After The Stock Market Tumbled, The Banking Industry Made A Great Effort.

In 2015, the scale of financial management increased by a record in the balance, and continued to grow under the background of low income.

The increase in monthly balance in 2015 was gradually rising, and the growth rate of the balance in December was up to 56.5% in the 2015 year, the highest growth rate in two years.

In 2015, the main changes of bank financial products included: (1) joint-stock banks became the main issue and financial products accounted for more than five rows; (2) the proportion of financial products in banking industry increased significantly, and the proportion of general and personal financial products continued downward; (3) the proportion of financial capital invested in bonds and money market instruments continued to increase, accounting for more than half of the total, while the proportion of funds invested in cash deposits and non-standard claims declined sharply, and the scale of equity investment grew the most. (4) the financial management term had a trend of long-term and showed an increasingly accelerated trend.

The growth rate of bank financial balances has been rising gradually, and the rate of financial returns has been decreasing step by step.

In addition, on the choice of bonds, financial products mainly invest in credit debt.

In credit debt, financial products mainly invest in high-grade credit debt.

From the whole year of 2015, the financial returns did not fluctuate much in the first half of the year, and there was a significant downward trend in the second half of the year.

In February 26th, the central government bond registration Clearing Corp's national banking financial information registration system released the annual report of China's banking financial market (2015). We combined the 2013-2015 annual report to briefly analyze the scale, structure and investment direction of financial products.

Scale of financial management: record growth of the balance, continued growth under the background of low income

According to the 2015 annual report, as of the end of 2015, a total of 426 banking financial institutions continued their wealth management products, the number of financial products was 60879, and the balance of financial resources was 23 trillion and 500 billion yuan, an increase of 8 trillion and 480 billion yuan compared with the end of 2014, an increase of 56.46%.

From the perspective of growth, the year-on-year growth rate in January of 2015 was significantly lower than that in 2014, but the overall monthly growth rate in 2015 showed a gradual upward trend, with a growth rate of 56.5% in December 2015, the highest growth rate in two years.

It is worth noting that the gradual growth of bank financial balances is accompanied by the gradual downgrade of financial returns.

Especially in the second half of 2015, along with the backflow of stock market funds, the acceleration of financial products' balance and the accelerated downlink of financial products yield appeared synchronously, reflecting the active flow of funds to financial products at that time, which also formed the basis for the downtrend of earnings.

Combined with the growth of financial balances and the rate of return, 2015 can be divided into two stages: first, in 2015, 1-5 months. During this period, the growth of financial products has been at a relatively low level (the average growth rate is 35%, lower than the lowest growth rate in 2014) because of the persistent hot market and the increase of leverage. The rate of return of financial products has been increased passively to attract funds; two is the 6-12 month of 2015, after the stock market bubble burst, a large number of funds have rushed to financial products, the growth rate of financial product balances has increased significantly, along with the accelerated downward trend of financial returns, this period is the active downward trend of financial products yield.

Issuer: joint-stock banks become main force

From the perspective of issuers of financial products, the proportion of state-owned large banks is getting lower and lower. The total share in 2015 has dropped by 6.2%, which has lagged behind the share banks. The strength of share banking products is mainly in the first half of 2015. In March, it exceeded the main line of state owned enterprises to become the main issuer. In June, the proportion reached the highest level of 44%, but the proportion in the 2015 half of the year gradually declined. In the second half of 2015, the city commercial banks were mainly in force, from July to 12%.

Investors: after the stock market tumbled, the banking industry was making a lot of effort.

From the perspective of bank financial investors, the biggest change in 2015 was that the proportion of interbank financial products in the total scale increased significantly. From the time point of view, it began to rise gradually from March, and increased to 10% in June, accounting for 12.8% at the end of 2015.

The proportion of general human financial products continued downward, especially in the period of the stock market bubble (4-6 months). The scale of such products increased after June.

The proportion of exclusive financial products of the institutions showed an inverted V type. Before June 2015, the proportion of these financial products continued to rise. After June, the proportion continued to decline, but the total scale still rose slightly.

