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In the third week of April, the bank wealth management market continued the stable issuance trend of the previous week, and the rebound in issuance after cross-quarter fluctuations has not yet appeared.
Flush iFinD data show that from April 15th to April 21st, bank wealth management companies issued a total of 474 wealth management products (according to the sales date, the share is calculated separately, the same below), due to the lag in the issuance statistics, the weekly issuance fell by 22.8% compared with the previous week, but compared with the weekly average issuance of 797 in March, it is still less than 300, and has not yet recovered to the average level in March.
Among them, Everbright Wealth Management topped the issuance list with 49 issuances, followed by IB Wealth Management with 43 issuances, and Hangzhou Bank Wealth Management and Minsheng Wealth Management tied for third place with 39 issuances.
From the perspective of the types of products issued, in order to cater to the trend of increasing demand for "deposit substitution" wealth management products by investors in the context of low deposit interest rates, wealth management companies continue to focus on fixed-income wealth management products. According to Flush iFinD data, among the 474 products issued by wealth management companies last week, 463 were fixed-income wealth management products, accounting for 97.68%.
However, after the new "National Nine Articles" clearly promoted the entry of medium and long-term funds into the market, and especially encouraged bank wealth management funds to participate in the capital market, the issuance of mixed wealth management products with rights has increased in the past two weeks. Last week, IB Wealth Management, Minsheng Wealth Management, Bank of China Wealth Management and CMB Wealth Management issued a total of 8 mixed wealth management products with rights, and in the previous week, wealth management companies such as Everbright Wealth Management, ABC Wealth Management and ICBC Wealth Management issued 10 related products.
Among them, the expected maximum annualized rate of return of the "Zhaozhirui and Stable (Anying Preferred) 360-day Holding No. 6 Hybrid Product" issued by CMB Wealth Management on April 19 is 5.5%, which is the highest expected yield among the hybrid products issued last week. On April 10, another "CMB Wealth Management Wealth Management Wealth Management Wealth Management According to the announcement of CMB Wealth Management, the initial offering scale of this right-bearing product with a risk level of R3 medium risk exceeded 2 billion, and the number of purchases was about 11,000.
However, analysts also pointed out that based on investors' risk appetite and other reasons, it is not appropriate to overestimate the amount of bank wealth management funds entering the capital market in the short term. Dong Ximiao, chief researcher of Zhaolian, pointed out that "the risk appetite of bank wealth management investors is not high, and public wealth management products face constraints such as concentration requirements for investing in stock funds. However, in the long run, the scale and depth of wealth management funds participating in the capital market are expected to increase steadily. Zhou Yiqin, founder of Guanyuan Consulting and a senior expert in financial regulatory policy, expects that in the short term, the number and scale of bank wealth management hybrid products will rebound compared with 2023, but it is difficult to make a significant leap in the proportion of overall wealth management products, and the proportion is expected to remain at about 3%.
From the perspective of product term, due to the increase in investors' demand for liquidity of bank wealth management products, short-term products are still more sought after by the market, and the proportion of short-term products issued by wealth management companies continues to remain high. Among the 413 bank wealth management products that announced the issuance period last week, 205 products with a maturity of less than one year accounted for nearly half.
Judging from the performance of the stock market, thanks to the stable performance of the overall market, the net breaking of bank wealth management products eased last week. Flush iFinD data shows that the comprehensive net failure rate (net value) of the existing products of wealth management subsidiaries last week
Data source: Straight Flush iFinD, data export date: 2024.4.22
Among the wealth management companies, the top ones in terms of net breaking were Goldman Sachs ICBC Wealth Management, ICBC Wealth Management and CCB Wealth Management, with net breaking rates of 16.67%, 7.58% and 5.56% respectively during the period. Goldman Sachs' ICBC Wealth Management Wealth Management accounts for a high proportion of net breakage mainly related to the small number of its stock products, and from the perspective of net breakage, ICBC Wealth Management, CNCBI Wealth Management and IB Wealth Management ranked the top three, with 108, 77 and 67 net breaks last week.
It is worth mentioning that 81 of the 108 net-breaking products of ICBC Wealth Management are hybrid wealth management products, accounting for 75%. From the perspective of the overall market performance, affected by the fluctuation of the capital market, among the products that are currently broken, equity and hybrid products are also maintained at a high level.
Specifically, among the 530 wealth management products that broke the net last week, 183 were hybrid products. Among them, the lowest cumulative net value is the "Ruifu Xinyi 6-month Holding Period Hybrid Class 1" issued by Guangyin Wealth Management, with a unit net value of 0.7924. The "Happiness 99 Excellence Mixed Class (Partial Stock Growth Selection) 365-day Holding Period" issued by Hangzhou Bank Wealth Management and the "Chengxin Multi-Allocation Mixed Class Minimum Holding 3-Year Open-ended" issued by CCB Wealth Management followed with a unit net value of 0.8249 and 0.8557.
The income performance of wealth management products with rights has also become one of the factors considered by wealth management companies when they are issued. Analysts suggest that wealth management companies should follow the regulatory trend, take the initiative to optimize and adjust the product structure, and provide differentiated and competitive wealth management products with rights, but also try to avoid the negative impact of possible liquidation or early termination of operations on investors.