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    [Decryption] Trust threshold dropped to 10,000: 8,000 institutional dangers Anxin Trust 8 days 7 boards

    2019-02-27 09:47:45

    Financial sector websiteUp

    Interpret the market focus, uncover the secret behind it, the financial industry "decryption", and see the people and things in the Chinese capital market.

    A-shares in the spring, financial stocks swayed across the board, and trust stocks were eye-catching.Anxin Trust8 days and 7 boards, the stock price doubled and became the leading financial stock.

    Yesterday evening, the trust stocks were welcoming. It is reported that the “Administrative Measures for Trust Funds Trusted by the Trustee of the China Insurance Regulatory Commission” has ended the consultation stage for the provincial banking regulatory bureaus. The “Measures” stipulate that trust companies can face non-specific The public issuance of public trust products, the starting point of subscription is only 10,000 yuan, and the trust products can not participate in the repurchase will also be released.

    Where does the trust industry go?

    Once the news came out, the industry was boiling.Haitong SecuritiesAnalysis, the new regulations have greatly reduced the threshold of trust investment, and it is expected to increase the source of direct financing of social financing, and also help reduce the cost of financing.

    Tianfeng SecuritiesIt is said that the trust trusts of the trusts are all privately funded. The new rules of the assets management will manage all the assets management business. If the funds are in compliance with the regulations, they can be issued by public offering, which means that the trust will be with banks, brokers, funds and futures. It is good for the trust company to develop its business by competing on the same "starting line".

    However, a senior industry insider expressed concern about the financial industry's "decryption". He believes that opening the threshold is conducive to scale, and short-term is good, but in the long run, financial institutions are less differentiated. In the homogenization competition, trust The company's talent pool and capital do not have advantages.

    "The threshold is expected to have some restrictions after it is released, such as investment."

    As of the third quarter of 2018, the size of the fund trust was approximately 19.5 trillion yuan, accounting for 84.24% of the total size of the trust industry.

    8,000 financial institutions

    Several happy families, in the face of new regulations on trust, the third-party wealth management industry is in turmoil, many industry insiders said that the industry may be seriously affected.

    In the past, according to relevant regulations, the threshold for the subscription of trust products was at least 1 million yuan, and it was not privately advertised. The trust company mainly sells products to specific high-net-worth customers through third-party wealth management institutions, and then the third-party wealth management company. From the acquisition of the rebate, the two sides form a symbiotic relationship.

    Once the trust company can issue public offerings and the threshold is reduced to 10,000 yuan, the fundamental significance of the third-party wealth management institutions will be shaken. An industry insider in Beijing said that if the news is true, the sales model of future trust products is likely to be similar to the current public fund, and can be subscribed through the network channel. The trust company will directly benefit from it, and the value of the third-party sales organization will be greatly increased. reduce.

    According to the above-mentioned person, including the well-known third-party wealth management institutions such as Noah, Yipai and Hengtian, the trust product sales business is the pillar of the whole industry, and this change will have a profound impact on the industry. For example, in the end of 2017, the value of its fixed products was 35.5 billion, accounting for 62%, most of which were confiscated trust products.

    So how many third-party wealth management institutions are there in China? According to statistics, its development has experienced the germination period from 1997 to 2004, the formation period from 2004 to 2006, the development period from 2006 to 2014, and the transition period from 2014 to the present. By the end of last year, the number of various third-party wealth management institutions in China had exceeded 8,000, and only a thousand were established in 2011.

    Some third-party wealth management institutions, such as Hengtian Wealth, rely on central enterprises, and the relationship with Zhongrong Trust is closely related to the “Zhongzhi System”, or there is room for manoeuvre, but it is seriously affected by most small and medium-sized third-party wealth management institutions. It is inevitable.

    Some people in the banking industry have expressed similar views. In the past, banks have sold a lot of wealth management products including trusts. However, the scale of related businesses has been greatly reduced after the implementation of the new regulations. The purpose is to reduce the channel fees generated by bank sales and reduce the channel costs. Financing costs, whether in the future, whether it is bank financing or third-party financial management, there will be less and less, and small and medium investors need to improve their recognition ability.

    P2P is going to be cool

    The enthusiasm of trust products has also attracted the attention of the public fund circle.

    The financial sector "Decryption" saw a paragraph late at night. "The public fund managers studied the Fed rate hike and predicted the growth rate of China's real estate investment, tracked the sales of passenger cars, calculated the EBITDA of the company, and confirmed the monetary funds. Was not misappropriated, analyzed the willingness of the real controller to pay debts, and then bought a three-year unsecured bond yield of 3.5%. The trust manager issued a public offering trust, the asset mortgaged realtor guarantee, eyes closed 8%."

    The general meaning is that the same is the same, the income of the public fund manager after a fancy operation is still dwarfed by the trust.

    Others say that P2P may be "cool" this time. If the threshold is civilian, investors will naturally choose a lower-risk public trust product if the yield is close.

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    Editor in charge: Robot RF13015

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