In The First Half Of 2015, The Yield Of Bank Financial Products Declined.

Bank financial products are banks' investment and management plans designed and sold for specific target customers based on the analysis and research of potential target customers.

In the first half of 2015, the issue and yield of bank financial products showed a downward trend due to multiple factors.

Statistics show that the first half of 2015 was affected by multiple factors.

Both the circulation and yield have shown a downward trend, and the volume of ultra short term financial products that investors have welcomed before also began to decline sharply.

Market analysts said that with the interest rate marketization reform coming to an end, the bank's financial management in the original market system is also facing pformation and upgrading.

Although the overall balance of funds remains the first place in the rankings, but in the context of lax liquidity, the good days of bank financing products seem to be slowly coming to an end.

The stock market's gold absorption effect causes the issue to fall.

According to the database statistics, in the first half of 2015, a total of 179 commercial banks issued 31056 financial products, with a decrease of 0.83% by 0.83, an increase of 4.06% over the same period last year.

The total amount of issuance of bank financial products has dropped slightly, but compared with the same period last year, the growth rate dropped significantly, with a growth rate of 29.39 percentage points lower than the same period last year.

Judging from the classification of specific products, in the first half of 2015, the issuance of RMB financial products accounted for only 2.21% of the total circulation in the first half of the year, down 59.33% from the same period last year, and decreased by 54.2% yoy.

In fact, from the circulation and expected revenue of financial products, the growth rate of the issuance of financial products has slowed down since 2014, and the average expected rate of return has also been on the decline. In the first half of 2015, the issuance of financial products increased by only 4.06%. The average expected return was even below 5%.

From the perspective of hairdressing banks, there has been a marked differentiation. State-owned banks and joint-stock banks have begun to reduce the number of closed financial products, while city commercial banks and rural commercial banks have continuously increased the number of closed financial products.

Analysts believe that there are three main reasons for the two phenomena.

First, the investment channels are more diversified.

Since 2014, with the accelerated development of Internet Finance and the favorable market situation, the investment channels of ordinary investors have been widened. In addition to the gold absorption effect of the stock market, a large number of products with high returns and liquidity are coming to the market, forming direct competition with bank financial products.

Analysts believe that the changes in the capital market are quietly going on. More and more innovative products are entering the market, and the space for investors to choose becomes bigger. The attractiveness of financial products has declined.

Second, the influence of loose monetary policy.

In the first half of 2015, the central bank

Relatively loose, a total of three reduction and three rate cut, and through the open market business conducted 24 consecutive anti repurchase operations, no repo.

The continued loose monetary policy on the one hand has injected more abundant liquidity into the market. On the other hand, it has also reduced the income level of some assets, and the earnings of the prudent investment products such as non structural financial products and monetary funds have been affected to varying degrees, and the overall trend of a downward trend.

Thirdly, the reform deepened gradually.

Since 2015, at the top level of design, from the introduction of deposit insurance system and large deposit certificate to the adoption of the draft to abolish the deposit and loan ratio, the interest rate marketization reform has come to an end. This also makes the closed bank financial products born in the original system system have to be pformed and upgraded.

From the bank level, state-owned banks and joint-stock banks take the lead in leading reforms. Some banks have gradually accelerated their pace in the pformation of financial products since last year. For example, ICBC and Minsheng Bank have increased the issuance of open financial products, which is the result of a reduction in the volume of financial products issued by state-owned banks and joint-stock banks in the first half of this year.

Yield approaching "breaking 5" inflection point

In the first half of 2015, the average expected yield of RMB financial products fell steadily, and began to decline in May. The mid June effect was no longer in June, and the average expected rate of return was faced with the turning point of "breaking 5".

According to the database statistics, the average expected rate of return of RMB financial products was relatively stable in the first 4 months of 2015, and began to decline sharply in May. At the end of June, it was also facing the risk of "breaking 5".

In fact, the first half of 2015 has just ended. In early July, the yield of bank financial products finally fell below the 5% threshold.

Some market analysts pointed out that the sharp increase in financial demand triggered by the weakening of the stock market wealth effect will lead to a sharp reduction in the rate of return on financing and may reduce the expected return on assets.

