Alert Financial Daily, No. 178
According to the latest data of "Nancai Wealth Management", as of October 25, 162351 wealth management products have been issued in the whole market, and the product risk level is mainly concentrated in the second level (medium and low risk). Among them, the first-level (low-risk) products accounted for 16.59%, the second-level (medium-low-risk) products accounted for 67.76%, the third-level (medium-risk) products accounted for 14.46%, the fourth-level (medium-risk) products accounted for 0.65%, and the fifth-level (high-risk) products accounted for 0.54%.
In terms of the nature of investment, fixed income products accounted for 77.83%, fixed income products are still the mainstream; mixed products accounted for 21.49%; equity products accounted for 0.68%; commodities and financial derivative products accounted for 0.003%.
The research group divides fixed income products into pure fixed income, "fixed income +", cash management categories, among which, in terms of pure fixed income, the research group conducts classified list statistics according to different product terms. This issue of Alert Financial Daily will focus on short-term pure fixed income products (investment cycle of 1-3 months) of bank wealth management companies.
All the lists come from the fully automated 24-hour real-time ranking of the AI robot of Nancai Wealth Management, if you have any questions about the data, welcome to contact the research assistant: 19521241569 (WeChat same number), you can also apply for the Nancai Wealth Management Trial Account to view the most bank-wide wealth management data.
<h4>Nancai Wealth Management [Wealth Management List] Wealth Management Company's 1-3 months of pure fixed income product income performance (as of October 25).</h4>
21st Century Business Herald reporter Xue Ruyun Shanghai reported that as of October 25, there are 6 wealth management companies on the list of 1-3 months of pure fixed income (excluding 1 month), namely Nanyin Wealth Management, BOC Wealth Management, Industrial Bank Wealth Management, CMB Wealth Management, Ningyin Wealth Management, and Bocom Wealth Management, and the number of products on the list is 1, 2, 3, 2, 1 and 1 respectively. Among them, the annualized yield of Nanyin Wealth Management "Zhulian Bihe Xinyue Enjoy 1908 Three-Month Fixed Opening" in the past 3 months was 4.068%, ranking first in the list. In second place is BOC Wealth Management's "Stable Wealth (Quarterly Opening) 0120", with an annualized yield of 3.774% in the past Three months.
Compared with the list data published by Nancai Wealth Management on September 14 (see related articles for details), the 5th and 10th ranks last month are All Jianxin wealth management products and ICBC wealth management products ranked 2nd and 8th, both fell out of the top 10 this month, and last month there were no city commercial bank wealth management company products on the list, this month successively killed Ningyin Wealth Management, Nanyin Wealth Management 2 dark horses, Nanyin Wealth Management "Zhulian Bihe Xin Yue Enjoy 1908 Three Months Fixed Opening" and even rushed to the top of the list. It can be seen that wealth management companies compete fiercely in short-term pure fixed income products, and the heroes are exhausted, and it is rare to see the "one big" picture.
Founded on August 22, 2019, Nanyin Wealth Management's "Zhulianbi Hexin Yuexiang 1908 Three-Month Fixed Opening" is a fixed income type, the operation mode is open-ended net worth, and the internal risk rating is level two (medium and low risk).
The product is also sold to individual customers, corporate customers, and financial institution customers, with a minimum purchase amount of 10,000 yuan and an incremental amount of 1,000 yuan.
It is worth noting that the performance comparison benchmark of the product is divided into two types: for individual customers and corporate customers, the performance comparison benchmark is "1-year time deposit benchmark interest rate + 2.3%"; for financial institution customers, the performance comparison benchmark is "1-year time deposit benchmark interest rate + 1.8%".
In terms of product charges, the product sales rate is 0.20%/year, the fixed management rate for individual customers, corporate customers, and financial institution customers is 0.40%/year, 0.40%/year, 1.90%/year, and the custody rate is 0.02%/year, and no subscription fee or redemption fee is charged.
In terms of investment strategy, the proportion of the wealth management product invested in fixed income assets is not less than 80%, asset allocation is carried out from top to bottom, portfolio scheme is constructed, the drawdown range is controlled, and the credit bond rating of the product investment is not lower than AA.
