Reporter Peng Yan Xiong Yue

The sustained growth of long-term investment strength is inseparable from vigorously promoting the entry of medium-and long-term funds into the market. Recently, the State Council issued the "on strengthening Supervision, guarding against risks and promoting the High-quality Development of the Capital Market"AsiangameshangzhouIt is mentioned that banks' financial management and trust funds should be encouraged to actively participate in the capital market and enhance the scale of equity investment.

Du Yang, a researcher at the Bank of China Research Institute, told the Securities Daily that regulators encouraging banks to enter the market will have an impact in many ways: first, it will help optimize the allocation of financial resources and support the high-quality development of the real economy. The second is to promote product innovation in financial markets to meet the diversified needs of investors. Moreover, it helps to promote the opening of the financial market to the outside world and enhance the competitiveness of the financial system. Finally, it will help to support the development of innovative enterprises and industries and promote the transformation and upgrading of the economic structure.

At present, the proportion of equity asset allocation of bank financial management is low, and the degree of participation in the capital market is not high. A number of industry insiders believe that with the continuous accumulation of expectations for the recovery of the capital market, institutional funds such as bank financial management are expected to take advantage of the market situation to tap the return opportunities of risky assets and provide diversified and differentiated product layouts, bringing more medium-and long-term incremental funds to the capital market.

The scale of bank financial management funds is huge.

The proportion of equity investment is low.

Medium-and long-term funds are the "ballast stone" to maintain the stable and healthy operation of the capital market. The products with different asset structures issued by bank wealth management institutions are subscribed by investors, and the relevant funds will enter the capital market. At present, bank wealth management funds are one of the main sources of long-term stable funds in the market.

In terms of scale, the scale of bank financial management is huge. According to the Annual report of China Banking Financial Management Market (2023) issued by the Banking Financial Management Registration and Trusteeship Center (hereinafter referred to as "the report"), as of the end of 2023, the existing scale of the bank financial management market is 26.Asiangameshangzhou0.8 trillion yuan, with 57.08 trillion yuan raised in the whole year. Since the beginning of this year, the scale of bank financial management is increasing steadily. According to Puyi standard estimates, as of April 10, the scale of financial management in the whole market was 27.77 trillion yuan.

Dong Ximiao, chief researcher of China Merchants Association, told the Securities Daily that the measures for the Supervision and Administration of Financial Management Business of Commercial Banks allow public wealth management products to enter the stock market indirectly by investing in all kinds of public funds. it can not only broaden the investment channels of bank wealth management products and improve investment returns, but also bring long-term and stable funds to the capital market. Bank financial management is an important choice for residents to invest and manage money. At present, the scale of financial products is huge.

According to the report, by the end of 2023, the survival scale of fixed income products was 25.82 trillion yuan, accounting for 96.34% of the total survival scale of financial products, an increase of 1.84% over the beginning of the year. The survival scale of mixed products was 860 billion yuan, accounting for 3.21%, a decrease of 1.89% from the beginning of the year. The survival scale of equity products and commodities and financial derivatives is relatively small, which is 80 billion yuan and 40 billion yuan respectively. In terms of asset allocation, the asset allocation of financial products is mainly solid collection, and the balance of assets invested in bonds, non-standardized debt assets and equity assets is 16.45 trillion yuan, 1.79 trillion yuan and 830 billion yuan respectively, accounting for 56.61%, 6.16% and 2.86% of the total investment assets, respectively.

At the same time, according to the statistics of China Financial Management Network, a reporter from the Securities Daily found that at present, fixed income is still the main type of financial products issued by banks and financial subsidiaries, accounting for more than 90% of the existing scale, while the "development" of mixed products and equity products is not yet mature. At present, among the 35 equity products that exist in the financial management subsidiary, only 8 have a net product value of more than 1, accounting for less than 30%.

Both the scale of bank equity products and the proportion of equity asset allocation are at a low level, and the benefit of equity investment is not good. This means that there is still huge room for growth in the future when bank wealth management funds enter the market.

The proportion of bank financial management to equity assets is low, which is mainly related to the ability of financial subsidiaries, investors' risk preference and many other factors. Industry insiders believe that, in fact, due to the shock at the bottom of the domestic equity market, reduced risk appetite of investors and other factors, the current yield performance of bank financial rights and interests products is not ideal.

Strengthen equity assets

Capacity building for investment and research

Du Yang believes that the current difficulties in increasing the allocation of equity assets in bank financial management are mainly reflected in the following aspects: first, the construction of investment and research capacity. Bank financial management has been deeply cultivated in the bond market for a long time, and the research on the allocation of equity assets is relatively weak, and the distribution of equity products may increase the fluctuation of net value. The second is the recognition of investors. Generally speaking, the awareness and risk awareness of the equity market of bank financial investors are still insufficient.

In this regard, from the institutional point of view, from what aspects should financial subsidiaries make efforts to better participate in the capital market?

The relevant person in charge of the financial management subsidiary of a commercial bank said in an interview with the Securities Daily that in the next stage, if the financial management company wants to develop good equity investment, it needs to make efforts from the following aspects. First, it is necessary to continuously improve the research ability. At the macro level, we should do a good job in the forward-looking study of the economic situation and large categories of assets, optimize the race track in the light of the overall investment preferences and the investment characteristics of different products, and carry out in-depth research on the leading enterprises in the subdivided industries microscopically. Build the ability to obtain excess returns of all kinds of assets.

Second, it is necessary to comprehensively strengthen the building of capacity for investment in rights and interests. We will promote the transformation of research results into investment practice, balance the relationship between scale growth and strategic capacity, risk preference and desirable asset scale, enhance the ability to acquire high-quality assets, and build a strategic system with clear strategy, focused management and matching responsibility and power. strengthen portfolio specialization, refinement and differentiation management.

In addition, the bank wealth management customers' poor sense of experience of holding products with rights is an important reason that affects the holding of customers. Wang Qiangsong, general manager of the financial management market research department of NBC, told the Securities Daily that it is necessary to strengthen relevant product design innovation, including appropriate rate concessions and product term innovation. "Equity investment is relatively more suitable for long-term investment, long-term stable funds are conducive to investment managers to make investment layout, avoid short-term follow-up operations, but also enable customers to obtain a better rate of return through long-term holding, you can consider setting a lock-up period."

The release of the new "National Nine articles" is expected to help banks to further increase the layout of equity investment and continue to contribute long-term financial strength to the market. At the same time, with the warming trend of the bank wealth management market since the beginning of this year, coupled with the continued repair of the valuation of the domestic equity market, the net value of some equity products has rebounded, and the layout of equity products of bank financial institutions ushered in market opportunities. "at present, the price of risky assets is at the bottom of history, and bank financial institutions can tap high-yielding investment opportunities on the premise that the risk can be controlled." The Puyi standard believes that.

Dong Ximiao said that the new "National Nine articles" encourages banks to participate in financial management in the capital market, which will bring more incremental funds to the capital market. With the high-quality development of the capital market, the scale and depth of financial funds' participation in the capital market is expected to increase steadily.