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The average yield of bank wealth management products in November was 3.97%, 21 consecutive months of decline

来源: 证券日报 2019-12-30 11: 46: 16Source: Securities Daily

Recently, with the release of the "Promotion Wealth Management Income Index Report" jointly released by Puyi Standards and Jinshang Bank, the earnings of various major wealth management products also surfaced in November.

"Securities Daily" reporter based on the above report and the monthly investment-linked insurance income data released by Huabao Securities show that in November, the average return on bank wealth management fell by 1BP (1BP = 0.01 percentage point) to 3.97%, which has appeared for 21 consecutive months. Month-to-month declines; trust wealth management products rose 12BP to 8.35%; Monetary Fund product income rose 6BP to 2.41%; P2P product income fell 44BP to 9.54%; Investment-linked insurance income fell 83BP to 0.01%.

Regarding the return of banking wealth management products that investors are most concerned about, Liu Yinping, a researcher at Rong360 Big Data Research Institute, believes that the continued decline in the return on wealth management of banks is mainly affected by two factors, market liquidity and financial transformation. The P & I standard believes that given the tight node liquidity at the end of December, monetary policy will continue to maintain a solid tone, and it is expected that the bank's wealth management price index will not fall significantly in the short term.

Banking wealth management products have attracted much attention from investors. According to the data monitored by P & E standards, in November this year, 69 commercial banks issued a total of 10092 wealth management products. Compared with October, the number of issuing banks decreased by 10 and the number of issued wealth management products increased by 592.

From the perspective of specific types of product issuance, there are 6613 closed-ended expected income products; 1881 open-ended expected income products; 1,474 net worth products; and 124 foreign currency products. From the perspective of the existence, the number of net wealth management products in November 2019 was 14,902, an increase of 1042 from the previous month.

In terms of earnings, bank wealth management continued its previous downward trend. The average yield of bank wealth management products in November was 3.97%, a decrease of 1BP from October. Specifically, the short-term wealth management product income fell 1BP to 3.93%, and the long-term wealth management product income fell 1BP to 4.09%.

Regarding the reasons for the “swing” of the wealth management products of banks, Liu Yinping believes that, first of all, liquidity has continued to ease this year, and the central bank has continued to guide the market interest rate downward; secondly, the digestion of stocks by bank wealth management is one of the key points of the transformation. Many high-yield long-term assets, especially non-standard assets, require new product convergence after the product expires. Non-standard assets continue to shrink, which will cause the overall yield of new asset portfolios to decline.

From the perspective of other wealth management product incomes, in November, the average return of trust wealth management products was 8.35%, an increase of 12BP from the previous month; the income of money fund products rose 6BP to 2.41% from the previous month; On the whole, in November, the wealth management of banks continued to decline in the previous period, and the returns of money funds and trust products generally rebounded.

It is worth mentioning that in November this year, the average monthly income of the investment-linked insurance account was 0.01%, which was close to a loss. Looking at the long-term perspective, the average average returns of the relevant investment accounts from November 2018 to November 2019 are 1.23%, -1.66%, 2.29%, 4.90%, 2.63%,

-0.21%, -2.01%, 1.65%, -0.11%, 0.81%, 0.47%, 0.84%, 0.01%. Overall, the return on investment-linked insurance has been far lower than other wealth management products in the past year.

As for the online loan platform, 19 problem platforms were added to the P2P industry in November, of which 7 were involved in economic investigation, 5 were deferred, and 7 websites were closed. On November 15, the "Guiding Opinions on the Transformation of Internet Lending Information Intermediaries into Pilot Pilots" (Document No. 83) jointly issued by the Office of the Leading Group of Internet Financial Risk Remediation and the Office of the Leading Group of Internet Lending Risk Jointly Issued (Circular 83) , Can guide some eligible P2P online loan platforms to transform into small loan companies. Puyi Standards believes that Circular 83 is good for the transformation of online loan platforms, but the small loan industry has become more stringent in supervision. After the transformation of online loan platforms, businesses must overcome multiple difficulties.

In the field of banking wealth management, in November the CBRC punished a number of banks for violations of their wealth management business, mainly involving the investment of wealth management funds into real estate projects with incomplete “four-certificate” risk management. Risk management failures, part of the credit funds were actually used to repay off-balance-sheet wealth management financing, irregularities in wealth management business, etc., with fines ranging from 250,000 to 2.5 million yuan.

Regarding trust, supervision penalties are concentrated on illegal real estate trust business development and non-compliance with new asset management regulations to conduct channel business. In November, three trust companies were punished for business violations. As for the money fund market, no obvious risk events broke out in November, and the returns of the money fund rebounded slightly. (Reporter Su Xiangzheng)

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