As of the end of June, the scale of product existence was 25.8 trillion yuan——

　　Bank wealth management attracts over 60 million investors

　　Our reporter Guo Ziyuan

　　The Banking Industry Wealth Management Registration and Custody Center recently released the "China Banking Industry Wealth Management Market Semi-Annual Report (Upon 2021)" (hereinafter referred to as the "Report"), showing that as of the end of June 2021, the existing scale of bank wealth management products was 25.80 trillion yuan, a year-on-year increase 5.37%, the overall operation of the bank wealth management market was stable.

　　Among them, the transformation of wealth management products to net value is progressing in an orderly manner, and the product structure is continuously optimized.

As of the end of June 2021, the existing scale of net-worth wealth management products reached 20.39 trillion yuan, accounting for 79.03%, an increase of 11.75 percentage points and 23.90 percentage points from the beginning of this year and the same period last year.

　　From the perspective of issuance and income, my country’s commercial banks and wealth management companies issued 25,500 new products in the first half of this year, raised 62.41 trillion yuan in funds, and created 413.751 billion yuan in income for investors.

　　Individual investors reached 61.14 million

　　"Bank wealth management is still the main choice for people to invest and manage wealth." said Dong Ximiao, chief researcher of China Merchants United Finance.

According to the "Report", as of the end of June 2021, the number of investors holding wealth management products reached 61,377,300, an increase of 47.45% from the beginning of the year and a year-on-year increase of 137.71%. Among them, there were 61,140,900 individual investors, an increase of 19,699,900 from the beginning of the year. ; There were 236,400 institutional investors, an increase of 92,600 from the beginning of the year.

　　Many industry insiders said that 2021 is the third year of the implementation of the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" (ie, the "New Asset Management Regulations"), and also the closing year of the transformation of banks' financial management standards.

At present, with the steady progress of the net value transformation of wealth management products, the wealth management business has gradually broken the "rigid payment" and returned to the original source of "trusted by others, wealth management on behalf of clients".

　　The "Report" shows that as of the end of June 2021, the existing scale of net wealth management products reached 20.39 trillion yuan, accounting for 79.03%, an increase of 23.90 percentage points year-on-year.

　　Corresponding to the transformation of net worth, the disposal of stock assets in the bank's wealth management market is also progressing steadily. Among them, principal-guaranteed products continue to fall. As of the end of June 2021, the remaining balance is only 0.15 trillion yuan, a year-on-year decrease of 90.68%.

　　From the perspective of the operating mode of wealth management products, the scale and proportion of open wealth management products have continued to increase.

In the first half of 2021, open-ended products raised a total of 58.60 trillion yuan, accounting for 93.90% of the total amount raised by wealth management products, and raised funds increased by 10.09% year-on-year, accounting for an increase of 3.86 percentage points from the same period last year.

　　As for closed-end wealth management products, its outstanding feature is the further lengthening of the closed period.

In the first half of 2021, the weighted average maturity of newly released closed-end products in the whole market has shown an overall upward trend. Taking June as an example, its maturity is 281 days, an increase of 13.13% from December 2020 and a year-on-year increase of 39.99%.

　　"The extended period of closed products shows that the ability of wealth management products to meet the needs of long-term investment and value investment has been continuously enhanced." said the relevant person in charge of the banking wealth management registration and custody center.

　　It is worth noting that with the deepening of the transformation of the net worth of wealth management products, products that guarantee capital and return will no longer exist. In this regard, investors should promptly change their investment philosophy, improve their ability to study and judge investment risks and the ability to choose financial institutions .

　　"The next step is to start from the height of improving national financial capabilities, improve the pertinence and effectiveness of investor education, resolutely break the rigid payment, realize the organic unity of'seller due diligence' and'buyer conceit', and promote the healthy financial management of banks. , Sustainable development." Dong Ximiao said.

　　Increase efforts to serve the real economy

　　As the largest participant in my country's asset management market, the service strength and capabilities of bank wealth management to the real economy are also continuously improving, and they are more proactively integrated into the overall situation of national economy and social development.

　　The "Report" shows that as of the end of June 2021, bank wealth management has invested 19.29 trillion yuan in bond assets, 3.75 trillion yuan in non-standardized debt assets, and 1.17 trillion yuan in equity assets such as equity of unlisted companies. Effective connection between financial management funds and the financing needs of the real economy.

　　Especially since the beginning of this year, the banking wealth management market has actively responded to the call of national policies, practiced social responsibility by subscribing to green bonds, participated in shaping and improving the ESG (environmental, social responsibility and corporate governance) investment system, and helped my country achieve carbon peaks and carbon emissions. Neutralization goal.

