The transition period of the new asset management regulations will end at the end of this year——

How about the penetration rate of "net-worth" financial management?

  As of August 31, all listed banks have disclosed their performance reports for the first half of 2021.

Among them, the structure and change trend of wealth management business have attracted much attention.

Judging from the semi-annual reports of many large banks, the development of wealth management business has been steadily progressing, and the proportion of "net value" wealth management products has increased significantly. In the past few years, the "expected income" products that have been popular and have rigid redemption properties have gradually faded out. .

  Experts said that the extended transition period for new asset management regulations will end at the end of this year. With the continuous improvement of industry regulations, the positioning of the wealth management industry will become clearer, and the wealth management market will provide stronger support for the real economy, and at the same time, Give back to society well.

Net worth products have become mainstream

  "You don't manage money, and money doesn't care about you" is the starting point for many people to manage their spare money.

In 2018, the People's Bank of China, the China Banking and Insurance Regulatory Commission and other departments issued the "Guiding Opinions on Regulating the Asset Management Business of Financial Institutions" (usually called the "New Asset Management Regulations"), which clarified a series of reform directions such as breaking the rigid payment.

Prior to this, most of the bank's wealth management products were "expected income" products with agreed time and agreed income.

After the release of the new asset management regulations, the proportion of net-worth wealth management products that did not promise fixed income and went on the market began to rise.

  Judging from the semi-annual reports disclosed by major banks, net worth products have become mainstream.

Among them, the semi-annual report of the Bank of Communications shows that the Bank of Communications has established a wealth management brand of "Wode Optimum", created a dedicated wealth management system for segmented customer groups, promoted the transformation of wealth management products, and the scale of wealth management products continued to grow. As of the first half of this year, Bank of Communications' net worth The scale of this type of product was 82.111 billion yuan, accounting for 71.32% of the group’s off-balance sheet wealth management products, an increase of 9.74 percentage points from the end of the previous year.

According to the semi-annual report of Bank of Ningbo, as of the end of June this year, the balance of wealth management products managed by Ningyin Bank was 283.1 billion yuan, of which the net value product scale was 233.5 billion yuan, an increase of 35.1 billion yuan from the end of the previous year, accounting for 78.9% of the total. An increase of 10.1%.

China Everbright Bank stated in its semi-annual report that China Everbright Bank's "Colorful Sunshine" net value product system has become increasingly abundant, with a product scale of 663.92 billion yuan, accounting for 75.69%.

  At the same time, the financial management of securities firms has accelerated the transformation to net worth.

Huatai Securities has launched value-added wealth management services such as "Daily Enjoy Add Benefit", "Month Enjoy Add Benefit", and "Double Season Add Benefit" for customers with different maturities and risk preferences, and replace the original expected return products through daily real-time updates of net value and earnings. .

According to data provided by the company, as of the end of June, investment advisors accounted for more than 32% of the company's employees, the number of fund investment advisory business customers exceeded 180,000, and the scale of financial product sales business has grown steadily.

  On August 13, the "China Banking Industry Wealth Management Market Semi-Annual Report (Up to 2021)" released by the Banking Industry Wealth Management Registration and Custody Center showed that as of the end of June this year, the existing scale of wealth management products reached 25.8 trillion yuan, a year-on-year increase of 5.37%. A total of 413.751 billion yuan of income has been created for investors in the six months.

Among them, the remaining scale of net wealth management products was 20.39 trillion yuan, accounting for nearly 80%, an increase of 23.9 percentage points year-on-year; principal-guaranteed products continued to fall, with a remaining balance of 0.15 trillion yuan as of the end of June, a year-on-year decrease of 90.68%; the scale of open products And its proportion continues to rise, and the funds raised increased by 10.09% year-on-year.

Investor mentality becomes more rational

  Behind the rapid growth of net-worth wealth management products, investors have become more rational in their mentality.

  Xie Xiaoning, a resident of Datong City, Shanxi Province, had previously been making fixed deposits in banks or buying treasury bonds, seeking financial stability.

Recently, she just bought a net wealth management product from Jinshang Bank.

"The annualized rate of return is about 4%. The return is higher than bank time deposits, and the risk is relatively lower than that of traditional funds. Net-worth wealth management products are'non-guaranteed floating return' products, and we have prepared ourselves for a loss in the short term. Prepare. After all, investment is a long-term thing, and we must treat it with a normal heart." Xie Xiaoning said.

  Han Feiyang, a Shanghai resident, usually pays great attention to changes in the wealth management market.

In his view, net worth of wealth management products is the general trend.

