December Banking Market Overview
According to the data monitored by 360, the number of bank wealth management products issued in December 2017 totaled 13,880, an increase of 60 from November, and the circulation was the second highest in the year; the average expected annualized rate of return was 4.84%, which was higher than that in November. 0.16 percentage points, not only hit a new high in the year, but also the highest level since August 2015.
The circulation in January and December is the second highest in 2017.
In December, the bank's wealth management products were issued in a total of 13,880, a slight increase of 60 from last month. The change was not significant. In fact, the funding in December was tighter than that in November. The bank issued a large amount in the first half of the month. The New Year's Day holiday affected the circulation slightly. The circulation in the month was the second highest in 2017, down from 14,584 in June. It can be seen that at the end of the half year and at the end of the year, when the bank funds are most tense in 2017, the bank will issue a large number of wealth management products to absorb funds.
Compared with the two years of 2016 and 2017, the circulation of wealth management products has generally increased gradually. It is easy to understand that the wealth of the people is constantly expanding, and the sense of financial management is constantly improving. After the deposit interest rate has dropped to the lowest level in history, many people will move their deposits to wealth management.
Second, December yields hit a 29-month high, and 2017's gains were stronger than the 2016 decline.
The average annualized rate of return on bank wealth management products in December was 4.84%, an increase of 0.16 percentage points from November, and a 26-month high since July 2015. The end-of-year effect is still very obvious. A total of 0.84 percentage points. The increase in December was also the second highest in 2017, the highest was 0.2 percentage points in June. As with the circulation situation, it can be seen that the most stressful period of the year is June, followed by December, in which the liquidity in the first half is higher than that. In the second half of the year, the wealth management income also increased even more in the first half of the year.
This round of bank wealth management income has increased since the end of 2016, after three consecutive years of decline since the beginning of 2014. From the trend of bank wealth management income in 2017, the uptrend is stronger than the 2016 decline.
Third, non-guaranteed financial management income exceeded 5%
From the perspective of different income types of wealth management products, 1159 guaranteed income-type wealth management products in December, the average expected rate of return is 4.28%, and the guaranteed floating income wealth management products are 2811, the average expected rate of return is 4.30%, non-guaranteed floating income class management. For the 8801 product, the average expected rate of return is 5.08%, and there are 1109 products that do not disclose the type of income.
There is little difference in the return between guaranteed income and capital preservation and floating income management products, and there is almost no difference in risk between the two products. The issuance of non-guaranteed wealth management products accounted for nearly 70%, and the income was much higher than that of guaranteed capital management. In December, the non-guaranteed wealth management income exceeded 5% for the first time in the past two years.
Fourth, the dollar financial earning rate rose significantly
From the perspective of different currency wealth management products, the December RMB wealth management products of 13653, the average expected rate of return is 4.89%, 186 US dollar wealth management products, the average expected rate of return is 2.1%, 18 Australian dollar wealth management products, the average expected rate of return 2.07%, 11 Hong Kong dollar wealth management products, the average expected rate of return is 1.16%, 10 sterling wealth management products, the average expected rate of return is 0.47%, 2 euro wealth management products, the average expected rate of return is 0.45%.
In 2017, the yield of US dollar wealth management products increased significantly, from 1.5% to 1.8% at the beginning of the year, and has risen to over 2% at the end of the year. The yield of foreign currency wealth management products is not related to the exchange rate fluctuations, mainly determined by the interest rate of the host country. In 2017, the Federal Reserve raised interest rates three times, and the US interest rate level rose, so the yield of dollar wealth management products increased.
5. Foreign banks have the highest average yield
From the perspective of different types of banks, the average expected rate of return on foreign bank wealth management products in December was 5.06%, the highest among all types of banks. The average expected rate of return of city commercial banks was 4.92%, ranking second, the average expected rate of return of joint-stock banks. 4.90%, the average expected rate of return of state-owned banks is 4.86%, the average expected rate of return of rural commercial banks is 4.67%, the average expected rate of return of rural credit cooperatives and rural cooperative banks is 4.61%, and the average expected rate of return of postal banks is 4.27%. Bottom position.
The average income of foreign-funded banks is highly volatile, because the total issuance is small and the sample is small. If the proportion of structured wealth management or medium-high-risk wealth management products is higher, the average rate of return will be higher. If the proportion of foreign currency wealth management is higher, Then the average rate of return will be low.
On the whole, the yields of wealth management products of foreign banks are not high, and the yields of city commercial banks and stock-bank wealth management products are the highest among all types of banks.
Sixth, 316 wealth management products did not reach the expected maximum rate of return
In December, a total of 13230 wealth management products expired, of which 6272 disclosed the yield to maturity. A total of 316 models did not reach the expected maximum rate of return, including 219 non-structural financial management and 97 structured financial management, although non-structural financial management did not. The amount of products that achieve the expected return is more, but because of the large circulation, the proportion is small.
In December, the income of non-structural wealth management products was not up to 3.72%, and the income of structured wealth management products was not up to 25.46%. The higher the expected maximum rate of return on structured wealth management products, the greater the probability of not reaching them.
The average yield to maturity of unstructured wealth management in December was 4.42%, and the average yield to maturity of structured wealth management was 3.90%. Overall, the actual rate of return on unstructured wealth management was higher.
After entering January, the short-term liquidity of the market was alleviated, and the bank's assessment pressure was reduced. In January, the pressure on the reserve was small, and the bank's wealth management yield lacked the momentum to continue to rise. From the first week of January, the financial income can be reduced. come out. However, the market liquidity is still tight before the Spring Festival, and will be dominated by neutrality in 2018. Therefore, the bank's wealth management rate is expected to continue to rise after a short correction. The problem of breaking 5% during the year is not big, but the 2018 gain It should be weaker than 2017.
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