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The management scale of 9 wealth management companies exceeds one trillion yuan

time：2023-01-28 02:59:43 source：clevelanddrifters.com author：Individual stock recommendation

The management scale of 9 wealth management companies exceeds one trillion yuan

With the completion of the disclosure of the semi-annual reports of listed banks, the "seats" of the management scale of wealth management companies as of the end of June have been determined. According to a reporter from China Securities Journal, there are 9 companies with a management scale of more than 1 trillion yuan, all of which are wealth management companies under state-owned banks and joint-stock banks. The wealth management companies of some joint-stock banks and small and medium-sized banks have grown rapidly in scale, and joint venture wealth management companies have also performed well, developing steadily in the context of the volatile market in the first half of the year. According to the management scale improvement data, as of the end of June 2022, there were 9 wealth management companies with a management scale exceeding 1 trillion yuan. CMB Wealth Management, CCB Wealth Management, and Xingyin Wealth Management ranked the top three, with RMB 2.88 trillion, RMB 2.05 trillion and RMB 1.96 trillion respectively. The remaining 6 companies are ICBC Wealth Management, Bank of China Wealth Management, Agricultural Bank of China Wealth Management, CNCB Wealth Management, Everbright Wealth Management, and Bank of Communications Wealth Management. As of the end of June, the management scale was 1.82 trillion yuan, 1.73 trillion yuan, 1.68 trillion yuan, 1.65 trillion yuan, 1.19 trillion yuan, 1.15 trillion yuan. The wealth management companies of small and medium-sized banks performed well. Data shows that as of the end of June 2022, the management scale of Ningyin Wealth Management, Nanyin Wealth Management, and Hangyin Wealth Management reached 393.5 billion yuan, 380 billion yuan, and 354.9 billion yuan respectively. As of the end of 2021, the management scale of Ningyin Wealth Management is 297.8 billion yuan, which means that the management scale of the institution has increased by more than 90 billion yuan in the first half of this year. In terms of joint venture wealth management companies, as of the end of June, the management scale of Huihua Wealth Management has exceeded 80 billion yuan. Schroders Bank of Communications Wealth Management and BlackRock CCB Wealth Management have been established soon, but product issuance has been stable and progress, and the management scale has exceeded 30. billion. The data also shows that due to the fluctuations in the capital market in March and April this year, the management scale of a few wealth management companies declined in the first half of the year. According to a reporter from China Securities Journal, in the second half of the year, the management scale of this part of the company has generally returned to the level at the beginning of the year, and even hit a new high since its establishment. Significant growth in performance Each bank further disclosed in its semi-annual report the operating income, net profit and other financial conditions of its wealth management companies in the first half of 2022. Data show that in the first half of this year, CMB Wealth Management ranked first in net profit. It is understood that in the first half of this year, the company's operating income and net profit were 3.186 billion yuan and 2.066 billion yuan respectively. The net profit levels of Xingyin Wealth Management and CCB Wealth Management in the first half of the year followed closely at 1.958 billion yuan and 1.913 billion yuan respectively. In addition, the net profit of Bank of China Wealth Management and Agricultural Bank of China Wealth Management both exceeded 1 billion yuan, 1.456 billion yuan and 1.226 billion yuan respectively. Based on the data in the first half of 2021, the operating income and net profit of most wealth management companies have increased significantly. For example, the operating income and net profit of Qingyin Wealth Management in the first half of this year were 333 million yuan and 204 million yuan, respectively, compared with 74 million yuan and 32 million yuan in the same period last year. The two indicators of China Asset Management in the first half of this year were 983 million yuan and 611 million yuan respectively, compared with 254 million yuan and 107 million yuan in the same period last year. The second half of the industry competition In view of the current management scale and financial status of wealth management companies, a person from a wealth management company under a joint-stock bank in the south told the China Securities Journal that the financial status is not enough to be used as a reference standard for measuring the development status of wealth management companies. Investors are advised to pay more attention to products performance, investment and research capabilities, investor education, system construction, etc. A brokerage banking analyst said that the risk reserves accrued by wealth management companies and how revenue is recognized with the parent bank are also factors that affect the financial situation. Zhou Yiqin, the founder of Guantiao Consulting and a senior financial policy supervision expert, believes that because the wealth management company will still deal with the existing old products and assets at this stage, the profits of the wealth management company will still be affected in the short term, and the fee rate in the early stage of the wealth management company will be affected. The competition is fierce. After the industry rates are basically stable in a few years, the overall revenue will tend to grow steadily, and profits will be released. Talking about the development of wealth management companies, a person from a wealth management company affiliated to a northern joint-stock bank told a reporter from China Securities Journal that the industry is currently competing fiercely in terms of "staking the field" to expand channels and product rates, but the industry as a whole has a bright future. It is understood that the company is trying to establish direct sales channels and will increase the allocation of equity assets in due course. "At present, most of the stock products of several major state-owned banks have been transferred to their wealth management companies. It should be said that the competition of wealth management companies has entered the second half. If the first half is mainly due to the parent bank's marketing capabilities and business translation. In the second half, there will be more competition among institutions for their investment and research capabilities and risk control capabilities." Zhou Yiqin said.

(Responsible editor：Garbage)

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