Why Is The Yield Of A Series Of Financial Products Such As Bao Bao So High?

Many pairs financial products The Internet users who do not understand are wondering. Since the beginning of the balance treasure, more and more financial products have been seen in the field of vision. They have surged from 5% to 7%, 8% or even higher. Why is the current income increasing so fast? Why is the rate of return so high?

First of all, the current deposit rate itself is very high; secondly, "7 days annual income" may be pulled up by one or two days; third, the Internet playing is eroding the rules of the financial industry.

The Internet is good at using the gameplay of destroying the price system. If the fund company passively meets the challenge, it will inevitably face the situation of losing control of extinction.

WeChat platform's class balance treasure financial product "CAITONG" officially launched in January 22nd. Data show that since the 15 days since the measurement, the amount of user deposits has exceeded 800 million. This "CAITONG" co operated by WeChat and Huaxia fortune Monetary Fund has an annual yield of 7.529% on the 22 day and 7 days.

Compared with the same period Yu Bao 6.398%, the yield of CAITONG is at least a step higher. More importantly, this is not accidental. Recently, the yield of the IMF has reached a record high. Whether it is a separate monetary fund product or a strong combination of fund companies and Internet giants, a financial product yield war has been staged.

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Many Internet users who are not familiar with financial products are wondering. Since the balance of treasure began, more and more financial products In the field of vision, it has surged from 5% to 7%, 8% or even higher. Why is the current income increasing so fast? Why is the rate of return so high?

There are three very important reasons to play a decisive role in the collection.

First of all, the current deposit rate is very high. A monetary fund manager told reporters: "at present, the interbank deposit rate of one month can reach 7.5%. Bond prices are not low enough to reach more than 6%, and mutual matching is entirely possible to achieve 6% to 8% of today's earnings.

This is actually a simple question of investment target. At present, most of the investment target of Monetary Fund will be placed in interbank deposits 80%. Take the balance treasure as an example, Wang Dengfeng, the fund manager, said that the investment targets were mainly interbank deposits, accounting for 80% to 90%, and the rest were interest rate bonds and high-grade credit bonds, which accounted for a small proportion.

The interbank deposit is equivalent to the wholesale business of banks, and the demand for deposits is relatively large. More critical is the time point. At the end of the last half of the year, it is also the time point for the central bank or the CBRC to examine. In particular, at the end of the year, banks had strong incentive to absorb deposits, and everyone scrambled for deposits. The interest rates they gave were very high. Small banks usually offer higher interest rates, but they do not rule out that big banks may need more capital recently, which will raise interest rates again.

Second, the rate of return we see is "7 days annual income", and the 7 day annual income refers to the comprehensive income in the past 7 days. That is to say, a monetary fund may not normally have high returns, but it is very high in a certain one or two days, and the average value will be very high.

A monetary fund is likely to have 52 annualized yields within 52 weeks of a year. The average return of these 52 yields is the real return level of investors in that year. As a monetary fund manager, it is very easy to pull up the annual income in a "product promotion period".

A fund manager who did not want to be named counted an account: Taking the yield of the A Monetary Fund for 7 days in the last 1 months as an example, the daily yield of the fund was between 1.3 yuan and 2.8 yuan per 10000 yuan, and the corresponding 7 day annualized rate of return was between 3.1% and 4.7%. In January 15th, the A fund's single day yield rose to 11.58 yuan per 10000 yuan. Thereafter, although the daily rate of return fell again to the 1.3 to 2.8 yuan interval, from the beginning of January 15th, the 7 year yield of A Monetary Fund reached more than 11%, up to 13.28%.

"A monetary fund only needs to have more than one trading day cashing in 0.1%. It can basically guarantee that the annual yield of the fund will reach more than 10% after six or seven days." The fund manager said.

Third, the Internet is eroding the rules of the financial industry. Baidu Bai FA has hit the edge ball to promise the yield above 8%, while Sina has been attacked by 10% proceeds and then stopped. All of them are the way of thinking in the Internet.

