After entering 2020, the trend of decline in the income of bank financial products is still continuing.
The financial managers of the above banks said that since this year, the yield of bank financial products has been showing a downward trend, and the decline is large.
Wang Jun, chief economist of Zhongyuan bank, said in an interview with Securities Daily that bond yields have risen and bond prices have fallen in the near future, leading to downward fluctuations in the yield of financial products. In the second half of the year, as the stock markets approximate rate continues to move upward, the seesaw effect of bond market may be more obvious, and the yield of financial products may still fluctuate downward.
- - the transformation of financial products to net value
In addition to the overall income decline of bank financial management, a number of bank financial products in the market have suffered from principal loss recently, which has aroused market attention.
Securities Daily reporter looked at a number of bank financial products with negative net value, and found that most of the product management institutions were the first level wholly-owned subsidiaries of the bank, and most of the products belonged to the R2 level, that is, stable and low-risk, and most of them were products issued by bank financing and financing subsidiaries.
In the view of industry insiders, the main reason for the loss of bank financial management is that more and more financial products have been converted to net value due to the breaking of the provisions of the new asset management regulations and the requirement of net value management. It is normal for the Income Fluctuation of net value products.
Yin Yanmin, an analyst at rong360 big data research institute, pointed out that in the future, the net value products with non breakeven floating income will become the mainstream of bank financial products. The rate of return displayed by the bank to customers is also the performance comparison benchmark, rather than the rate of return that the bank will pay to customers when it matures. In the investment process, the product income will be subject to the trend of investment targets and the banks asset management investment strategy As a result, for investors, break the rigid exchange is no longer a slogan, it will happen.
Since the beginning of this year, the transformation pace of bank financial net value has been accelerating. According to the requirements of the new asset management regulations, the principal guaranteed financial products will gradually withdraw from the market by the end of 2020, and the net value financial products will become the development direction of bank financial management.
According to the standard data of Puyi, by the end of the first quarter of 2020, the balance of non breakeven financial products of banks was about 24.4 trillion yuan, and the remaining balance of net worth products was about 12.54 trillion yuan. The proportion of the balance of net worth products has increased greatly from 15% before the new regulation to 51.4% at present, and the product structure has changed significantly. In terms of types of banks, the process of net worth transformation of national banks has accelerated quarter by quarter, and has always maintained a leading position. The proportion of the remaining balance of net worth products in non breakeven financial management has increased from 36.7% in the second quarter of 2019 to 52.45% in the first quarter of 2020.
This is mainly due to the advantages of national banks in investment and research, system, talent, capital and other aspects. National banks have clear ideas on the transformation of financial net value, and the transformation has achieved good results. At the same time, the national banks financial management subsidiaries have been promoting faster, and the new products of financial subsidiaries have been launched in succession, which has also accelerated the pace of national banks net worth transformation. According to Wang Wei, a researcher at Puyi standards.