Chinese Economic Net Beijing on April 1st news (reporter Zhang Jie) in recent years, ledger blade with the rapid development of the public fund industry, anchor socket the fund’s fund number increased rapidly, which has many products toward the hundred mark, but in the pursuit of speed and quality as ever? Recently, the mainland fund companies fund 2015 annual report released intensive, the public fund industry last year’s overall profit fund case surfaced. From the statistics, the large fund companies with a number of natural advantage at the top of the list of total profit. However, China economic network reporter made another statistics, last year’s orders only if the calculation of the profits of the fund, in accordance with the Oriental Wealth CHOICE data shows that from Shanghai Industrial Global Fund in the first row. Xingquan post Chinese include three In the past, the mainland issue raised funds to implement the each year is rationing, each only five precious issued indicators, then in order to encourage innovation, innovative products fund does not occupy the 5 issue of the quota, and then later with the new fund issue approval system, and the new base as the emerged like bamboo shoots after a spring rain out. Statistics from the wind information, the number of local mainland fund companies fund significant differentiation: five fund companies fund has more than 90, they are: GF fund 95, boshijijin 93, Peng Hua and yifangda each 92, South 90. At present, the size of the top two row Celestica and Huaxia Fund seems to be just a little bit worse, only 47 and 65 respectively. Earlier, a famous mainland fund analyst once publicly initiative: “the issue of the new fund actually should also engage in a supply side reform.” Fund industry of Chinese economic network reporter said, in fact the issuance of new funds rate also reflects the different ideas of different fund companies, some fund companies pursue the issuance of new funds rate, the profit model mainly rely on multiple products to charge a lot of management fees, it is likely to cause the consequences of its products is uneven in quality; some fund companies in pursuit of a good reputation, to a fight, in the case of limited manpower on the development of new products one by one, to avoid the loss of a large number of shares opened after the Domino effect caused by the vicious spiral. In the fund only the number of uneven background, the fund’s Fund last year all profits significantly differentiated. Statistics from Dongcai CHOICE data showed that as of the end of last year, the mainland fund companies in accordance with the total profit in the first row is the Huaxia Fund, in the year of the profit amounted to 49 billion 937 million 590 thousand yuan, while in second place is the harvest fund company, total 47 billion 281 million 60 thousand yuan in profits; and the “3” prefix the fund company has a total of 3, according to the total profit ranking are huitianfu fund, GF fund and the Yi Fangda foundation, in 2015 three the total profits were 38 billion 731 million 120 thousand yuan, 35 billion 716 million 570 thousand yuan, 32 billion 475 million 180 thousand yuan, total profit from the time point of view, China, Castrol, huitianfu, GF, Yi Fangda ranked in the top the position of five. Statistics reporters got TX Irving also showed that the Huaxia Fund to the overall profit of 50 billion 900 million yuan last year to become the most profitable companies; Castrol, Hui Tianfu, GF efund’s overall profitability of the fund are also more than 30 billion yuan, ranking, a total of 28 companies fund total profit of more than 10 billion yuan, the top five ranking did not change, but the specific figures are different. But surprisingly, if in accordance with each company’s single average profit fund to count, in the first row is Shanghai Xingquan fund. CHOICE data show that as of the end of last year, a single fund Xingquan fund’s average profit for 1 billion 129 million 970 thousand yuan, and ranked second in the post fund, the fund’s average profit orders for 939 million 140 thousand yuan; in third place is the Huaxia Fund, its average profit for the fund’s orders 876 million 100 thousand yuan; ranked fourth and fifth respectively huitianfu and jiashi. At the same time, the reporter noted that in the list of sixth to tenth is Baode Everbright trust fund, Celestica fund, Chinese fund, central fund, lion fund. The removal of Celestica fund in recent years has been ranked the forefront of the company, and a few other also rarely appear in the list. Interestingly, Xingquan and Baode Everbright letter is the list below the banner in the least number of funds, only 16 and 18 respectively. Nine companies only fund average income is negative Coincidentally, Wande statistics also confirmed that Xingquan fund got the ranking champion. The statistical results showed that the year 2015 Xingquan fund companies fund holders earn income accumulated 18 billion 78 million yuan, average