　　Specifically, 18 new ESG-themed wealth management products were issued in the banking wealth management market in the first half of this year, and the accumulated funds raised exceeded 10 billion yuan. As of the end of June 2021, the remaining balance of ESG-themed wealth management products in the entire market exceeded 40 billion yuan, an increase of approximately 50%, a year-on-year increase of over 2.14 times.

　　Previously, ICBC Wealth Management Co., Ltd. has officially released the China Securities ICBC Wealth Management "Carbon Neutral" Asset Allocation Index and green financial wealth management products in Beijing. The former focuses on more than 30 subdivisions of high-carbon emission reduction and deep low-carbon sectors. The latter mainly invests in green bonds and equity assets in line with the thematic direction of green finance.

　　In addition, in the first half of this year, bank wealth management products invested in more than 800 green bonds, with an investment scale of more than 200 billion yuan, an increase of 16.79% from the beginning of the year and a year-on-year increase of 26.46%, providing strong financial support for the transformation of my country's green economy and achieving financial returns. At the same time as the investment goals, it also has multiple goals such as social responsibility and sustainable development.

　　"Next, bank financial management should continue to serve the country's strategy and economic and social development well. Under the principles of marketization and rule of law, financial management funds should play a greater role in the fields of green development, technological innovation, and rural revitalization." Dong Ximiao In particular, it is necessary to participate in shaping and improving the ESG investment system, optimizing the investment portfolio of wealth management products, and contributing to achieving carbon peak and carbon neutral goals; at the same time, financial management departments must also improve green finance standards, corporate information disclosure and incentives Constraint mechanism construction to facilitate the development of green asset management.

　　The sudden emergence of wealth management companies

　　In the process of the transformation of wealth management products to net value, wealth management companies have also appeared as a supporting system product, and have become the largest type of institution in the wealth management market.

As of the end of June 2021, 28 wealth management companies have been established, of which 21 have officially opened, an increase of 8 over the same period last year. The product survival scale is 10.01 trillion yuan, accounting for 38.80% of the wealth management market.

　　Among the 21 wealth management companies that have opened, according to the type of controlling shareholder, there are 6 wealth management subsidiaries of large banks, 6 wealth management subsidiaries of joint-stock banks, 6 wealth management subsidiaries of city commercial banks, and 1 wealth management subsidiary of rural financial institutions. 2 wealth management companies controlled by foreign capital.

　　Wealth management subsidiaries of commercial banks are an important institutional innovation in recent years.

From the perspective of legal relations, bank financial management is direct financing, and the essence is "management of funds on behalf of clients", and banks do not bear investment and financing risks.

However, in the previous period of “guaranteed financial management”, bank financial management was more like indirect financing, which was often confused with deposits. Instead, investment risks that should have been diversified were concentrated in the banking system, and systemic financial risks continued to accumulate.

　　In order to prevent and defuse financial risks, the supervisory authorities require banks to separate their wealth management business from credit, proprietary trading, securities investment banking and other businesses, and run them through an independent legal entity that "operates independently and is responsible for its own profits and losses", which is a wealth management subsidiary.

　　The "Report" believes that the sudden emergence of wealth management companies has further enriched my country's wealth management market entities and injected new forces into the development of the asset management market. Different types of wealth management companies have different characteristics in terms of product structure and investment assets.

　　From the perspective of product continuity, as of the end of June 2021, among the 10.01 trillion products in existence of wealth management companies, large bank wealth management subsidiaries have the largest scale, reaching 5.42 trillion yuan, accounting for 54.15%; followed by joint-stock bank wealth management subsidiaries. The company has a scale of 3.52 trillion yuan, accounting for 35.16%.

　　From the perspective of product issuance and fundraising, in the first half of 2021, the largest number of newly issued products is the wealth management subsidiaries of large banks, with a total of 1513 products issued; followed by 932 wealth management subsidiaries of city commercial banks and 750 wealth management subsidiaries of joint-stock banks. Only.

　　"In the second half of the year, the banking wealth management market will strictly implement the requirements of the regulatory authorities, make full use of the critical period of the end of the transition period of the'new asset management regulations', continue to unswervingly promote the transformation of wealth management business, and standardize the development of wealth management business." The above-mentioned person in charge of the custody center said that the center will continue to improve the wealth management information disclosure platform, support and guide wealth management product issuers to disclose information through the industry's unified channels, provide investors with reliable product inquiry channels, and enhance the transparency of the bank's wealth management market.