Can the cumulative subscription of 42 billion yuan of pension wealth management products close your eyes?
Industry insiders said that the product has risk attributes and the actual return may deviate from the investment according to its own needs.
Recently, Wang Chaodi, the chief inspector of the China Banking and Insurance Regulatory Commission, the director of the general office and the spokesperson, introduced at the press conference of the State Council Information Office that the pilot work of pension wealth management products is progressing smoothly, and the overall operation is stable.
Up to now, 16 pension wealth management products have been successfully released, and 165,000 investors have subscribed for a total of 42 billion yuan.
Industry insiders said that pension wealth management products have long-term, stable, inclusive and other pension attributes, but the closed period is as long as 5 years. Although the risk level is not high, it still does not guarantee capital. Investors need to base their actual needs and risks Affordability and rational decision-making, don't buy with "closed eyes".
Expand the pilot to "ten locations and ten institutions"
On September 10, 2021, the China Banking and Insurance Regulatory Commission officially issued the "Notice on Launching the Pilot Program of Pension Wealth Management Products", announcing that "four places and four institutions" will carry out the pilot work of bank pension wealth management products.
Specifically, ICBC Wealth Management in Wuhan and Chengdu, CCB Wealth Management and CMB Wealth Management in Shenzhen, and Everbright Wealth Management in Qingdao.
On December 6, 2021, the first batch of pilot products of the four wealth management companies were officially launched for sale.
On February 25 this year, the China Banking and Insurance Regulatory Commission formulated and issued a notice.
The notice stipulates that starting from March 1, 2022, the pilot scope of pension wealth management products will be expanded from "four places and four institutions" to "ten places and ten institutions", and the pilot areas of pension wealth management products will be expanded to "Beijing, Shenyang, Changchun, Shanghai, Wuhan, China". , Guangzhou, Chongqing, Chengdu, Qingdao, Shenzhen”, pilot wealth management companies are allowed to independently select one or more pilot areas to sell pension wealth management products within the scope of the pilot areas, but may not sell beyond the pilot areas.
The pilot institutions have added six wealth management subsidiaries of Bank of Communications, Bank of China, Agricultural Bank of China, China Post, Industrial Bank and CNCB.
In addition, for the pilot projects of ICBC Wealth Management, CCB Wealth Management, Everbright Wealth Management and CMB Wealth Management, the upper limit of the total amount of funds raised by a single institution’s pension wealth management products has been raised from RMB 10 billion to RMB 50 billion; As a pilot wealth management company, the total scale of funds raised by a single institution’s pension wealth management products is capped at RMB 10 billion.
On January 30 this year, the China Banking and Insurance Regulatory Commission also approved the first joint venture wealth management company, BlackRock Jianxin Wealth Management Co., Ltd., to launch a pilot program of pension wealth management products in Guangzhou and Chengdu. The pilot period is tentatively set for one year.
During the pilot phase, the total amount of funds raised by BlackRock CCB pension wealth management products is initially limited to less than 10 billion yuan, and adjustments can be made after evaluation during the implementation process.
Product design takes into account the flexibility of pension needs
Industry insiders believe that the expansion of the pilot program of banking pension wealth management products, on the one hand, will increase the supply of domestic pension wealth management products, and on the other hand, will help to enrich the third pillar pension products and meet people's diversified needs for pension products, which can effectively alleviate the overall situation in China. The growing pressure on pensions in the country.
Wang Yuyan, a researcher at the Minsheng Bank Research Institute, believes that, judging from the operation of the pension wealth management products of the first batch of four wealth management companies piloted, the pension wealth management products are obviously inclusive.
The product subscription threshold is low, starting from 1 yuan, no subscription fee and sales service fee, the management fee is 0-0.1%/year, and the custody fee is 0.015%-0.02%/year.
At the same time, the product design takes into account the special flexibility of pension needs, and can be redeemed in advance in special circumstances such as major diseases. Different products have different early redemption rates, and the redemption rates are also at a low level. At 0-0.5%, it meets the liquidity needs of elderly care customers under special circumstances.
On the whole, the rates of pension wealth management products are far lower than other wealth management products issued by banks, and they are inclusive.
Over 90% of the product risk is medium to low
According to information from China Wealth Management.com, as of April 20, a total of 16 pension wealth management products from four wealth management companies including ICBC Wealth Management, CCB Wealth Management, Everbright Wealth Management, and CMB Wealth Management were "registered".
Compared with most bank wealth management products currently on sale, the most striking feature of these 16 wealth management products is their higher expected returns.
At present, the performance comparison benchmark of bank wealth management products generally does not exceed 4%, and the performance comparison benchmark of these 16 products has a lower limit of 5.8% for 14, and the other two are 4.8% and 5% respectively.