According to the data of Nancai Wealth Management, as of June 30, 2021, the total share of "Zhulianbi hexin enjoy 1908 three-month fixed opening" was 6.76712 billion shares, the net value of the product share was 1.0065 yuan, and the total net asset value was 6.81161 billion yuan. This size has increased compared to the first quarter of 2021, and as of March 31, 2021, the total share of the product was 6,277.89 million shares, the net share of the product was 1.0042 yuan, and the total net asset value was 6,304.09 million yuan.
<h4>"Zhulian Bihe Xin Yue Enjoy 1908 Three Months Fixed Opening" pure debt investment, urban investment bonds are favored</h4>
In terms of asset portfolio, 100% of the "Zhulian Hexin YueXiang 1908 Three-Month Fixed Opening" is invested in bond assets, which are pure bond products. Compared with the first quarter of 2021, the proportion of bond assets has increased, according to the first quarter report of 2021, bond assets accounted for 97.32%, bank deposits accounted for 0.13%, and interest receivables accounted for 2.55%.
According to the product's 2021 semi-annual operation report, the top ten assets sorted by the proportion of fair value net asset value at the end of the reporting period are "20 in and out 02", "17 Lanzhou City Investment PPN004", "19 Su Science and Technology City PPN001", "19 Jiaxing Xiuzhou PPN002", "18 Guoyu 01", "18 Nongfa 12", "19 Qingshan Lake PPN001", "18 China Construction Fourth Bureau MTN002", "19 Zhuzi 01", "17 More Than 01", The top three positions accounted for 2.92%, 1.49% and 1.48% of the net asset value of the product respectively, while the last seven bond investments accounted for 1.47%.
Urban investment bonds are still favored. Specifically, the fair value of "17 Lanzhou City Investment PPN004" at the end of the reporting period was 101.7 million yuan, which was the second largest position in the product. The private placement bond has a coupon rate of 6.17% and circulates in the interbank market, and the main underwriters are China Merchants Bank and China Minsheng Bank. Its most recent transaction date is June 22, 2021, and the next coupon payment date is October 30, 2021, and the current remaining amount of the bond is $800 million. The issuer is Lanzhou City Development Investment Co., Ltd., a local state-owned enterprise, with a credit rating of AA+, with revenue of 3.418 billion yuan in 2020, total assets of 114.429 billion yuan, and an asset-liability ratio of 74.85%.
"19 Su Science and Technology City PPN001" is the third largest position, with a fair value of 100.5 million yuan at the end of the reporting period. The bond was issued by Suzhou Science and Technology City Development Group Co., Ltd. with a coupon rate of 5.6% and a credit rating of AA. The issuer of "19 Qingshan Lake PPN001" is Zhejiang Hangzhou Qingshan Lake Science and Technology City Investment Group Co., Ltd., and the main credit rating is AA+.
On January 18, 2021, Zhejiang Hangzhou Qingshan Lake Science and Technology City Investment Group Co., Ltd. announced that the company's registered capital was changed from 300 million yuan to 3 billion yuan, which was subscribed and funded by the company's shareholder, Hangzhou Lin'an District State-owned Equity Holding Co., Ltd., of which 1.7 billion yuan was converted from capital reserve to increase, and the remaining 1 billion yuan was contributed in monetary terms and will be paid in full by December 31, 2029.
In addition, as of the end of the first half of 2021, there was no non-standard asset investment in the "Zhulian Bihe Xinyue Enjoy 1908 Three-Month Fixed Opening".
<h4>The product's bond investment income in the first half of the year was -1.16894 million yuan, and the interest income turned the tide</h4>
As a pure bond product, what is the investment income of the "ZhulianBibi Xin YueXiang 1908 Three-Month Fixed Opening" bond? From the product's first half of the income statement, you can get a glimpse of one or two.
From the perspective of income, "interest income" reached 173.9 million yuan, while investment income was expressed as losses, and "investment income" - 116.894 million yuan, all of which were bond investment losses, with a total income of 172.7 million yuan. The total "expenses" were 0.269 million yuan, the total profit was 145.86 million yuan, and the net profit was 145.86 million yuan.
The above data shows that the profit of the product in the first half of the year mainly came from interest income, and there was a small loss in bond investment.
