Cui Xiuhong, Vice President Of Wanlian Securities: Pushing "Fixed Income +" To Break Through In The Era Of Big Asset Management

On November 28, the "Southern finance and Economics International Forum 2020 annual meeting", jointly sponsored by the headquarters of Guangdong, Hong Kong and Macao Bay area of China Central Radio and television and hosted by the 21st century economic report, was held in Guangzhou Poly intercontinental hotel.

Cui Xiuhong, vice president of Wanlian securities, delivered a speech on the theme of "embracing the changes of the times and building the differentiated core competitiveness of securities companies' asset management" at the sub forum of "responsible China - the new trend of China's asset management in 2021".

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Cui Xiuhong believes that in the context of the transformation of the old and new momentum, the rapid development of the domestic asset management industry and the increasingly fierce competition, Wanlian securities will seize the development opportunity of the asset management industry and take asset management as a breakthrough in the securities industry. In the development of asset management business, they will choose to develop "fixed income +" products to make features in the whole big asset management environment.

In recent years, the revenue of asset management business of Wanlian securities has been growing rapidly, ranking 38th in the industry in 2019, and the development of asset management business is fruitful.

Cui Xiuhong said that the company's choice of asset management as its development direction is closely related to the changes in the background of the times and the needs of residents. "Over 40 years of reform and opening up, China has made great achievements attracting worldwide attention. In the past few decades, the vigorous development of manufacturing industry and real estate industry has supported China's economic growth, which belongs to the old economic model with the input of production factors as the main driving force for economic development. " She pointed out that at present, China is in a critical period of the transformation of new and old economic momentum. In the past two years, the state has vigorously promoted the reform of the capital market, intensively launched the science and technology innovation board, issued the new securities law, and promoted the implementation of the registration system reform of the growth enterprise market, which has demonstrated the determination of the state to guide the independent innovation of domestic enterprises and the rapid development of high-tech industries through the capital market, and promote the transformation of new and old economic kinetic energy.

"In the historical period of the transformation of new and old economic kinetic energy, on the asset side, the new economy needs sound and matching investment and financing mechanism support. As the" blood supply system "of the real economy, the financial industry needs to embrace the era of science and technology and the era of equity. On the capital side, the accumulated wealth of residents in the old economy and the asset dividends of the new economy also give birth to differentiated resident investment allocation needs The asset management industry also has a profound impact. " Cui Xiuhong analyzed that in the past 20 years, China's urbanization rate has increased rapidly, and the real estate industry has an obvious effect on economic growth. In 2016, the central ministries and commissions and local governments continued to play a policy "combination fist", which effectively restrained the overheated investment and excessive speculation in the real estate sector, and investors tended to look for new investment directions. On the other hand, with the rapid development of domestic economy, the rapid accumulation of household income and the increasing demand for investment and financial management. At present, more than half of China's residents' financial assets are cash and deposits, and the "deposit moving" trend towards higher investment income will continue. At the same time, the demand for diversified household assets is also increasing rapidly.

Under the background of the net value transformation of new asset management regulations, securities companies' asset management faces two different development paths: one is to combine multiple asset series and Multi Strategy products to cover the whole customer demand sequence, and this kind of development path is more suitable for large securities companies' asset management institutions, but it is unavoidable to form positive competition with other types of asset management institutions in multiple tracks; and the other is to integrate multi asset series and Multi Strategy products to cover the whole customer demand sequence According to the needs of specific customer groups, we should deeply cultivate one or two categories of assets, and develop core strategies with distinct risk return characteristics around them. In Cui Xiuhong's view, the second way is the inevitable choice for small and medium-sized securities companies to survive.

Wanlian securities, as a state-owned securities company headquartered in Guangdong, Hong Kong and Macao Bay area, based on its own resource endowment, its asset management business has chosen the development direction of being refined and not complicated, being deep and not extensive, focusing on the investment needs of customers whose investment objectives are "keeping money and preserving value" and "generating wealth and increasing value", and has a firm foothold in specific risk return characteristics, certain types of assets and strategies. Wanlian securities focuses its core competitiveness on fixed income and "fixed income +" strategy, and constructs the product matrix of fixed income strategy, fixed income plus equity and yueqian series of fixed income plus convertible bonds. Cui Xiuhong said, "in 2018, under the background of macro deleveraging, the interest rate level will fall. Our strategy is to defend, mainly focus on fixed income products, and seize the opportunity of reduced supply of expected income products and release of related financial demand after the new regulation of asset management, and meet the demand of low-risk preference customer groups to keep money and maintain value through" increasing profit "products of fixed income strategy. We expect that the next few years will be an important window for accelerating the transformation of the old and new economies, and the overall performance of the equity market will be better than that of the bond market. Therefore, since 2019, Wanlian asset management has accelerated the distribution of fixed income + products based on the mature fixed income strategy, and satisfied customers who want to keep their wealth and are willing to share the dividend of the development of the new economy through the fixed income + category of "steady benefits" and "yueqian" The demand of household groups to generate wealth and increase value. "

Asset management is an important part of the financial market. In the face of the current trend of changes in the pattern of asset allocation of residents and in the critical period of the transformation of the old and the new driving forces of China's economic development, asset management institutions should be faithful to the vital interests of investors, be trusted by the people as financial service providers, be faithful to the internal needs of economic development, and be an important buyer power in the capital market Serving the economic and social transformation. Wanlian securities asset management will focus on the field of fixed income and fixed income plus strategy, keep the original intention of "being entrusted and loyal to others", and create more wealth for the majority of residents relying on the excellent investment strategy and characteristic product system.