1. RMB wealth management products
Bank RMB financial management refers to a low-risk financial management product that banks issue to individual customers based on the investment income of RMB bonds with high credit rating (including government bonds, financial bonds, central bank bills and other bonds) and pay the principal and income to customers at maturity.
High yield and strong security are the main characteristics of RMB financial management. RMB wealth management products launched by banks can be roughly divided into two categories.
(1) Traditional products mainly include funds, bonds and financial securities. This kind of product has low risk and a certain income, and the general income is about 3%.
(2) RMB structured deposits are linked to the exchange rate, which is essentially similar to similar foreign currency products, and the risk is slightly higher than that of traditional products. RMB wealth management products are more like a substitute for "regular savings". For example, the "Delibao Crimson 3" of Bank of Communications attracts investors' attention with high interest rates and monetary strategies. The investment period of this product is one year, which is divided into RMB, Australian dollar and Euro. The product yield is linked to the exchange rate performance of "a basket of currencies" (Brazil, Denmark, Norway and Turkey) against the US dollar. If the performance of "a basket of currencies" is not lower than the initial level when the investment expires, even if it is only flat, RMB products can get a return of not less than 10%.
2. Foreign currency wealth management products
In 2008, the stock market fluctuated greatly, and "preserving capital and increasing value" gradually became a new trend of financial management. In this context, major banks have launched foreign currency wealth management products to avoid short-term stock market risks.
Judging from the foreign currency wealth management products of banks, "multi-currency", "high interest rate" and "short-term" have become the most popular propaganda words.
(1) In March, 2008, China Everbright Bank launched high-yield foreign currency financing plan A products, including one-year fixed-income products in US dollars, with an expected annual yield of 7.2%; One-year fixed income products in Hong Kong dollars, with an expected annual rate of return of 6.5%; The expected annual rate of return of one-year fixed-income products in US dollars is more attractive than that of bank deposits.
(2) ABN Amro has launched two new wealth management products, namely "multi-currency index" linked to structured deposits and "a basket of strong currencies linked to structured deposits". The "multi-currency index" is linked to structured deposits, and shares the excess returns by tracking the monetary performance of eight countries including Australia and Brazil.
(3) Huiying No.3, a three-month wealth management product of "Golden Sunflower" launched by China Merchants Bank, has an expected annual rate of return of 5.0%.
(4) Everbright Bank's T-plan wealth management product with guaranteed income has been sought after by the market since its launch. The products launched range from eight days, one month, two months to four months, and the expected annual income is 3.3%, 5. 1%, 5.4% and 6.2% respectively.
In 2008, the risk of the stock market made investors actively choose to avoid risks, and low-risk products became the mainstream products in the wealth management market. Commercial banks have rich experience in investing in low-risk products. Short-term and low-risk foreign currency wealth management products are very popular, and many products have been snapped up by investors. In the future, the entire wealth management product market may be further divided. Different wealth management products are divided into guaranteed income wealth management products and non-guaranteed income wealth management products according to the way customers obtain income.
1. Guaranteed income wealth management products
Guaranteed-income wealth management products refer to financial products in which commercial banks promise to pay fixed income to customers according to agreed conditions, and banks bear the investment risks arising therefrom, or banks promise to pay customers the minimum income according to agreed conditions and bear related risks, and other investment income is distributed by banks and customers according to the contract, so as to jointly bear related investment risks.
Wealth management products with guaranteed income include fixed income wealth management products and floating income wealth management products with minimum income. The income of the former is fixed due, such as 6%; The latter has the lowest income after maturity, such as 2%, and the rest depends on the final income of the management and the specific terms.
2. Non-guaranteed income financing
Non-guaranteed income financing can be divided into guaranteed floating income financing products and non-guaranteed floating income financing products.
(1) Capital-guaranteed floating income wealth management products refer to wealth management products in which commercial banks guarantee to pay the principal to customers according to the agreed conditions, and the investment risks other than the principal are borne by customers, and the actual income of customers is determined according to the actual investment income.
(2) Non-principal-guaranteed floating income wealth management products refer to wealth management products in which commercial banks pay income to customers according to agreed conditions and actual investment income, and do not guarantee the safety of customers' principal.
The issuer of wealth management products with non-guaranteed income does not promise that the wealth management products will achieve positive income, and the income may be zero, and the products with non-guaranteed income may even have negative income.
In every different wealth management product launched by the bank, the characteristics of its own products will be introduced. Most of the bank's wealth management products are guaranteed. Even for products such as new shares, although the principal has certain risks, according to the previous market performance, the probability of this situation is still low. According to different investment fields, bank wealth management products have different investment fields. Accordingly, wealth management products can be roughly divided into bond products, trust products, linked products and new QD agreement products.
