Author: Yang Guang, Coopers
Who is more fragrant in the pure debt base of public funds or bank fixed income wealth management? By comparing the performance of bank wealth management fixed income and pure bond funds in the past year, the Jinxin Fund Evaluation Center found that the pure bond funds of fixed income products outperformed the bank fixed income wealth management: the performance of pure bond funds of public funds beat the performance of wealth management by 3.02% on average; Pure bond funds with performance of more than 4% accounted for 36.89%, and bank wealth management accounted for 19.03%; The proportion of performance exceeding 0-3%, pure debt funds accounted for 80%, and bank wealth management accounted for 46.46%; The proportion of losses is 0.45% for pure bond funds and 1.7% for bank wealth management.
According to the data of Jinxin, the number of bank wealth management products with normal existence and effective net value in May was 31,806, including 640 cash management products, 26,679 fixed income products, 556 equity products, 3,616 mixed products, and 315 commodity and financial derivatives products. The number of new products issued in the month was 2,549, a year-on-year decrease, and fixed income products still accounted for more than 90% according to product types, and from the perspective of product operation mode, products with a term of more than 6 months accounted for more than half of the total. As of May 31, a total of 12,541 products and 10,871 fixed income products have been rated by Ji'an after one year of operation. Among them, there are 6,593 fixed-income products under management of bank wealth management subsidiaries that have been in operation for one year and have been in normal existence, with an average income of 3.02% in the past year. As of June 26, 1 with a yield of more than 10%; There are 29 stocks with a yield of 6%-10%, accounting for 0.44%; There are 180 stocks with a yield of 5%-5.99%, accounting for 2.73%; There are 1,045 stocks with a return of 4%-4.99%, accounting for 15.85%; 2,163 with an income of 3%-3.99%, accounting for 32.81%; There were 112 stocks with performance losses, accounting for 1.70%.
Table 1: Top 10 income of wealth management sub-fixed income products in the past year
According to the data of Jinxin, the top 10 income of wealth management sub-fixed income products in the past year are:
NO1 Wealth Management "Wise" (closed-ended) 2021 Year 77 Issue 11.12%
NO2 Hangzhou Bank Wealth Management Happiness 99 Zhen Wallet Open Investment Plan 9.63%
NO3 SPDB Wealth Management Liduo Duoxin Profit Closed-end Customization Phase 1 8.63%
NO4 IB Wealth Management Wanhui No.2 USD Net Value Wealth Management Product 7.75%
NO5 Nanyin Wealth Management Xin Wenying No. 3 NY008 733-day Private Placement Closed-end RMB Wealth Management Product 7.74%
NO6 ABC Wealth Management "ABC Ingenuity and Spirit" 2023 Issue 7 RMB Wealth Management Product (Enjoyable Living) 7.47%
NO7 Huaxia Wealth Management Fixed Income Debt Closed-end Wealth Management Product No. 93 M 7.30%
N08 SPDB Wealth Management Wealth Management 2103 Wealth Management Products 7.19%
NO9 Nanyin Wealth Management Xin Wenying No.3 NY007 735-day Private Placement Closed-end RMB Wealth Management Product 7.19%
NO10 Nanyin Wealth Management Xin Wenying No.3 NY003 733-day Private Placement Closed-end RMB Wealth Management Product 6.88%
The data can be seen: Bank of China Wealth Management "Ruixiang" (closed-ended) 77 issues in 2021 stood out among more than 6,000 bank fixed income wealth management products, winning the first place with a yield of 11.12%; Hangzhou Bank Wealth Management Happiness 99 Zhen Wallet Open Wealth Management Plan With a yield of 9.63%, SPDB Wealth Management Liduo Duoxin Profit Closed Customized Phase 1 ranked second and third with a return of 8.63%.
In the top 10 fixed-income wealth management performance, there are 3 products on the list, SPDB Wealth Management has two products on the list, and Bank of China, Hangzhou Bank, Xingyin, Huaxia and ABC each have one on the list.
Table 2: Wealth management sub-fixed income products with the lowest income in the past year
Surprisingly, the products with the lowest performance of wealth management sub-fixed income bank wealth management in the past year were actually taken over by Ping An Wealth Management:
Ping An Wealth Management - Zhishun No.1 76 Closed-end Net Value RMB Wealth Management Product -2.87%
Ping An Wealth Management - Zhishun No.1 66 Closed-end Net Value RMB Wealth Management Product -3.17%
Ping An Wealth Management - Zhishun No.1 70 Closed-end Net Value RMB Wealth Management Product -3.73%
Ping An Wealth Management - Zhishun No.1 55 Closed-end Net Worth RMB Wealth Management Product -5.16%
Ping An Wealth Management - Zhishun No.1 No.59 Closed-end Net Value RMB Wealth Management Product -5.47%
Ping An Wealth Management - Zhishun No.1 54 Closed-end Net Worth RMB Wealth Management Product -6.61%
Ping An Wealth Management - Zhishun No. 1 54, 55 and 59 closed-end net worth RMB wealth management products all lost more than 5%.
According to the data of Jinxin Fund Evaluation Center, there are 1,976 pure bond funds of public funds that have been in operation for one year (share consolidation), and 99.5% of the products have achieved positive returns, with an average performance of 3.88%. Among them, 1 with a yield of more than 9%; There are 141 stocks with a yield of 6%-9%, accounting for 2.63%; There are 136 stocks with a yield of 5%-5.99%, accounting for 6.88%; There are 541 stocks with a return of 4%-4.99%, accounting for 27.38%; 828 with a return of 3%-3.99%, accounting for 41.90%; There were 409 stocks with an income of 0-2.99%, accounting for 20.70%. There were 9 loss-making products, accounting for 0.46% of the loss: the largest loss was Chuangjin Hexin Convertible Bond Select Bond A-3.75%, Everbright Prudential Shengli Bond A-2.09%, and Golden Eagle Tianli Credit Bond A-1.64%.
Top 10 pure bond funds with the best performance in the past year
CITIC Securities increased profit for a year A 9.19%
国泰惠丰纯债债券A 8.99 %
Xinyuan Guangli regularly open 8.98 %
Guolian Juye Term Open Bond 8.66 %
Xinghua Anju Net Debt A 8.35 %
CITIC Securities 1-Year 7.80 %
Hui An Jiahui Pure Bond A 7.74 %
China AMC Dinghua 1-year fixed opening bond 7.72 %
Great Wall Term Open Bond A 7.68 %
Harvest Wilmar Pure Term Bond 7.60%
Through the comparison of various data of pure debt funds and bank wealth management products, you can make your own judgment on whether to choose pure bond funds or bank wealth management when buying fixed income wealth management.