Our reporter Zhang Zhiwei
Trainee reporter Yu Junyi
According to the "Notice on Expanding the Pilot Scope of Pension Wealth Management Products" (hereinafter referred to as the "Notice") issued by the China Banking and Insurance Regulatory Commission, starting from March 1, the pilot scope of pension wealth management products has been officially expanded. 1” The new pattern of institutions.
Yuan Shuai, deputy secretary-general of the Rural Revitalization and Construction Committee of China Cultural Management Association, told the Securities Daily reporter that the further expansion of the pilot scope is to further promote the industry to enrich the supply of pension financial products and give full play to asset management on the basis of past experience. The industry concentrates long-term funds, flexibly allocates assets, traverses cyclical fluctuations, and has accelerated attempts to solve problems such as the relatively lagging development of my country's pension financial product system and insufficient effective supply.
The upper limit of the size of the raised funds
increased to 270 billion yuan
According to the "Notice", starting from March 1, 2022, the pilot scope of pension wealth management products will be expanded from "four institutions in four places" to "ten institutions in ten places".
The pilot areas of pension wealth management products have been expanded to Beijing, Shenyang, Changchun, Shanghai, Wuhan, Guangzhou, Chongqing, Chengdu, Qingdao and Shenzhen, and the pilot institutions of pension wealth management products have been expanded to ICBC Wealth Management, CCB Wealth Management, Bank of Communications Wealth Management, and Bank of China Wealth Management. , Agricultural Bank of China Wealth Management, China Post Wealth Management, Everbright Wealth Management, China Merchants Bank Wealth Management, Industrial Bank Wealth Management and CNCB Wealth Management ten wealth management companies.
Compared with the previous pilot regions and institutions, Beijing, Shenyang, Changchun, Shanghai, Guangzhou, and Chongqing are newly added regions; Bank of Communications Wealth Management, Bank of China Wealth Management, Agricultural Bank of China Wealth Management, China Post Wealth Management, Xingyin Wealth Management, and CNCB Wealth Management are new ones. Add institutions.
In addition, including BlackRock CCB Wealth Management, which was approved to participate in the pilot program of pension wealth management products in February, a total of 11 wealth management subsidiaries are participating in the pilot pension wealth management product pilot program.
In terms of product scale, the "Notice" clearly stated that the upper limit of the total amount of funds raised by the products of the first batch of four pilot wealth management companies for a single institution has been raised from 10 billion yuan to 50 billion yuan; For companies, the total scale of funds raised by products of a single institution is capped at RMB 10 billion.
In addition, the scale of funds raised by BlackRock CCB Wealth Management is implemented in accordance with the "Notice", that is to say, the total fundraising limit of pension wealth management has been greatly increased from 40 billion yuan to 270 billion yuan.
According to the reporter's understanding, many institutions have begun to prepare related services for pension finance many years ago, and they are ready to go.
For example, the relevant person in charge of the newly added Xingyin Wealth Management told the "Securities Daily" reporter that the company has deeply studied the needs of pension financial services since its establishment, formed a team to carry out forward-looking research on pension wealth management products, and will continue to improve pensions in the future. Financial comprehensive service plan, develop pension wealth management products according to the long-term pension needs of investors, and build a pension wealth management business system from product structure, investment strategy, risk control and market sales, etc., to truly reflect the long-term, robust and inclusive pension wealth management In order to improve my country's multi-level old-age security system, establish a financial development pattern for old-age finance with the participation of multiple subjects, supply of multiple products, and adapt to diverse needs, and contribute to meeting the diverse needs of the people for the elderly.
It is worth noting that BlackRock CCB, a foreign-funded joint venture wealth management subsidiary, also appeared for the first time among the newly added wealth management subsidiaries this year. So what are the advantages of the foreign-funded joint venture wealth management subsidiary in the pension wealth management product market?
