"Little Spring" Has Not Yet Reached The Ambiguous Positioning Of Products.

In the near future, the once silent financial fund market reappeared in waves: two new products came out in February 28th and March 3rd respectively, filling the gap of issuance in the past year.

However, analysts are still worried about the core competitiveness and market attractiveness of such products, and think that before the product positioning is not scientifically optimized, the short-term financial fund's "small spring" is still difficult to emerge.

In February 28, 2017, the Castrol Fund issued a notice of the 6 month financial bond investment fund trusteeship agreement of Jiashi regular treasure, which was handed over to the Limited by Share Ltd of the Bank of China as the fund trustee and was responsible for raising the issue. In March 3, 2017, the Bank of China Fund issued the "Bank of China 90 day bond investment fund trusteeship agreement", which was sent to the China Merchants Bank Limited by Share Ltd as the fund trustee. It intends to raise the 90 day bond securities issued by the Bank of China.

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These two new funds are short-term financial funds.

In 2011, the CBRC formally halted the short-term financial products within 30 days, and the huge short-term financial demand, because there was no product docking, made the issuance of short-term financial funds "once in a blue moon".

In addition to the newly issued funds, the short-term stock financing fund has also started to move frequently since the end of last year.

More than two months ago, the Boshi Fund announced that it would open its monthly subscription to its short-term financial bonds.

In addition, including investment, Jianxin, Huaan and huitianfu, a number of fund companies, or through soft text, or through direct publicity on the homepage of the home page, continue to marketing their short-term financial debt base with different maturities.

Before that, because the capital side maintained a relaxed environment, and

Compared with its liquidity and yield did not reflect a clear competitive advantage, short-term financial debt base has been caught in a more awkward situation.

In the 5 years from 2012 to 2016, a total of 96 products were issued, and the number of products issued from 2012 to 2016 was 47, 33, 8, 0 and 2 respectively.

It can be seen that since the beginning of 2014, the number of short term financial products has started to drop sharply, and there is no issue record in 2015, and only two products have been released in 2016.

There are comments that the long - lived short-term financial fund seems to be "reproducing the river".

It is understood that because of the characteristics of the IMF, such as buying and selling, and compound interest, it is regarded as a substitute for demand deposits by the industry, while the short-term financial funds are chosen according to the timing of purchase, and the term is flexible.

However, judging from the profit making effect of these two products, insiders pointed out that, for the time being, the "little spring" of short-term financial funds has not yet arrived.

In the recent market, two short-term financial fund products have been issued continuously. Market participants believe that this is mainly due to market factors.

Good buy fund researcher Lei Xin believes that at present, the Daniel market of the debt market has passed, and fund companies issue more of these products for consideration of configuration.

"In the current monetary environment, short term products are still attractive to low-risk customers, and short-term financial funds are such products."

Lei Xin said.

However, he admits that because of the high returns of large certificates of deposit, the market is still the "little spring" of Monetary Fund.

Statistics show that as of March 6, 2017, the short term

The highest yield in 7 days is Jiashi financial treasure 7 days B, southern financial management 14 days B, Jiashi financial treasure 7 days A, 4.98%, 4.72% and 4.69% respectively; the first three of the ten thousand fund unit income is 14 days B of the southern financial management, the southern financial management 14 days A, the Bank of China finance 7 days B, respectively, 7 yuan, 7 yuan, and Yuan Yuan.

In addition to short-term financial funds, there are a total of 582 money market funds. The highest yield on the 7 day is the Jiahe currency B, the Jiahe currency A and the Jiu Tai daily gold B, which are 5.68%, 5.43% and 5.11% respectively. The first three of the ten thousand fund units are the Jiahe currency B, the Jiahe currency A and the national UBS money B, which are 2.71 yuan, 2.65 yuan, 2.33 yuan respectively.

Thus, from the present point of view, the IMF has more money making effect than the short-term financial fund.

However, it is worth noting that in all the 97 short term financial funds, 28 of the 7 annual yields are over 4%, accounting for 29% of the total, while in the money market fund, the 7 annual yield of more than 4% is only 15%.

A fund collector of a fund company in Shenzhen revealed: "the income requirement of outsourcing funds is not high now, just between 4% and 5%, which is more than 4% in principle.

If the yield of new products of the fund company can be stabilized above 4%, the spring of short-term financial funds will be just around the corner.

He said.

Liu Yiqian, an evaluation and research center of Shanghai securities fund, said that from the existing form, short-term financial management funds can be selected as "saving substitution" or "cash substitution".

He pointed out that products with "savings substitution" positioning mainly solve the problem of "how to achieve stable and predictable returns than the money market fund's competitive returns", while products with "cash substitution" positioning need to deal with the strong competition of money market funds, and are unable to solve the problem of liquidity.

"This makes short-term financial management funds in a dilemma, restricting the long-term development of short-term financial funds, and the decline of some short-term financial funds has become normal, and many funds have been liquidated."

He said.

Data show that the size of the short-term financial funds is uneven.

As of March 7th, in all 97 short-term financial funds, there are still 21 funds under 50 million yuan, facing liquidation pressure.

It is worth noting that since the liquidation of the first public offering fund in November 2011, a total of 56 funds have been liquidated in the market.

Among them, there were 33 liquidation in 2015 and 18 liquidation in 2016.

In 2014 and 2015, most of the liquidation funds were short-term financial funds.

From the point of view of the solution, Liu Yiqian said that there are at least two directions to be chosen: first, locate the "savings substitution" to provide investors with limited risk and controllable but more profitable financial products.

One way to solve the problem is to liberate the investment scope of short-term financial funds and provide them with competitive income levels; second, locate the "customized financial management", and design a customized liquidity management plan for large market funds.

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