Sino-Singapore Jingwei, May 11 (Ma Jing and Wang Yuling) Recently, Jiu'an Medical, which made a big profit of 14.312 billion yuan in the first quarter, announced that it intends to spend no more than 9.5 billion yuan to subscribe for investment products issued by financial institutions such as banks.
Coupled with the previous announcement by Fulian Industrial that it will invest 47.6 billion yuan in financial management, the listed company's large-scale financial management has attracted investors' attention.
However, financial management is like a "besieged city". Some people invest heavily, and some people speed up to escape.
China-Singapore Jingwei conducted statistics on the subscription of financial products by listed companies since 2022 and found that more and more companies "don't like financial management."
According to statistics from Flush iFinD, as of May 9, a total of 809 A-share listed companies have subscribed for wealth management products this year, involving 5,613 products (including subsequent purchases of products after expiration or subscription of other products, the same below), with a cumulative subscription scale of 420.343 billion Compared with the same period in 2021, the number and scale of subscribing companies decreased.
The rate of return is less than 5%, accounting for more than 90%
Among the 5,613 financial products subscribed by listed companies, Sino-Singapore Jingwei noticed that although financial management is risky, it is still relatively safe.
The data shows that, except for the individual stock Glacier Network's 28-day bank wealth management product and Weiguang's 91-day trust product, the return is negative, and the loss is 409,600 yuan and 471,700 yuan respectively, and other listed companies' wealth management products have positive returns.
However, in terms of actual yield, both the average yield and the proportion of the high yield range are significantly lower than the same period in 2021.
Among the 5,613 wealth management products subscribed by 809 A-share listed companies this year, 1,293 have disclosed actual yields, with an average actual yield of 3.05%, down 0.06 percentage points from the same period in 2021 (3.11%).
In terms of divisions, the actual rate of return this year is 40.91% below 3% (exclusive); the rate of return is 3%-5% (exclusive) 56.54%; the rate of return greater than 5% is "rare" ”, accounting for only 2.63%.
However, in the same period of 2021, the proportion of the actual rate of return below 3% (excluding) is 42.68%; the proportion of the rate of return is 3%-5% (exclusive) is 53.92%; the proportion of the rate of return is greater than 5% It is 3.39%, which is 0.76 percentage points higher than that in 2022.
The proportion of structured deposits has not fallen but has risen
The wealth management products of listed companies mainly include bank wealth management products (including structured deposits, time deposits, call deposits, etc.), public funds, private funds, collective securities companies, trusts, bonds, securities and other products.
Sino-Singapore Jingwei noticed that 809 listed companies have different choices of wealth management products.
From the perspective of flow, the wealth management products issued by banks accounted for 85.87% of all wealth management products.
Among them, structured deposits accounted for 53.09% of all wealth management products.
The so-called structured deposits refer to deposits embedded in financial derivatives absorbed by other depository companies, which are linked to fluctuations in interest rates, exchange rates, indices, etc., or to the credit status of an entity, so that depositors can obtain certain risks on the basis of taking certain risks. Higher-yielding business products.
Dong Ximiao, chief researcher of China Merchants Union Finance, told Sino-Singapore Jingwei that in the past two years, the regulatory pressure on structured deposits has been relatively strong.
According to data from the central bank, as of the end of February 2022, the balance of structured deposits in Chinese national banks was 5,882.423 billion yuan, down 1.57% month-on-month and 15.92% year-on-year.
However, Sino-Singapore Jingwei noticed that the proportion of listed companies subscribed for structured deposit wealth management products has increased instead of falling. The number of structured deposit products in the same period in 2021 will be 7,814, accounting for 35.70% of all wealth management products (21,886).
In this regard, Dong Ximiao analyzed that although the income of structured deposits is uncertain, at least the principal can be guaranteed, and after nearly two years of strong supervision, the authenticity and compliance of structured deposits are stronger.