Dan Zhi fund profit 1 billion 63 million yuan, in the 103 comparable companies ranked first, profit is the only one to two digits of the Dan Zhi fund fund companies, the industry average is only 266 million yuan. In an interview with reporters in the network, the fund insiders pointed out that in fact the statistics also considered unsuitable places, for example a fund company set up two new funds at the end of this year, the two funds are not actually play any role, it will also be added to the denominator in statistical problems. But as any statistics have biased place, ignore the new fund, a matter of time, in a single fund average return this list of nine fund companies is negative, they are the Central Plains, Hua Runyuan stone fund fund, Wells Fargo fund, Jiutai fund, Penghua Fund, Anxin fund, Fu Anderson the fund, the financial fund SWS mu fund. It is worth noting that the establishment is not long the new wal fund in this list have achieved a positive return. Specifically, these nine companies, in which the rich Penghua and seniority, the two companies are respectively 86 and 66 funds, only 1 fund and Nakahara Eshi. Chinese economic network reporter also noticed a little, and Nakahara Eshi set up similar to the time of Hongta red clay in the negative income list, how does Hongta laterite in the negative list of? According to relevant statistics, last year Hongta clay is one of the fastest growing management fee income fund companies, the company’s total of 3 fund products, fund management after the adjustment of the share of the total 2 billion 25 million, management fund total assets management 2 billion 163 million yuan, the total cost of 25 million 350 thousand yuan last year, management fee has achieved more than 6000% growth. However, in 2015 the company’s funds are shrinking the size of the state, the new fund management fee rate lead to two fierce, resulting in the Domino effect high is the direct cause of the total profit from negative list company. Three the cost of exposure At the same time, statistical data from choice also exposed the custodian fees, fund management fees, maintenance fees for customers. Fund custodian fee, refers to the fund custodian custody and disposal of assets of the fund to fund fees. For example, the bank for safekeeping, disposal of assets and the cost of extracting trust fund. Custodian fees usually according to a certain proportion of the net assets of the fund extraction, at present is usually 0.25%, daily cumulative provision, paid monthly to the custodian. This fee is paid from the fund assets, shall not be charged to investors on the other. From the statistical results, custodian fees Celestica, China, Yi Fangda three giant fund companies in the top row, which topped the Celestica fund reached 5 billion 698 million 280 thousand yuan. But from the actual management fees, but also a strong scene. Branch of view, there are 33 companies management fees more than 500 million yuan, more than 15 companies more than 1 billion yuan, of which, Yi Fangda fund, Huaxia Fund, ICBC Credit Suisse, five companies Celestica fund and harvest fund management fee income of more than 2 billion yuan, respectively 2 billion 565 million yuan, 2 billion 398 million yuan, 2 billion 244 million 2 billion 180 million, Yuan Yuan and 2 billion 120 million yuan. The five companies total management fee income reached 11 billion 500 million yuan, accounting for the total fund management fee income 24%. Wells Fargo fund huitianfu fund, the South Fund and GF fund management fees are more than 1 billion 500 million yuan. The management fee income of the top ten companies totaling 19 billion 540 million yuan, accounting for 41% of the total fund management fee. In contrast, there are 42 management last year, management fee income of less than 100 million yuan, of which, there are 13 management fee income of less than 10 million yuan. If you look at the fund customer maintenance fees, actually spent last year the highest two is two yifangda and huitianfu, which reached 448 million 170 thousand yuan, while the latter is reached 433 million 630 thousand yuan. Of course, that fund expenses, we have to mention the sales service fee in the end of the commission. From each company trailing commissions management fees accounted for the proportion of small and medium sized companies, and the new company was significantly higher. Among them, Jiutai 22 million yuan fund management fee income, pay up to 14 million channel trailing Commission Yuan, accounting for up to 61.58%, the highest among all fund companies. Founder Fubon fund, Fu Anderson fund and a jinhexin fund proportion of the end of the Commission were also more than 50%, means that half of the management fee to the channel. In larger companies, the Chinese fund, Wells Fargo fund, lion fund and ICBC Credit Suisse Fund Commission end higher proportion. 2015 has passed, the stock market in 2016 will each fund company amidst the winds of change, all along the way!
