The net worth has ups and downs and the purchase should be rational (financial eyes·new observation of the people's financial management ②)
No longer "just make no compensation" The recent decline in the net value of some bank wealth management products is mainly due to price fluctuations caused by the adjustment of the bond market
"How come more than a month later, the bank wealth management product I bought fell 16 yuan relative to the invested principal?" One day at the end of June, a 25-year-old Beijing citizen Zhang Duduo checked the income of the bank wealth management product he bought. , A little puzzled.
Zhang Duoduo said that she often makes relatively stable investments, and bank wealth management products are her main choice. Previously, the annualized return rate of the products she bought was generally around 4.5%. In early May, she found a net worth wealth management product with an annualized return rate of about 6% this year on a mobile phone app of a bank, and invested 20,000 yuan. "Unexpectedly, there will also be floating losses in bank wealth management products."
Recently, some bank wealth management products have experienced floating losses, "refreshing" people's inherent impression that bank wealth management products only earn no compensation. According to statistics from the Banking Wealth Registration and Custodian Center, at the end of May, 168 net worth products fell below the issue price, accounting for 0.91% of the total net worth products at the end of the month, and the proportion was not large. Most of them were fixed income products.
In September 2018, the China Banking and Insurance Regulatory Commission issued the Measures for the Supervision and Management of Wealth Management Business of Commercial Banks, which requires fixed-income wealth management products to invest in deposits, bonds and other debt assets at least 80%. At the same time, banks are required to rate wealth management products at least five levels from low to high according to the different investment portfolios of products and the past performance and risk level of similar products. In practice, fixed income products are generally low-risk wealth management products.
Recently, why do a few net worth wealth management products have a net worth falling below the issue price, or even yield a negative value? "Banks have always been an important investment entity in China's bond market. Bond assets account for about 60% of all types of assets invested in bank wealth management products. Changes in the bond market will affect the net value of wealth management products." Banking wealth management registration Guan Shengyi, vice president of the Trusteeship Center, said that the recent decline in the net worth of a few wealth management products was mainly due to price fluctuations caused by bond market adjustments.
Market analysts pointed out that the proportion of floating financial products investing in secondary market bonds is higher than the industry average. Some of these products have a short establishment time. In April, the price was high. Kim floated a loss.
When bond yields rise, bond prices fall, and the net worth of wealth management products invested in bonds also falls. Guan Shengyi analyzed that taking the most representative 10-year Treasury bond yield change in the market as an example, the China Bond Treasury bond yield curve shows that the 10-year Treasury bond secondary market yield reached a low level on April 29, 2020 After the point 2.525%, it started to rise, and rose to 2.91% on June 23. Based on this calculation, if a wealth management product began to open a position at the end of April and bought a 10-year Treasury bond at face value, then two months later to June 23 The net price will drop by 3.28 yuan to 96.72 yuan, and the net value of the wealth management product will also fall. From the perspective of the bond market as a whole, from January to April, the bond market prices as a whole rose, and the bond comprehensive net price index rose by 2.76% overall, while the bond price began to fall at the end of April, and the bond comprehensive net price index fell by 2.6% overall from April to June alone. , The rapid changes in the market can be seen.
Net worth transformation is irreversible
The net worth of wealth management products replaced the past expected rate of return. Investors may enjoy more investment income, or may suffer losses
Recently, Ge Liang, who works in a public institution in Hangzhou, Zhejiang Province, purchased a one-year net worth product. The unit net value of this product was 1.0409 on May 6, fell to 1.0394 on May 14, and rose to again on June 24. 1.041, "It seems that the net value of this product is dynamically rising and falling, so the product revenue cannot be seen for a while, and it must be continuously observed for a while."
In fact, the bond market fluctuates, and returns fluctuate. In the past, most of the wealth management products of banks used the form of expected yields. As long as investors choose products with guaranteed and guaranteed incomes and look at the expected yields, they can obtain stable returns. Some investors do not fully understand where wealth management funds are invested and whether information is disclosed. Complete wait. Now the rate of return of wealth management products fluctuates up and down with the return on investment assets. The fundamental reason lies in the transformation of bank wealth management to net worth, breaking the "rigid payment".
Guan Shengyi believes that the transformation of bank wealth management net worth is irreversible. In April 2018, the People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the Foreign Exchange Bureau jointly issued the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions", and then the Banking and Insurance Regulatory Commission issued the supporting "Measures for the Supervision and Management of Wealth Management Business of Commercial Banks." The new rules on asset management and the new rules on wealth management are clear. Bank wealth management products refer to non-guaranteed wealth management products, which must not promise to guarantee capital and guarantee income, break rigid payment, standardize product operation, and implement net worth management.
