a month of failure.
The data can be intuitively supported.
First, the number of "broken net" has gone up all the way to a small decline. From March 1 to March 27, the number of floating losses rose all the way, adding dozens to hundreds of "broken net" financial products every day. On March 11, the number of "broken net" in bank financial management officially exceeded 2000, reaching 2117. On March 21, the number of "broken net" reached 2245, accounting for 8.13%, reaching a small peak since this year. By March 28, the linear deterioration was reversed, and the number of "broken net" products returned below the 2000 level, 1914.
Second, after the number of "broken net" fell, it stabilized briefly. Lengthen the observation range. Since the "number" of bank financial management broke the net for the first time on March 28, the number of "broken net" has stabilized at 1897 for three consecutive trading days after the Qingming Festival, with no increase in a single day.
Third, the "broken net" accounted for more than 8% for more than half a month (8.21% on March 15). At present, it has finally returned to 6.71%.
To sum up, bank financial management has stabilized for a short time, but it is unknown how long it will take for Zhenzheng to get out of the pain of "breaking the net" in a large area.
There is the so-called "breaking the net tide", there is the "self purchase tide" of protecting the sector. Since the "first shot of self purchase" of Everbright financial management on March 23, five bank financial management subsidiaries have purchased their own financial products with a total of no more than 2.85 billion yuan. Among them, xingyin financial management will invest about 1 billion yuan of its own funds in its multiple series of products, setting the highest record of self purchase at present; On the basis of the company's own funds, CMB financial management also introduced the way of increasing the holdings of key employees to show confidence. CMB financial said: as of March 25, the total amount of the company's senior management and heads of departments holding the company's financial products had exceeded the total amount of their salary last year.
Some people in the industry called for investors to look at what is a "good product" from a more rational perspective. "I think we need to look not only at the absolute return, but also at the ability to control the pullback. When the net value of a product falls, if the net value pullback is much lower than the market pullback in the same period; or when the net value rises, it is an excellent product that outperforms similar assets and the performance benchmark in the same period." The head of the investment department of a large bank financial management company said bluntly.
when the market risk is relatively high, how to make a product more stably control the withdrawal, he admitted that this is the subject that the team has been cultivating. At present, the practice of the team is roughly divided into three points: first, use leverage to thicken income; Second, adjust the investment portfolio and increase trading income; Third, reduce the sales fee and investment management fee
