Key investment points
Fluctuation of net value of financial products
The number of products with valid net worth data this week is 7620, 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 1333, the number of products whose net worth fell relative to the previous period was 71, and the median growth rate of net worth was 0.02%; In the week before the disclosure, the net value of products was 6287, and the number of products whose net value fell relative to the previous period was 421, with a median net value growth rate of 0.11%.
Overview of financial sub opening and product issuance
Company dimension: as of May 15, 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 8834 financial products in the duration and sale stage, of which ICBC financial products, CCB financial products and Bank of China financial products rank among the top three, 1322, 838 and 771 respectively.
Product dimension: at present, the investment period of financial products issued by the financial sub branch is mainly T + 0, 6-12 months and 1-3 years, 685, 1711 and 4514 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 second week of May was 193, and the number of products issued within three months was 8, accounting for 4.1%, down from the previous week; The circulation of products within 6 months was 30, accounting for 15.5%, down from the previous week. According to statistics, a total of 7892 products have been issued since the beginning of 2022, with a year-on-year growth rate of - 46.40%.
Operation mode: among the 193 financial products issued in the second week of May, 43 are open net worth products, accounting for 22.3% of the market; 128 closed net worth products, accounting for 66.3% of the market; There are 0 open non net worth products, accounting for 0.0% of the market; There are 22 closed non net worth products, accounting for 11.4% of the market. Compared with the previous week, the proportion of open net worth and closed non net worth products increased, and the proportion of closed net worth products decreased.
Income type: among the 193 financial products issued in the second week of May, there are 0 Principal Guaranteed Fixed products, accounting for 0.00% of the market; There are 2 breakeven floating products, accounting for 1.04% of the market; There are 191 non breakeven products, accounting for 98.96% of the market. Compared with the previous week, the proportion of non breakeven products increased and the proportion of breakeven floating products decreased.
Basic assets: 181 bond products were issued in the second week of May, accounting for 30.1%; 116 interest rate products, accounting for 19.3%; 76 stock products, accounting for 12.6%; There are 16 bill products, accounting for 2.7%.
Compared with the previous week, the proportion of stocks, bills, credit assets and commodity products increased, while the proportion of bonds, interest rates, exchange rates and other products decreased.
Issuing bank: in the second week of May, 27 financial products issued by China credit bank ranked first, and 20 financial products issued by Bank Of China Limited(601988) ranked second. At the same time, Bank Of China Limited(601988) has issued 509 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 second week of May was 731, up from the previous week.
The number of products due in each period increased. 41 products due within 3 months, accounting for 5.61%; 308 products due within 6 months, accounting for 42.13%.
Risk warning: unexpected changes in regulatory policies and unexpected exposure of credit risks.
