Article sourcePlayblackjackonlineChina Fund Daily
With the downside of benchmark interest rates and the removal of high-interest deposit products one after another, the scale of 29 trillion yuanPlayblackjackonlineThe bank wealth management market is also facing the problem of asset allocation, and the yield of existing wealth management products and the performance benchmark of newly issued products have also continued the downward trend.
Interviewees and industry people said that since the beginning of this year, the "asset shortage" has continued to haunt the financial management market, and the problem of "easy to send but not easy to do" has become increasingly obvious. In this context, in order to further enhance the sense of achievement of investors, financial companies should not only take various measures to improve product returns, but also help investors to establish reasonable income expectations and cultivate the concept of rational investment.
The scale picks up again.
The worry of "asset shortage" deepens
According to the forecast data of Citic Securities, the size of wealth management products in the whole market increased by about 2% in April compared with the same period last year.Playblackjackonline.3 trillion yuan, the total size has increased to about 28.Playblackjackonline.63 trillion yuan, a month-on-month growth rate of 8.74 percent. In addition, according to the monitoring data disclosed by Puyi Standard a few days ago, by the end of April 2024, financial companies had 20298 financial products, an increase of 542 from the previous month.
With the continuous influx of incremental funds, people in the industry are further worried about the "asset shortage" in the wealth management market.
Lou Feipeng, a researcher at the Postal savings Bank of China, said bluntly that since the beginning of this year, the problem of "asset shortage" has been particularly prominent. Affected by factors such as the decline in deposit interest rates and the suspension of the sale of large certificates of deposit by banks, investors have increased their purchases of financial products, and the increase in the scale of financial management has aggravated the problem of "asset shortage". "in addition, financial management funds are mainly invested in fixed income assets such as bonds, and the small scale of government bond issuance in April has further aggravated the problem of 'asset shortage'."
Ruizhi Xinhong Financial Research Institute believes that due to the international situation and the operation of the domestic economic cycle, the current economic situation presents a number of characteristics: first, the decline of market interest rates; second, the increase of credit risk; third, there are certain fluctuations in the capital market. In the case of increased market uncertainty, investors' risk preference continues to decline, "pile up" on financial products with relatively low risk preference, which leads to "asset shortage" and asset allocation difficulties.
Dong Cuihua, a researcher on Puyi standards, believes that the essence of the current financial "asset shortage" is not the lack of investable assets, but the lack of "high-quality" assets with low risk and high returns.
"the emergence of the 'asset shortage', on the one hand, is the high return in the expected income era, which makes investors expect too much of the income of financial products after the net worth transformation. On the other hand, the performance benchmark setting of issuers is not fully combined with the current market situation, which makes investors' expectation of the income of wealth management products higher than the actual operation of the products. Through the existing asset allocation, it is difficult to obtain returns that match the performance benchmark. " Dong Cuihua also said that the essence of the "asset shortage" is the contradiction between the pursuit of low risk and the pursuit of high returns, which has been fully exposed in the economic situation.
In Dong Cuihua's view, after the net valuation transformation, the bank wealth management market has a low risk preference, pursues the stability of income, and tends to allocate a large number of money market and fixed income assets. The general decline in deposit interest rates and bond maturity yields has led to a continuous decline in the income of financial products, which is lower than investors expected. Under the pressure of the market, issuers urgently need to find new high-quality assets to balance product risks and returns.
The performance benchmark continues to decline.
Multiple measures to enhance the competitiveness of products
Under the pressure of "asset shortage", the yield of wealth management companies' products has fallen further. According to the latest Puyi standard data, as of the end of April this year, the average annualized rate of return for financial companies' existing cash management products was 2.11%, down 0.07 percentage points from the previous month; the average annualized rate of return for existing closed-end fixed-income financial products was 3.8%, down 0.17 percentage points from the previous month.
At the same time, the performance benchmark of wealth management products also fell further to the lowest level of the year. According to Puyi standard data, in the newly issued wealth management products issued by wealth management companies in April this year, the average performance benchmark of open-end products was 3.05%, down 0.02 percentage points from the previous month; and the average performance benchmark of closed-end products was 3.14%, down 0.05% from the previous month.
In response, Li Xia, a researcher at Puyi Standards, said that although the lowering of the benchmark for the average performance of financial products will reduce investors' income expectations, it is an adjustment made according to the market environment, and financial companies need to guide investors to allocate their products rationally. balance the relationship between returns and risks.
"in the face of the downward rate of return of financial products, in order to stabilize or improve the rate of return of financial products, it is necessary to adjust the capital investment structure." Lou Feipeng pointed out, for example, more long-term bonds, or the issuance of mixed wealth management products, some allocation of equity assets, and so on. However, it should be noted that all these require financial companies to strengthen their research on the market.
Ruizhi Xinhong Financial Research Institute also believes that newly issued financial products should pay attention to strategic flexibility and innovation, for example, pay more attention to cross-border investment, look for investment opportunities in the global market, and achieve geographical and market diversification.
Stabilize investor expectations
Enhance investors' sense of acquisition
Similar to public offering funds, it is difficult for banks to issue wealth management products, but it is more difficult to allocate assets. In order to enhance investors' investment experience and sense of achievement, the above-mentioned interviewees generally believe that investors should be guided to invest rationally on the basis of reasonable income expectations.
Ruizhi Xinhong Financial Research Institute said that there are certain similarities in the logic behind the "easy to do" between public funds and financial markets, but the differences are also obvious. Public offering funds are more due to the fact that the valuations of various sectors have reached highs after the continuous rise of the market, while the challenge of financial management is not only because bond prices have reached highs, but also because of the more complex economic situation.
"When investors invest in wealth management products under the current situation, they should establish a long-term investment philosophy and avoid chasing the rise and killing the fall." The Wisdom Xinhong Financial Research Institute recommends that at the end of the bond bull market, investors should set reasonable income expectations and invest rationally based on their own circumstances to avoid emotional chasing and panic selling when possible adjustments occur. For wealth management companies, it is also important to provide sales guidance based on their own asset acquisition capabilities in a timely manner."Each company should do within its capabilities, balance short-term and long-term interests, and avoid leaving hidden dangers for the future."
Yang Guozhong, a researcher at Puyi Standards, also believes that unlike public funds, the proportion of equity assets allocated by banks 'financial management is very low, accounting for about 3% of the total, while fixed-income assets account for the vast majority. This means that in terms of returns, wealth management products are more convergent and stable, with generally lower risks, and ordinary investors do not feel the obvious differences in funds in terms of "experience".
Lou Feipeng also said,"In the face of declining yields on wealth management products, while bank financial management strives to stabilize or increase yields, it must also do a good job in investor education to guide investors to have a correct understanding of the next high probability of downward interest rates, and understand the possible risk and return matching of wealth management products on the basis of relative safety and stability, and carry out financial investment scientifically and rationally."