The amount of wealth management products purchased by listed companies fell by 25.8% year-on-year, and the attractiveness of structured deposits remained unchanged under the background of "de-just-exchange"

　　Reporter Su Xianggao

　　Trainee reporter Yang Jie

　　Recently, listed companies' purchase of bank wealth management products has aroused continuous market attention.

　　According to statistics from Wind data, from January 1 to July 6 this year, listed companies purchased wealth management products (ordinary deposits, structured deposits, bank wealth management, brokerage wealth management, trust, private equity funds, etc.) for a total amount of 5429.4 100 million yuan, down 25.8% from the same period last year.

In addition, in the context of "de-just-exchange", structured deposits are still the most sought after.

　　Listed companies prefer structured deposits

　　Since the beginning of this year, the popularity of listed companies' purchase of wealth management products has "cooled down".

Wind data shows that as of the press release on July 6, a total of 913 listed companies purchased wealth management products during the year, with a total purchase scale of about 542.94 billion yuan, a decrease of 188.74 billion yuan compared with the same period last year, a year-on-year decrease of 25.8%.

　　Mingming, chief economist of CITIC Securities, said in an interview with a reporter from Securities Daily that the current decrease in the amount of financial products purchased by listed companies compared to the same period last year may be due to geopolitical conflicts, the global economic shocks caused by the Federal Reserve raising interest rates and shrinking the balance sheet, superimposing domestic Due to the frequent disturbances of the epidemic, the business environment of enterprises is not good, the amount of cash reserves has declined compared with last year, and the amount of purchasing wealth management products has also declined.

　　Su Xiaorui, a senior analyst in the financial industry of Analysys, believes that there are two main reasons: First, the external uncertainties in the financial market in the first half of the year were strong, and the performance of some wealth management products was lower than expected, which affected the expected judgment of listed companies in purchasing wealth management. ; Second, some listed companies use the funds for other purposes, or prefer to maintain the current liquidity.

　　Judging from the preference of listed companies to purchase wealth management products, the proportion of structured deposits is still the highest. The subscription scale during the year was 358.5 billion yuan, accounting for 66%, a slight decrease of 3 percentage points compared with the same period last year; bank wealth management products accounted for 11.6%. It ranked second, accounting for a decrease of 6.4 percentage points compared with the same period last year; the total proportion of ordinary deposits and time deposits was 9%, an increase of 3.5 percentage points compared with the same period last year; the total proportion of securities companies’ wealth management, trust and fund products was 7.5%, 1.6 percentage points lower than the same period last year.

　　In Su Xiaorui's view, listed companies prefer structured deposits because they expect to maintain and increase the value of their own funds to a certain extent. It is also difficult to find substitutes with comparable strength in the market for products that achieve a relative balance between them. If the environment in which substitutes are difficult to find continues to remain unchanged, the decline in yields and product scale will have a negative impact on the future purchase of structured deposits by listed companies. Has little effect.

　　"Structured deposits account for more than half because their yields may be the same as 2- to 3-year time deposits, but the maturity is generally less than one year, and some have only three-month maturity, which is more attractive to enterprises." Mingming said .

　　From the perspective of listed companies, companies such as Jiangsu Cathay Pacific, China Telecom, CITIC Securities, Weichai Power, DIA, Hangfa Power, Tsingtao Brewery and other companies have higher subscription amounts, and the products subscribed are mostly structured products.

　　It is worth noting that due to considerations such as liquidity and safety, the scale of listed companies’ purchase of securities brokerage wealth management, trust products and funds during the year was 31.47 billion yuan, 8.86 billion yuan, and 570 million yuan respectively. Favored by listed companies.

　　Excessive cash holdings are not worth it

　　Recently, some listed companies have used the funds raised from idle additional issuance to purchase bank wealth management products, which has attracted attention.

　　On the investor interaction platform of the Shanghai and Shenzhen Stock Exchanges, the reporter searched with the keyword "buying wealth management" and showed that there were a total of 299 related questions and answers during the year.

For example, some investors are more concerned about whether this move will affect the implementation progress and operation of the company's fundraising projects. In response, some listed companies responded: the company uses idle raised funds to invest in wealth management products under the premise of ensuring the company's daily operations and capital security. It will not affect the normal development of the company's main business, product development and the use of fundraising projects.

The company conducts short-term financial management with moderate security and good liquidity through banks and securities companies, which can improve the efficiency of capital use and obtain certain investment benefits.

　　In Mingming’s view, the implementation of the company’s fundraising and investment projects needs to be carried out rhythmically and steadily. It is impossible for all the raised funds to be invested in the project immediately. It is not economical to hold excessive cash. Enhancing earnings is conducive to the company's development and improving the efficiency of capital use, but it is necessary to maintain close communication with investors so as not to affect investor confidence.

　　Tian Lihui, dean of Nankai University's Financial Development Research Institute, also holds a similar view. He believes that the company's fundraising and investment projects exist in stages. Therefore, it is reasonable for listed companies to manage their unused inventory cash and other cash management.

In the final analysis, the efficiency of the company's capital use is a problem of governance level and management ability. Investors need to pay attention to the competitiveness of listed companies.

　　Dong Dengxin, director of the Institute of Finance and Securities of Wuhan University of Science and Technology, told the "Securities Daily" reporter that there are usually two situations for listed companies to purchase wealth management. One is that some companies have not yet launched their investment projects and have short-term idle funds; Poor money", but can't find a good investment project or is pessimistic about the prospect of investment income, and turns to buy wealth management.

But in general, the buying and financing process must be compliant, and the idle funds should be used on the "knife edge".

(Securities Daily)