1. Tiantianfa is a night financial management function developed by Huatai Securities. Without affecting the use of funds on the trading day, you can get a certain income every night, with an annual rate of return of about 2%. At present, many brokers have launched the "Customer Margin Cash Management Plan". After the customer signs an agreement with the brokerage firm, the brokerage firm can automatically grab the idle deposit deposited by the contracted customer in the securities account after the daily closing for investment in the interbank money market. The cash will automatically return to the account the next day, without the customer's hands, and will not affect the stock trading. This kind of product is the most convenient among all the margin financing and securities lending products at present, but the yield is also the lowest.

2. The official website data of the "Tiantianfa" margin wealth management product launched by Huatai Securities shows that the floating 7-day annualized rate of return of this product since September is basically above 4.5%. However, this is not the actual income that investors can get. According to its charging standard, the product has no fixed management fee, but the performance reward is extracted according to the standard. If the product income exceeds the performance benchmark by 0.75% and is lower than 1.75% (performance benchmark+100BP), the manager will draw 35% as the performance reward; If the annualized rate of return is greater than 1.75%, 70% of this part will be extracted as performance reward. According to the product contract, the performance reward will first be used to withdraw the risk margin until it reaches 0.3% of the quarterly average asset size, and the absolute amount is not less than 5 million. The risk deposit will be used to make up for the loss of the product. According to the data of the second quarterly report of products, the current balance of product risk margin is 654.38+09.902 million yuan, so the performance reward actually extracted by the manager reaches 63.4576 million yuan, accounting for 3.665438+0% of product income.

3. On the whole, the performance rewards extracted by brokers account for a large proportion of product income, and investors can only get interest rates that exceed demand deposits. For example, Jin Qilin of Industrial Securities will extract 100% of the annualized income of the product as the performance reward of the manager. In other words, the highest rate of return that investors can obtain does not exceed 2.5%. At present, the margin cash management products of securities firms all adopt the floating management rate system, and the performance reward is extracted according to a certain proportion, but the performance benchmark and extraction method stipulated by each company are different. (Daily version: 2. 1.0)