Washington “Securities Daily” the reporter was informed that the foreign exchange bureau said on the 31, 2016, China’s capital and financial account deficit will continue to show that cross-border capital flows are expected to stabilize the overall. In March 31st, the national foreign exchange bureau issued the “China international financial report 2015”. The “report” pointed out that, on the one hand, the domestic macroeconomic and financial environment more complex. The pace of global economic recovery is still slow, emerging economies are facing multiple pressures of economic development. The major economies monetary policy continues to differentiate, uncertain factors to further increase, the international financial market may be repeated shocks, the market sentiment is undulating, will exacerbate the short-term volatility of international capital flows. The “report” said that China’s economy into the new normal in the development of the domestic economy, energy conversion process, the inevitable emergence of a slowdown in economic growth and other issues, the market may be sustained attention, promote the structure within the body of foreign assets and liabilities continue to adjust. On the other hand, the “report” pointed out that the factors of the smooth operation of China’s international balance of payments support still more. In 2016, China’s economic growth target of 6.5% to 7%, in the world still belongs to the high growth rate, the economic structure will be further optimized, the prospects for economic development is still good, especially long-term will continue to attract foreign capital inflows. (Fu Suying Securities Daily)
[introduction] central bank survey questionnaire showed that a quarter of the proportion of urban residents tend to save higher income sentiment index than the last quarter rose 0.9 percentage points. Voice of the economy “CNR Financial Review” bring the interpretation of data: two “rise” to disclose what information? CNR net Beijing on April 1st news reports according to voice of the economy “CNR Financial Review”, to save money or investment? The income did not rise up? Prices and prices? Yesterday, the central bank survey of urban depositors report published in the first quarter of 2016, to provide a reference index to care about these people’s problems. According to the survey results, the savings will rise, investment and consumption will decline. Income sentiment index than the last quarter rose 0.9 percentage points. 79.6% of the residents believe that the current income increased or unchanged, compared with the previous quarter, an increase of 1.2 percentage points. People purse money, but no money ideas are on the rise, why these two seemingly contradictory “rise”? First of all, people earning more, but tend to save more residents accounted for 44.1%, compared with the previous quarter, an increase of 2.1 percentage points; tend to more spending accounted for 20.3% of residents, compared with the previous quarter, down 0.5 percentage points; tend to invest more residents accounted for 35.6%, compared with the previous quarter, down 1.6%. Why not invest more money? Minsheng Bank chief researcher China Wen Bin believes that this is because of the decline in investment income, so we simply choose to save money. Wen Bin: there are two main reasons. First, in June last year, the stock market volatility, so a lot of individual investors in the stock market did not make money, for safety, many people choose to return to the bank or financial management. In addition, last year a lot of P2P appeared a lot of financial credit default, which causes a lot of individual investors began to pursue a relatively safe investment. More money, consumption will decline and the current high prices feel about, 52.7% of residents believe that prices high, it is difficult to accept, compared with the previous quarter increase of 1.7 percentage points. For the future price expectations, 24.8% of the residents are expected next quarter prices will “rise”, 51.6% of the population is expected to basically unchanged, 11.9% of the residents are expected to decline”. Wen Bin said that the price rise is only a temporary phenomenon. On this topic, the State Council Development Research Center researcher at the Institute of finance Wu Qing makes an analysis and interpretation. Voice of the economy: income, 79.6% of residents believe that the current income increased or unchanged, compared with the previous quarter, an increase of 1.2 percentage points. But the future income confidence index was 48.4%, down 0.7 percentage points from the previous quarter. These data reflect the income of residents, what kind of situation? Wu Qing: 79.6% of the residents believe that the current income increased or unchanged, this and other macroeconomic