Equity banking wealth management products are about to explode?

  Bank wealth management is closely related to ordinary investors, and its every move has attracted much attention. Not long ago, Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, mentioned that it is necessary to increase the issuance of equity asset management products, including supporting wealth management subsidiaries to increase the proportion of equity products-will equity wealth management products usher in a good time for development?

  Regarding the latest development trend of equity-based wealth management products, some people believe that the development of equity-based wealth management products has ushered in a good time. On the one hand, it is the encouragement of supervision and the needs of investors, which are both major benefits. But there are also views that point out that the issuance of equity products cannot be rushed. Then, how should ordinary investors understand the possible changes in equity financial products? How to make decisions when selecting products?

Issuance or increase

  Currently, the proportion of equity products issued by banks and wealth management subsidiaries is still small. Puyi standard statistics show that in June, equity-type net-value products accounted for only 0.72% of the total issuance of net-value products, which was lower than 8.41% of mixed-type net-value products. In contrast, fixed-income products still occupy the main position of net-value products. Since the beginning of this year, the number of issuances in each month has accounted for more than 90%.

  From the perspective of product revenue, the average performance comparison benchmark for equity, hybrid, and fixed income products is decreasing. In June, the average performance comparison benchmark for equity products is about 30 higher than the average performance of the equity products. Basis points; the mixed category is about 11 basis points higher than the fixed income category.

  In the eyes of many industry insiders, it is expected that the number and proportion of the issuance of bank wealth management equity products will increase in the coming period, and wealth management subsidiaries in particular may become the backbone. From a policy perspective, the "Administrative Measures for Wealth Management Subsidiaries of Commercial Banks" stipulate that publicly offered wealth management products issued by wealth management subsidiaries can directly invest in stocks; at the same time, the "Administrative Measures for Net Capital of Wealth Management Subsidiaries of Commercial Banks (Trial)" will invest wealth management funds The risk coefficient of risk capital corresponding to the stock is set to zero.

  "From the perspective of improving product categories, enriching product systems, and cultivating long-term capabilities, bank wealth management subsidiaries also need to do some initial work on equity products." According to Zeng Gang, deputy director of the National Finance and Development Laboratory, this It is an important development direction of the bank's wealth management subsidiary and is necessary for long-term development. He also pointed out that "the current stock market also provides a relatively good external environment for the issuance of equity products, and banks may be able to use this rare window to make some attempts."

  Dong Ximiao, the chief researcher of Xinnet Bank, also believes that the wealth management subsidiary has increased its research and practice on equity asset allocation since its establishment more than a year ago, and has accumulated certain experience. "All this will help to improve the equity asset investment capabilities of wealth management subsidiaries, develop and expand the team of institutional investors, guide wealth management funds to invest in the capital market in a legal form, and bring long-term stable incremental funds to the capital market."

  However, people in the industry also generally believe that it is difficult to quickly increase the issuance speed of equity products. "Banks are dominated by fixed income and cash management products in the issuance of wealth management products, and their wealth management products in this area are also more dominant. The issuance of equity products depends on investment and research capabilities, and this cannot be established overnight. It takes time to accumulate." said Huang Dazhi, a senior researcher at the Suning Institute of Finance.

There are many constraints on development

  In fact, for banks and wealth management subsidiaries, the issuance of equity products still faces many challenges. "Although the regulation is gradually relaxing the restrictions on the equity market for public offerings of banks, regardless of the residents' willingness to allocate assets or the actual performance of the bank's financial management, it is still too early for banks to deploy large-scale wealth management in the equity market at this stage." Puyi Standard Researcher Zhao Lu said.

  There are many people in the industry who hold the same views as Zhao Lu. In summary, first, compared with asset management peers with stronger equity investment capabilities and more experience, bank wealth management subsidiaries still face the problem of insufficient equity investment talents. "Under the background of the broken maturity mismatch and the limited investment of non-standard assets, increasing investment in equity assets is not only an important way for wealth management subsidiaries to increase the income flexibility of wealth management products and meet the diverse needs of customers, but also an effective way to support the development of the capital market. Measures. However, the expansion of the issuance of equity products by the bank's wealth management subsidiary has problems such as cultural conflicts, insufficient talents, and lack of capabilities." Dong Ximiao said.