Take Baidu Bai FA as an example. According to the annual yield of general financial products and Monetary Fund in December, it is generally around 6% to 7%. The reason why Baidu 100 can deliver 8% of the expected return is likely to be a targeted subsidy by issuers to increase revenue. For example, the fund issuer takes part of the transfer proceeds to guarantee the expected yield of more than 8%. In accordance with the scale of 1 billion yuan, only the 1-2% yield is needed, that is, 10 million to 20 million.

However, the actual subsidy amount is not large. First, the expected rate of return usually has a time limit, and it is expected to be 3 months or so, so the excess income allowance is 3 million to 6 million. In addition, the fund product configuration may also be mismatched for a period, so that the product can be guaranteed higher income.

For Internet Co, millions of marketing fees are exchanged for large numbers of users, and only a small amount of subscriptions can be subscribed by everyone, thereby expanding user volume. This account is very valuable. {page_break}

Behind the high yield

"The way we pay is not sustainable, and we can't afford it." A monetary fund manager of a fund company that did not cooperate with the Internet said.

There is a saying that Internet users are not loyal. Especially in the emerging Internet finance environment, the performance is more obvious. In the face of real gold and silver, the migration threshold of Internet users is very low, and there is almost no migration cost. For many users, where the yield is high is where to put the money. For Internet Co, the tide of Internet finance is too fast. In order not to lag behind, at least in the short term, who will give up the benefits will soon get more users.

Internet companies' Internet thinking for many years makes them understand the essence and rules of the game very well. Therefore, the Internet is the best way for Internet companies. For the traditional financial industry, acceptance is still a challenge.

However, in January 15th, the size of the Celestica fund balance exceeded 250 billion yuan, and the number of customers exceeded 49 million. For the first time, the Chinese fund has become a new public offering fund for more than a year. Over the years, the first giant position of the fund industry has made many fund circles cool.

In the era of Internet finance, what is most needed is imagination. The Huaxia Fund and WeChat cooperate to launch the defensive counterattack of the new fund products, so that the whole monetary fund industry will bid farewell to the traditional mode of thinking and management mode, and fully enter the excitement of fighting for hegemony.

These people also have no choice but to disclose, "had not thought that the change is so huge, our present situation is indeed very awkward, the good pit has occupied, moreover felt that the cooperation with the Internet platform may be smaller and smaller, we have not the next plan." He said that now is the most chaotic period, regulators do not seem to be ready.

Why do these traditional fund companies feel powerless? The essence of the matter is that the Internet is destroying the traditional pricing system of finance. "Destroy you first and then make money." The fund company is a little careless and will soon face the danger of being dragged. It is not impossible to drag the death of the Internet if it continues to fight passively.

Although the scale of Internet finance is still small, it determines the marginal price. Once the price system of traditional finance is destroyed, it will have a huge impact. Just like e-commerce in the past, Jingdong adopted the 3C category to destroy Suning Gome's price system. Today, major fund companies are cooperating with WeChat, Alipay and other Internet giants. Some people are bleeding to survive in the form of "subsidy". In the future, they may weaken or even deprive fund companies and banks of their bargaining power.

There is a typical example in the Internet world, from millet TV and music as TV. In the face of a group of regular TV producers who produce millions of televisions a year, why can they produce ten thousand sets of millet TV every year? Why can they use the very few products to sweep the entire TV industry? And the 50 thousand music watching TV of music seems to have overturned the whole industry. How many people in the future will be willing to buy a 60 inch TV at a price of more than 7000 yuan?

The horror of the Internet has changed people's minds from the grassroots. Although big Internet companies will make big financial businesses in the future, they may encounter many risks, including supervision. However, financial institutions represented by fund companies and banks may still be marginalized if they do not change their thinking consciousness. It is no exaggeration to say that if the pace is not changed, the fund companies will face the situation of losing control of extinction, and it is not impossible to destroy them completely.