Financial investment: more than half of the funds invested in bonds and money market instruments.

In 2015, more than half of the financial funds (51%) invested in bonds and money market instruments, which accounted for a relatively large increase in the two consecutive years, while the proportion of non-standard claims declined sharply in two consecutive years (6.6% and 5.2% respectively in 2014 and 2015),.2015, which was affected by the decline in overall asset returns.

Significantly reduced the allocation of cash and bank deposits, which accounted for a 4.2% decline in the proportion; by the first half of 2015, the rights and interests of the market driven, the proportion of bank financing to equity investment increased by 1.6%.

From the perspective of the growth of all kinds of assets, although the proportion of cash deposits and non-standard claims declined, they still maintained a positive growth in scale. Even though the rights and interests of the second half of 2015 fell, the scale of equity investment still grew at a maximum rate of 96.6%, and the growth of debt and money market instruments was relatively high, reaching 82.3%.

The 2015 annual report disclosed the specific situation of financial products investment bonds, including interest rate bonds (including treasury bonds, local bonds, central banks, policy financial bonds) accounted for 4.07% of the financial balance at the end of 2015, and credit debt accounted for 25.42%. In the choice of bonds, financial products mainly invested in credit debt.

In contrast, in 2014, the investment proportion of financial products to interest rate debt dropped by 0.26 percentage points, and the proportion of investment in credit debt dropped by 0.03 percentage points. The proportion of investment in financial products to bonds was relatively consistent in two years.

In credit debt, financial products mainly invest in high-grade credit debt, of which AAA ratio is 53.5%, AA+ level is 26.4%, AA level is 16.2%.

Compared to 2014, financial products in 2015 were AAA and AA+.

The proportion of investment increased, significantly reducing the proportion of investment in AA class credit bonds, reflecting the decline in risk preference of financial products to credit debt investments.

The trend of credit spreads in 2015, the change of credit rating configuration of financial products, to a certain extent, reflects the decline of the overall risk preference of financial institutions. The demand for allocation of low-grade credit debt has declined, and the spread of class spreads has been expanded. This trend is expected to remain in 2016.

The credit risk of non-standard assets is high, AAA level is only 15.1%, AA+ level is 16.1%, AA level is 25.8%.

In the key monitoring industries and areas of non-standard assets, the financing scale of the industry and the "two high one surplus" industry continued to decline. The capital in the commercial real estate sector rebounded in 2015, mainly benefiting from the pformation of the real estate policy and the upgrading of the safety margin of the real estate industry.

For the whole year of 2015,

In the first half of the year, there was basically no significant volatility, and there was a downward trend in the second half of the year.

According to the 2015 annual report, the annual yield of closed-end financial products has been reduced from an average of about 4.8% in the first half to an average of about 4.1%, down by 70BP.

According to the expected annual yield of financial products, the downside rate in 2015 is basically around 80BP, while the benchmark lending rate for the 1 year lending period has been reduced by 125BP, the weighted average interest rate of loans has decreased by 150BP, and the downside of corporate bond yields has also been more than 120BP.

From the deadline of closed-end financial products, the term of financial management has a trend of long-term, and it appears more and more accelerated.

Since the beginning of 2014, the proportion of financial products in the following 3 months has continued to decline. In 2015, the balance of these products increased by only 3.4%, nearly 0, while the proportion of financial products in 3-6 months and 6-12 months continued to rise. The growth rate in 2015 was above 50%, and both accounted for more than 3 months.

From the collection of financial products, the amount of money raised for long-term financial products is getting higher and higher. The weighted average period has increased from 96 days in 2014 to 113 days.

From the perspective of the operation mode of financial products, the scale growth of open financial products is obviously higher than that of closed ones, but the growth rate of closed financial products in 2015 is obviously higher than that of 2014.

From another point of view, the size of net worth products is still far higher than that of non net worth products, but the growth of non net worth products is even higher.