What are the classifications of fixed-income wealth management products?

Bank deposits are the most common and socially familiar fixed-income financial products, mainly including demand deposits, time deposits, large deposit certificates and interbank deposit certificates.

The yields of demand deposits and time deposits are mainly regulated by the central bank. At present, the benchmark interest rate for deposits is in the nearest position, but now banks can independently raise the benchmark interest rate by 50%. By the end of June 20 15, China's local and foreign currency deposits reached 136.0 trillion yuan, which strongly supported China's investment and social development.

Interbank certificates of deposit are issued by banks, and the main investment themes are banks and some insurance and funds. According to different types, it can be divided into many varieties, mainly one year. According to WIND's statistics, in the first half of 20 15, China * * * issued 2,207 interbank deposit certificates, while coupon rate was different due to different subject ratings.

In June this year, China's commercial banks issued certificates of deposit. After the first batch, there will be a second batch of banks, and individuals and enterprises can make investments. As a relatively new deposit type, the scale is not large. Judging from the issuance situation, the issuance interest rate is basically 40% higher than the benchmark interest rate, and the one-year coupon rate is 3. 15%.

Generally speaking, deposit is the most basic fixed-income financial product, and it is also an entry-level investment product with the characteristics of safety and high liquidity. Except for special varieties, there is no threshold limit, but the yield is relatively low, so it is necessary to effectively control the allocation ratio of such products.

Second, bank financing.

Bank financing came into being to meet the needs of residents' wealth management and interest rate marketization. By the first half of 20 15, the balance of banking wealth management in China is expected to reach 18 trillion yuan, ranking the largest asset management product. There are many kinds of bank wealth management products, which are divided into guaranteed and non-guaranteed products according to whether they are guaranteed or not, and are divided into less than 3 months, 3-6 months, 6- 1 year and more than 1 year according to the term, of which less than 3 months is the most important product, and can be divided into RMB wealth management products and foreign currency wealth management products according to the currency. Investors need to buy different types of wealth management products according to their actual situation. The yield of bank wealth management varies with the product term, risk level and issuer. Because wealth management products are also an important means to absorb deposits, the expected rate of return on wealth management of small and medium-sized banks is higher than that of large banks. With the central bank repeatedly lowering the benchmark interest rate and abundant market liquidity, the yield of bank wealth management products has declined, but it is still at a high level.

Generally speaking, the liquidity of bank wealth management is low and cannot be realized in the early stage, but the overall security is high. For some products with floating interest rates, in order to maintain their reputation, banks can basically cash in the expected returns, and the overall risk is relatively low. In the future, the regulatory authorities will promote the specialization and net worth of bank wealth management, which is expected to become an important support point for bank transformation.

Third, bonds.

Bonds are typical fixed-income wealth management products, and the issuer pays interest on schedule and repays the principal at maturity. Up to now, there are bonds 145 13 in China's capital market, with a scale of 4 1.48 trillion yuan. At present, China has become the third largest bond market. There are many kinds of bonds in China, which can be divided into national debt, local government bonds, financial bonds, short-term financing bonds, medium-term notes, corporate bonds, asset securitization bonds, directional instruments and so on. The survival rates were 24.27%, 6.02%, 32.92%, 5. 1 1% and 9.065438 respectively. Bonds are standardized financial products with strong liquidity. At the same time, due to the complete market-oriented operation, it is necessary to be more cautious in investing in bonds with low credit risk. However, there are many measures to protect investors in China's bond issuance, such as trustee, internal and external credit enhancement and information disclosure.

Bond yield is mainly related to monetary policy, changes in market supply and demand, and securities risk. At present, due to the government's reduction of financing costs and loose monetary policy, bond yields are at a low level in recent years. On the whole, China's bond market has a high investment threshold, and individual investors can invest in fewer varieties, mainly including some national bonds and high-grade bonds of exchanges. Most bonds are mainly suitable for institutional investors to allocate assets.

Fourth, fixed income funds.

In order to give full play to the advantages of professional management and the characteristics of centralized management and decentralized portfolio management, many Public Offering of Fund companies have also developed a large number of fixed-income fund products, mainly including money market funds and bond funds.

Money market fund is mainly a kind of financial products such as bank deposits and bonds, which has the characteristics of low risk, high liquidity and moderate income, and is an important substitute for bank deposits. At present, there are 248 money market funds in the market, with a total share of 2,605.728 billion, accounting for 40.0 1% of the total share of Public Offering of Fund, which is the largest fund type. In terms of asset allocation, mainly bank deposits, the allocation ratio is about 60%. At the same time, the marketing of money funds is also deeply integrated with the Internet, thus various Internet "treasures" once came into being, which provided investors with higher income than bank deposits, and at the same time provided convenience for withdrawing cash at any time, which was more convenient than the traditional T+ 1 redemption method of money funds.