"On the one hand, compared with the previous'expected return-based' capital-guaranteed wealth management products, the volatility of net-value wealth management is more market-oriented, the risk performance is closer to reality, and it tests investors’ wealth management experience and knowledge accumulation; on the other hand, net-value wealth management is more Information disclosure on the flow of underlying assets, risk warnings, and risk levels is more adequate, and the risk rating from'PR1' to'PR5' is also more conducive to investors to make reasonable choices. Therefore, equity-based financial management opportunities and challenges coexist." He said .

  Li Yu, who lives in Weifang, Shandong, recently took a fancy to an open net-worth product of Bank of China Wealth Management, a subsidiary of Bank of China, with a risk level of PR2.

She said that although the income has been lower, the net change in the past 6 months has been relatively stable, which is suitable for "entry-level" players like herself.

Li Yu believes that it is very important to make a reasonable plan and choose a financial product that suits you.

"Since you are thinking about gaining returns from investment, you must take risks and make various psychological expectations."

  Dong Ximiao, the chief researcher of China Merchants Finance, said that my country's banks have a short time for financial management, and investors have average professional qualities and risk tolerance, so it is necessary to carry out various forms of investor education activities.

In particular, there is still a gap between the development of bank financial management and the needs of investors.

The next step is to start from the height of improving national financial capabilities, improve the pertinence and effectiveness of investor education, resolutely break the rigid payment, realize the organic unity of "seller due diligence" and "buyer conceit", and promote the healthy and sustainable bank financial management develop.

Steady development is still needed in the future

  On the supply side, all major financial institutions regard making good net-worth wealth management products an important force for achieving high-quality development of their own businesses.

  Ji Zhihong, vice president of China Construction Bank, said that the implementation of the new asset management regulations has effectively promoted the healthy and sustainable development of commercial banks’ wealth management business.

China Construction Bank strictly follows the regulatory guidance, actively promotes the transformation of wealth management business, vigorously develops net worth products, and continuously optimizes the asset structure. The relevant progress of the rectification of stock wealth management meets or exceeds expectations.

At the same time, China Construction Bank continued to promote the construction of a new system of group asset management, strengthened key tasks such as asset allocation, channel sales, investment research, and risk management, accelerated the transformation and innovation of asset management business models, and strived to build new business development pillars.

  "As the main carrier for undertaking group wealth management business, CCB Wealth Management has been in business for more than two years, and its asset scale has grown rapidly and profitability has continued to increase. As of the end of June this year, 700 CCB Wealth Management products, all of which comply with the new regulations, are net worth types. Products; the product balance is 946.3 billion yuan, an increase of 249.3 billion yuan from the beginning of the year.” Ji Zhihong said that in the next step, China Construction Bank will continue to promote the rectification of its stock business in an orderly manner, return to its asset management business, achieve product misalignment, and continuously enrich its product line. Strengthen independent investment capabilities, continue to expand the core customer base, and meet customers' investment and financial needs in an all-round way.

  Zhang Xuyang, chairman of Everbright Wealth Management, said that Everbright Wealth Management adopts three strategies to promote the development of net-worth wealth management products: one is to use different color marks to invest in product curves to enhance investors’ recognition of different financial products; the other is to strengthen the investment of flexible assets. Build research capacity, and strive to form an investment and research framework that is different from traditional public offering funds for investment integration, production and investment integration; third, continue to create value from corporate growth, and leverage the linkage between Everbright Bank’s corporate business and Everbright’s wealth management, investment banking, and asset management The advantage of creating long-term sustainable investment returns for investors.

  It is worth noting that investors are currently more inclined to short-term products in net worth products.

  Wu Yueliang, who is engaged in the media industry in Nanjing, positions himself as a "balanced radical" investor. He usually invests in funds and stocks, followed by various financial products of banks.

"The net value-based wealth management products do not agree on income, which means that the uncertainty of income has increased. So when I choose wealth management products, I prefer to invest less than 6 months, so that I can switch later." Wu Yueliang said.

  "It should be noted that the public still has strong psychological expectations for the'guaranteed capital and interest' of financial management, and prefers short-term products. At the same time, under the requirements of new asset management regulations, bank financial management needs to raise longer-term funds to match the investment side." Everbright Securities Wang Yifeng, chief analyst of the financial industry, said that wealth management companies also need a certain amount of time to straighten out their operating models, improve incentive mechanisms, accumulate investment experience, and improve product layout.

  Zeng Gang, deputy director of the National Finance and Development Laboratory, said that as the transition period of the new asset management regulations comes to an end and the industry systems and norms continue to improve, the positioning of the wealth management industry will become clearer, and the competition for the entire asset management market will also be promoted. The adjustment has entered a new stage of development.

In terms of financial management, the banking industry will further strengthen cooperation with asset management institutions in other fields, which will become an important development direction.

  Wang Junling Li Xiaoshu

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