no pension financial product has paid dividends this year. have bank of communications, everbright bank and china merchants bank, which paid generous dividends last year, also cancelled them?
2024-09-23
한어Русский языкEnglishFrançaisIndonesianSanskrit日本語DeutschPortuguêsΕλληνικάespañolItalianoSuomalainenLatina
the dividend status of pension financial products is the focus of investors. however, the reporter of china business news noticed that compared with the frequent dividends last year, there have been no dividend cases for pension financial products on the market this year.
industry insiders analyzed that there may be several reasons why pension wealth management products have not paid dividends this year: first, the returns did not meet expectations; second, market and interest rate changes put pressure on returns; third, the long closed period of the product restricted liquidity; and fourth, the market competition was fierce and the products were homogeneous, prompting wealth management companies to pay more attention to long-term stability.
"overall, these factors make wealth management companies more focused on long-term stability rather than short-term dividends. for wealth management companies, it is more critical to increase the yield of their pension products." a person from a wealth management company told reporters.
no product paid dividends during the year
last year, many wealth management companies distributed dividends on their retirement products, with the amount of each dividend ranging from 0.0025 yuan to 0.005 yuan. products under bank of communications wealth management are the "big dividend payers". its three products, the 5-year closed-end no. 1 wealth management product, no. 2 wealth management product, and no. 3 wealth management product, all use cash dividends, with each dividend amount being 0.005 yuan.
the pension wealth management products under everbright wealth management have also "generously" distributed dividends. taking the "everbright wealth management yixiang sunshine pension wealth management product orange 2027 phase 1" as an example, the total cash dividend amount of this product reached 1.9981 million yuan, involving approximately 799 million shares, with an average dividend of 0.0025 yuan per share.
cmb wealth management distributes income from the "cmb wealth management zhao rui yi yang rui yuan stable five-year closed no. 1 fixed income retirement wealth management product", with the cash distribution amount for each wealth management plan being rmb 0.0075.
currently, pension financial products on the market generally adopt a cash dividend model, allowing investors to receive returns regularly.
for example, icbc wealth management's pension products have been paying dividends annually since the second year, while cmb wealth management's are paying dividends quarterly after six months. everbright wealth management and ccb wealth management have been paying dividends monthly since the establishment of their products to meet the daily funding needs of pension customers and share investment returns. xingyin wealth management has set up a quarterly dividend mechanism for pension wealth management products, which will be implemented after the product is established for one year, and cash dividends will be provided to customers holding shares every quarter. xingyin wealth management stated that as long as "xingyin anyu no. 1 pension wealth management" has been established for one year and the net value of the product shares exceeds 1, the company has the right to pay cash dividends once a quarter.
however, according to the reporter's observation, none of the above 51 products have distributed dividends this year.
what are the considerations of the financial management company? a person from a joint-stock bank financial management company told reporters that whether pension financial management products pay dividends and the frequency of dividends usually depend on whether the actual investment performance of the product meets or exceeds the established performance target. when setting dividend policies, financial management institutions often decide based on the performance and profitability of their own products.
since the beginning of this year, the performance of pension financial products has been poor. according to wind data, as of september 20, the average annualized return of 51 pension financial products in the past year was 2.31%, while the maximum drawdown during the same period was close to 1%. overall, the returns of all products have not reached the lower limit of the performance benchmark, and the overall return performance has not met expectations.
"due to poor performance, financial management companies prefer to retain profits to cope with market fluctuations rather than distribute dividends." the aforementioned person told reporters that in the current environment of falling interest rates and volatile equity markets, it is much more difficult for pension financial management products to meet standards, and therefore they do not meet the conditions for dividends.
it is more difficult to achieve performance targets
industry insiders analyzed that pension financial products had no obvious advantages over ordinary financial products during the pilot phase and had limited appeal. therefore, adding dividends can enhance investor confidence and provide liquidity. financial management companies chose to cancel cash dividends for their pension financial products based on their own operating conditions and product performance. but regardless of dividends or not, the key is to provide investors with reliable returns through pension financial products.
deng haozhi, a researcher at puyi standard, said that the dividends of pension financial products depend on whether the performance meets the standards, and the dividend cycle should be customized according to the actual situation of the institution. pension financial products are not necessarily dividend-paying, which depends on the design and type of the product. dividend-paying products reward investors through dividends, while fixed-income products provide stable returns.
many industry insiders told reporters that the asset allocation of pension financial products is generally based on fixed-income assets, with different proportions of equity assets. however, the fixed-income assets themselves have a low yield rate, which affects the overall return.
according to puyi standard's statistics at the end of 2023, the underlying assets of pension wealth management products are mainly non-standard, bonds and asset management products. among the top ten holdings, commercial bank secondary capital bonds and commercial bank perpetual bonds are at the top. against the backdrop of asset shortages, bank secondary capital bonds have also accelerated their issuance since the beginning of this year. the current average interest rate is about 2.5%, and the cost-effectiveness of configuration is gradually declining.
"for pension wealth management that allocates a large amount of fixed-income products, the interest rate level of underlying assets has plummeted this year, making it difficult to meet the performance requirements of the products themselves," a person from a wealth management subsidiary of a state-owned bank told reporters.
judging from the performance benchmarks displayed by pension wealth management products, they are significantly higher than the actual yield performance and the yield of the underlying assets. among them, the performance benchmark of icbc wealth management products is 5%~7%, the performance benchmark of everbright wealth management is 5.8%, and the performance benchmarks of ccb wealth management and cmb wealth management products are 5.8%~8%. according to puyi standard data, the annualized yield of 51 pension wealth management products since their establishment is about 2.37%, and the annualized yield in the past month is -2.32%, which is far less than the performance benchmark.
the aforementioned person further stated that in the face of the current environment of falling interest rates and volatile stock markets, it has become more difficult for pension wealth management products to achieve the set high-yield targets, and they are still a long way from the high quotations.
(this article comes from china business network)
