February 26,Bankindustryfinancial managementThe registration and custody center organization issued the “Bank of ChinaAnnual Report on Industrial Financial Management Market (2021)” (hereinfollowing referred to as the “Report”), a comprehensive summary of my country’s 2021Bankindustry wealth management market conditions and forecasts for 2022BankProspects for the development of the business wealth management market.
By the end of 2021, the scale of bank wealth management market reached 29 trillion yuan, a year-on-year increase of 12.14%; a total of 47,600 new wealth management products were issued throughout the year, raising funds of 122.19 trillion yuan, creating nearly 1 trillion yuan in income for investors.
The “Report” pointed out that in 2021, capital-guaranteed wealth management products will be cleared. As of the end of 2021, the scale of capital-guaranteed wealth management products has been reduced from 4 trillion yuan when the new asset management regulations were released to zero, and the rectification task of bank wealth management business during the transition period has basically been completed. Interbank wealth management and multi-level nesting have been greatly reduced. The scale of multi-level nested investment assets accounted for only 0.1% of the total investment assets of wealth management products, a decrease of 97% compared with the release of the new asset management regulations. High-risk businesses such as complex nesting and pooling operations have been rectified and cleaned up, and the situation of idling funds and deviating from real to virtual has been fundamentally reversed.
The rectification task of bank wealth management stock is basically completed
Under the guidance of active and net worth supervision established by the new asset management regulations, the rectification tasks for the transitional period of bank wealth management business have been basically completed, and the overall is in line with expectations.
First, capital-guaranteed wealth management products have been cleared. As of the end of 2021, the scale of capital-guaranteed wealth management products has been reduced from 4 trillion yuan when the new asset management regulations were released to zero, and the rectification task of bank wealth management business during the transition period has basically been completed.
Second, the proportion of net worth products increased significantly. As of the end of 2021, the balance of net worth wealth management products was 26.96 trillion yuan, accounting for 92.97%, an increase of 23.89 trillion yuan compared with before the release of the new asset management regulations. The transformation process of product net worth is remarkable.
Third, inter-bank wealth management and multi-level nesting have been greatly reduced. By the end of 2021, interbank wealth management will drop to 54.1 billion yuan, a decrease of 97.52% compared with that before the release of the new asset management regulations; the proportion of multi-level nested investment assets in the total investment assets of wealth management products is only 0.1%, a decrease compared with the release of the new asset management regulations. 97%. High-risk businesses such as complex nesting and pooling operations have been rectified and cleaned up, and the situation of idling funds and deviating from real to virtual has been fundamentally reversed.
Fourth, the stock rectification was basically completed. The vast majority of banks completed the rectification of wealth management stock on schedule, especially small and medium-sized banks have completed the rectification work on time, laying a solid foundation for the healthy development of bank wealth management business.
Fixed income wealth management continued to grow
In 2021, a total of 319 banking institutions and 21 wealth management companies across the country will issue a total of 47,600 new wealth management products, a year-on-year decrease of 21,400; the accumulated funds raised are 122.19 trillion yuan, basically the same as last year.
In terms of types of institutions, in 2021, city commercial banks will issue 18,731 new products, accounting for 20% of the total market.
39.34%, which is the type of institution with the largest number of new products. With the continuous deepening of the reform of the corporate system of wealth management business, the amount of wealth management products raised by large banks and joint-stock banks has dropped significantly year-on-year, reaching 40.95% and 21.44% respectively. The scale of funds raised by wealth management companies was 44.08 trillion yuan, a year-on-year increase of 191%, accounting for 36.08% of the entire market. In terms of the scale of fundraising, it is the largest type of institution in the market.
From the perspective of surviving, as of the end of 2021, a total of 301 banking institutions and 21 wealth management companies have surviving wealth management products, with a total of 36,300 surviving products, a slight decrease from the same period last year; the surviving balance is 29 trillion yuan, a year-on-year increase of 12.14% . A year-on-year increase of 157.72%, accounting for 59.28% of the total market. From the perspective of the existing scale, wealth management companies are the largest type of institutions. The wealth management market has shown a pattern of wealth management companies as the mainstay and banking institutions as the supplement.