Financial management fever of listed companies cools down
In addition to the lower yields of wealth management products, Sino-Singapore Jingwei noticed that the enthusiasm of listed companies to purchase wealth management products, especially bank wealth management products, seems to be fading.
Compared with the same period in 2021, the scale of listed companies subscribed for wealth management products this year has dropped significantly.
Data shows that in the same period in 2021, a total of 2,084 listed companies subscribed for wealth management products, involving 21,886 products, with a cumulative subscription scale of 1,893.458 billion yuan.
In contrast, the number of listed companies purchasing wealth management products this year is only 38.82% of that in 2021, and the cumulative amount of funds subscribed is less than a quarter of that in 2021.
Liu Jiawei, chief analyst of the non-banking financial industry of Dongxing Securities, told Sino-Singapore Jingwei that the trend of net worth of wealth management products represented by bank wealth management has weakened the tendency of listed companies to purchase wealth management, especially when the equity market weakened in the first quarter. .
As we all know, the transition period of the new asset management regulations has ended, and bank wealth management has entered the era of net worth.
However, since the beginning of the year, the number of bank wealth management products has been increasing, and the attractiveness of bank wealth management products has been greatly reduced.
According to the latest April China Wealth Management Income Index Monthly published by Puyi Standard, in March, the weekly average seven-day annualized return of the overall cash management products and the six-month investment cycle product income both declined year-on-year. The downward trend of investment cycle products is more obvious. The investment yield in the past six months is 1.69%, a decrease of 26BP compared with February 2022.
In an interview with Sino-Singapore Jingwei, Chen Li, chief economist of Chuancai Securities and director of the research institute, also said that the cooling of listed companies' financial management enthusiasm is due to the decline in financial returns on the one hand, and the fact that listed companies will be idle on the other hand. The proportion of funds used for its own operations is increasing. "This is mainly due to market fluctuations this year, and it is a short-term performance."
The rise of financial management products of securities companies?
Or because of this, the risk appetite of listed companies' wealth management products has been slightly adjusted, and the attention to securities companies' wealth management products has increased.
By comparison, it is found that the proportion of listed companies subscribed to wealth management products such as bank wealth management, trusts and public funds this year is lower than that of 2021.
Among them, the proportion of wealth management products issued by banks decreased by 3.32 percentage points; followed by trust products, the proportion of subscription products fell by 1.38 percentage points, and the proportion of subscriptions for public funds and other fund wealth management products fell slightly by 0.18 percentage points.
At the same time, the subscription ratio of securities companies’ collective plans and other securities products increased by 1.91 and 2.93 percentage points respectively.
A securities firm’s collective plan is a financial management service in which a securities firm accepts the entrustment of investors and invests investors’ funds in financial products such as stocks and bonds, and its risks and benefits are between savings and stock investment.
Other securities products mainly involve brokerage income certificates, pledged quotation repurchase, etc.
The data shows that the wealth management funds of Yongan Pharmaceutical, Qianhe Flavor Industry, Xiantan Co., Ltd., Sunway Chemical and other stocks have all invested in such products.
"Listed companies purchase wealth management products for the purpose of idle fund management and to obtain stable returns with limited risks. The current securities companies' income certificates and collective asset management products can better meet the above standards." Liu Jiawei mentioned.
Chen Li said that, in comparison, the short-term yields of securities companies' collective wealth management and income certificates are slightly higher than that of bank wealth management products, and the payment stability is better, so they are more attractive.
Will the financial management of listed companies in the future be in line with the financial management products of securities companies?
Chen Li said that the choice of financial products of listed companies will change with the comparison and changes in the returns of different products in the market.
Liu Jiawei also mentioned that the market is dynamic. If the equity market continues to be sluggish, the above-mentioned financial management style may continue, but if the equity market stabilizes and improves, the style of listed companies purchasing products may change.
(The opinions in this article are for reference only and do not constitute investment advice. Investment is risky, and you need to be cautious when entering the market.)