data is relative. In addition, our new employment is still relatively stable, there are tens of millions of new jobs each year. As for the first quarter of the future income confidence index compared with the last quarter fell by 0.7 percentage points, which means that some residents have expectations for the future of this decline, and our future to the reform and restructuring are closely related. Voice of the economy: price is a common topic of concern, 50.7% of residents believe that the current price is high, it is difficult to accept, a decline of 1.3 percentage points compared with the previous quarter, prices for the two quarter, 17.6% of the residents are expected to rise, 52.1% of the population is expected to basically unchanged “. Ready to buy housing in the next 3 months the residents accounted for 13.6%, compared with the previous quarter, down 1.1 percentage points. Why do you think that the high prices to buy fewer people, fewer people? Wu Qing: from the point of view of macroeconomic data, a quarter of the city several major housing prices still rising. The people’s Bank of Chinese in 50 city of twenty thousand objects were investigated, so it shows that the average across the country, including the view that prices “high, difficult to accept” the proportion of residents is 50.7%, this data is compared with the last quarter fell, this reflects our urban residents homeownership rate is quite high that has reached more than 70%, some city even reached more than 80%, most of the residents, especially Never mind and now the prices of the depositors in a bank account. But in other ways, such as getting ready for the next few months the proportion of residents declined, reflecting in addition to the need to pay housing prices for this part of the view, they may still think that high prices. Voice of the economy: employment, 11.4% of residents believe that a quarter of the employment situation is good, easy “, 43.5% of the residents believe that in general, 45.1% of the residents believe that the situation is grim, difficult job or not allowed to see”. The future employment expectations index was 44.8%, down 0.5 percentage points from the previous quarter. What explains this feeling? Wu Qing: because people are filling towns depositors, they feel for employment is likely to come from their next generation, just graduated students of this generation, so they feel more real, only a small number of people think that the situation is good, easy to industry, but more people feel is the general or serious situation, it reflects the real situation of the employment of the city. In the job market, and college graduates in general or oversupply, but in the low-end market, such as supply and demand of migrant workers in the market actually is more balanced, even demand. The difference is Chinese opportunities of economic transformation from the labor market, we used to use a lot of migrant workers, and in the process of economic transformation in the future, we need to rely on more, graduated from secondary school students to support our management of industry, development of industry or have actually hit the labor base is quite broad.
Experts said that the RMB exchange rate will remain short-term small two-way fluctuations Trainee newspaper reporter Su Shiyu In March 31st, according to the latest China foreign exchange trading center data show that the RMB exchange rate against the U.S. dollar reported 6.4612, compared with March 30th 6.4841 price rose 229 basis points. Insiders pointed out that the exchange rate is still supported, the dollar rebound is the main risk, even if the dollar exchange rate, there is little possibility of rapid depreciation of reproduction. At the same time, some research institutions of the data also show that the capital began to return Chinese market. Ying Tai Futures Institute deputy director Su Kunquan believes that the devaluation of the yuan is expected to significantly dilute the U.S. economic fundamentals are not expected, but Chinese economic growth also has some support, this is the RMB will not be a basic factor for the continued depreciation of the over a long period of time. In addition, the central bank over a period of time of operation also allow the market to realize that the central bank for RMB management is reasonable and expected pricing range, rather than depreciation. “The short-term RMB exchange rate will remain small two-way fluctuations.” Renmin University of China International Monetary Institute researcher Zhang Chao told the “Securities Daily” said in an interview with reporters, the background in the domestic reform under the external conditions should be kept stable. If the central bank chose independent monetary policy and fixed exchange rate, we should abandon the free flow