A product manager of a joint-stock commercial bank pointed out to reporters that, given the considerations of risk control factors, banks are very cautious about entering the market for financial capital, and the amount of funds coming into the market through brokerages and trusts will be reduced in the future, which will lead to a decline in the expected yield of financial products. This is also one of the important reasons for the expected rate of return of bank financial products last week "breaking 5".

In the eyes of analysts, on the one hand, the continuous easing monetary policy of the central bank has provided ample liquidity for the market. On the other hand, with the acceleration of interest rate marketization reform, the RMB financing channels have been widening. From the perspective of investors, the attractiveness of financial products has declined. From a banking point of view, it is necessary to accelerate the pformation of closed financial products to more specialized information management business, and the extensive development mode of competition gains has gradually faded.

Another noteworthy phenomenon is that the average expected rate of return of foreign currency financial products starts from the two quarter of 2014, showing a downward trend on the whole. In the first half of 2015, it showed a slight concussion in the low position.

According to the database statistics, the average expected yield of foreign currency financing products showed a weak performance in the first half of this year, and the average expected rate of return was slightly fluctuating at 2%.

Among them, the average expected yield has been more eye-catching Australian dollar financial products, after breaking 4% in January, revenue has been between 3% and 4% in the past six months.

Other foreign currency financing products are also at a low concussion. Only the US dollar financial products performed relatively strong in May, returning to the 2% platform.

Analysis of the reasons can be found that foreign currency financial products are linked to the exchange rate performance of the underlying currencies, so the change of yield is also reasonable.

Influenced by the Fed's interest rate hike in September and the continued weakness of commodities, the unpopular US dollar financial return is recovering with the strengthening of the US dollar, and the commodity currencies Australian dollar will not only be affected by the future exchange rate with the US dollar, but also bear poor performance in the banking market.

Weak continuous net worth products or become mainstream

Looking forward to the second half of the bank financial market, industry analysts said that in a loose liquidity environment, bank financing from the performance of the yield will not be a good performance, its weak state or will continue.

The latest research report of Puyi wealth is from the near future.

Look, PMI and IP have improved slightly, and economic growth has initially shown signs of stabilization.

The research report predicts that in the second half of this year, regulators will continue to maintain a loose monetary policy to promote the momentum of economic recovery.

At the same time, in the first half of the year, the 3 quasi cut interest rates forced the earnings of financial products to continue to decline. In the second half of the year, because of the steady signs of economic growth, the possibility of continuing to cut interest rates was relatively small. However, the loose monetary policy made it difficult for the earnings of financial products to rise, but short-term upward fluctuations were possible.

On the other hand, although the large certificates of deposit have been launched and their interest rates are low, they are not competitive with financial products at this stage, but they do not rule out the possibility of adjustment in the second half of the year.

If the interest rate is raised to a certain extent, it will greatly impact the financial market.

Puyi wealth researcher Wei Jiyao pointed out that from the latest data, as of June 25th, the investment rate of financial products under 1 months in June was only 2.79%, and the rate of return has been at a very low level.

"At the same time, in the second half of this year, as a landmark step in the completion of the marketization of interest rates, the liberalization of deposit interest rates is also a matter of probability. At that time, deposits will also have a great impact on the market of financial products, especially the guaranteed financial products.

Therefore, we expect that in the second half of this year, the yield of bank financial products will still maintain a downward trend.

From the point of view of the circulation, the circulation of expected income products in the first half of 2015 is slightly fluctuating, and it is expected to maintain the same trend in the second half of the year.

When the expected return on products is lower, the net value products will be more popular and the circulation will continue to increase.

As investors invest more and more mature ideas, a stronger liquidity and more open and pparent products will be more competitive than traditional financial products.

In addition, in the expected revenue type financial products, because the medium and long term financial products have no obvious advantages on the yield, investors will prefer more short-term financial products with stronger liquidity (excluding the "1 months or less" term financial products, mainly referring to "1-2 months" and "3-6 months"), so shorter term financial products will still be the main term type of the issuance of bank financial products in the second half of the year.

From the perspective of large asset allocation, market participants believe that residents' property allocation will shift from the former super property market to the stock market.

In spite of the deep adjustment and turbulence in the stock market, in the long run, the share of future stock assets is expected to increase.