Say goodbye to the era of "stable earning without losing
  money" can    bank finance still "buy, buy, buy"?

  The 4% or even 5% yield of bank wealth management products has become a "past tense". In the first half of this year, the rate of return on wealth management products continued the overall downward trend last year, and some products even experienced negative returns in the middle of the year. Experts suggest that the prices of wealth management products may still fluctuate significantly in the second half of the year, and investors' expectations of "implicit exchange" must be avoided.

  In June of this year, the attention-grabbing negative wealth management of banks made many investors realize that breaking rigid payments is not just a slogan.

  What attracted wide attention in the market was China Merchants Bank's "consignment sales season No. 1", which had an annualized return rate of -4.42% in January. But the reporter found that in addition to many products of many banks have had negative returns in June.

  Dong Ximiao, the chief researcher of Xinwang Bank, said that this was due to the obvious decline in bond prices since May, and some of the bank’s wealth management products, which mainly use bonds as the subject of investment, were greatly affected and floated.

  In fact, the decline in bank wealth management product revenue is no longer an overnight matter. According to data from Rong 360 Big Data Research Institute, the average yield of RMB unstructured wealth management products has fallen below 4% in January this year, and then the overall yield has shown a downward trend. After falling to 3.7% in early May, it rose slightly, 6 The average monthly rate of return is about 3.8%.

  Experts believe that there are three factors that lower the rate of return on wealth management products: First, the market liquidity remains reasonably ample and the cost of market capital has decreased; Second, the structural adjustment of bank assets at the transition period of the new asset management regulations continues, and non-standardized claims Investment in asset class is constrained, and it is difficult for new products to maintain higher returns. Third, the economy is facing downward pressure and the prices of major asset classes have generally declined.

  "Baby-type" wealth management products are also "advancing and retreating" with the income of bank wealth management products. "After investing money in Yu'ebao, I will not pay attention to earnings every day, but recently I accidentally found that the rate of return is not more than half of the previous one." Ms. Wang Wang, a 50-year-old Beijinger, said she had little knowledge of financial management and chose Yu'ebao This type of wealth management product is "a plan to save trouble."

  The overall decrease in the income of wealth management products has caused many investors who have focused on "saving worry" to experience the decline in the income of "baby" wealth management products such as Yu'ebao. The sample data of 78 Internet "baby" products collected by Rong 360 Big Data Research Institute show that in early January of this year, the average 7-year annualized return rate of these products was about 2.63%, and the average return rate at the end of June had dropped to 1.72%.

  It is understood that the main investment types of currency funds are short-term treasury bonds, financial bonds, high-grade credit bonds, deposits, certificates of deposit and pledged reverse repurchase assets. Such assets are highly related to the central bank’s monetary policy and inter-bank capital. Related.

  "At present, the return on investable assets has been significantly reduced." Wang Dengfeng, the manager of Tianhong Yu'ebao Fund, expects that the return of currency funds will continue to decline slightly in the future, and most currency fund products will remain below 2% for a longer period of time.

  The income is reduced, and even the capital is not guaranteed. Can financial products "buy, buy, buy"?

  Regarding the phenomenon of negative returns, Zeng Gang, deputy director of the National Finance and Development Laboratory, said that short-term negative returns do not represent final negative returns. For long-term financial products, investors do not have to pay too much attention to the short-term net value fluctuations of products.

  But at the same time, experts also reminded that in the second half of the year, with the development of banking wealth management subsidiaries, the proportion of wealth management subsidiaries' investment in equity assets may increase, and the price fluctuations of wealth management products may be greater and the magnitude may be greater. Before buying wealth management products, investors should break the expectation of "implicit repayment" and "fixed income" of bank wealth management products, and correctly understand net worth products. (Xinhua News Agency, Beijing, July 7th)

Zhang Qianqian

Zhang Qianqian