of capital. So, you can choose short-term compromise, is transferring part of the independence of monetary policy and the free flow of capital. The long term, the RMB exchange rate depends on the China economic prospects can be improved. Investment adviser macroeconomic researcher Ma “Securities Daily”. In an interview with reporters, exchange rate fluctuations will affect China’s economy to a certain extent. First of all, the fluctuation of exchange rate is the most direct impact on the China’s import and export trade; secondly, the exchange rate fluctuations will affect the market for currency investment is expected to accelerate capital inflows or outflows, thereby affecting the domestic economy; finally, the exchange rate fluctuations will affect a country’s monetary policy, the final impact on economic trends. About the impact of exchange rate fluctuations in the foreign exchange, think horses away, people affected by exchange rate fluctuations of the RMB exchange rate appreciation is expected to influence foreign exchange, foreign exchange, and the willingness of banks of foreign exchange business. If the market for the RMB exchange rate devaluation expected strong exports for foreign exchange business will decline, the import enterprises to speed up the purchase of foreign exchange, foreign exchange bank net decline. If the exchange rate fluctuates frequently, it will lead to the banking exchange into a wave of dynamic potential, to avoid exchange rate risk, forward foreign exchange business may increase. Securities Daily
The Securities Times reporter Mei Wan Since May 1st, cast in ferrules replacing business tax with value-added tax(VAT) pilot industry began to expand to the construction industry and real estate industry, wavy tail anchor financial services and life, all existing business tax payers will all change vat. The financial sector accounting complex, and no experience. For the banks, replacing business tax with value-added tax(VAT) is good or bad, the industry view is not unified. Ernst & Young indirect tax partner Zhou Haoyu believes that manufacturing and production enterprises in replacing business tax with value-added tax(VAT) benefit more, banking industry tax burden will be reduced, but the overall impact is limited. Haitong Securities banking analyst Lin Yuanyuan believes that the measure, replacing business tax with value-added tax(VAT) banks after tax pressure or slightly increased, the tax burden of listed banks increased by 1 percentage points, the profit growth rate fell 2 percentage points. The bank does not increase the tax increase? The executive meeting of the State Council on the deployment of replacing business tax with value-added tax(VAT) to expand the pilot said, this year is expected to reduce the corporate tax burden of about 500000000000 yuan. The five major industries included in the pilot, the financial industry is concerned, the financial industry business complex, diverse products, whether the bank as the representative of the financial industry can reduce tax burden in the camp changed to increase in the process? Zhou Haoyu believes that the banking sector, including fixed assets, real estate and many other business can be deductible, it is the burden of the whole industry, but to the 6% of the value-added tax is not a big change from the 5% sales tax, from this point of view, replacing business tax with value-added tax(VAT) the impact on the banking industry is neutral. Lin Yuanyuan believes that the measure, if the financial bonds included in the output part, listed banks are expected to tax will rise 1%, profit growth rate fell 2 percentage points, according to the “financial bonds in state-owned banks, the tax burden will rise by 0.9 percentage points, the bank shares tax will rise by 1.6 percentage points.” Lin Yuanyuan said that the state-owned banks increase in tax burden is low, or from the incremental tax resale purchase less, real estate tax deductible input tax burden increased more; bank shares, or due to resale more; city commercial real estate purchase less deductible items. At present, the Agricultural Bank, China bank, industrial bank and Bank of Ningbo tax increment. A number of controversial rules As one of the world’s first batch of value added tax on the financial services industry in the country, the domestic banking industry replacing business tax with value-added tax(VAT) not much experience. Zhou Haoyu said that the pilot program of replacing business tax with value-added tax(VAT) in bank income types have defined a lot, but there are a lot of business, products are not included in the products are innovative, and whether there will be rules to regulate? At present, the scheme has indeed solved a lot of questions, but also left a lot of doubt. Zhou Haoyu, for example, in