data, in September last year, a total of 161 commercial banks issued a total of 4,463 wealth management products, a decrease of 2.17% compared with the previous month. The average expected rate of return on non-structural wealth management products was 4.63%, down 0.1 percentage points from the previous month. The average expected rate of return on currency structured wealth management products was 5.69%, down 0.23 percentage points from the previous month. Overall, the number and income of wealth management products in the month showed a continuous decline.
Financial analyst Yan Zijie believes that since the third quarter, the scale and income level of bank wealth management products have declined. First of all, the monetary policy is loose, but the period of pains in the real economy to de-capacity and restructuring will continue, and bank financing will be in assets. Difficulties in high-yield investment channels, the downward trend of earnings will continue; secondly, interest rates continue to decline, some financial projects can be repaid by looking for lower-cost funds, causing some medium- and long-term wealth management products to terminate early, investors need to re-invest Make an investment. In the case of continued downward interest rates, investors also need to pay attention to such risks.
Since the third quarter, the overall circulation of wealth management products has continued to shrink. In particular, the circulation of state-owned banks and joint-stock banks has been significantly reduced. Although the total amount of commercial banks in the city has declined, the proportion has continued to rise. to make.
Insiders analyzed that in the real economy, there was a lack of quality investment targets, and the total amount of bank wealth management products issued in the third quarter dropped significantly. In addition, after experiencing the shock of the previous stocks, the funds for bank wealth management to enter the stock have sharply reduced, and the bank's investment in this area is also more cautious. At present, high-quality projects are hot, and the project side has stronger bargaining power to reduce the cost of capital, so even if there are better projects, it is difficult to obtain more substantial benefits. As a result, the incentives for banks to issue wealth management products have been weakened, and the overall circulation reduction is reasonable.
"The proportion of product issuance has risen on the scale of commercial banks, mainly related to the transformation of bank wealth management." Yan Zijie analyzed that some state-owned banks and joint-stock banks are undergoing the transformation of wealth management products, reducing the scale of closed-end wealth management products, and gradually The transition to open-end financial management, and most of the city's wealth management products business started late, in the talent reserve, risk control, investment capacity and other aspects of the temporary lack of large-scale transformation, which is the main reason for this current differentiation.
In the face of the continuous decline in the income of bank wealth management products, high-yield products gradually faded out of the bank's financial management market. According to statistics, the expected income of only 50 non-structural wealth management products in September exceeded 6%, and the number of products in the 4%-5% income range. It has increased to almost half of the total amount issued in the current month and is expected to increase further in the future.
Experts believe that with the advancement of interest rate and the adjustment of economic structure, there will be a period of low interest rate with a longer term, and investors should adapt to the fixed income category to enter the low-yield range. As far as the current investment market is concerned, the expected return of fixed-income investment products generally declines significantly, but the average expected return of bank wealth management products is still relatively high. Insiders suggest that for conservative investors, if the liquidity requirements are not high, it is an ideal investment channel to select some of the higher-yield medium and long-term products for purchase.