Judging from the upper limit of the performance comparison benchmark, 11 products reached 8%, 3 products reached 7%, and 2 products reached 5.8%.
Most product performance benchmarks are concentrated in the range of 5.8% to 8%.
Of course, the benchmark for performance comparison is not the actual return after the product expires.
In terms of risk level, 15 of the 16 products are rated R2 (medium-low), and only one product is R3 (medium).
Redemption in special circumstances
An important reason why pension wealth management products can pursue higher performance comparison benchmarks with lower risks is that the investment period is very long.
14 of the 16 pension wealth management pilot products are closed-end net worth products, which must be closed for 5 years, and cannot be redeemed in advance except in special circumstances such as major diseases.
The two open-ended products are “Anxiang Fixed Income Monthly Fixed Income (Minimum Hold 5 Years) Pension Wealth Management Product” issued by CCB Wealth Management and “Yixiang Sunshine Pension Wealth Management Product Orange 2028” issued by Everbright Wealth Management.
Taking the former as an example, the product is open for subscription on a monthly basis, and it must be held for a minimum of 5 years.
The product supports intelligent fixed investment, and can realize automatic deduction and purchase. Customers over 60 years old are not subject to the minimum holding limit of 5 years, and can apply for redemption during the product opening time period.
Many investors believe that the 5-year closed period is too long, and it will be troublesome if they cannot get the money when they want to use it.
"The rate of return of pension wealth management products is generally higher than that of general wealth management products, because of the long-term nature and low liquidity of funds raised by pension wealth management products." The report of China Securities Investment Securities pointed out that the closed-type pension wealth management products have been issued for a period of 5 years, except in very special circumstances such as major diseases, it cannot be redeemed, which means that investors’ investment funds will be closed for 5 years. The goal is to focus on long-term investment income, and long-term and stable funds are invested in the country's long-term strategic areas to reduce the impact of short-term shocks, so as to obtain higher investment returns.
Liao Zhiming, chief analyst of the banking industry of China Merchants Securities, pointed out that the setting of the 5-year closed period is mainly related to the pension theme of the product.
Obviously, the 1-year product cannot achieve the purpose of pension.
The long term of the product helps investors to form an investment philosophy of long-term investment, thus effectively guiding the formation of long-term stable funds.
In addition, due to the long investment period of pension wealth management, part of it is often invested in the stock market, which helps to achieve a higher performance benchmark.
In the future, it will become a mainstream financial product
Yang Rong, chief analyst of China Securities Investment Banking Co., Ltd., believes that with the strong demand for pensions and the help of a series of policies, my country's third-pillar pension market will show a state of blooming various products in the future, including pension wealth management products, public pension FOF, pension insurance Products and other products will be divided into the third pillar pension market together, and pension wealth management products will become mainstream wealth management products in the future.
Yang Rong said that in the wealth management product market, compared with general wealth management products, pension wealth management products have long-term, stable, high yield and inclusiveness, which makes pension wealth management products stand out among many wealth management products. Strong product advantages and market competitiveness.
With the assistance of national policies, the strengthening of investors' awareness of pension wealth management, and the further expansion of pilot projects nationwide in the future, under the joint efforts of the supply side and the demand side, the market share of pension wealth management products will steadily increase in the future. Wealth management products will become the main products of bank wealth management.
remind
Earnings cannot be assessed
Investment risks need to be cautious
Investors need to be reminded that although the risk is low and it conforms to the policy direction, for specific individuals, pension wealth management products cannot be bought casually.
Liu Yinping, an analyst at Rong 360 Digital Technology Research Institute, pointed out that investors should still be cautious when buying pension wealth management products.
On the one hand, pension wealth management products have a long term, most of which are closed for 5 years, and have poor liquidity; on the other hand, the performance comparison benchmark is not the actual rate of return, and the actual income of the product may deviate to some extent.
At present, the establishment of pension wealth management products is still short, and the product income status cannot be accurately assessed. Judging from the trend of the net value of issued pension wealth management products, despite the introduction of a risk management mechanism, the net value of individual products still fluctuates greatly.
For example, affected by the volatility of the stock market, most of the net worth fell in the first half of March.
Puyi Standard also pointed out that although pension wealth management products have stable characteristics, they are not equal to rigid payment and still have risk attributes.
Investors should determine whether to make long-term pension investments based on their own risk tolerance, pension planning, investment philosophy, and capital status.
At the same time, the focus and characteristics of pension products of various institutions are different. Therefore, investors should pay attention to the risk-return characteristics of pension wealth management products according to their own needs, and choose pension wealth management products that are more suitable for them according to their risk preferences. product.
Text / reporter Cheng Jie