Financial derivatives refer to contracts whose value depends on changes in the underlying assets. This kind of contract can be standardized or non-standardized. Standardized contracts mean that the transaction price, transaction time, asset characteristics and transaction methods of the subject matter (basic assets) are standardized in advance, so most molecular contracts are listed and traded on exchanges, such as futures. Non-standardized contract means that the above matters are agreed by both parties to the transaction, so it has strong flexibility, such as forward agreement. The same characteristic of financial derivatives is margin trading, that is, as long as a certain proportion of margin is paid, the full amount can be traded without actually transferring the principal, and the settlement of contracts generally adopts the way of cash spread settlement. Only contracts performed by physical delivery on the due date require the buyer to pay all the loans. Therefore, financial derivatives trading has leverage effect. The lower the margin, the greater the leverage effect and the greater the risk.
RMB wealth management products are a kind of wealth management products designed and issued by commercial banks themselves. The raised funds are invested in relevant financial markets, and relevant financial products are purchased according to product contracts. After obtaining the investment income, they are distributed to investors according to the contract.
Bank RMB financial products can be roughly divided into bond type, trust type, linked type and QDII type.
Why do bank wealth management products entrust loans through trusts?
Trust loan wealth management products are divided into transfer and loan. Banks pool customers' funds in the form of wealth management products and issue loans to designated objects through trust companies. The transfer product is the transfer of creditor's rights of banks and trust companies; Pure loan products, trust companies provide loans to enterprises, and banks only play an intermediary role, generally providing third-party guarantees to enhance product competitiveness.
Simply put: it is the transfer of responsibility.
What are entrusted financial management, derivative investment and entrusted loans?
Entrusted loan: give the loan information (true) to a friend or loan officer to handle the loan; You can also entrust a loan company with a loan without any information. Its companies are all agents (illegal, high loan cost)! Entrusted financial management: entrust a financial planner or a financial management company to take care of their own assets and let their capital increase steadily! (China entrusted wealth management market is not mature enough, laws and regulations, personnel quality), derivatives investment (financial derivatives): futures, options, etc.
The entrustment period of bank wealth management products mainly reflects what bank wealth management products are.
, the meaning of wealth management products
Wealth management product refers to a financial product designed by commercial banks and other financial institutions to sell to investors, then invest the funds raised from the sale of wealth management products in the financial market, and finally distribute the investment income to investors according to the contract at the time of purchase.
On June 5438+ 10, 2005, China Everbright Bank launched its first personal finance business. Since then, bank wealth management products, as an important milestone in the transformation of China's financial sector to interest rate marketization and asset management, have appeared in black and pink and developed rapidly. As the largest financial entity in China, banks also have implicit government credit endorsement, which is the main basis for the explosive growth of banking business.
Second, the classification of bank wealth management products
Bank wealth management products can be classified according to different standards, and can be divided into guaranteed income products, guaranteed floating income products and non-guaranteed floating income products according to the degree of protection of principal and income. According to the different cooperative institutions, it can be divided into bank-trust cooperation, bank-securities cooperation, bank-securities cooperation and bank-based cooperation. According to the different distribution channels, it can be divided into personal channel financing and enterprise channel financing; According to different sales targets, bank wealth management products can be divided into general individual customer products, high-net-worth customer products, private banking products and institutional customer products; According to the different assets invested by wealth management funds, wealth management products can be divided into investment bonds and money market instruments, securities investment, trust loans, entrusted loans, credit assets and bills, income rights of specific assets, creditor's rights receivable, interbank deposits, structured products and overseas wealth management products on behalf of customers.
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. QDII wealth management products refer to that investors entrust their RMB to commercial banks with the qualification of qualified domestic investors, and then qualified commercial banks convert these RMB funds into US dollars, and then directly invest in overseas financial markets. Finally, the income and principal from the investment will be converted into RMB and distributed to investors according to the contract. The advantage of this wealth management product is that it can still be purchased in RMB, with a relatively high yield, and it can also avoid the risk of RMB appreciation.
Due to the high-risk characteristics of QDII wealth management products market, investors need professional theoretical knowledge, so as to have a deeper understanding of foreign exchange and foreign capital markets and choose the wealth management products that suit them instead of regretting the losses.
Three, the factors affecting the yield of bank wealth management products
With the continuous improvement of China's wealth management product market, residents' demand for wealth management product yield is gradually increasing, and the competitive pressure of bank wealth management product business is increasing. The yield of wealth management products is an indicator that banks and investors should pay attention to.