  Second, from the perspective of investors, for a long time, bank wealth management product investors are more inclined to purchase stable income products. "With the continuous increase in the number and scale of products issued by wealth management subsidiaries and the accumulation of certain investment experience in the equity investment field, the overall allocation ratio of equity assets in wealth management products will gradually increase in the future. However, due to the risk appetite of bank wealth management investors, The issuance of equity products will not be too large." said Liu Yinping, an analyst at Rong360 Big Data Research Institute.

  At the same time, Zeng Gang said that in the development of wealth management subsidiaries, in addition to cultivating investment capabilities, we must also pay attention to the issue of investor education. “Because in the past, bank wealth management mainly focused on fixed-income products, there will be a process of investor education in the issuance of equity products. For example, risk testing and risk matching should be carried out for different customers, and adequate information disclosure and Risk education for investors, etc."

  It is not difficult to see that at the end of June, affected by the adjustment of the bond market, some fixed-income bank wealth management products were floating losses, triggering public opinion, and many ordinary large and medium-sized investors said it was “unacceptable”. Zeng Gang said: “For banks, it is necessary to realize that ordinary investors are unacceptable to the risks of fixed income products, and should consider whether they can accept equity products with greater risks? In other words, when the product risk is different After it appears, it becomes very important to clearly inform customers of product risks."

Capacity building is the key

  For wealth management subsidiaries, how to find out where they should be in order to properly issue equity products? In Dong Ximiao's view, wealth management subsidiaries can work in three areas: First, change their concepts, change the previous habits and culture of focusing on fixed income and non-standard asset investment, and promote the better integration of commercial bank culture and asset management company investment culture. The second is to increase the introduction and training of professional talents, especially investment research talents with strong investment research capabilities, such as equity investment and alternative investment talents that were rarely involved in banks. The third is to build a complete product system. We should gradually build an asset system including commodities, foreign exchange, equity, and alternative assets, carry out targeted investments in different types of assets, and continuously improve the ability to allocate major assets.

  "After the deployment of talents, it is necessary to continuously improve the equity investment team's ability to analyze and judge macroeconomics, industry investments, and specific equity investment projects, and improve practical experience; for the current hot practice of entering the equity market with FOF/MOM, institutions need Form a relatively complete screening mechanism for outsourcing institutions and investment advisors, and scientifically carry out post-investment management evaluation.” Zhao Lu said, different from the traditional fixed income investment of institutions in credit risk and liquidity risk management, the focus of equity market investment risk control lies in Market risk management, the perfection of the risk management mechanism must precede product issuance, so as to effectively control product risks, reduce the probability of net value fluctuations, and enhance product competitiveness and customer recognition.

  From the perspective of the industry, to do a good job in the issuance of equity products, it is necessary to improve the system support, including the need to meet various operations such as equity product analysis, investment transactions, position adjustment, and early warning, as well as support the sales and follow-up information of equity products Disclosure etc.

  For investors, they also need to change their traditional thinking when buying equity products. "In the past, investors bought bank wealth management by default to guarantee the principal and guarantee the return, but with the breaking of the management of just exchange and net worth, there will be more and more fluctuations in product income and non-just exchange." Huang Dazhi said, equity products fluctuate The risks are greater and the risks are greater. Therefore, investors should pay great attention to risks when buying, and understand whether the product risks can be tolerated.

  "When investing in equity products, the most important thing to pay attention to is the market risk, that is, the impact of changes in the equity market on the fluctuations in the net value of equity products." Zhao Lu said that when purchasing equity products, investors need to clarify product selection ideas: the first step Choose a platform, choose an asset management institution recognized by the investor and match the investment style with each other; the second step is to select a product and set a deadline, and through the product analysis of the asset management institution, choose a field that it recognizes and has development potential, and a comprehensive product Analyze the historical net value trend of the investment manager and the experience of the investment manager, and determine the investment product based on the acceptable investment period.

  Economic Daily · China Economic Net reporter Qian Qingni