waders|银行理财又亏了！什么情况？

"the recent correction in the bond marketWadersFinancial management has also fallen, and the daily returns of the two products on hand for nearly a week are basically negative. " Recently, the daily return of bank financial management is negative, and investor Xiao Wu doubts: standing at the moment, is bank financial management still worth investing?

Xiao Wu's doubts are also the concern of some investors in bank wealth management products. From the perspective of bank financial practitioners, how to view this round of bond market adjustment? The reporter interviewed several people in the industry, come and listen to their views!

The bond market is still in short supply.

Recently, the volatility of the bond market has affected the hearts of bank financial investors.

"Bond assets are the important investment targets of bank wealth management products, which account for a large proportion in the asset allocation of financial products. The downward return of bond assets has a greater impact on financial products." Dong Ximiao, chief researcher of China recruitment Federation, told reporters.

In the past, bank wealth management, which has always been known for its soundness, suffered a sharp pullback in 2022, due to the sharp fluctuations in the bond market, which triggered a rapid decline in the net value of bank wealth management products with bonds as the main asset allocation. some products fell below the initial net value of 1 yuan.

"in just a few trading days before the May Day holiday, the bond market experienced a roller coaster. The sharp drop seems to be caused by the concentration of profits after the yield continues to hit a new low, which contains a variety of reasons. " Yin Ruizhe, chief fixed income analyst at China Investment Securities, said.

Looking forward to the follow-up of the bond market, the above-mentioned state-owned bank financial companies said that the slope of economic recovery is relatively mild, the stable capital side has not changed significantly in the short term, and the pattern of "asset shortage" in the bond market has not been broken. the mismatch between supply and demand of bonds with low supply and large demand for funds still exists. At the same time, the mainstream institutions in the market mainly recognize that the adjustment of the bond market is news-driven emotional overshoot, and the logic of the main line has not been substantially reversed.

Limited impact on financial products

In response to the question of whether this bond market adjustment will once again trigger a "net wave" of bank financial management, a number of industry insiders said that the bond market adjustment is in line with expectations, the impact on wealth management products is expected to be limited, and the industry is still in net inflow of funds.

"if it rises too fast, a pullback is normal." Sun Pujie (pseudonym), general manager of the research department of a city financial management company, told reporters that after the impact of 2022, the asset resistance of the financial industry has been improved. In addition, at present, the fluctuation of interest rate debt is greater than that of credit debt, while banks mainly hold credit debt in financial management.

When a person from a state-owned bank financial management company analyzed the fluctuation of the bond market to reporters, he also mentioned that "the interest rate debt fluctuates greatly, especially the long-end adjustment pressure." At present, the decline of financial products with short-end assets as the main position is relatively controllable, and the phenomenon of large-scale and large-scale redemption has not been seen from the understanding of the industry. "

In addition to the position structure, industry insiders told reporters that the improvement of anti-volatility ability is also an important reason why banks are expected to be relatively less affected in this round of adjustment.

Zhang Yu (a pseudonym), deputy general manager of the research department of a city financial management company, told the reporter, "the previous net break reflects that the financial management market has been in the bond bull market for a long time since the net worth transformation, and is not prepared for market adjustment. However, after the last adjustment, we already have a relatively mature plan and experience, especially to re-establish the positioning of stable income, reserve stable income assets and strategies, and so on. "

Ren Tao, a special researcher at the National Finance and Development Laboratory, told reporters: "for financial funds that have intervened in the long-term debt market by means of leverage in the past, they may face certain challenges in the near future. The pressure to pull back will be greater. The central bank has repeatedly warned of the risk of over-allocation of the long-term bond market, suggesting that financial funds should pay more attention to the control of liquidity risk and leverage duration in the allocation of bonds, and avoid unnecessary disturbances caused by market adjustment by adjusting positions to avoid market adjustment. " Ren Tao said.

"short-term volatility is a normal performance of the market operation, especially in the context of the market has not turned, the market adjustment has brought better allocation opportunities." According to the above-mentioned state-owned bank financial management company, the market institutions generally have a large amount of funds on hand, with strong motivation to increase positions and fast emotional repair, which are intended to seize the opportunity of allocation after adjustment.

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