From the perspective of the type and structure of wealth management products, the existing scale and proportion of fixed-income wealth management products are on the rise. As of the end of 2021, the surviving balance of fixed-income wealth management products was 26.78 trillion yuan, a year-on-year increase of 22.80%, accounting for 92.34% of the remaining balance of all wealth management products; the surviving balance of mixed wealth management products was 2.14 trillion yuan, a year-on-year decrease of 46.13%, accounting for 92.34%. 7.38% of the remaining balance of all wealth management products; the remaining balance of equity wealth management products was 80.9 billion yuan, a year-on-year increase of 1.09%, accounting for 0.28% of the remaining balance of all wealth management products; commodity and financial derivatives wealth management products The scale is relatively small, at 1.8 billion yuan .
The multi-level nested illegal investment situation is basically eliminated
The transformation of wealth management products to net worth continued to improve. By the end of 2021, the existing scale of net worth wealth management products was 26.96 trillion yuan, accounting for 92.97%, an increase of 25.70 percentage points over the same period last year.
As of the end of 2021, the existing scale of wealth management company products (all net worth products) was 17.19 trillion yuan, a year-on-year increase of 157.76%. Among them, the proportion of self-issued products by wealth management companies has continued to increase, reaching 58.51% by the end of 2021, an increase of 19.20 percentage points over the same period last year.
As of the end of 2021, judging from the asset allocation of wealth management products of wealth management companies, the asset allocation of cash management products has high liquidity characteristics, and the total allocation of cash, bank deposits, and interbank certificates of deposit assets accounted for 47.02%; fixed income (non-cash management Class) product asset allocation is more diversified, allocation of non-standardized debt assets, public offeringfundand equity assets accounted for 8.81%, 3.98%, and 1.89%, respectively; the proportion of mixed products allocated to public funds and equity assets was relatively high, accounting for 23.71% and 14.94%, respectively.
With the smooth end of the transition period of bank wealth management transformation, the multi-level nested illegal investment in wealth management products has been basically eliminated. As of the end of 2021, the proportion of multi-level nested investment in wealth management products accounted for only 0.1% of total assets, a decrease of 97% from the time when the new asset management regulations were released. The scale of various asset management products held by wealth management products was 11.40 trillion yuan, accounting for 36.55% of the total investment assets, a decrease of 10.63 percentage points compared to when the new regulations on asset management were released.
From the perspective of investment leverage ratio, as of the end of 2021, the average leverage ratio of wealth management products was 107.37%, a decrease of 3.63 percentage points from the same period last year. At the end of each month in 2021, the leverage ratio will remain basically stable and fluctuate within the scope of regulatory standards.
Steady progress in the reform of the subsidiary system
Since December 2018, the regulatory authorities have adhered to the principle of “one mature, one approved”, and have approved the establishment of 29 wealth management companies, of which 24 have been approved for business. The opening-up of the financial industry continues to advance. So far, four foreign-controlled joint venture wealth management companies have been approved for establishment, of which three have been approved to open. The broad market space is attracting more and more foreign financial institutions to enter my country’s wealth management market. .
By the end of 2021, the surviving scale of wealth management company products accounted for nearly 60%, and all of them were net worth products. By the end of 2021, the surviving scale of products of wealth management companies with “clean start” accounts for nearly 60% of the total market, and has developed into an important type of large institutions in the wealth management market.
With the steady progress of the reform of the corporate system for wealth management business, banks have returned to their origins and focused on their main business under the guidance of the market, and the development pattern of the wealth management market has been further optimized. Especially for small and medium-sized banks, limited by the lack of asset management and investment research capabilities, the development of wealth management business faces greater competitive pressure, and some small and medium-sized banks have withdrawn from the wealth management business. As of the end of 2021, the number of institutions with surviving wealth management products has decreased by 90 from before the release of the new asset management regulations.
At the same time, more and more small and medium-sized banks choose to continue to participate in the wealth management market through agency sales, give full play to their unique advantages in customer resources, sales channels, etc., and create a “supermarket” of wealth management products with their own characteristics. important force.
