2022 is a year for the banking wealth management market to continue the past and usher in the future.
This is the first year after the end of the transitional period of the "new asset management regulations". Faced with the new rules, many new changes have taken place in the banking wealth management market.
First, the product structure was continuously optimized.
As of the end of December 2022, the scale of wealth management products reached 27.7 trillion yuan, of which 19.7 trillion yuan was invested in bonds, stocks and other direct financing.
The second is the rapid development of pension finance.
As of the end of January 2023, the scale of pension wealth management products has exceeded 100 billion yuan.
Third, the transformation effect is very remarkable.
As of the end of December 2022, the surviving scale of net-worth wealth management products accounted for as high as 95.47%, all capital-guaranteed wealth management products were cleared, and the expected income-type products were basically reduced.
Funds are invested in the real economy
Bank wealth management plays an important role in serving the real economy and increasing the proportion of direct financing.
The "Annual Report on China's Banking Wealth Management Market (2022)" (hereinafter referred to as the "Annual Report") recently released by the Banking Wealth Management Registration and Custody Center shows that by the end of December 2022, the scale of bank wealth management products supporting the real economy will be about 22 trillion yuan. , of which 19.7 trillion yuan was invested in direct financing such as bonds and stocks, an increase of 43.9% compared with when the "new asset management regulations" were released.
"In 2022, we have issued a number of opinion notices to guide market institutions to invest 'financing direct financing tools' funds in key areas of the real economy." The relevant person in charge of the banking wealth management registration and custody center said.
From the perspective of capital flow, more than 270 billion yuan was invested in green bonds, more than 120 billion yuan was invested in special bonds for epidemic prevention and control, rural revitalization, and poverty alleviation, and more than 3.5 trillion yuan was provided for the development of small, medium and micro enterprises.
"We have strengthened our support for key areas, invested more than 480 billion yuan in green assets, and maintained a balance of 100 billion yuan in manufacturing investment." The relevant person in charge of ICBC Wealth Management introduced that the company organizes characteristic businesses through on-site stock pledges, equity investments, etc. way, precise service for advanced manufacturing industry and major project construction.
In order to cooperate with the work of "guaranteeing supply and stabilizing the chain", ICBC wealth management has also increased its financial support for energy, agricultural products, logistics and other industry entities.
In order to better serve the "double carbon" goal and help rural revitalization, etc., the bank wealth management market has also issued a variety of themed products.
In 2022, the banking wealth management market will issue a total of 110 ESG (environment, society and governance) themed products, raising a total of more than 70 billion yuan in funds; a total of 131 social responsibility-themed wealth management products such as rural revitalization, public welfare and charity will be issued, raising about 50 billion yuan in funds Yuan.
As of the end of December 2022, the existing scale of ESG-themed products reached 130.4 billion yuan, an increase of 35.55% from the beginning of the year.
Many new changes have also taken place in the banking wealth management market itself.
From the perspective of product types, fixed-income products accounted for the highest proportion and the proportion has increased.
The "Annual Report" shows that as of the end of December 2022, the existing scale of fixed income products was 26.13 trillion yuan, accounting for 94.50% of the existing scale of all wealth management products, an increase of 2.16 percentage points compared with the same period in 2021; 1.41 trillion yuan, accounting for 5.10%, a decrease of 2.28 percentage points from the same period in 2021; the existence scale of equity products, commodities and financial derivatives products is relatively small, 0.09 trillion yuan and 0.02 trillion yuan respectively.
Corresponding to the above changes, investors' risk appetite has also declined, and individual investors still occupy an absolute dominant position.
As of the end of December 2022, the number of investors holding wealth management products was 96.71 million, an increase of 18.96% from the beginning of the year.
Among them, individual investors accounted for as high as 99.01%, and institutional investors accounted for only 0.99%.
"This is mainly due to the continuous lowering of the investment threshold of wealth management products and the increasingly rich products." Dong Ximiao, chief researcher of China Merchants Union, believes that, but it should also be noted that investors' risk appetite has dropped significantly.
As of the end of December 2022, the proportion of individual investors with risk preference level 2 (stable) was the highest, reaching 35.44%; risk appetite was level 3 (balanced), level 4 (growth) and level 5 (aggressive) The proportion of individual investors has decreased.
Pension wealth management exceeded 100 billion yuan
What has attracted much market attention is that the scale of pension wealth management products has exceeded 100 billion yuan.
According to the latest regulatory data, as of the end of January 2023, there were 51 retirement wealth management products in existence, and the cumulative purchase amount of 470,000 investors reached 100.4 billion yuan.
In September 2021, the pilot program of pension financial products will be officially launched.
The China Banking and Insurance Regulatory Commission issued the "Notice on Launching Pilot Programs for Pension Wealth Management Products", selecting "four places and four institutions", namely ICBC Wealth Management in Wuhan and Chengdu, CCB Wealth Management and CMB Wealth Management in Shenzhen, and Everbright Wealth Management in Qingdao to carry out the pilot.
In December of the same year, the first batch of pilot pension wealth management products were launched, featuring three characteristics of stability, long-term, and inclusiveness, and the minimum purchase amount was only 1 yuan.
In March 2022, the scope of the pilot will be further expanded to "ten places and ten institutions".
"Overall, the pilot operation is stable and orderly, the market response is positive, and the wealth management products have been actively subscribed by investors." The relevant person in charge of the China Banking and Insurance Regulatory Commission said recently that in accordance with the working idea of "jogging in small steps and making gradual progress in general", through optimization The allocation of large categories of assets, the establishment of income smoothing funds and risk reserves, and independent custody of third parties other than the parent bank will promote the stable and prudent operation of pension wealth management products.
