Since the launch of Yu 'ebao for half a year, the number of fund investment accounts in Tian Hong has reached nearly 30 million, with the scale exceeding 654.38+000 billion yuan, equivalent to nearly 20% of the total scale of all 78 domestic money funds. The assets managed by this nine-year-old fund company have also soared, getting rid of the bad luck of losing tens of millions of yuan every year. The net profit in the first half of the year reached 8.5 million, and the ranking of assets under management among 85 fund companies jumped from 50 at the end of last year to the top ten.

(A) the status quo of Yu 'ebao

1. operation

The inclusive financing brought by Yu 'ebao is also conducive to increasing residents' wealth, stimulating consumption and promoting the transformation of economic structure from investment-led to consumption-led. According to the statistics of Social Value Report, from June 20 13 to June 20 14, 1 year, Yu 'ebao created 2.96 billion yuan of income for residents, much higher than the interest income of demand deposits. A considerable part of the funds invested by users in Yu 'ebao and the increased income therefrom have flowed to the consumer market, making domestic demand more vigorous and stimulating the real economy. Statistics show that in the past six months, the total consumption of Yu 'ebao users on Taobao has exceeded 340 billion yuan.

At the same time, money funds such as Yu 'ebao can complete direct financing by investing in the short-term bond market, which can optimize the financing structure that China has long relied too much on indirect financing. "From a national perspective, the development of Yu 'ebao can effectively avoid the excessive flow of funds to the' two high and one surplus' industries, thus accelerating the adjustment of industrial structure and transformation and upgrading, and ultimately benefiting the real economy.

As a substitute for demand deposit, Yu 'ebao needs to have security and liquidity similar to demand deposit. In terms of security, money market funds have the characteristics of low risk and low volatility. The inter-bank deposits and high-grade bonds it invests in usually enjoy various explicit or implicit credit guarantees, and the credit risk is controllable. In terms of liquidity, on the one hand, interbank deposits usually have a penalty-free clause for early withdrawal, on the other hand, high-grade bonds also have good liquidity. Even in the case of large-scale redemption, these two assets are easier to realize than other assets.

In addition, due to the shortage of funds in the short-term market, the interest rate of interbank deposits is significantly higher than the yield of short-term products such as central bank bills, short-term financing bills and government bonds. Although the yield of some investment targets is higher than that of interbank deposits and bonds, such as real estate, stocks, commodities and high-yield corporate bonds. They not only have the risk of loss, but also lack the guarantee of liquidity. Therefore, Yu 'ebao's current investment strategy is a reasonable choice from the perspective of user demand. Compared with higher income, security and liquidity are undoubtedly of greater significance to users.

2. High-yield sources

The high income of Yu 'ebao mainly comes from three aspects: first, the spread of cross-market operation; Second, the recent shortage of liquidity in the banking system has led to an increase in interest rates; Third, funds are not included in the regulatory dividend brought by the management of deposit reserve.

First of all, as shown in the table, more than 90% of the funds raised by Yu 'ebao are invested in interbank deposits. Since ordinary investors can't enter this market, Yu 'ebao plays the role of "group buying". A lot of scattered funds gather into a huge scale, and then Tian Hong funds deposit them as interbank deposits at interest rates much higher than ordinary deposits. This allows ordinary investors to enjoy high returns on interbank deposits with a small amount of funds.

Secondly, the high income of Yu 'ebao is also closely related to the "money shortage" in China interbank liquidity market since June 20 13. Under the influence of multiple factors, such as regulators squeezing non-standard investment, central bank controlling monetary growth, slow inflow of foreign exchange, and loan-to-deposit ratio assessment of commercial banks, there is a certain degree of liquidity shortage in the banking system. In this context, commercial banks are willing to pay high interest to obtain liquidity. Because the marketization of deposit interest rate has not been completed, the adjustment space of benchmark deposit interest rate is limited, and the interbank lending rate represented by Shibor continues to rise, which has become a concentrated expression of the tight market funds. The liquidity pressure brought by the macroeconomic adjustment process just makes Yu 'ebao "born at the right time", so the high yield of Yu 'ebao has certain contingency.

Thirdly, compared with ordinary deposits, interbank deposits do not enter the deposit reserve management system, and there is no need to set aside a maximum reserve of 20%. China's current statutory deposit reserve interest rate is only 1.6%, which is far lower than the interbank deposit interest rate of about 6%. If the reserve is withdrawn according to the proportion of 20%, the overall interest rate loss is about 1%. Therefore, regulatory dividends account for a considerable proportion of Yu 'ebao's income. If the central bank brings interbank deposits into reserve management, the high income of Yu 'ebao will face a severe test.

(B) the development opportunities of Yu 'ebao

The potential income of Yu 'ebao business will far exceed the interest loss. First, the emergence of Yu 'ebao business will definitely increase users' dependence on Alipay, increase Alipay's ability to compete with various bank cards in the payment field, and increase users' trust in Alipay; Income two, Yu 'ebao is equivalent to Alipay's self-built fund distribution channel. At present, the distribution channels of banks are scarce resources. Fund companies queue up in banks to issue shares, and also compete to pay higher trailing commissions to banks. With the channel, even if the fund bound by Yu 'ebao doesn't make money this time, it can make money by selling other funds next time.

Third, although Yu 'ebao's business made Alipay sacrifice some interest income, it played a practical role in "saving money". High-liquidity and high-yield financial products have always been an important means for banks to save money. To this end, the central bank even stopped many short-term wealth management products to curb banks' use of wealth management products to "save at high interest rates". After the launch of Yu 'ebao, many users will transfer their current deposits in the bank to Alipay, and the funds in Alipay will only increase rather than decrease. In fact, in media interviews, even Alipay insiders called Yu 'ebao a "deposit-like" business.