Adapting To The "New Normal" Is The Most Obvious Feature At The Moment.

At the end of 2014, 70% of China's residents' wealth allocation was still real estate, accounting for 18% of deposits and currencies, and the proportion of financial assets gradually increased. Among them, the proportion of bank wealth accounts for 3.5% of the total wealth of the residents was equal to that of the stock, compared with other assets, such as the Fund (0.8%), insurance reserve ratio (2.6%), etc.

Investors' attachment to high yield is particularly prominent in the P2P industry after the stock market adjustment. Some P2P platforms attract investors with high returns.

Near the end of the year, under the influence of the central bank's interest rate cuts and operating pressure, some P2P platforms lowered the target interest rate, while the problem platform's "run away" events rose sharply.

Founded in 2014, the e rented treasure now exceeds 70 billion yuan, creating a history of industry growth.

At present, the annual yield of 6 of its products is 9%~14.6%, and the discussion on its innovation and risk has never subsided.

Investors' attachment to high yield also makes it harder for them to give up the old mode.

"Transformation has broken through, but innovation and pformation will take time and cost. It is not easy to get rid of the original way."

The chief executive of the commercial bank said that the high yield of financial products mainly came from non-standard assets. After the regulation of the non-standard assets pferred by the China Banking Regulatory Commission (CBRC), the receivables investment became an alternative to buying and reselling financial assets, becoming a new favorite of "non standard" diversion.

The three quarterly report in 2015 showed that when the listed banks, especially the joint-stock commercial banks, were offering bonds, the enthusiasm for non-standard investment remained high, and the proportion of accounts receivable investment continued to rise.

In the three quarter, investment in listed banks receivables amounted to 8 trillion and 200 billion yuan, an increase of 2 trillion and 500 billion yuan compared with the beginning of the year, an increase of 79% over the same period last year, and the growth rate was much higher than that of loans.

Societe Generale, once known as the "king of the same industry", had a slight decrease of 0.5% in the three quarter, while the proportion of accounts receivable investment increased by 5.4%.

Non standard temptation is not only in banks. Data show that in the first three quarters, non-standard businesses of fund subsidiaries accounted for 34.3% and 65.7% of the scale of active management business and channel management business respectively.

"Non standard assets are the only ones that can be similar to loans in terms of the cost performance of investment return. If we can not increase the loan delivery, we may have to increase the rate of return on assets by increasing the non-standard way."

Qi Sheng, a researcher at Huachang securities, believes that

Investors and financial institutions are just like China.

The reflection is suffering from the pformation of "steady growth" and "crowded bubble".

From the macro environment, under the background of risk-free interest rate, asset price down and product supply differentiation, wealth management institutions, including banks, trust companies, third party financial companies, and so on, are facing growing investment groups. The idea of providing wealth diversification and global allocation is also shaping up for customers.

"

The high yield is over. "

Talking about investment in 2016

In the trend, Wang Guogang, director of the Financial Research Institute of the Chinese Academy of Social Sciences, pointed out that with the decline of the benchmark interest rate of deposits and loans, the interest rates of various securities and funds are in the downward process.

In the next period of time, financial investment will be in a downward trend, and investors should change the expected level of return on investment.

The report of China private banking 2015 released by BCG and Industrial Bank pointed out that the investment scope of high net worth customers is expanding from cash management and fixed income products to diversified development.

Including PE and overseas markets.

In addition to continuing to deeply cultivate traditional investment areas, domestic wealth management institutions have begun to actively seek opportunities for cooperation in the capital market, including PE investment, private placement, mergers and acquisitions, new three board investment and quantitative hedging, and seek new development.

For individual investors, it is difficult to adapt to asset recovery and rectify asset allocation.

"In the past five years, the marginal return on assets has been very high, but the high marginal rate of return is accompanied by high risk and high bubble. We must adapt to the trend of low potential return on investment."

Founder Yang Yang Wei also pointed out.

Wang Guogang also suggested that investors could pay more attention to the establishment and operation of the related bond products and the carbon emissions trading system under the coordinated development of infrastructure, pformation and the coordinated development of Beijing, Tianjin and Hebei.

But for Internet financial investment, we need to be especially cautious and pay close attention to the regulatory policy trend.