Our reporter Peng Yan
Since the beginning of this year, the bank wealth management market has experienced relatively obvious fluctuations.
Since November, the net value of bank wealth management products has declined in a large area, and even the net value of some low- and medium-risk bank wealth management products has also experienced a significant decline, which has aroused the attention of market institutions and investors.
In the face of large market fluctuations, the enthusiasm of listed companies keen to buy wealth management shows a cooling trend.
Wind data shows that from this year to November 22, a total of 1,052 listed companies have subscribed for wealth management products (ordinary deposits, structured deposits, bank wealth management, brokerage wealth management, trust, private equity funds, etc.) with a total amount of 977.55 billion yuan. It decreased by 18.85% in the same period last year.
Mingming, chief economist of CITIC Securities, told the "Securities Daily" reporter that the cooling of wealth management product allocation of listed companies is due to the fact that after the wealth management products are fully net-valued, the net value will fluctuate greatly, and the equity market will fluctuate greatly this year. The decline in wealth management yields has weakened its attractiveness; on the other hand, affected by uncertainties such as the epidemic, some listed companies need more reserve funds to ensure stable cash flow.
Wind data shows that in the third quarter of 2022, 655 A-share listed companies subscribed for wealth management products, with a scale of 261.352 billion yuan. The number of companies and the scale of subscriptions both declined from the second quarter.
As of the end of the second quarter, a total of 748 A-share listed companies have purchased wealth management products, with a total scale of about 286.32 billion yuan.
Since the fourth quarter, a total of 434 A-share listed companies have subscribed for wealth management products, with a scale of 119.845 billion yuan.
In terms of specific classification, wealth management products include deposit products such as structured deposits, as well as asset management products such as bank wealth management, securities firm wealth management, and trust.
Judging from the preference of listed companies to purchase wealth management products, structured deposits still accounted for the highest proportion. The subscription scale during the year was 628.498 billion yuan, accounting for 64.29%; the total proportion of ordinary deposits and time deposits was 14.67%, ranking second ; bank wealth management products accounted for 11.98%; the scale of listed companies' purchase of securities company wealth management, trust, and fund products has dropped significantly, and the total proportion of securities firms' wealth management, trust, and fund products during the year was 7.16%.
Wang Liting, a researcher at Puyi Standard, believes that the main purpose of listed companies to allocate wealth management products or structured deposits is to improve the utilization efficiency of idle funds. Considering that there will be a reduction in the purchase of bank financial management.
In contrast, structured deposits have a short term, liquidity advantages, relatively high security, and a slightly higher rate of return than ordinary deposits, so listed companies will increase the allocation of structured deposits.
In recent years, the enthusiasm of A-share listed companies to subscribe for financial products has gradually declined.
While the number of listed companies subscribing for wealth management products has not changed much, the number of wealth management products held by listed companies and the subscription amount both show a downward trend.
Xue Hongyan, deputy director of the Star Chart Financial Research Institute, told the "Securities Daily" reporter that since the beginning of this year, the average profitability of listed companies has declined, and there is less spare money available for investment; at the same time, with the transformation of net worth of wealth management products, the certainty of earnings has declined. Since the beginning of this year, the volatility of wealth management products has increased significantly, which has also reduced the willingness of listed companies to buy to a certain extent.
The reporter noticed that some investors asked questions on the interactive platform of the Shanghai and Shenzhen Stock Exchanges about whether the wealth management products purchased by relevant listed companies were affected. As of press time, the above-mentioned companies did not reply.
For example, some investors asked on the interactive platform: Some listed companies use the funds raised from idle additional issuance to purchase bank wealth management products instead of expanding production and sales. Will this move affect the company's production and operation.
In this regard, some listed companies responded that the company strictly followed the requirements of the raised funds management regulations, and used the raised funds prudently in combination with the market environment and investment progress; of capital gains.
Li Yelin, a postdoctoral fellow of the Bank of China Research Institute, said that at present, there is still room for market interest rates to be lowered, and the financial market environment is also constantly changing. Corporate investors should pay attention to the macroeconomic situation, establish an investment concept that is compatible with their own development strategies, and rationally adjust their own risks. According to the preference and investment period, choose the wealth management products that match your own needs on the basis of understanding the scope of product investment targets.