What is net worth management? Guan Shengyi further explained that net worth management is the core content of wealth management product transformation and involves all aspects of bank wealth management business. For the majority of ordinary investors, the net value of wealth management products replaces the past expected rate of return. The biggest difference is that from the date of purchase, the future return of net worth products is dynamic and uncertain. Investors look at the product by looking at the product To understand the floating profit and loss situation of the product, and to purchase and redeem according to the net value, the income obtained depends on the change in the net value of the product.
Since the release of the new regulations, the net worth transformation of wealth management products has had a significant effect, and expected income products have decreased significantly.
"Purchasing expected-income products before, the future rate of return is almost certain from the date of purchase. After the net worth transformation, investors should always pay attention to the information disclosure and risk disclosure of wealth management products to understand the risks of the products they have purchased. "Guan Shengyi said that the bank's financial management has also changed. In the past, no matter how much the investment income was, the bank redeemed the investors according to the promised fixed income and even the profit. The remaining income banks kept it themselves, and if there was a loss, the bank "rigidly redeemed". After the implementation of net value management, investors can enjoy all investment income, and banks only charge a fixed percentage of management fees. If there is a loss in investment, the bank will not be "bottomed out", and investors should bear their own risk. In other words, investors may enjoy more investment income, or they may suffer losses.
Standard operation, rational investment
Banks should disclose information in a timely and accurate manner, and investors should understand the risk status of the underlying assets they invest in, and invest rationally according to their own risk preferences
To allow investors to bear the risk of product revenue fluctuations, banks must first standardize operations and fully disclose wealth management product information. The new regulations on financial management require commercial banks to disclose the investment direction, leverage level, income distribution and main investment risks of wealth management products to wealth management product investors in a timely, accurate and complete manner.
"After the implementation of net worth management, banking institutions should insist on diligently performing their duties of trusteeship and financial management on behalf of others, and improve the management capabilities of wealth management products; strict investor appropriate management, regular investor risk assessment,'put appropriate The product is sold to the right investor'; strictly fulfill the obligation of information disclosure, promptly and accurately inform the investor of relevant information, and guide the financial management of the bank to return to the source of the asset management business." Guan Shengyi said.
The industry believes that some bank wealth management products now have problems such as irregular information disclosure, unupdated information, and inconvenience for investors. It is necessary to establish a centralized and unified financial product information disclosure platform, which is displayed in plain language and intuitive graphics. Trends in the operation of wealth management products are convenient for investors to inquire and compare.
At present, as the only designated platform for wealth management product inquiries authorized by the China Banking Regulatory Commission, China Wealth Management Network has further enriched the content and functions of wealth management product information disclosure in accordance with the requirements of the new wealth management regulations, and developed a wealth management information disclosure platform for banks or their wealth management The wealth management products issued by the company provide a unified information disclosure service, which is convenient for investors to inquire and retrieve, and effectively improves the information transparency of wealth management products.
"Capital preservation is not financial management, and financial management is not capital preservation." Zeng Gang, deputy director of the National Finance and Development Laboratory of the Chinese Academy of Social Sciences, said that although bank risk management products are often low-risk, they are not completely free of risks. Investors should read the product description carefully. Understand the risk status, asset ratio and investment period of the assets under investment, and invest rationally according to your own risk preferences.
According to the requirements of the new financial regulations, most of the current banking wealth management products are divided into R1 to R5 according to the risk level, and the risks increase in turn. Among them, low-risk R1 products are mainly invested in financial instruments with higher credit ratings and better liquidity, such as treasury bonds, financial bonds, and bond repurchases, with low volatility in net worth and relatively stable returns; R2 products are also lower risk Products usually account for more than 70% of the wealth management products that have been sold.
"Investors should choose wealth management products according to their risk preferences, and carefully conduct initial evaluation and follow-up evaluation of their own risk capabilities to facilitate the selection of products that suit them." Guan Shengyi said.
Investors want to change the old idea of "banking only makes no money". In addition to referring to the risk level of wealth management products, you should also pay attention to market changes and understand the reasons for fluctuations in net worth. Guan Shengyi said that through investor education, investors can judge the overall trend of asset market price changes, and they can select products with relatively small future risks. For example, the current bond market price can be analyzed according to changes in bond indexes. At an overall level, if you enter the market at a high index, you must be mentally prepared to withstand market fluctuations.
Investors can also refer to the past performance of similar products. However, industry insiders reminded that when the wealth management products are sold, the marked profit rate may be the annualized rate of return in the past seven days or since its establishment, which does not mean that the same rate of return will be in the future. Historical performance can only be used as a reference.
"Now, the net worth of wealth management products can reflect the value of the product in a timely and accurate manner, and investors can more intuitively see the fluctuations and risks of product returns, but also realize that the net worth fluctuations of individual wealth management products are periodic normal phenomena. Investors should uphold the rational investment philosophy, view the risks and benefits of financial products in a scientific and reasonable manner, and avoid over-focusing on the changes in the net value of individual products in certain periods." Guan Shengyi said.
Our reporter Ouyang Jie Qu Xinming