Morningstar reply: investors should screen according to their own liquidity needs. If liquidity requirements are high, they should choose money market funds; The other is the requirement for yield. Short-term wealth management products are basically low-yield and low-risk varieties, but there are also income differences among varieties. Generally speaking, varieties with higher expected returns are relatively more risky. In addition to the comparison of liquidity and yield, investors also consider the comparison of redemption rate and the screening of potential risks.
2. What is the current income of short-term financial management debt base, and what is its biggest selling point?
Morningstar replied: At present, the investment style of short-term financial bond funds is obviously biased towards money market funds, and the risk-return characteristics are also very close to those of money market funds. Compared with money market funds, its annual rate is lower, but its liquidity is slightly worse. Common portfolio maturities are 1 week, 2 weeks, 3 weeks, 1 month, 2 months, 3 months and 1 year. So its biggest selling point is short term, low rate, high security and good liquidity.
There are many bank wealth management products now. Before this, some things broke out, such as breach of contract or flying orders. What should be paid attention to in investment bank wealth management products?
Morningstar replied: one is the credit risk of banks. Banks have good credit and low risk, but banks that have defaulted should pay attention to it and choose banks with better qualifications; Some wealth management products are sold by banks, so it is necessary to pay attention to the payment ability of the main institutions; Thirdly, the market risk of products should pay attention to the investment direction of products, the influence of market environment changes on products and so on. Finally, we can pay attention to whether the product is guaranteed and whether the historical product achieves the expected income.
At present, the monetary fund is dazzling, and everyone says yes. What are the criteria for investors to choose a cargo base?
Morningstar replied: Money market funds enjoy the reputation of "quasi-savings" because of their low risk and return, good liquidity and high security, and are better cash management tools. Generally speaking, it is not the most important to choose the rate of return of money market funds, but mainly to make rational use of their liquidity and safety. At present, many money market funds can not only realize off-exchange T+0 redemption, but also conduct on-exchange T+0 trading, which can be used as a reference index for investors with strong liquidity preference.
5. Recently, the regulatory standards for investment and wealth management products tend to be upgraded, including CBRC Circular No.8, which restricts the holding of bonds on behalf of others. What impact will this have on the short-term financial market?
Morningstar replied: The risk of fund pool caused by bank wealth management products has been taken seriously by management. After the publication of Circular 8, bank wealth management products were restricted. In the short and medium term, the expected income of products will be reduced and the circulation will be reduced. But it is good for investors, because the future operation of products is more transparent and the risks are more clear. After the consignment incident, it caused a certain impact on the bond market. At present, the regulatory authorities have implemented a series of prevention and control measures. The impact of the incident on the market is relatively short-term, and the impact on the short-term financial management debt base is relatively limited.
6. A quarterly report showed that there was a large-scale redemption of the short-term wealth management debt base. What are the reasons, whether the relevant products have investment value and which investors are suitable for?
Morningstar replied: In the first quarter, the stock market and bond market performed well. The overall net value of various funds rose, and the risk aversion of ordinary investors weakened. In addition, short-term financial bond funds are more homogeneous and more substitutable, and the yield is not obvious compared with products with the same risk. Therefore, the above reasons led to the large-scale redemption of short-term financial bond funds in the first quarter. At present, the risk-return characteristics of short-term financial bond funds and money market funds are very close, with low annual rates but poor liquidity. For investors who prefer safety and liquidity, and liquidity preference is not very strong, short-term financial bond funds and money market funds are better choices.
7. Since last year, the IMF has made constant innovations. What are the highlights that attract investors?
Morningstar replied: First of all, Huitianfu took the lead in launching the money fund in the market, which provided investors with a good channel to manage securities deposits. Then other large fund companies also launched similar products, such as Huaxia and Yifangda. Secondly, the T+0 redemption mechanism of the money fund is introduced, which further improves the liquidity of the money fund. Some companies such as Huaxia Fund [Weibo] have even introduced 24-hour real-time cash withdrawal, which makes the liquidity of the money fund close to demand deposits. In addition, the money fund has many functional innovations, such as credit card repayment, car loan and mortgage deduction, online payment and so on. To further meet the financial needs of all kinds of people.
8. What impact will CBRC Circular No.8 have on bank wealth management products, and how can investors make corresponding investment adjustments?
Morningstar replied: After the publication of Circular No.8, bank wealth management products were restricted in many aspects, and product management, investment direction, total amount control, provision, issuance approval and credit enhancement were standardized. The scale and quantity of bank wealth management products are large, and in the short and medium term, the overall expected income of the products will decline. However, because the future operation of products is more transparent and the level of risk and return is clearer, investors can better match the investment target according to their own capital situation, liquidity demand, risk preference and expected return.
9. Why is the liquidity of short-term financial management debt base not as good as that of goods base, but the yield has no obvious advantage?
Morningstar replied: The short-term financial management debt base is redeemed on a fixed date, and its liquidity is indeed not as good as that of the money fund. At present, the investment style of short-term financial management debt base is biased towards money funds, mainly concentrated in the money market. The advantage of short-term financial management debt base is that the rate level is lower, and the investment scope and term are wider than that of monetary fund. At present, the scale of short-term financial management debt base is still changing frequently. In order to cope with the liquidity pressure, it is difficult for short-term financial management debt base to give play to its advantages in the choice of investment targets and investment periods.
10. What short-term financial tools are available for investors to choose from, and what are their characteristics?
Morningstar replied: At present, the short-term financial management tools on the market mainly include short-term financial bond funds, money market funds, bank financial products and brokerage financial products. Money market funds have high security and good liquidity, and can realize off-site T+0 redemption and on-site T+0 trading; Short-term financial bond funds and money market funds have similar risk-return characteristics, with lower annual rates but poor liquidity; The investment threshold of bank wealth management products is higher, the closed period is longer than that of short-term wealth management bond funds, and there are many investment targets, so the information transparency is not high at present; The investment threshold of securities wealth management products is also high, and the investment period is relatively long, generally above 1 year, during which they can be redeemed, but they have to pay a higher redemption rate and have higher information transparency than bank wealth management products.