Since the two rounds of buying products in 2022, the "financial children" who have been quiet for a long time have once again taken action. In the past half a month, CMB Financial Management, Xingyin Financial Management and Boyin Financial Management have announced their own purchases, intending to invest 10 million yuan, 30 million yuan and 300 million yuan to buy their own financial products.
Different from the previous two rounds of self-purchase "support" due to poor product performance, the amount of self-purchase products of this financial sub-is relatively small, the net value of investment products is small or new products, and the meaning of promoting sales and strengthening investor confidence at the end of the year is stronger. Behind the scenes, the market environment has also quietly changed, and the probability of financial product redemption is not large. Some people in the industry believe that with the arrival of the end of the year, there may be some financial follow-up.
There are also bank finance sons to buy from themselves
In the past half a month, many financial institutions of CMB Financial Management, Xingyin Financial Management, Boyin Financial Management began to buy their own products. On December 1, CMB said in the official channel that it would invest its own funds in equity-based wealth management products with an amount of 10 million yuan. At the end of November, Xingyin Financial disclosed that it planned to use its own funds to invest in "Fuli Xinghe Fidelity Dividend No. 1", with a maximum investment of 30 million yuan. Bohai Bank publicly said on November 17 that it had invested 300 million yuan of its own funds to apply for a series of financial products issued by the company.
Different from the two rounds of self-purchase in 2022, there are many new features in this round of product self-purchase.
From the amount point of view, the recent investment of the three financial sub-investment in about 340 million yuan, CMB Financial, Xingyin Financial self-purchase investment are at the level of 10 million, relatively small. In the wave of self-purchase from March to April 2022, the total amount of self-purchase of five financial advisers is about 2.8 billion yuan, of which Xingyin Financial and CMB Financial's self-purchase investment is 1 billion yuan and 500 million yuan respectively.From the point of view of product characteristics, the focus of Xingyin financial management and CMB financial investment is all rights-containing products. "Fuli Xinghe Fidelity Dividend No. 1" is a mixed financial product with a starting purchase amount of 1 yuan and a dividend strategy of active stock selection. In the official announcement, CMB Financial directly said that it would be used to invest in its stock wealth management products. According to the analysis of relevant people of the general benefit standard, one of the reasons for financial sub-choose self-purchase products with rights is that the current stock market is at a low valuation, and the medium and long-term allocation value has been very prominent, and financial companies believe that it is necessary to actively distribute the equity market. Dong Ximiao, chief researcher of Zhailian Finance, told the first financial reporter that it is currently at the bottom of the relative market, and it is also conducive to optimizing the market layout through self-purchase. However, due to the small amount of self-purchase, the actual role is relatively limited.
In addition, unlike the two rounds of self-buying waves in 2022, which tend to fall in net worth, the recent net performance of the above products is relatively stable. Taking Boyin Financial Management as an example, there are 12 surviving products in the series of financial management techniques purchased by Boyin Financial Management, according to the latest disclosure of net worth information of 6 products, as of December 4, the products have not broken the net.
It is worth noting that Xingyin Wealth Management "Fuli Xinghe Fidelity Dividend No. 1" is still in the product recruitment period, and the subscription ends on December 18. This also means that in the product fundraising stage, the financial sub-began to buy themselves to accelerate the fundraising process. In addition, the product adopts the model of "breaking the net without charging management fees". That is, within 1 year from the date of the establishment of the product, if the cumulative unit net value of the day before the valuation of the product is less than 1, the investment management fee will not be charged on the valuation date.
The redemption tide factor has little effect
Behind the many new features of the financial sub-purchase, the banking market environment has quietly changed this year.
Last year, two rounds of bank financing sub-purchase tide occurred in the market product large-scale break the net stage. The first round of self-purchase tide was concentrated in March last year, according to the data of China Wealth Management Network, as of March 20, 2022, the cumulative net worth of wealth management products below the face value has exceeded 2,000, the proportion of more than 10%. According to incomplete statistics, in this stage (March to April 2022), the financial sub-concentrated self-purchase, including the five financial sub-Everbright Financial, South Bank Financial, accumulated investment in self-purchase amount of about 2.85 billion yuan. The second round of self-purchase tide was in November last year, due to the adjustment of the bond market, financial products once again broke the net tide on a large scale, and some financial children once again bought products from themselves.
Is the current round of financial sub buying again intended to prevent the risk of redemption tide at the end of the year?
