Although the volume and price fall, why are the structural deposits of commercial banks favored by listed companies?

Analysis of Yi Guan ：2022 year , Affected by the epidemic and the deterioration of the international environment , The downward pressure on China's economy has increased , The production and business activities of enterprises have slowed down relatively , In addition, the amount of idle funds in the hands of enterprises at the beginning of the year is large , Many listed companies are keen to buy relatively stable bank financial products , In particular, the enthusiasm for structured deposit products has not decreased .

Since the beginning of this year , Many banks generally cut deposit interest rates , The superposition has broken in recent years “ Just against ” Environment , A good profit 、 Principal guaranteed structured deposits , It is regarded as an excellent substitute for principal guaranteed financial management . that , Why do listed companies prefer structured deposits ？ What is the future trend ？

The volume and price of structured deposits fell

In the first quarter, it rebounded slightly

According to the data released by the central bank , By 2022 year 4 end of the month , The structural deposit balance of Chinese funded national banks is 59249.76 One hundred million yuan , rose 1.27%, Year-on-year decline in 9.58%.

 

since 2021 Since then , The overall scale of structured deposits shows a continuous downward trend , Among them, the most influential factor is the regulatory factor . before , The financial supervision department has strengthened the management of deposit costs , Vigorously rectify structural deposits 、 Internet deposits and other products with high interest rates , stay 2021 year 6 This month optimized the formation method of self-regulation upper limit of deposit interest rate . This makes the scale of structured deposits suffer a great impact in the short term , It gradually fell to a low level at the end of the year , Then, with the gradual adaptation of the market and the stabilization of the regulatory environment , stay 2022 year 1-4 There was a partial rebound in August .

It is divided according to the purchasing entity , Holders of structured deposits include both individuals , It also includes units （ company ）. From the previous pressure drop , The pressure drop of individual structural deposits in state-owned banks is relatively large . Besides , The proportion of structural deposits of small and medium-sized banks is still the highest ,4 The proportion of months in the total scale is 64.11%.

 

The specific term , The scale of personal deposits in large banks increased month on month 1.50%, Year-on-year decline in 48.32%, The scale of structured deposits of large banks fell month on month 2.22%, Year-on-year decline in 5.55%. The scale of individual structured deposits in small and medium-sized banks increased month on month 1.58%, Year-on-year growth 6.60%, The scale of structured deposits of small and medium-sized banks increased month on month 3.10%, Year-on-year growth 3.11%. The decline in the scale of structured deposits of large banks is larger than that of small and medium-sized banks , In particular, the scale of individual structured deposits in large banks has declined rapidly ,4 Month on year decline reached 48.32%.

Listed companies frequently buy

The enthusiasm for structured deposits remains unchanged

Under the downward trend of the scale and income of structured deposits , The enthusiasm of financial management of listed companies for structured deposit products has not decreased . according to an uncompleted statistic 2022 Since the beginning of the year , about 500 More than listed companies actively buy financial products , among 400 Many companies have purchased structured deposits , At the same time, as for structured deposit products, listed companies prefer shorter average maturity 、 Small and medium-sized banks with higher interest rates .

 

Security 、 Revenue and compliance is

Three advantages of structured deposits

Structured deposits , seeing the name of a thing one thinks of its function , It is on the basis of deposit that “ structure ”. therefore , In essence , It is still a deposit product ; And from the hook “ structure ” Look at , It can embed all kinds of financial derivatives , It can be linked to the interest rate price 、 Exchange rate price 、 commodity price 、 Index fluctuations and entity credit , So that depositors can obtain a certain degree of income while taking risks .

According to Analysys , The reason why listed companies favor structured deposits , There are mainly the following reasons ：

First, the breakeven nature . The essence of structured deposit is deposit , Then invest the income . Most structured deposits have a fixed interest rate range , It can guarantee the minimum income . before , Besides bank financing, the investment method favored by listed companies , It also includes public funds 、 Private equity funds 、 trust 、 Securities trader collective plan, etc , Recently, the stock market fluctuated violently , Even some listed companies have seriously affected their statements due to investment losses , The investment style of listed companies is gradually conservative ,“ steady ” The trend of leading words has become increasingly prominent .

Second, the income is acceptable . From the perspective of internal product types of bank financial management , In addition to structured deposits ,“ Deposit family ” It also covers time deposits 、 Call deposit and other types , Compared with other regular deposit products ,“ structure ” The design types of are more abundant , At the same time, it expands more possible space for product profitability , Therefore, it has more advantages in terms of income .

Third, good compliance . Once the structured deposit market was full of chaos 、 There are many problems , For example, the lack of standardization of product operation management 、 Implement induced sales to customers , Some banks even use settings “ False structure ” The means of , In essence, it is engaged in soliciting deposits at high interest rates , Disrupted the order of the financial industry . In recent years , After a series of regulatory rectification , The structured deposit market has improved significantly , In compliance 、 The authenticity has been significantly improved .

Affected by the general environment such as the rebound of the epidemic , Superimpose factors such as finance and real economy , At present, the loan interest rate is continuing to decline . since this year on , Many banks have lowered deposit interest rates , On the one hand, it aims to comply with the general trend under the policy guidance , So that it can maintain a reasonable interest margin , On the one hand, it also helps to stabilize its deposit cost 、 Optimize the term structure of deposits , Through the adjustment of liability side business , So as to further transmit the impact to the asset side .

According to Analysys , In the short term, against the backdrop of downward interest rates , The slight decline in the yield of structured deposits may continue , However, this trend is still difficult to shake the preference of listed companies for structured deposits in a short time . Under this trend , Listed companies prefer shorter average maturity 、 Small and medium-sized banks with higher interest rates , To try to offset the interest rate loss in the general environment . future , As banks continue to invest in the development of new structured deposits, such as “ Double carbon ” Class related products , It is expected that the attraction of structured deposits to listed companies will continue .

The third-party data and other information cited by Analysys in this article are from public sources , Analysys analysis assumes no responsibility for this . In any case , This article is for reference only , Not as any basis . The copyright of this article belongs to the publisher , Without authorization from Analysys , It is strictly prohibited to reprint 、 Reference or in any way use Analysys to analyze any content published . Any media authorized 、 When using the website or individual, the original text should be quoted and the source should be indicated , And the analysis point of view is based on the official content of Yiguan analysis , No form of deletion shall be made 、 Add 、 Splicing 、 deductive 、 Distortion, etc . Disputes over improper use , Yi Guan analysis does not assume any responsibility for this , And reserve the right to investigate the responsibility of the relevant subject .