Bank financial management transformation is in full swing——

　　Wealth management subsidiaries gradually become the main force in the market

　　Our reporter Qian Qingni

　　This year is the closing year of the transition period of the new asset management regulations. Many investors are paying close attention to the overall situation of bank wealth management products.

Recently, at a press conference on the operation and development of the banking and insurance industry in the first half of 2021 held by the State Information Office, the head of the relevant department of the China Banking and Insurance Regulatory Commission stated that the rectification and improvement of the bank’s wealth management business is in line with expectations, and the rectification has been more than half at the end of the first quarter of 2021. , The vast majority of banks will complete rectification before the end of 2021.

　　Accelerated rectification of wealth management stock business

　　On April 27, 2018, the People’s Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued and implemented the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" (hereinafter referred to as the "New Asset Management Regulations"), which opened up the asset management industry The prelude to the transformation and development.

　　"Implementing the new regulations on asset management is a strategically significant job to prevent and resolve major risks. It is of great significance to maintaining and supporting the overall situation of economic and social stability." At the above-mentioned press conference of the State Council Information Office, the China Banking and Insurance Regulatory Commission Ye Yanfei, the first-level inspector of the Policy Research Bureau, said that after the State Council approved and agreed to adjust the policy during the transition period of the new asset management regulations in July 2020, the China Banking and Insurance Regulatory Commission has made solid progress in accordance with the principles of “seeking truth from facts, one policy per line, prudent and orderly, and clear rewards and punishments”. Wealth management business stock rectification.

In accordance with regulatory requirements, each bank has established a unified leadership mechanism at the head office level, formulated a rectification plan, locked the basis for rectification, established its own ledger, and clarified the disposal plan.

　　With regard to the small amount of difficult-to-dispose assets remaining in individual banks, Ye Yanfei said that they will be included in the special disposal of individual cases in accordance with relevant regulations.

At the same time, the China Banking and Insurance Regulatory Commission will continue to urge relevant banks to comprehensively implement policies, actively rectify them, and clear them as soon as possible, so as to fundamentally change the market structure and conceptual atmosphere of wealth management products.

Data show that as of the end of June 2021, inter-bank financial management has been reduced by 96% from the peak, capital-guaranteed financial management has been reduced by 97% from the peak, non-compliant short-term products have been reduced by 98%, and the scale of nested investment has been reduced by 24%.

　　"The products issued by wealth management subsidiaries are all net-valued products, and old products are gradually expiring. However, the pressure drop of old products depends on the nature of the old products, because some old products have a relatively long cycle." National Finance and Zeng Gang, deputy director of the Development Laboratory and director of the Shanghai Finance and Development Laboratory, said that there are three main methods for banks to reduce old products. The consumption of capital; the third is to choose to sell assets, which is mainly suitable for some bond investments.

　　Specific to the type of bank, the speed of transformation of different banks is different.

"According to the survey, the transformation speed of city commercial banks is faster than other types of banks." said Yang Chao, a researcher at Puyi Standards. This is mainly because city commercial banks have a smaller scale of wealth management products, and there is a "small ship, good turnaround". "It is easy to transform and advance.

State-owned banks are more complicated to deal with due to the large scale of existing products, while rural financial institutions have obvious shortcomings in investment research, talents, and systems, and the overall progress is slow.

　　"Green" layout of wealth management subsidiaries

　　As an important part of the bank's wealth management transformation, wealth management subsidiaries have gradually emerged as the main force in the bank's wealth management market.

According to the latest data, as of the end of the first quarter of 2021, the existing scale of wealth management subsidiaries’ products was 7.61 trillion yuan, an increase of 14.07% from the beginning of the year and an increase of 5.06 times year-on-year, accounting for 30.4% of the total market. The scale of existence surpassed joint-stock banks for the first time. The first type of organization.

　　"In the long run, the development of wealth management subsidiaries faces many opportunities, but at the same time, they also face challenges in regulatory response, investment and research capabilities, valuation and tax differences," said Zhang Wei, deputy dean of the National Institute of Finance of Tsinghua University. , my country’s carbon peak and carbon neutral commitments will also have an impact on bank wealth management and asset allocation.

In his view, on the one hand, after carbon peaking and carbon neutrality continue to become the focus of market attention, global institutions are currently turning to low-carbon economy allocation. This has become a new investment concept, and low-carbon economy has some The development of the industry will also be subject to strict restrictions. This is something that banks need to pay attention to when managing assets in a timely manner.

On the other hand, industries covered by the low-carbon economy require a lot of financial support, a long investment cycle and a deep understanding of the industry, which also poses challenges for the asset management industry in terms of investment research capabilities and talent training. Only by fully evaluating the relevant pros and cons, can we grasp the development boom of the green and low-carbon economy and benefit from it.

　　According to the data, as of the first quarter of 2021, 4 institutions have newly issued 12 ESG (Environmental, Social Responsibility and Corporate Governance) wealth management products, and the actual raised amount is 7.917 billion yuan.

As of the end of the first quarter of 2021, 66 ESG products existed in the market, with an existing scale of 40.567 billion yuan.

　　He Jin, vice president of CNCB Wealth Management, said that the current global ESG funds have exceeded 1 trillion US dollars, and their proportion in major markets is not very large.

In the case of bank wealth management subsidiaries, on the one hand, they launched green-themed wealth management products on the wealth management product side to provide tools for everyone to invest in green industries; on the other hand, they practice ESG concepts on the wealth management investment side and transfer the concepts to enterprises.

In addition, on the tool side, it is also actively participating in carbon finance, researching carbon credit products, carbon derivatives, carbon-related technologies and their value realization paths.

　　"The future'dual carbon' is a cross-cycle key factor affecting the macro economy. The meso-scale industry changes are certain, but the technological path for micro-enterprises to achieve upgrades is still unclear. Bank financial management needs to pass in-depth research and proactively grasp the industry The context and main line of the change." He Jin said.

　　Investors are more rational

　　In the process of bank financial management transformation, it has also had an impact on investors. From the "rigid redemption" in the past to the current floating income, more and more investors have become more rational.

In Yang Chao's view, as the bank's continued investor education work advocates rational investment by investors, and bears their own returns and risks, the maturity of investors continues to increase.

At the same time, the income of net worth products fluctuates and the final yield of wealth management products is uncertain, which deepens investors' understanding of "buyer conceit".

In addition, investors need to pay more attention to the investment direction of wealth management products and understand the products.

"The type of wealth management product and the scope of investment will determine the risk and return of the product. Therefore, investors must not only distinguish the investment type of wealth management products, but also pay attention to the specific investment direction." Yang Chao said.

　　It should be noted that industry experts reminded that through subtle investor education and market "real money" exercises, bank wealth management customers have continuously deepened their understanding and acceptance of the net worth of wealth management products.

However, based on the characteristics that customers' overall risk appetite is still low, bank financial management needs to do a good job in investment research, smooth out product net value fluctuations, and stabilize customers' basic market.

　　Zhang Wei pointed out that in the context of the transformation of net worth, facing the gradual increase in the proportion of equity investment and the fact that traditional bank wealth management customers are more sensitive to net worth fluctuations, the investment and research capabilities of wealth management subsidiaries have a long way to go. . "Wealth management subsidiaries should focus on restructuring product systems, building investment and research systems, building investment and research talent teams, improving sales systems and doing investor education, and using financial technology and other means to build smart investment advisory, smart investment, and smart wind The development of IT systems such as investment control, intelligent investment and research, etc. At the same time, we must pay attention to investor education, so that investors will gradually accept net worth products and break the concept of "just exchange"." Zhang Wei said.