The reporter noted that recently, some financial products have stopped the pace in advance, and the market's concern about the recurrence of the year-end redemption tide has gradually spread. According to incomplete statistics, in the past month, a number of financial products, including China Financial Management and China Post Financial Management, have been suspended in advance. Taking Huaxia Financial as an example, during November, the financial sub-intensive release of 6 products in advance suspension announcement. From the perspective of the long time line, according to the Puyi standard monitoring, as of November 27, there have been about 1,979 financial products in the whole market since 2023.
However, most institutions believe that the probability of a repeat of last year's redemption wave is low. According to the Puyi standard, the products that suspend the "exit" in advance are roughly divided into three types. Some products are due to product line replacement adjustment announced early suspension; The other part of the product early suspension is belonging to the structural products, meet the trigger conditions automatically early suspension; Only some were discontinued early due to low continuing size and poor product performance.
Some data performance of the market is also relatively optimistic, showing the characteristics of scale growth and a reduction in the break rate. According to the statistics of the Puyi standard, as of the end of November 2023, the unit net worth of products broke 2117, the proportion of about 4.10%, the cumulative net worth of products broke 1600, the proportion of about 3.38%, compared with September and October there was a significant decline, further falling to the general level. Guangfa Securities (14.220, -0.04, -0.28%) Liu Yu team calculated data show that the bank's financial stock in the first week of November increased by 161.9 billion yuan to 27.44 trillion yuan, the second week still maintained a scale increase of 100 billion yuan, an increase of 122.7 billion yuan to 27.56 trillion yuan, a two-week total increase of 284.6 billion yuan. The amount of bank management is approaching the end of last year.
Zhou Yiqin, a senior financial regulatory policy expert, told the first financial reporter that there are no obvious signs of redemption at present, and the main reason for self-purchase is to strengthen investors' confidence by increasing their holdings. At the same time, some financial sub-product rates and product performance linked, these behaviors are very useful attempts.
Boost investor confidence
What are the circumstances that trigger financial subsidiaries to purchase products from themselves? Financial 360 digital Technology Research Institute analyst Liu Yinping to the first financial reporter analysis, financial subsidiaries self-purchase of financial products generally include three situations, one is the market volatility, the net value of financial products fell, financial subsidiaries self-purchase financial products can boost the market and investor confidence, risk sharing with investors, benefit sharing, encourage investors to invest together; Second, when the sales situation of financial products is not ideal and the sales scale is not up to standard, the sales target is achieved through "self-purchase"; Third, it reflects confidence in the investment prospects of the market and its own asset management level.
Liu Yinping further explained that the recent stabilization of the bond market, fixed-income wealth management products net fluctuations are small, on the one hand, the self-purchase behavior of financial companies is to encourage investors to invest and achieve sales targets, on the other hand, it also reflects the confidence of financial subsidiaries in the future financial market.
According to the recent official announcement information of the financial management sub-of the three banks, they all involve expressions related to investor confidence. Xingyin, for example, said it bought its own money to "boost market and customer confidence"; Boyin Wealth Management explained that it is based on "confidence in the long-term healthy and stable development of China's capital market"; In the official announcement, CMB Financial wrote "with you (investors)."
"Through 'self-purchase,' financial subsidiaries convey confidence in financial products and future trends, which helps stabilize investor confidence and market expectations." Dong Ximiao told the First Financial reporter that through self-purchase, the interests of financial subsidiaries are more closely tied to the interests of investors, which helps to promote the steady development of financial products and the financial market.
Another industry insider pointed out that the general financial sub-vigorously self-purchase products, market investors will also be more favored. At present, it is the key time for the year-end performance, and some companies may hope to promote the sales of financial products through self-purchase, so as to stabilize the management scale and market share at the end of the year.
Will any company follow in the future? The above industry insiders told reporters that there may be financial sub-purchase to follow up, but most of the purpose is to boost investor confidence, as one of the means of node weight product sales, the amount will not be too large.
Liu Yinping told the first financial reporter that from the perspective of sales, the phenomenon of self-purchase of financial products by financial subsidiaries in the future will be more and more, and there are certain differences in the types and amounts of self-purchase products by different financial subsidiaries, among which there will be more cases of self-purchase of low-risk and fixed-income products.
Some experts also believe that compared with strengthening investors' confidence in products through buybacks, their own capacity building is more important. Dong Ximiao pointed out that for banks and wealth management subsidiaries, it is important to strengthen the construction of investment and research capabilities, improve the ability to study and judge macroeconomic and market trends, and timely adjust asset allocation and investment strategies according to changes in macro situation and customer demand.