In addition to piloting pension wealth management products, the regulatory authorities are also focusing on promoting wealth management companies to participate in the personal pension business.
In April 2022, the General Office of the State Council issued the "Opinions on Promoting the Development of Personal Pensions"; in November of the same year, the Ministry of Human Resources and Social Security, the Ministry of Finance, the State Administration of Taxation, the Banking and Insurance Regulatory Commission, and the China Securities Regulatory Commission jointly issued the "Personal Pension Implementation Plan". Method".
Subsequently, financial institutions represented by commercial banks and wealth management companies began to accelerate their deployment and actively participate in the personal pension business.
At present, the number of personal pension wealth management products has increased to 18.
On February 10 this year, the list of the first batch of personal pension wealth management products was released. Three institutions, ICBC Wealth Management, Agricultural Bank of China Wealth Management, and China Post Wealth Management, sold a total of 7 personal pension wealth management products, all of which are public offering net worth open-end products Products, of which 5 are new products, 2 are existing products; 1 is a mixed product, and 6 are fixed-income products.
Subsequently, the list of the second batch of personal pension wealth management products was announced, adding 5 products from Bank of China Wealth Management, 2 products from ICBC Wealth Management, 3 products from Agricultural Bank of China Wealth Management, and 1 product from China Post Wealth Management.
"The China Banking and Insurance Regulatory Commission actively promotes the construction of a platform for the personal pension wealth management industry, and urges wealth management companies to do a good job in product design, investment operation and risk management." Relevant regulatory systems, promote more eligible products to be included in the list of personal pension wealth management products, and meet the diversified pension financial needs of the people.
The person in charge said that at the same time, wealth management companies will also be guided to adhere to the "stable, long-term, and inclusive" characteristics of pension finance, give full play to their own advantages, develop pension financial products that match the name and reality, and operate safely, and practice long-term investment and value. Investment concepts, strengthening investment research capabilities, improving risk management mechanisms, and continuously enhancing the people's sense of gain, happiness and security.
Broad space for transformation and development
2022 is the first year of the official implementation of the "New Asset Management Regulations". On the whole, the transformation of bank wealth management is steady.
"After the release of the 'New Regulations on Asset Management' in 2018, the China Banking and Insurance Regulatory Commission adhered to the general tone of seeking progress while maintaining stability, grasped the main contradictions, and solidly promoted the rectification and transformation of wealth management business." Control the chaos, attack the root cause, and correct the delusion of funds and regulatory arbitrage; the second is to combine punches, severely punish violations, and play the deterrent effect of supervision; the third is to take multiple measures to guide banks to implement the rectification of existing businesses, and speed up cases in a safe and orderly manner disposal.
The person in charge said that after nearly five years of comprehensive governance, the current shadow banking risks have been significantly reduced, the industry's risk chaos has been fundamentally reversed, and the rectification tasks during the transition period of the "New Asset Management Regulations" have been generally completed.
Specifically, first, a number of difficult issues such as idling nesting and fund pool operation have been resolved.
The second is to clear the principal-guaranteed wealth management, and the expected return-oriented products have basically been reduced. The interbank wealth management has been significantly reduced by 99.9% compared with the peak value. The non-standard debt assets of wealth management investment issued by banks have dropped by 89.2% compared with when the "new asset management regulations" were released.
Third, most of the existing assets have been disposed of, and the rectification tasks during the transition period have been generally completed.
"For the remaining small amount of difficult-to-dispose assets of individual banks, they are included in the disposal of individual cases according to regulations, and the liquidation is accelerated. The overall progress is better than expected, and the disposal of individual cases has entered the final stage." The person in charge said.
It is worth noting that, as the changes in the banking wealth management market have not been fully accepted by investors, some new problems have also emerged.
For example, in 2022, the bank wealth management market will decline in terms of the scale of existence and the number of new products.
The "Annual Report" shows that as of the end of December 2022, a total of 278 banking institutions and 29 wealth management companies across the country have surviving wealth management products, with a total of 34,700 surviving products, a decrease of 4.41% from the beginning of the year; It fell 4.66% at the beginning of the year.
"Affected by many internal and external factors, in March and November 2022, the net value of some wealth management products will have a large retracement, and some investors will actively redeem them. Therefore, the surviving scale of wealth management products has declined." Dong Ximiao analyzed that the decline in scale is also It is related to the further standardized development of cash management wealth management products.
"In 2023, opportunities and challenges will coexist. Bank financial management will also meet new challenges and achieve new development." Dong Ximiao suggested that first, we must improve our ability to study and judge trends and respond to them; and improving investor education.
Dong Ximiao believes that the redemption pressure on bank wealth management products has been greatly reduced in 2023 after investors with extremely low risk appetite in the early stage left the market.
Next, banks and wealth management companies should face up to market changes and further identify their positions.
Compared with public funds, bank wealth management products are more robust; compared with various deposits, bank wealth management products are more profitable.
If bank wealth management can better balance stability and profitability, it will play a unique value in the asset management market and become an important choice for residents' asset allocation.
The person in charge of the relevant departments of the China Banking and Insurance Regulatory Commission also stated that in the next step, we will implement systematic policies and comprehensively address new issues in the new stage, continue to improve the financial management business regulatory system, strengthen the professional supervision of financial management, improve the infrastructure capabilities of the financial management industry, and further promote the high-quality development of the industry. , to boost the development of the real economy.
(Economic Daily reporter Guo Ziyuan)