Moderator: Financial Times reporter Lu Yuhang
Special guest: Luo Qian, researcher of Puyi standard
Gou Haichuan, researcher of Puyi standards
"I didn't think about how high the income would be. Why did I fall?" "It's not guaranteed, but if you choose low-risk, how can you really lose it?" "Bank financial management is no longer safe. Can you only save your money?"
In the first year after the end of the transition period of the new asset management regulations, some low-risk bank financial products broke the net, which became the "heartache" of many investors. According to the statistics of Puyi standard, from January 1, 2022 to March 15, 2022, a total of 3435 bank financial products had the unit net value less than 1, including 3282 financial products with risk level of R2 / R3, accounting for 8.52% and 8.14% of the unit net value financial products disclosed this year.
Then, why did some investors buy low-risk financial products recently? When can this situation be improved? How should investors establish a correct investment concept under the market environment of breaking the just exchange? The Financial Times reporter had a dialogue with Luo Qian and Gou Haichuan, researchers of Puyi standards.
Financial Times reporter: what factors have caused some low-risk financial products to "break the net"? How should investors view this situation rationally?
Luo Qian: Recently, there are three main reasons for the "net breaking" of some low-risk products in the financial market. The first is the decline in the income of the investment object. Recently, the international situation has been chaotic, geopolitical risks have increased, and local wars and conflicts have broken out, which has led to fluctuations in the global bond market and equity market, and the income of bonds and monetary funds has decreased, thus affecting the income of financial products.
The second is the change of valuation method. Before the implementation of the new regulations on asset management, the valuation of bond assets by financial products mostly adopted the amortized cost method, that is, when calculating the net value of financial products, the yield to maturity of investment products was apportioned to each day. After the implementation of the new regulations on asset management, most financial products are valued by the market value method, taking into account not only the coupon rate of investment bonds, but also the valuation changes of bonds due to market value fluctuations. In this way, the fluctuation of asset prices will be directly reflected in the net value of financial products, resulting in a downward trend in the income of most medium and long-term financial products in a short time.
The third is the structural changes in the financial market. With the implementation of the new regulations on asset management, the transformation and development of financial products is urgent. "Non standard to standard" makes bank financial management reduce the allocation of non-standard assets, while non-standard assets are not affected by the fluctuation of stock and bond market, and have the effect of stabilizing the rate of return on investment. As a result, the proportion of non-standard assets is relatively small, which can not offset the impact of the decline in the yield of stocks and bonds. Especially under the background of the sharp fluctuation of the yield of bonds and equity assets, the function of non-standard assets as a stabilizer is declining.
Investors should realize that at the moment of financial net worth operation, the yield of financial products can not only look at the periodic withdrawal of product net worth. Because the market is constantly changing, the floating profit and loss is only the embodiment of the market change, and the real income of the product depends on the performance of the product when it expires.