The fluctuation of net worth has increased, and the investment and research ability needs to be improved——

　　Bank Financial Management Practice Internal Skills for Development

　　Our reporter Guo Ziyuan

　　The increased volatility of bank wealth management net worth has disturbed investor expectations.

In March of this year, affected by factors such as capital market fluctuations, the number of bank wealth management “broken nets” once reached 1,734, accounting for 15% of the products that have disclosed net worth data.

In this regard, the heads of several listed banks said that after the transition period of the "new asset management regulations" in 2021, the management of bank wealth management is becoming more difficult. , Adhere to serving the real economy unswervingly; at the same time, we must pay more attention to communication with investors to stabilize investors' expectations and confidence.

　　"We must adhere to the people-centered development philosophy, actively seize the dividends of China's long-term economic development and the opportunities of the growing capital market, create a product line that suits the risk preferences of bank wealth management customers, and strive to obtain long-term and stable returns for our customers. Zheng Guoyu, vice president of the Industrial and Commercial Bank of China, said.

　　Beware of accumulating "safety pads"

　　A few days ago, Industrial Bank’s wealth management subsidiary, Xingyin Wealth Management, announced that it will invest about 1 billion yuan in wealth management products managed by the company with its own funds.

So far, following China Everbright Bank, Bank of Nanjing, and Postal Savings Bank, four financial institutions have purchased wealth management products for themselves.

　　The background of the above self-purchasing behavior stems from the recent sharp fluctuations in the bank's wealth management market, and some products have fallen below the net value, which makes it difficult for investors who have long been accustomed to guaranteeing principal and interest to adapt.

"At present, investors have not completely changed the concept of rigid payment. Compared with the fluctuation of funds and trust products, investors have lower tolerance for fluctuations in bank wealth management." said Lin Li, vice president of the Agricultural Bank of China.

　　"The withdrawal of the net wealth management value of banks is mainly affected by the resonance adjustment of domestic and foreign stock markets and bond markets, mainly due to the external impact brought by the international environment and emergencies." Zheng Guoyu said.

Specifically, global liquidity is tightening, the volatility of the US stock and bond markets has intensified, and overseas markets have put pressure on the A-share and bond markets. Risk aversion is rising rapidly.

　　Although the impact of geopolitical conflicts is not small, this cannot be an "excuse" for the sharp fluctuations in the net wealth of banks.

The heads of many listed banks said that they must put the protection of investors' interests first, strengthen risk prevention and control, and focus on accumulating "safety pads".

　　First of all, it is necessary to adhere to a prudent strategy, mainly focus on fixed-income investments, give full play to the role of such assets as "safety pads" and "ballast stones", balance the relationship between risks and returns, and improve the stability of bank wealth management net worth.

　　At present, individual investors are the absolute main force in my country's bank wealth management market, and their risk appetite is still relatively low.

According to the Annual Report on China's Banking Wealth Management Market (2021), as of the end of 2021, there were 80.6723 million individual investors, accounting for 99.23% of the total, and their risk appetite became more stable. The proportion of secondary (robust) investors has increased.

　　Second, strengthen penetration monitoring and early warning, pay close attention to the quality of underlying assets, and effectively control risk exposure.

At the same time, wealth management companies must fully disclose product risks, adhere to compliant sales, and earnestly safeguard the legitimate rights and interests of financial consumers.

　　Practicing and investing in "diamonds"

　　A number of industry insiders predict that with the change of banks' wealth management valuation methods, the fluctuation of their net worth may become more obvious, which will increasingly test the investment research ability and asset allocation level of wealth management companies.

Next, wealth management companies must use investment and research capabilities as their "diamonds".

　　"After the implementation of the new asset management regulations and new accounting standards, the assets of banks' wealth management investment must adhere to the principle of fair value measurement. In this way, changes in the underlying assets will be quickly transmitted to the net value performance of wealth management products, and net value fluctuations will be more sensitive, especially It is in the case of increased volatility in the stock and bond markets, the net value of wealth management products will resonate with the market at the same frequency." Lin Li said.

　　In fact, the change in valuation methods has provided a good opportunity for wealth management companies to cultivate their internal skills.

The heads of several listed banks said that it is imperative to strengthen the core capacity building of wealth management companies.

