The number of "broken net" wealth management products has decreased by more than 50% compared with March


　　How to choose bank wealth management products in the second half of the year

　　A reporter from Beijing Youth Daily recently learned from multiple channels that with the recovery of market conditions and investor sentiment, the net worth of most products has returned.

In the past month, the net breaking rate of bank wealth management products has dropped sharply. The latest statistical results released by many institutions at different times recently show that the current proportion of "broken net" wealth management products has dropped to a relatively reasonable level of less than 5%.

　　The number of "broken net" wealth management products

　　has decreased by more than 50% compared with March

　　A reporter from Beiqing Daily learned from Puyi Standard that about 3,015 net worth RMB wealth management products (excluding foreign bank products, QDII products and products that did not disclose net worth data during the statistical period) had accumulated net worth less than 1 in March this year. However, under the same caliber, there were only about 1,460 models on June 27 this year, a decrease of more than 50% compared with March.

　　According to the data of Puyi Standard, as of June 27, 2022, among the 20,910 surviving net worth RMB products preliminarily counted, a total of 704 products are experiencing a cumulative net worth less than 1, accounting for about 3.4%, which has decreased. to a relatively reasonable range.

　　According to data from Nancai Wealth Management Link, as of June 24, among the 32,982 publicly offered wealth management products that had been deposited, except for 13,104 wealth management products that did not disclose the latest net value, a total of 878 products had a net value of less than 1, accounting for 10% of the total number of products. 2.66%.

Although the net break rate of wealth management companies is also slightly higher, it has also recovered to a lower level.

Among the 32,982 wealth management products, 12,584 were issued by wealth management companies. In addition to the 3,043 products with unannounced net worth, 722 wealth management products were broken, accounting for 5.74%.

The number of net-breaking products issued by wealth management companies accounted for 82.23% of all net-breaking products.

　　In fact, even if the products are still "broken", most of the net values ​​are above 0.98, and only a few are less than 0.95.

Since many products are closed or fixed-open, investors cannot redeem them at any time, so the impact of "broken net" on investors is more reflected in the psychological level, and the actual impact is very limited.

　　Stocks rebound, bonds recover

　　Helping "broken net" products to regain lost ground

　　It is understood that since the end of March this year, the "breaking net" trend of wealth management products was mainly dragged down by the double killing of stocks and bonds at that time.

Industry insiders pointed out that the recovery of lost ground for "broken net" products is also affected by the stock and bond markets.

　　Liu Yinping, an analyst at Rong 360 Digital Technology Research Institute, believes that there are two reasons for the recent rebound in wealth management net worth. On the one hand, the bond market has recovered and bond prices have risen. The underlying assets of fixed income wealth management products are mainly bonds, and the yield has risen accordingly; On the one hand, many wealth management products are equipped with equity assets, and the rebound in the stock market has pushed up the net value of wealth management products.

　　Zhongtai Securities expressed the view that the main reasons for the "jump" of the net value of wealth management products this time are the abundant liquidity in the interbank market and the recovery of the bond market.

The yield to maturity of 1-year and 3-year short-term and medium-term bills has dropped by 37BP and 30BP respectively from the staged high point at the end of March. In contrast, the yield to maturity of 10-year government bonds is basically the same as that at the end of March. Level.

The easing policy continued to increase the market's optimism about the bond market, and the early capital gains (floating profits) of bonds were released for a short time.

　　More analysts believe that the main reason for the broken net repair of wealth management products is the rebound of the stock market.

At present, the bond market continues to fluctuate and adjust, and the yields of pure fixed-income products are relatively weak. The main ones that have performed better recently are fixed-income + and hybrid and equity wealth management products.

　　Equity products "return blood" fastest

　　Strong rebound since late April

　　In the past two months, equity wealth management products that can invest in the stock market have seen the fastest recovery in net worth.

Wind data shows that among the surviving products issued by wealth management companies, 9 products have a return rate of more than 10% since June. Among them, the top six products are equity wealth management products.

Among them, the Everbright Wealth Management Sunshine Red New Energy-themed product and the Sunshine Red ESG industry selection have a return rate of over 20% in the past month.

The net worth of CMB Wealth Management Zhaozhuo Consumer Choice, Zhaozhuo Specialized Specialty New, and Zhaozhuo Shanghai-Hong Kong-Shenzhen Select have all returned to above 1, and the rate of return in the past month has been between 12% and 15%.

　　A reporter from Beiqing Daily inquired about China Wealth Management Network and found that the net value of Sunshine Red New Energy-themed products was only 0.7054 on April 26, and reached 1.0391 on June 28, an increase of 47% in two months.

According to industry insiders, some wealth management companies quietly increased their positions at the low point of the stock market in late April, slightly increasing the proportion of equity asset allocation, and the net value of mixed and equity wealth management products with more equity rebounded significantly.

　　analyze

　　The products with a higher degree of "broken net" are also equity products

　　At present, the products with a high degree of "broken net" are mostly equity financial products.

Take the Sunshine Red Hygiene Selected Product of Everbright Financial Management as an example. On July 2 last year, the net value of the product was 1.1915. On April 25 this year, it was only 0.6313, a drop of 47%, which was close to half.

However, since then, the net value of the product has bottomed out. On June 27, the net value has risen to 0.7775. The yield in the past two months has exceeded 23%, and it still has not gotten rid of the label of "broken net".

　　BlackRock CCB Wealth Management's "Beiying A-Share New Opportunities Equity Wealth Management Product Phase 2 (Minimum Hold 720 Days)" is also an equity wealth management product that has enjoyed a gratifying recent rise but has not returned to the "initial line".

On April 26 this year, the net value of the product was 0.8177, and on June 30, the net value rose to 0.9646, an increase of 18% in two months.

Even so, the product has not returned to its initial net value of 1.

　　Regarding the bank wealth management market in the second half of this year, Zhang Chuhui, a researcher at Puyi Standard, said that it is expected that the central bank will continue to loose economic policies in the second half of the year, and the low interest rate environment will continue to put pressure on the management of net worth wealth management products and the income of underlying assets.

　　Liu Yinping, an analyst at Rong 360 Digital Technology Research Institute, reminded investors that the income trend of net worth wealth management products is difficult to predict, especially wealth management products linked to the stock market.

If investors pursue the relative safety of funds and relatively stable income, it is best to buy fixed income wealth management products with R2 risk level and no equity assets allocated. The net value of such products is relatively stable, but the income is relatively low; investors If you pursue higher investment returns, you can consider wealth management products with a risk level of R3 and above that allocate equity assets, but such products have relatively large short-term net value fluctuations and should be held for as long as possible.

　　This group of articles / our reporter Cheng Jie