Securities Times reporter Liu Xiaoyou

　　Since the beginning of the year, the domestic stock market and bond market have fluctuated repeatedly.

Although the withdrawal range of bank wealth management products after comprehensive net worth is controllable and the withdrawal products are limited, they are still facing a huge redemption test under the "breaking net tide".

　　Redemption pressure, combined with pilot operations such as deposit redemption at the end of the quarter, the surviving scale of many wealth management companies has dropped from the high point at the beginning of this year.

The Securities Times reporter was exclusively informed that the surviving scale of the wealth management subsidiaries of the four major banks has decreased by over one trillion yuan in total.

　　Entering April, bank wealth management ushered in a short respite.

According to Wind statistics, a Securities Times reporter found that the number of "broken net" wealth management products in banks has dropped to less than 2,000, and "zero new additions" have been achieved for many days.

Another wealth management person from a large state-owned bank revealed that the management scale of the wealth management company where he works has rebounded to the peak level in March.

　　Bank financial management encounters dark March

　　In mid-March, news came out from the market that two leading wealth management companies encountered huge redemptions.

　　The market situation at that time was quite grim.

The escalation of the conflict between Russia and Ukraine has triggered a sharp drop in overseas stock markets, and the prices of energy and agricultural products have soared; inflation has risen and the epidemic has repeated, and both the domestic bond market and stock market have suffered setbacks. Stocks have experienced a deep correction, with the largest retracement of both the CSI 300 Index and the China Securities 500 Index being close to 20%.

　　Under this market situation, the proportion of bank wealth management products breaking the net is about 3% to 6%, which is still within the controllable range, but it has also attracted round after round of public attention, and rumors have appeared frequently.

However, it should be noted that the change in the scale of financial management in March usually also has a role in the bank's end-of-season deposits. Therefore, it is not possible to equate the reduction in the existing scale of relevant financial management companies with the amount of huge redemption.

　　It can be seen from the review that the bank's financial management has indeed experienced a difficult March, and the reliable data obtained exclusively by the Securities Times reporter can also support it to a certain extent.

The data shows that as of the end of the first quarter, the management scale of the four major wealth management companies has decreased compared with the peak time at the beginning of the year. Three of them have shrunk by more than 200 billion yuan, and one of them has exceeded 350 billion yuan. .

　　Divided from the nature of investment, the main force of redemption is fixed-income products that occupy the absolute proportion of stock products.

The Securities Times reporter learned that the combined scale of two large-scale wealth management companies located in Beijing has decreased by about 380 billion yuan for fixed-income products alone.

It is worth mentioning that the balance of the mixed products of these two companies remained stable, and the existing balance only decreased slightly, while the equity products of one of the wealth management companies remained stable and did not decrease.

　　Short respite after blood loss

　　For bank financial management, which is trying to get out of the "darkest moment", the turning point may be too early to say, but the good news is that bank financial management has ushered in a long-awaited short respite after falling steadily in the past month.

　　Wind data can be visually corroborated.

　　First of all, the number of "broken nets" of bank wealth management products has gone up all the way to a slight correction.

From March 1st to 27th, the number of floating losses rose all the way, with dozens to hundreds of new "broken nets" added every day. On March 11, the number of "broken nets" officially exceeded 2,000, reaching 2,117.

On March 21, the number of financial products "broken" increased to 2,245, accounting for 8.13%, a small peak this year.

On March 28, the situation of linear deterioration was reversed, and the number of "broken net" products returned to 2,000 below the horizontal line, which was 1,914.

　　Secondly, the number of bank wealth management products "broken net" briefly stabilized after dropping.

Lengthening the observation interval, since the “number” of bank wealth management broke the net for the first time on March 28, it has been stable at 1897 for three consecutive trading days after the Qingming Festival, and no new increase has been seen in a single day.

　　Finally, after more than half a month, the proportion of "broken net" of more than 8% has finally dropped to 6.71%.

　　According to industry insiders, bank wealth management has stabilized for a short time, but what is unknown is how long it will take to get out of the "broken net" pain on a large scale.

　　Under the "broken net tide", the "self-purchasing tide" as a supporter came as promised.

Since the "first shot of self-purchase" launched on March 23, Sunlight Wealth Management has now purchased its wealth management products with a total of no more than 2.85 billion yuan from five bank wealth management subsidiaries.

Among them, Xingyin Wealth Management will invest about 1 billion yuan of its own funds in its multi-series products, setting the highest record of self-purchasing; while CMB Wealth Management has also introduced key employees to increase holdings on the basis of the company's own funds. way to demonstrate confidence.

CMB Wealth Management said that as of March 25, the total amount of the company's senior management and heads of various departments held by the company's wealth management products has exceeded the total amount of their salary last year.

　　Some people in the industry called for investors to look at "good products" from a more rational perspective.

"I think it's not just about absolute returns, but also about the ability to control the drawdown. When the net value of the product falls, if the net value drawdown is much lower than the market drawdown in the same period; or when the net value rises, it outperforms similar assets and performance over the same period. Compared with the benchmark products, it is a relatively excellent product." A head of the investment department of a large wealth management company said bluntly.

　　When the market risk is relatively large, how can a product be able to control the drawdown more stably?

He admitted that this is a subject his team has been practicing.

At present, the team's approach is roughly divided into three points: first, use leverage to increase earnings; second, adjust investment portfolios to increase transactional income; third, reduce sales fees and investment management fees.