Lou Feipeng, a researcher at Postal Savings Bank of China, told the "Securities Daily" reporter, "In recent years, my country's financial industry has been insisting on expanding opening up, and the participation of foreign-funded joint venture wealth management companies in the pilot program will help expand the supply of pension wealth management products and give full play to the role of foreign wealth management subsidiaries in asset management. The advantages of rich investment experience in the field can better promote the innovation and improvement of products and services.”
Yang Haiping, a researcher at the Securities and Futures Research Institute of the Central University of Finance and Economics and the general manager of the Research and Development Department of Inner Mongolia Bank, told the "Securities Daily" reporter that for foreign wealth management subsidiaries that have entered the Chinese asset management market with multiple legs, they are in the pension wealth management product market. The planning needs to focus on: First, the regulatory thinking and compliance framework of the Chinese regulatory authorities on pension wealth management products and pension wealth management markets.
The second is to combine its own advantages with the culture, psychology and investment preferences of Chinese senior investors.
The third is to conduct in-depth research on the characteristics of China's asset market on the basis of synergy with other sectors.
first product
smooth operation
At the beginning of December last year, the first batch of four pension wealth management products of the four wealth management subsidiaries of ICBC Wealth Management, CCB Wealth Management, CMB Wealth Management and Everbright Wealth Management were released one after another.
Today, the first batch of products has been running for more than 2 months, and overall the products are running smoothly.
According to the data released by China Wealth Management.com, the first batch of 4 institutions have sold 8 products in total, and another new product is being raised.
Judging from the existing 8 products, the performance comparison benchmark range of the products is between 4.8% and 8%. Most of the product risk levels are medium and low risk, only 1 product is medium risk, and the product period is more than three years. .
From the perspective of net worth, there are currently only two newly established products with a net worth of "1".
With the increasing number of wealth management companies selling pension wealth management products, what characteristics should future pension wealth management products have?
A researcher related to the universal benefit standard told the "Securities Daily" reporter that from the perspective of the positioning of pension wealth management, it should have the following characteristics: 1. Inclusiveness. For investors with pension needs, the rate will directly affect their investment. Investment demand, pension wealth management due to its positioning, its yield will not be too high.
2. Robustness. Investors who purchase pension wealth management should mainly focus on older retirees, who are mainly for pension purposes. Therefore, pension wealth management needs to focus on stability in the process of investment and operation, and the investment targets are fixed income products. Mainly, while properly taking into account the benefits.
3. Low threshold. For pension wealth management, the threshold cannot be set too high, so that different groups of people can purchase pension wealth management suitable for them.
Fourth, product diversification. At present, pension wealth management is still in the pilot stage. In the future, with the end of the pilot program and the promotion of pension wealth management, different banks should make more efforts in product differentiation to meet the investment needs of different investors.
However, it is necessary to face up to the fact that there are still some problems to be solved in the current stage of pension wealth management products.
According to the researchers related to the universal standard, the first is the contradiction between the increasing demand for old-age care and the lack of old-age products.
The popularity of the first pilot pension wealth management products fully demonstrates people's demand for pension products. Therefore, the progress of my country's pension wealth management products needs to be accelerated.
Secondly, the concept of pension needs to be strengthened. It is necessary to further strengthen the public's pension investment education, improve their understanding of pension wealth management products, and guide the public to rationally plan pension investment, so as to alleviate the pressure on the first and second pillars of pension.
Yang Haiping suggested that the elderly should invest prudently when investing in pension wealth management products according to their actual conditions, understand the difference between wealth management and deposits, fully understand the risks of products, and focus on choosing wealth management products from the perspective of risk level and liquidity.
Conditional senior investors use strategies such as the trapezoidal term method to build their own investment portfolios.
Yuan Shuai believes that "good development is inseparable from the supervision and escort of the market system. Next, the relevant departments of the China Banking and Insurance Regulatory Commission and the banking and insurance regulatory bureaus in the pilot areas should also do a good job in the pilot process. Promote the normalized operation of pension wealth management, standardize the development of pension financial business, create favorable conditions, and provide the people with higher-quality and more convenient pension financial products and services.” (Securities Daily)