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Huang Guixuan, Nancai Finance and Investment Research Group

The ranking list comes from the fully automated real-time ranking of LicaiTong AI. If you have any questions about the data, please contact the assistant at the end of the article for further verification.

Overall performance: Equity-based financial management outperformed mainstream indexes and public funds, with a slight decline of 0.68% in the second quarter

In the first half of 2024, with the domestic economy continuing to recover weakly and global uncertainties increasing, the overall risk appetite of A-shares was not high, and asset performance was obviously differentiated. Assets with dividend attributes performed better. The banking sector had the largest increase, reaching 17%. The science and technology innovation sector and the large consumer sector had a large correction. The computer sector fell 24.9% and the trade and retail sector fell 24.6%. In the Hong Kong stock market, benefiting from the rebound around the Spring Festival and the global capital re-allocation at the end of April, Hong Kong stocks ushered in valuation repair, the Hang Seng Index rose slightly, and the Hong Kong stock dividend index performed well.

Judging from the performance of equity products in the second quarter, among the 36 existing equity public offerings, more than half of the products recorded positive returns, while 16 products recorded negative returns. The overall average yield was -0.68%, the average annualized volatility exceeded 10%, at 12.42%, and the average maximum drawdown was 7.61%.

Compared with the performance of market indices and public funds, equity-based wealth management products had the highest average return in the second quarter, outperforming all mainstream indices and equity-based public funds. However, the maximum drawdown and volatility of equity-based wealth management products were relatively high, higher than the major indices Shanghai Composite 50 and CSI 300, as well as higher than equity-oriented funds and stock funds. The net value fluctuations and drawdowns of the products were large.

Product performance: Equity-based financial products have a significant differentiation in returns, and more than 70% of products are still in a negative net profit state

Looking at the wealth management companies, 36 equity-based public offerings come from 10 wealth management companies, among which Hua Xia Wealth Management has the largest number of products, with 12, followed by Everbright Wealth Management, with 6, and CMB Wealth Management with 5. The remaining 7 wealth management companies have less than 5 products each.

In terms of return level, Huaxia Wealth Management's "Tiangong Daily Wealth Management Product No. 1 (Hydropower Index)" rose by 12.04% in the second quarter, ranking first among equity public offering products, thanks to the support of high-dividend assets and power system reform. According to the latest disclosed second quarter 2024 holdings report of the product, the proportion of equity assets held by the product at the end of June reached 93.93%, with a net asset value of 2.7478 million yuan. The Huaxia Wealth Management Hydropower Index, the target of the product, rose and fell by 13.64% in the second quarter, and the actual rise and fall of the product was relatively small compared with the rise and fall of the tracking target index.

The second-ranked product is Everbright Wealth Management's "Sunshine Red ESG Industry Selection", with a return rate of 11.87% in the second quarter. This product mainly holds leading companies. The banking, power, and precious metal sectors held at the end of the first quarter all performed well in the second quarter. However, the product is still in a net-breaking state, with the latest net value (2024-07-16) being 0.7391.

At the same time, the performance of equity-based wealth management products is quite differentiated. The net value of Huaxia Wealth Management's "Tiangong Rikai Wealth Management Product No. 3 (Advanced Agriculture Index)", which ranks at the bottom among equity-based public offering products, fell by 15.37% in the second quarter, mainly dragged down by the agriculture, forestry, animal husbandry and fishery sectors. Among the top ten holdings of the product at the end of June, Shennong Technology, Dunhuang Seed Industry, Longping High-Tech and Nongfa Seed Industry fell by 37.4%, 16.9%, 23.6% and 20.4% respectively in the second quarter. As of July 17, the product is still in a net-breaking state, with the latest net value of 0.6720, a cumulative decline of 32.8% since its establishment. The latest asset size of the product at the end of the second quarter was less than 1 million yuan, at 920,500 yuan.

From the perspective of negative net value, according to statistics from the Nancai Wealth Management Research Group, as of July 19, among the 35 existing equity-based public offerings, 27 products (accounting for 77.14%) are still in a negative net value state, among which the net value of "Sunshine Red Health and Safety Theme Selection" has been halved. The net value was 0.4363 on July 17, 2024, and the net value has fallen by more than 50% since its establishment.

In general, equity investment of financial management companies is still in the exploratory stage, and the diversification of financial management products still has a long way to go. Driven by factors such as the continued decline in risk-free interest rates, regulatory authorities encouraging financial management funds to enter the market, and the trend of diversified customer financial management needs, it is a general trend for bank financial management funds to flow into the equity market. The layout of equity products is an indispensable and important track for the high-quality development of bank financial management.

Since the beginning of this year, some bank wealth management companies have also been planning to deploy equity wealth management products. According to China Wealth Management Network, Xingyin Wealth Management has three quantitative index growth strategy equity products waiting for sale, and Bohai Bank Wealth Management has two closed-end equity products waiting for sale, but the release time of the five products has not been determined.

(Data Analyst: Zhang Xunfang)