Macroscopic factors
1. interest rate
Interest rate refers to the ratio of interest to principal in a certain period of time. Commercial banks' investment in financial products such as stocks, bonds and bills in the financial market is closely related to the market interest rate. When the central bank is short of money, the benchmark interest rate will increase, which will attract more people to save, and the currency circulating in the market will be in short supply. At this time, the market interest rate will rise, and the yield of wealth management products of commercial banks will also rise. When the central bank loosens monetary policy, the benchmark interest rate will be lowered, and the amount of money circulating in the market will exceed demand. At this time, the market interest rate will drop, and the yield of wealth management products of commercial banks will also drop.
2. Inflation rate
Inflation rate refers to the degree of price increase, that is, the speed of price increase. In the case of inflation, more investors will choose to invest their own funds in investment and wealth management products with higher yield, so as to maintain and increase the value of assets, rather than just putting them in the bank. Therefore, when the domestic inflation rate rises, the yield of bank wealth management products will increase accordingly; On the contrary, when the domestic inflation rate drops, the yield of bank wealth management products will decrease accordingly.
3. Consumer confidence index
Consumer confidence index is an index that can reflect consumers' confidence in the economic environment, and can also be used to predict future economic trends and consumption trends. For bank wealth management products, the higher the consumer confidence index, the more positive consumers are about the future economic trend, the more they will spend and spend, the stronger their willingness to buy bank wealth management products, and the more they spend on purchasing wealth management products, the higher the yield of bank wealth management products. On the other hand, the lower the consumer confidence index, the more negative consumers will be about the future economic trend, the less they will consume and spend, the less they will buy wealth management products, the less they will spend on wealth management products, and the lower the yield of wealth management products.
(B) product design factors
1. Entrustment period
The entrustment period refers to the duration from the effective date of wealth management products to the termination of liquidation, which reflects the liquidity of bank wealth management products. At present, the entrustment period of bank wealth management products is mostly short-term. From the perspective of market risk, the longer the entrustment period of bank wealth management products, the higher the uncertainty of wealth management products, so the market risk of investing in wealth management products will increase and the yield of wealth management products will be higher accordingly. The longer the entrustment period, the higher the yield of wealth management products. On the contrary, the shorter the entrustment period, the lower the yield of wealth management products.
2. Investment varieties
With the continuous improvement of China's wealth management market, the types of wealth management products are increasingly diversified. The investment scope of bank wealth management products is more and more extensive, and the investment varieties are gradually increasing. At present, the financial products that commercial banks can invest in include bonds, bills and stocks. The greater the risk of investment products, the higher the yield of bank wealth management products; The smaller the risk of investment products, the lower the yield of bank wealth management products.
3. Starting amount
The initial amount refers to the minimum investment amount for purchasing wealth management products of commercial banks. With the enhancement of people's awareness of investment and financial management, people's requirements for financial products are getting higher and higher. Theoretically, the higher the initial amount of wealth management products, the higher the risk that investors need to bear and the higher the yield of bank wealth management products.
4. Issue target
The issuers are mainly divided into individual investors and institutional investors. Different issuers may have an impact on the yield of wealth management products, and the yield of wealth management products issued to institutional investors is relatively high.
5. Business model
Business model refers to the way that commercial banks invest in financial markets. Banks will carry out some wealth management products through their own business model, that is, banks will directly enter the financial market for various investments. There are also some wealth management products that banks will invest through the cooperation of third-party wealth management institutions such as trust institutions and securities companies. The yield of wealth management products obtained by banks only using self-operated mode will be lower than that obtained by investing in trust and other ways.
6. Currency type
The currency of bank wealth management products can be divided into RMB and foreign currency. Different from RMB wealth management products, foreign currency wealth management products need to convert RMB into foreign currency for investment first. At present, most foreign currency wealth management products issued in China are invested in money market instruments with relatively high liquidity to ensure safety. Therefore, compared with RMB wealth management products, the yield of foreign currency wealth management products may be lower.
7. Sales area
Some of the bank's wealth management products are only sold in some areas, and the rest will be sold nationwide. Investors in different regions may have different demand for wealth management products, which may have a certain impact on the yield of wealth management products. The wealth management products sold in some areas are closer to the demand of local customers for wealth management products, and may have higher yield than those sold nationwide.
With the continuous development of China's financial market, residents' financial awareness has gradually improved, and more and more residents choose to buy bank financial products. In order to meet the financial investment needs of different investors, the types of financial products issued by banks are increasingly diversified. Therefore, investors should fully explore information and make full use of this right when choosing wealth management products.
This concludes the launch of entrusted loan wealth management products and entrusted loan wealth management products. I wonder if you have found the information you need?