Our reporter Peng Yan

　　Since the beginning of this year, the banking wealth management market has cooled significantly.

In addition to the sharp fluctuations in the relevant net worth, the volume and price of bank wealth management in the whole market have dropped. Both the number of new products and the number of products on sale have dropped significantly, and the downward trend of performance comparison benchmarks continues.

　　Ming Ming, chief economist of CITIC Securities, told the "Securities Daily" reporter that with the advancement of the transformation of wealth management products to net value, superimposed this year's bond market and stock market fluctuations, so the net value of bank wealth management products will also fluctuate greatly, which is relatively large for the original risk appetite. The attractiveness to customers with low income has decreased significantly, it has become more difficult for banks to issue and sell products, and the number of newly issued and on-sale bank wealth management products has both declined.

In addition, since the beginning of this year, the overall yield of the bond market has continued to decline, and the yield of wealth management with debt assets as the main allocation content will also decline significantly.

　　New product releases and sales volume

　　MoM double drop

　　Since 2022, the issuance of bank wealth management products has performed poorly, and the downward trend in issuance has continued.

According to the data released by Puyi Standard, the number of new and on-sale wealth management products in the banking wealth management market in October showed a downward trend month-on-month, and the downward trend of performance comparison benchmarks continued.

In October, a total of 1,705 wealth management products were newly issued in the market, a decrease of 24.05% month-on-month. Among them, wealth management companies issued a total of 514 new wealth management products, a decrease of 32.55% month-on-month.

　　Entering November, the number of newly released and on-sale bank wealth management products continued to decline.

Puyi Standard data shows that last week (November 14-November 20), a total of 493 new wealth management products were released in the market, a decrease of 37 from the previous month; among them, 154 new financial products were launched by financial management companies, a decrease of 19 from the previous month , accounting for 31.24% of the market-wide issuance of wealth management products.

Last week, a total of 3,751 wealth management products were on sale in the market, a decrease of 71 from the previous month, of which 1,702 were products of wealth management companies, accounting for 45.37%.

　　In an interview with a reporter from the Securities Daily, Du Yang, a postdoctoral fellow at the Bank of China Research Institute, said that the new release of bank wealth management products and the double decline in the number of sales were mainly affected by both demand and supply. From the perspective of demand, performance fluctuations have intensified. Investors' demand for wealth management products has decreased, and issuers have adjusted the number of products accordingly.

From the perspective of the supply side, the new regulations on asset management have been implemented, and the wealth management business has entered a stage of high-quality development. The decline in the number of new issuances has been affected to a certain extent by the extension of the average maturity of wealth management products.

　　It is worth noting that after experiencing the "clean tide" in the market in November, a number of bank wealth management institutions have adjusted their new products.

The reporter combed and found that, on the one hand, the number of wealth management products with long investment periods has increased significantly; on the other hand, some banks have adjusted the redemption management rules of products.

For example, China Merchants Bank Wealth Management has shortened the redemption opening time of one of its products.

　　The wealth management manager of China Merchants Bank told reporters that the shortening of the redemption opening time of the product is mainly to avoid fluctuations in net worth due to too long redemption period, and also to reduce investor losses.

　　Du Yang said that a series of adjustments made by bank wealth management institutions is an important means for issuers to rationally respond to net worth fluctuations.

Currently, the A-share market is highly volatile due to various factors. By flexibly adjusting product terms and redemption rules, wealth management companies can help smooth out fluctuations in the wealth management market to the greatest extent and benefit the long-term development of the wealth management business.

　　In Mingming’s view, wealth management products that shorten the redemption opening time and lengthen the closed period do not need to deal with redemption pressure during the closed period, and there is no large-scale subscription to dilute earnings, less idle funds, and high capital utilization efficiency.

At the same time, debt bases with a longer closed operation period have more room to increase leverage, which will help improve the overall level of income.

　　In addition, from the perspective of performance comparison benchmarks, since the beginning of this year, the average performance comparison benchmarks of new and on-sale wealth management products in the entire market have declined significantly.

Du Yang told reporters that the fluctuations and adjustments in the capital market since the beginning of this year have increased the uncertainty of wealth management product returns to a certain extent. It helps to buffer the impact of market fluctuations and protect the legitimate rights and interests of investors.

　　Future issuance and interest rates

　　There is room for recovery

　　The recent fluctuations in the bond market have triggered adjustments to the net worth of bank wealth management products.

The Puyi Standard report pointed out that due to the fluctuations in the bond market, the income of bank wealth management products has also declined, and the cumulative net value has dropped by an average of more than 0.14% compared with the previous month (October). (unit equity less than 1).

Among them, the decline in the income of wealth management products that mainly invest in bonds is more obvious, but the volatility is generally better than that of pure bond funds.

　　In response to the phenomenon of "breaking the net" of bank wealth management products, industry insiders pointed out that after the bank's wealth management products are fully net-valued, it is normal for the net value of the product to fluctuate.

Liu Yinping, an analyst at Rong 360 Digital Technology Research Institute, believes that the inflection point of the bond market has not yet appeared, but market sentiment has been fully released. With the gradual adjustment of the yield rate, the attractiveness of bonds has increased, and funds have gradually repaired the market. This fluctuation trend It won't last long.

　　How should individual investors respond?

Jiang Ling, a researcher at Puyi Standard, said that investors should view net worth fluctuations rationally. Short-term market fluctuations cannot represent the final income level after the product expires. They can hold the product for a long time and wait for the market to recover.

On the whole, bank wealth management products have certain advantages in terms of retracement and volatility control. When the market stabilizes, they still have liquidity allocation value.

　　Talking about the future trend of bank wealth management product issuance, Du Yang believes that the fundamentals of my country's long-term macroeconomic growth have not changed, and the capital market will maintain a steady development trend. To a large extent, there is room for recovery, and the quality of wealth management business development will be further improved.

　　"In the short term, the issuance of wealth management products is still under pressure, and net worth fluctuations are still greatly affected by the market; in the long run, as investors' different needs are discovered, banks provide more abundant product systems and differentiated services, and the wealth management market will continue to grow. With expansion, the operation of wealth management companies will become more mature and market-oriented, and the rate of return is expected to be more stable." Ming Ming said.

　　Xue Hongyan, deputy director of the Star Chart Financial Research Institute, told reporters that from a long-term perspective, the financialization of deposits is a major trend, and the scale of bank wealth management products is generally expanding.

At the same time, with the improvement of the management capabilities of banks' wealth management products, there is a high probability that the rate of return on wealth management will continue to outperform the deposit rate, which will in turn accelerate the transfer of deposit funds to wealth management products.

(Securities Daily)