Under the new valuation method, it becomes more difficult for banks to consider liquidity, safety and profitability in wealth management, which will force wealth management companies to improve their investment research level, improve their investment research system, consolidate their investment structure, and consolidate their operation system. Investors create stable, sustainable financial returns.

　　Compared with public funds, the investment and research capabilities of bank wealth management are relatively weak.

Next, how should wealth management companies consolidate their advantages and make up for their shortcomings?

A number of industry insiders said that wealth management companies should continue to improve the professionalism, efficiency and flexibility of asset allocation, give full play to the characteristics of large scale and long term of bank wealth management products, and play the role of pooling medium and long-term funds, flexibly allocating assets, and traversing cyclical fluctuations. It can seize the huge rigid demand of investors for wealth preservation and appreciation, and meet the needs of investors to balance risks and returns.

　　On the one hand, continue to consolidate the comparative advantage of bond investment.

For the fixed-income market, bank wealth management can reduce investment duration and strictly control risks, and at the same time increase investment in assets such as one-year deposit slips, or invest in high-grade urban investment bonds to continuously improve fixed income.

　　On the other hand, enhance the investment ability and level of equity assets.

Bank wealth management should flexibly optimize the investment structure and direction, and continue to seize profit opportunities such as policies to stabilize growth and market hotspots.

　　"In addition, bank wealth management products should also highlight customer companionship." Lin Jingzhen, vice president of Bank of China, said that it is necessary to shift from "front-end transaction-driven" to "full-process accompanying service" to better help customers establish long-term investment concepts and achieve "customer banking". win-win".

　　Diversified investment "solid entity"

　　The original intention of bank financial management regulation and transformation is to allow funds to more accurately meet the financing needs of the real economy, shorten the investment and financing chain, and improve the quality and efficiency of serving the real economy.

　　Before the release of the "New Asset Management Regulations", shadow banking risks were once high, which led to indirect financing of direct financing, which not only raised the financing cost of the real economy, but also continued to accumulate financial risks.

As we all know, the development of bank credit business must meet strict regulatory requirements, such as capital adequacy ratio, liquidity indicators, etc., but these shadow banking businesses in the name of wealth management bypass credit supervision and invest in technological innovation and technological research and development. A large amount of capital in the field has been invested in mature traditional industries with sufficient collateral, increasing the implicit leverage of financial institutions and the macro economy.

　　After continuous rectification in recent years, the risk dismantling of shadow banking has achieved practical results.

At the same time, banks that comply with the new regulations are using direct financing methods, such as investment bonds, non-standardized claims, unlisted equity, etc., to serve the real economy more accurately, further shortening the financing chain and reducing financing costs.

　　The latest statistics show that by the end of 2021, the scale of bank wealth management products to support the real economy is about 25 trillion yuan, accounting for about 8% of the stock of social financing in the same period.

It is worth noting that the standardization of bank wealth management investment assets is increasing. As of the end of 2021, bank wealth management funds invested 21.33 trillion yuan in bond assets, accounting for 68.39%, an increase of 19.43 percentage points compared with the release of the "New Asset Management Regulations". .

　　From the perspective of investment, in 2021, the scale of bank wealth management investment in green bonds will exceed 220 billion yuan, and the scale of investment in special bonds such as epidemic prevention and control, rural revitalization, and poverty alleviation will exceed 120 billion yuan, providing financial support for the development of small, medium and micro enterprises. More than 30,000 yuan It has raised more than 60 billion yuan in ESG (environmental, social, and governance) themed wealth management products, and raised more than 60 billion yuan in social responsibility-themed wealth management products such as rural revitalization and public welfare.

　　In addition, bank wealth management has also optimized the product structure and lengthened the investment period, providing the market with a long-term and stable source of funds.

The "Annual Report on China's Banking Wealth Management Market (2021)" shows that when the "New Asset Management Regulations" were released, the average term of new closed-end wealth management products in the whole market was 138 days, and in December 2021, it increased significantly to 481 days.

　　"Next, ABC Wealth Management will continue to increase its services to key areas such as rural revitalization, high-end manufacturing, green and low carbon, and social and people's livelihood. Development." Lin Li said that the current scale of ABC's county customers purchasing wealth management products has exceeded 900 billion yuan, accounting for more than 43%.