Compared with the annualized income of 6.398% of Yu 'ebao in the same period, the yield of Licaitong at least seems to have reached a higher level. More importantly, this is not accidental. Recently, the yield of money funds has hit record highs. Whether it is a single money fund product or a strong alliance between fund companies and Internet giants, a wealth management product yield war has been staged. Reply to "Bao Yue" for more articles.
Do the math.
Many netizens who don't understand financial products are wondering. Since Yu 'ebao, more and more wealth management products have appeared in the field of vision, soaring from about 5% to 7%, 8% or even higher. Why is the income increasing so fast now? Why can the rate of return reach so high?
Generally speaking, there are three very important reasons that play a decisive role:
First of all, the current deposit interest rate itself is very high. A money fund manager told reporters: "At present, the interest rate of interbank deposits can reach 7.5% a month. The bond price is not low, which can reach more than 6%. Matching each other can completely reach 6% ~ 8% of the current income. "
This is actually a simple investment target problem. At present, 80% of the investment targets of most money funds will be placed in interbank deposits. Taking Yu 'ebao as an example, Wang Dengfeng, the fund manager, said that its investment target is mainly interbank deposits, accounting for 80% ~ 90%, and the rest are interest rate bonds and high-grade credit bonds, accounting for a small proportion.
Interbank deposits are equivalent to the wholesale business of banks, and banks have great demand for deposits. More importantly, the time point is generally at the end of the first half of the year, and it is also the time point for the assessment by the central bank or the China Banking Regulatory Commission. Especially at the end of the year, banks have a strong incentive to absorb deposits, and everyone is vying for deposits, so the interest rate given is very high. Small banks usually give higher interest rates, but it does not rule out that big banks may be in urgent need of funds recently and will raise interest rates again.
Secondly, the rate of return we see is "7-day annualized income", which refers to the comprehensive income of the past 7 days. In other words, a money fund may not have a high income at ordinary times, but it will be very high in a day or two, and the average will be very high.
A monetary fund may have 52 annualized returns in 52 weeks of a year, and the average of these 52 returns is the real income level of investors in that year. As a money fund manager, it is very easy to increase annualized income in a "product promotion period".
A fund manager who did not want to be named calculated an account: Take the recent 7-day annualized rate of return of Monetary Fund A 1 month as an example, the daily rate of return of the fund is between 10,000 shares 1.3 yuan-2.8 yuan, and the corresponding 7-day annualized rate of return is stable between 3. 1%-4.7%. On the day of 65438+ 10 15, the one-day yield of fund a soared to11.10,000 58 yuan. Since then, although the daily rate of return has dropped back to the range of 1.3 ~ 2.8 yuan again, the 7-day annualized rate of return of Fund A will be.
"A money fund only needs to cash in a floating profit of 0. 1% within one trading day, which can basically guarantee that the annualized rate of return of the fund will reach more than 10% in the next six or seven days." The fund manager said.
Third, the internet's gameplay is eroding the rules of the financial industry. Baidu Baifa once promised a yield of more than 8%, while Sina attacked with a yield of 10% and was stopped, all of which were Internet thinking.
Take Baidu Baifa as an example. According to the annualized rate of return of general wealth management products and money funds in June 5438+February, it is generally around 6% ~ 7%. The reason why Baidu Baifa can give an expected income of 8% is probably that the issuer adopts the form of targeted subsidies to increase the income. For example, the fund issuer adopts the method of partial transfer of income to ensure the expected rate of return of more than 8%. According to the scale of 65.438+0 billion yuan, we only need to subsidize the yield of 65.438+0-2%, which is about 65.438+0 million to 20 million.
However, the actual subsidy amount is not large. First, the expected rate of return is usually limited by the time limit, which is expected to be around 3 months, so the amount of excess income subsidy is at the level of 3 million to 6 million; In addition, the allocation of fund products may also be mismatched in the term, thus ensuring that products can obtain higher returns to a certain extent.
For internet companies, millions of marketing expenses are exchanged for a large number of users, and each person can only subscribe to a small number, thus expanding the number of users. This account is very valuable.
Behind the high yield
"The way to post money is not sustainable and we can't keep up." The money fund manager of a fund company in the industry who has not cooperated with the Internet said.
There is a saying that Internet users have no loyalty. Especially in the emerging internet financial environment, it is more obvious. In the face of real money, the threshold of netizen migration is very low, and there is almost no migration cost. For many users, where is the high rate of return and where is the money? For internet companies, the tide of internet finance has come too fast. In order not to fall behind, at least in the short term, whoever is willing to transfer benefits will soon get more users.
Internet companies' years of Internet thinking have made them very clear about the nature and rules of the game. Therefore, the internet's style of play is what internet companies are best at. For the traditional financial industry, it is still quite challenging to accept.
However, in June 5438+1October 65438+May, the scale of Tian Hong Fund's balance treasure has exceeded 250 billion yuan and the number of customers has exceeded 49 million. For the first time, it surpassed Huaxia Fund, which performed stably in Public Offering of Fund for the first consecutive year, and became the new boss of Public Offering of Fund. This is the first huge situation in the fund industry for many years, which makes many people in the fund circle feel cold.
In the era of Internet finance, what is most needed is imagination. Huaxia Fund cooperated with WeChat to launch the defensive counterattack of new fund products, which made the whole monetary fund industry bid farewell to the traditional thinking mode and management mode and completely entered the excited state of hegemony.
The above-mentioned people also have no choice but to disclose, "I didn't expect such a huge change before. We are in a really awkward position. All the good pits are occupied, and the possibility of cooperation with the Internet platform is getting smaller and smaller. We have no next plan. " He said that now is the most chaotic period, and the regulatory authorities seem unprepared.
Why do these traditional fund companies feel overwhelmed? The essence of the problem is that the Internet is destroying the traditional financial pricing system. "Kill you first, and then make money." If a fund company is not careful, it will face the dangerous situation of being dragged into the water. If you continue to be passive, it is not impossible to be dragged to death by the network.
Although the scale of internet finance is still small, it determines the marginal price. Once the price system of traditional finance is destroyed, it will constitute a huge impact. Just like e-commerce in those days, JD.COM destroyed the price system of Suning Gome through 3C category. Nowadays, major fund companies have cooperated with Internet giants such as WeChat and Alipay, and some people even shed blood for survival in the form of subsidies, which may weaken or even deprive fund companies and banks of their channel negotiation ability in the future.
There is also a typical example in the internet industry, from Xiaomi TV and Letv TV. Facing a group of normal TV manufacturers that mass-produce millions of TVs a year, why can Xiaomi TV, which produces 10 thousand TVs a year, sweep the whole TV industry with very few products? And LeTV's 50,000 LeTV TVs have also subverted the entire industry. How many people are willing to buy a 60-inch TV with more than 7000 yuan in the future?
The terrible thing about the Internet is that it has changed people's hearts from the grassroots. Although large Internet companies may encounter many risks including supervision when expanding their financial business in the future, financial institutions represented by fund companies and banks may still be marginalized if they do not change their thinking consciousness. It is no exaggeration to say that if the rhythm is not changed, fund companies will face the situation of extinction out of control, and it is not impossible to be completely destroyed.