Bond funds are mainly Public Offering of Fund with bonds as the investment target. Bond funds can be further divided into pure bond funds, mixed primary bond funds and mixed secondary bond funds. The investment scope of pure debt funds includes various fixed-income financial products such as government bonds, central bank bills and financial bonds. The investment scope of hybrid primary bond funds is not only the target that pure bond funds can invest in, but also includes convertible bonds and stocks formed by converting convertible bonds into shares, but they cannot directly buy and sell equity products such as stocks and warrants in the secondary market. Mixed secondary bond funds can mix primary debt-based investment targets or directly invest in stocks in the secondary market. The proportion of bond funds investing in bonds shall not be less than 80% of the fund assets. Judging from the bond fund index, this year, driven by the bond bull market, the bond fund index has also been rising all the way.

Generally speaking, fixed-rate funds have the characteristics of centralized management, risk diversification and professional investment. In particular, bond funds can avoid problems such as high bond investment threshold and difficult selection of investment targets, and the threshold is low, which is suitable for individuals and non-professional institutions to invest.

Verb (short for verb) trust

As a non-standardized financial property product, trust has low liquidity and difficult market circulation, but its yield is relatively high. At present, the average expected rate of return is around 9%. At the same time, the expected rate of return of different types of trust products is different in terms of the risk degree of different capital investment. The issuance of trust products is still strictly supervised by the regulatory authorities for the record, and a trust guarantee fund has been set up to fully safeguard the rights and interests of investors. Of course, trust products can only be sold to qualified investors. The initial subscription amount of mainstream products is 6,543,800 yuan, which is a high threshold. Non-high net worth individuals have limited subscription ability.

Intransitive verb asset management plan

Since 20 12, China Securities Regulatory Commission, China Insurance Regulatory Commission and other major financial institutions in China have successively issued the Measures for the Management of Customer Assets of Securities Companies and its supporting rules, the Notice on Relevant Matters of Insurance Asset Management Companies and the Pilot Measures for Asset Management of Futures Companies, further broadening the investment scope of asset management of securities, insurance and fund companies, and various asset management plans have sprung up. Asset management plan is a kind of trust product, which mainly invests in the forms of equity, creditor's rights and asset income rights, and uses funds to provide investors with fixed income returns.

The asset management plan has a relatively high rate of return, which can reach about 9%. It can be transferred on the trading platform with relatively good liquidity, but the risk is slightly higher, and the investor protection measures are still insufficient.

Seven, P2P

P2P lending, as a kind of Internet finance combining the Internet with traditional credit business, has matured in developed countries such as Britain and the United States since 2005 and entered China at the end of 2006. The main financing target of P2P is small and micro business owners. P2P investment targets of network platform mainly include credit target, second target, net worth target, guarantee target, circulation target and mortgage target. At present, there are more than 2,000 P2P platforms in China. By the first half of 2065, 438+05, there were 786 platforms with problems in P2P industry. In particular, with the downward pressure on the macro-economy, the credit risk increased, P2P bad debts continued to increase, and the sequelae of blind development of the industry became prominent. The regulatory authorities began to gradually strengthen industry supervision and standardize the operation of various platforms.

P2P is a high-yield financial product, with an average annualized rate of return of 13%. However, because there may be fraud in P2P platform, financiers can't pay due, and the investment risk is also great. At the same time, P2P investment threshold is low, which is suitable for all income groups. Combined with the Internet platform, it is simple to operate, because it is a non-standard product with low liquidity.

Eight. Graded fund a

Generally speaking, graded fund A has a certain rate of return according to certain rules, such as one-year time deposit +3%, so it has the characteristics of fixed-income wealth management products. However, the income of graded fund A is not paid in cash, but in the form of parent fund shares. At the same time, classified fund A is different from fixed income products because of its complex transactions and diverse attributes. The graded fund A includes bond value, option value and matching value. Bond value refers to the fixed rate of return agreed by graded funds. Option value refers to a clause in the conversion of Grade A, that is, when the net value of Grade B is lower than a certain position, there will be a discount. At this time, the part of Grade A exceeding Grade B will be given to investors in the form of parent fund, which is beneficial to Grade A. Buying A is equivalent to having a put option. The change of matching value is mainly because Grade A and Grade B are separated from the parent fund, and they can be converted. The main investors of Grade A are insurance institutions and individual investors.