Nanyin Wealth Management said in the first half of the product that bond yields rose and fell in the first half of the year. In mid-to-late February, affected by the tightening of the marginal capital surface and the rise in overseas imported inflation pressures, the yield of the long-end 10-year Treasury bond quickly soared to around 3.27%. Since the second quarter, the central bank's monetary policy has remained neutral, the pace of local bond issuance has been slower than market expectations, and institutional allocation funds have pushed yields down slowly. In mid-to-late May, the policy level continued to sound stable market expectations, commodity prices rushed up and down, superimposed funds exceeded expectations, long-end yields fell back to the low level of the year, 10-year Treasury bonds fell to near 3.06%, and some trading funds took profits and left the market. After June, the bond market trading sentiment converged, the market attention returned to the rhythm of local bond supply and overseas Fed policy trends, 10-year Treasury bonds fluctuated around 3.1%, no trend market.
The manager expects that the refinancing difficulties of urban investment entities with weak economic strength and low levels in some regions will be further increased, and attention should be paid to avoidance.
<h4>Balance sheet disassembly</h4>
It is worth noting that NBC Wealth Management also disclosed the product balance sheet (unaudited) in its operation report. Taking the 2021 semi-annual report as an example, as of June 30, 2021, the assets of "Zhulianbihe XinYue Enjoy 1908 Three-Month Fixed Opening" totaled 7.05853 billion yuan, the total liabilities were 246.93 million yuan, and the total equity of owners was 6.81161 billion yuan.
From the perspective of assets, the ending balance of the "bank deposit" account was 12.8899 million, the ending balance of the "deposited margin" was 366.612 million yuan, the ending balance of the "trading financial assets" was 6.85601 billion yuan, and the ending balance of "interest receivable" was 189.27 million yuan. Among the trading financial assets, the balances of "bond investment" and "asset-backed securities investment" were 6.806 trillion yuan and 50 million yuan respectively.
From the perspective of liabilities, the ending balance of the "sale and repurchase of financial assets" account was 240 million yuan, the ending balance of the "remuneration payable to the manager" account was 2,224,806 yuan, and the sum of several expense accounts payable, the "custody fee payable", "sales service fee payable" and "transaction fee payable" totaled 3.571 million yuan, in addition, the "tax payable" was 899,826 yuan and the "interest payable" was 230,904 yuan.
The owner's equity includes the "paid-in fund" of 6.76712 billion yuan and the "undistributed profit" of 44.491725 million yuan.
Recently entered the three quarterly report release period of the bank, as of today, 7 banks have successively released the third quarterly report, the overall revenue performance of the institution is excellent, and the growth rate of the net profit attributable to the mother has recorded double-digit growth. From the perspective of funds, recently various capital forces have been shaking their fists and undercurrents, and bank stocks have generally strengthened. The third quarterly report of many banks also shows that the transformation of bank wealth management net worth has accelerated significantly. With the advent of the "new asset management regulations", the speed of cash pressure drop is still accelerating, and the promotion of the market value law after entering November will also bring more market changes.
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The Research Group of Nancai Wealth Management selected 5 new products that have recently been released for reference.
According to the data of Nancai Wealth Management, recently, among the new products sold by a number of wealth management companies, Suyin Wealth Management's "Juyuan All-Star 16 Period" is a hybrid product, the performance benchmark is 5.40%, the risk level is R3 medium risk, the minimum purchase amount is 10,000 yuan, and the product term is 1094 days. In terms of investment ratio, the proportion of fixed income assets is not higher than 80%, and the proportion of equity assets is not higher than 50%.
"Alert Financial Daily" is an investment and financial management column under the Nancai Wealth Management Pass and 21st Century Business Herald, which aims to help investors keep the "money bag". The project reporting team has long been concerned about bank wealth management and has built a unique wealth management database, welcome to apply for a trial. The daily content of this column has its own focus, Monday focuses on fixed income + products, Tuesday pure fixed income products, Wednesday cash management products, Thursday mixed products, Friday equity products, updated every Monday to Friday, mobile content is all in the 21st financial APP, print content is in the "21st Century Business Herald" newspaper [Nancai Wealth Management] column, please pay attention!
(Disclaimer: The content of this article is for informational purposes only and does not constitute investment advice.) Investors operate accordingly at their own risk. This column series of articles is the exclusive original of Nancai Wealth Management, plagiarism must be investigated, please contact the research group for reprinting. ）
Data Analyst: Li Gaoyi
Trainee Researcher: Wei Xiaxia
Column Editor-in-Chief: Tang Yilan
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