1. Bond-type wealth management products mean that banks mainly invest their funds in the money market, and generally invest in central bank bills and corporate short-term financing bills. Since individuals cannot directly invest in central bank bills and short-term corporate financing bills, such RMB wealth management products actually provide customers with opportunities to share the investment income in the money market.
In this kind of products, individual investors and banks should sign financial management contracts, repay the principal and interest at maturity, hand over the funds to the bank for operation in the form of deposits, and then the bank will collect the raised funds for investment activities.
The main investment targets include short-term treasury bonds, financial bonds, central bank bills, agreement deposits and other financial instruments with short term and low risk.
On the interest payment date, the bank will return the proceeds to the investors; On the principal repayment date, the bank repays the principal of individual investors in full.
2. Trust wealth management products
Trust companies issue RMB wealth management products through cooperation with banks. After raising funds, the trust companies are responsible for investment, mainly investing in trust products guaranteed or repurchased by commercial banks or other financial institutions with higher credit ratings, and also investing in products trusted by commercial banks with excellent credit assets. For example, new share subscription and even real estate investment can be included in the investment target of wealth management products, which means that ordinary investors have many opportunities to invest in trusts.
Investors mainly buy trust products through banks, such as Agricultural Bank and China CITIC Bank.
3. Linked wealth management products
Linked wealth management products are also called structured products, whose principal is used for traditional bond investment, and the final income of products is linked to the performance of related markets or products. Some products are linked to the interest rate range, some are linked to the exchange rate of the US dollar or other freely convertible currencies, some are linked to commodity prices mainly based on international commodity prices, and some are linked to stock indexes.
In order to meet the needs of investors, most of these products are designed as capital preservation products, which are especially suitable for investors with strong risk tolerance and strong judgment on financial markets. Stock-linked products, in particular, have gradually shifted from linked exchange rate products to linked Hang Seng and State-owned Enterprise Index, and then become linked products under various concepts, with a very rich variety.
4. QD Ⅱ wealth management products
Simply put, investors entrust their RMB funds to commercial banks certified by the regulatory authorities, and the banks convert RMB funds into US dollars, directly invest overseas, and convert the US dollar income and principal into RMB after maturity and distribute them to investors. For example, the "Tongsheng No.3" stock-linked wealth management product issued by China Everbright Bank invests in the stocks of world-renowned financial companies, and chooses the companies with the largest market value among the five major financial sub-sectors in the world, namely: Citigroup, American International Group, Goldman Sachs Group, HSBC Holdings and Swiss Bank. The financing period is 18 months, and 100% of the principal is also guaranteed to be returned.
Although bank wealth management will expect the highest rate of return, it is undeniable that there is uncertainty in the realization of the rate of return. At the same time, different products have different investment directions, and different financial markets also determine the risks of the products themselves. Therefore, when investors choose bank wealth management products, they must have a comprehensive understanding of them and then make their own judgments. According to different risk levels
1. basically risk-free wealth management products
Bank deposits and national debt are guaranteed by bank credit and national credit, with the lowest risk level and low yield. Investors keep a certain proportion of bank deposits, the main purpose is to maintain moderate liquidity, meet daily needs, and wait for the opportunity to buy high-yield wealth management products.
2. Low-risk wealth management products
Mainly various money market funds or debt-biased funds, these products are invested in the interbank lending market and bond market, which have the characteristics of low risk and low income. The professional and decentralized investment of fund companies further reduces their risks.
3. Medium risk wealth management products
(1) Trust wealth management products
Trust companies raise funds for investors and provide financial products with expert financial management and self-management, and investors bear their own risks. When investing in such products, investors should pay attention to analyzing the investment of raised funds, whether the repayment source is reliable, whether the guarantee measures are sufficient, and the trust company's own reputation.
(2) foreign exchange structured deposits
As an innovative product of financial engineering, it is usually a combination of several financial products, such as the combination of additional options for foreign exchange deposits. Such products usually have a yield range, and investors have to bear the risk of yield changes.
(3) Structured wealth management products
These products are linked to some stock indexes or a few stocks, but banks have capital preservation clauses, and they also have the opportunity to obtain higher returns than time deposits.
4. High-risk wealth management products
QD ⅱ and other wealth management products belong to this category. Due to the high-risk characteristics of the market itself, investors need to have professional theoretical knowledge, so as to have a deeper understanding of foreign exchange and foreign capital markets and choose financial products that suit them instead of regretting the losses.