Bank interest deviation passively reduced the return on investment in fixed income investment last week to call back

Last week, the market stocks and debt markets were weak, but the macro -funded side still maintained a loose trend. The interest rate deposit interest rate has declined slightly. Affected by this, in the field of solid income investment, pure debt funds and rights containing debt -based investment instruments are compared with the weekly yields compared with the weekly yields compared Last week, it fell, especially a lot of traditional currency funds. The annual level of yields was as low as below 1%during the week.

Some people in the investment community told the reporter of the Daily Economic News that at present, the interest difference between banks is passively low, and compressed tickets are integrated with the income space. In the future, with the further relaxation of monetary policy, it will continue to open the arbitrage space, which is also expected to further alleviate the pressure on the liability of the institution.

Data source: Reporter sorted out pictures of pictures of Yang Jing

Investment portfolio or further adjustment

The yield of solidarity investment declined last week. Taking the short -term pure debt index fund as an example, Wind statistics showed that last week rose 0.05%, a decrease of 0.03 percentage points from the previous week; Last week rose 0.07%, a significant decrease from 0.14%the previous week. In addition, from the perspective of other rights -containing debt -based performance, the yield level of mixed bond type secondary funds rose from the previous week. Wind statistics showed that last week's mixed bond secondary funds index rose 0.59%and closed down 0.55%in the previous week.

Not long ago, the reporter learned from a number of public fund companies that it has received the guidance of the regulatory window, and in the future, the proportion of "solidaries+" product equity investment will be further restricted. In the guidance of the new regulatory window, products with more than 30%of equity investment will not be defined as "solidaries+".

With the new rules, the rights and interests of the second -level funds of the mixed bond type, and the investment portfolio of the so -called "solidaries+" fund may be further adjusted. From the situation of the existing reporters, there are indeed many fund companies. The proportion of equity allocation among its "solidaries+" products is significantly higher than 30 %.

In addition, in the field of solid income investment, the low yield of traditional currency funds has attracted much attention from the industry. Last week, of the 356 traditional currency funds (statistical initial share) of Wind statistics, the average yield was as low as 1.04%, and the attractiveness was significant. Weaken. In terms of quantity, 139 funds have annualized rates as low as within 1%, accounting for nearly 40%.

In addition, the interest rate interest rate also declined slightly last week. According to the statistics of Xingye Securities, last week, the three -month deposit interest rate declined 2BP to 1.53%. Division. The trend of the interest rate deposit interest rate means that the market has not changed its liquidity to maintain liquidity, and it also means that the pressure of the financial system to find assets is far greater than the pressure of liabilities.

Bill fusion income space is pressured

The market conditions of the aforementioned solidarium investment are generally the case, but referring to the current fund's fundamentals, or it is not difficult to discover the cause, mainly the financial institution's bills represented by banks passively decreased, which has compressed its space for integration.

According to a bank insider, the interest margin of financial institutions is getting smaller and smaller, and it is particularly vigilant for the investment community. In the WeChat exchanges with the reporter of the Daily Economic News on September 12, the person said that in general, the monetary policy continues to be loose and it is easy to stimulate the willingness of financial institutions to be widely credit, but there will be a certain stagnation in time, and then bring it Give the bills for bank bills that are relatively abundant arbitrage space, but the current situation is very different. "For example, the interest rate of our project loan was above 4%before. Now because of the central bank's interest rate, we have passively reduced the interest rate to about 2%. For large financing institutions, the bank will ask the bank to sign an agreement interest rate The purpose is to fall to the end. "

Not only that, the person added that it must be reduced to the same as other banks. "And the four major bank interest rates are now falling, from 4 o'clock to more than 2 o'clock. Interest rates in this area. So from this perspective, the interest difference between banks is getting smaller and smaller. In fact, it is not a good thing for banks. "

It can be seen that at present, the interest difference between banks is passively low, and the compressed ticket integration of the income space. In the future, with the further relaxation of monetary policy, it will continue to open the arbitrage space, which is also expected to further alleviate the pressure on the liability of the institution.

In fact, from 2019 to the present, the bond market has entered the industry's short -bear pattern, the key to supporting this logic is that the interest difference between continuously wide credit environments is opened. According to the research and analysis of CICC's income, as the real estate and infrastructure stimulus economic models have shifted to rely on specialized specialized in specialization and green investment, for financial institutions, high -interest assets are scarce and high interest rate interest rates have gradually declined. Under the circumstances of the monetary market interest rate and interest rates and bond interest rates, the liabilities of financial institutions have a slow downward interest rate down, causing interest differences in financial institutions to compress.

Therefore, China Golden Harvest Studies believe that monetary policy needs to relax and guide low interest rates such as the interest rate of currency market to reduce the liability cost of financial institutions to open up interest margins and stimulate the willingness of financial institutions to wide credit. It is expected that the central bank's monetary policy will be relaxed, and the length of the relaxation time will be prolonged, resulting in the extension of the bond bull market.

The yield or shock of the bond market

The China -EU Fund publicly stated that for the bond market, the stable growth policy increased, and its strength was not significantly exceeded. The social merit in August was better but the sustainability remains to be observed, and the economy has maintained a long time at the bottom. The market expectations of the market in January and May are more optimistic than now. Therefore, after the interest rate bottoming out, it has caused great adjustments due to Wuden's concerns. The current expectations have changed significantly, and the interest rate adjustment is expected to be smaller. The capital side has recently paid a high degree of attention, and the center may rise. At present, it is judged to return to the level in June. In the middle of the interest rate, it will still fall down, and the densely promulgated construction period of the construction period may disturb the interest rate. It is recommended to wait and see temporarily. If there is a significant adjustment, you can choose to buy it, and the leverage level maintains neutrality. Huang Haifeng, Boshi Fund, publicly stated that if there are no special government bonds in the second half of the year, more wide fiscal policies such as special government bonds and the reduction of deficit rates have been introduced, and the economic short -term action is insufficient, and it will be gradually repaired and moved closer to the epidemic. Monetary policy is necessary to maintain a certain amount of relaxation to protect the economic recovery.

Generally speaking, the fundamentals do not support the significant upward rate of yields, and monetary policy will not take the initiative to tighten, which restricts the adjustment of the bond market adjustment. If there is a significant adjustment of the market over expectations, a better configuration and trading opportunities are provided, which can actively participate in the band market.

Wang Shiqian, the Penghua Fund, publicly stated that in terms of the bond market, in the second half of the year's economic fundamentals gradually improved, the bond market yield may show a trend of shocks. In terms of rhythm, short -term economic restoration may be relatively slow, monetary policy will still maintain a relatively loose tone, and the yield of the bond market may maintain a narrow range of shocks. As the economic upward trend gradually clarifies, the loose monetary policy may converge margin, and the bond market revenue may be converged. Rate may also go up.

Daily Economic News

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