Regulatory policies and market highlights: on December 17, the measures for liquidity risk management of wealth management products of wealth management companies were issued, filling the institutional gap of liquidity risk management of wealth management companies; On December 29, Guangyin wealth management was approved to start business, becoming the first banking wealth management subsidiary to be established in 2021 and the last to be established before the expiration of the transition period of the new asset management regulations; Snowball structure meets strong supervision, and the issuance of snowball products of some trust companies is stopped.
Overview of bank financial management market: in December, 3793 non breakeven financial products were issued, a year-on-year decrease of 39.7% and a month on month increase of 19.2%. Among the non breakeven financial products issued in December, 3566 net worth financial products were issued, accounting for 94%. Among net worth products, 3340 fixed income products, 197 mixed products and 29 equity products were issued respectively. In terms of issuance period, the number of net worth products issued within 3 months accounted for 4%, the number of net worth products issued within 3-6 months accounted for 25%, the number of net worth products issued within 6-12 months accounted for 29%, the number of net worth products issued within 1-3 years accounted for 23%, and the number of net worth products issued over 3 years accounted for 8%. In 2021, the issuance term structure of net worth financial products remained relatively stable. In terms of yield, we have counted the average performance benchmarks of net worth products. The average performance benchmarks of December, 1-3 months, 3-6 months, 6-12 months, 1-3 years and more than 3 years are 3.88%, 4.00%, 4.18%, 4.56% and 5.29% respectively. Divided by product type, the performance benchmarks of net worth financial products issued in November are 4.16% of fixed income For mixed products, 4.98% (the number of equity products is too small to be counted temporarily), the performance comparison benchmark of fixed income products increased by 4bp year-on-year, while the performance comparison benchmark of mixed products increased by 66bp year-on-year.
Financial subsidiary products: in December 2021, excluding the old products transferred from the parent bank to the financial subsidiary, the number of new products issued by the financial subsidiary was counted. In December, the financial subsidiary issued 1064 financial products, including 929 fixed income products, 124 mixed products and 11 equity products. Among the 11 newly issued equity products, there is 1 public equity product, which is phase 2 of BlackRock CCB wealth management and baying A-share new opportunity equity wealth management products (with a minimum holding of 720 days).
Overview of the proportion of rights in mixed products of financial subsidiaries: most financial subsidiaries create products with a gradient of 10%, and the proportion of rights in 30%, 40% and 50% is 36.0%, 27.8% and 23.7% respectively. The proportion of mixed products with rights of 30% accounts for a relatively high proportion, among which the number of ICBC financial products issued is unparalleled. There are a large number of participating institutions of mixed products with a right proportion of 40%, among which CCB financial management, China Merchants Bank financial management and Huaxia financial management have a large number of issues. Among the mixed products with 50% rights, BOCOM financial management, ICBC financial management and ABC financial management issued a large number. It is worth mentioning that all the mixed products with 50% rights of ICBC financial management are for private customers.
Risk warning: the data contained in this report are incomplete market statistics, which are intended to reflect the market trend rather than accurate quantity. Any suggestions, opinions and speculation contained only reflect the judgment of the company on the date of issuance of this report.