From the perspective of issuers, as of the end of 2021, 21 wealth management companies with existing products have cooperated with agency sales agencies, and the balance of agency sales products totaled 17.07 trillion yuan. Specifically, the wealth management products of the 3 wealth management companies are only sold by the parent bank, and the wealth management products of the 18 wealth management companies have opened up the sales channels of other banks in addition to the parent bank. mechanism.
The number of wealth management investors increased rapidly, and the investment and wealth management income remained stable
Since the promulgation of the new wealth management regulations, the investment threshold of bank wealth management products has been greatly reduced, the product categories have been continuously enriched, the number of investors covered has continued to grow, and the wealth management needs of residents have been further satisfied.
By the end of 2021, there were 36,300 bank wealth management products in existence; the number of investors holding wealth management products reached 81.3 million, a record high and a year-on-year increase of 95.31%, of which individual investors still occupy the absolute majority of the wealth management market.main forcethe number accounted for as high as 99.23%.
Since the release of the new regulations on asset management, wealth management products have created a total of 3.61 trillion yuan in income for investors, of which nearly 1 trillion yuan will be created for investors in 2021. In each month of 2021, the weighted average annualized rate of return of wealth management products will be 3.97% at the highest and 2.29% at the lowest, with relatively stable yield fluctuations.
From the perspective of investment preference, the number of investors holding low-risk products has increased significantly, but the average holding amount is the least. As of the end of 2021, investors still mainly hold wealth management products with first-level (low) risk and second-level (medium-low) risk, accounting for 40.90% and 49.14% of the total number of investors, respectively. Compared with the same period last year, the number of investors in first-tier (low) risk wealth management products has further increased, but the average holding amount is the smallest. It can be seen that the wealth management market is gradually attracting more investors with conservative investment needs by issuing low-risk products and lowering the threshold for sales.
Steady improvement in service entity capability
Since the promulgation of the new regulations on asset management, the banking wealth management industry has continued to improve capital allocation capabilities, expand investment channels, shorten investment chains, support the real economy more precisely and efficiently, and vigorously practice social responsibilities.
First, the quality and efficiency of serving the real economy have been greatly improved. By the end of 2021, bank wealth management products will support the real economy by investing regarding 25 trillion yuan in assets such as bonds, non-standardized claims, and unlisted equity, accounting for regarding 8% of the stock of social financing in the same period, effectively realizing capital and real economy financing Demand connection.
The second is the optimization and adjustment of product structure. The duration of wealth management products has been continuously extended. When the new asset management regulations were released, the average duration of newly issued closed-end wealth management products in the whole market was 138 days, and in December 2021, it increased significantly to 481 days, providing the market with a long-term stable source of funds.
The third is to actively practice social responsibility. In 2021, the investment of wealth management funds in green bonds will exceed 220 billion yuan, and the investment in special bonds such as epidemic prevention and control, rural revitalization, and poverty alleviation will exceed 120 billion yuan, providing financial support for the development of small, medium and micro enterprises exceeding 3 trillion yuan, and accumulatively raising ESG themes The wealth management products exceeded 60 billion yuan, and the social responsibility-themed wealth management products such as rural revitalization and public welfare charity were raised to exceed 60 billion yuan, effectively promoting the realization of the goal of common prosperity.
Solidly promote the work of the pilot period of pension wealth management
Looking forward to 2022, the banking wealth management registration and custody center will focus on the following three aspects to provide better services for the banking wealth management market.
The first is to increase the promotion and use of the central data exchange platform for wealth management products, and to encourage more wealth management companies and agency banks to access the exchange platform.
Second, on the existing basis, the pilot project of pension wealth management products has been further expanded, and the wealth management registration center will strictly implement the work requirements of the regulatory authorities, and solidly promote the work of the pension wealth management pilot period.
The third is to further improve the construction of wealth management information disclosure platform, steadily promote the formulation of industry standards for information disclosure, promote the establishment of a centralized and unified information disclosure channel for the entire industry, improve the information transparency of wealth management products, and effectively protect the legitimate rights and interests of investors.
(Article Source:securitiesTimes)