the declaration, bank, insurance and other institutions are consolidated tax payment, or in accordance with the provincial branch / subsidiary to pay taxes? File replacement is not clear; buy bonds, bonds may be sold, how much is the price, what is the interest rate is also very worthy of discussion, because of the difference between the interest and value added tax treatment method is not the same, the latter cannot use the value-added tax; tax on our current plan to continue to explore the interest income, but other institutions such as the central bank issued bonds in the exemption range, this is also a problem. The income of domestic banks is still the largest interest income in recent years, commercial banks Chinese net interest income accounted for the proportion of revenue has remained above 70%, but this time replacing business tax with value-added tax(VAT) scheme, the interest is still non deductible. PWC China central tax business partner in charge of Li Jun that, from a technical point of view, the input tax loan interest expenses shall be deducted, in order to ensure the integrity of the VAT chain, reduce the cost of vat. But from the revenue perspective, if replacing business tax with value-added tax(VAT) after the deductible, in the short term impact of fiscal revenue is too large, may need to defer. Similar to this controversy has in fact is not the technical level can be determined, but in a more macro level to grasp. In addition, the system will also change the bank cost a lot of manpower and material resources. A listing of shares for the Ministry of science and technology, told reporters, “we may have about 15% of the system need to make corresponding adjustment according to the rules, a huge project.” Lin Yuanyuan believes that replacing business tax with value-added tax(VAT) short transition time forcing banks to invest more resources in the system, but the system cost can be amortized, the current impact is limited.”
CNR financial network April 1st news (reporter Lu Jing) industrial and commercial bank, formwork clamp construction bank, halfen frimeda bank Chinese, agricultural bank, Bank of communications and other five major state-owned commercial banks all published 2015 annual results, the overall net profit of state-owned big firms growth is slowing down, the NPL ratio and amount of loans continued to double up, net interest margin narrowed further, bank profitability is tested. China Construction Bank net profit growth was significantly narrowed only slightly by 0.28% The big five banks net profit growth continues to narrow, single digit growth from 2014 fell to zero”. The largest increase in net profit Chinese bank is only 1.25%, compared to 8.08% in 2014 fell significantly; followed by the bank net profit increased by 1.03% year-on-year, while the Agricultural Bank (0.7%), (0.5%) industrial and commercial bank, Construction Bank (0.28%), net profit growth is below 1% collective. Bank profits into growth difficult, “the new normal” Bank of China President Chen Siqing expected 2016 profit Chinese bank will stabilize at the level of 2015. “Impossible in times of economic downturn, but also to support the real economy, lower interest rates, as is the last year the central bank cut interest rates five times, at the same time, the risk is also increased under the condition of high bank profit is still growing, this is not normal.” Chen Siqing in the annual results conference says. CCB President Wang Zuji held yesterday at the results released on 2016 said CCB’s goal is to strive for positive growth, but in this year’s business situation facing many uncertainties, the challenge is great. “The pressure of the economic downturn, structural reforms coupled with this year’s supply side, to inventory, production capacity is bound to reflect the banking liabilities side, have a certain impact on the quality of assets, asset impairment will affect spending, will directly affect the growth rate of profit.” Wang Zuji analysis. Bad to double up the bank non-performing rate is the highest 2.39% The quality of loans, non-performing loans amounted to five yuan for 745 billion 411 million, among them, the bank non-performing rate in the five line first was 2.39%, an increase of 0.85 percentage points, non-performing loans amounted to 212 billion 900 million yuan. The remaining four non-performing rate as follows: the bank non-performing rate of 1.58%, an increase of 0.39 percentage points, the balance of non-performing loans 165 billion 980 million yuan; bank non-performing rate of 1.51%, an increase of 0.26 percentage points, non-performing loans amounted to 56 billion 206 million yuan; the bank non-performing loan ratio was 1.5%, up 0.37 percentage points over the previous year, the balance of non-performing loans 179 billion 518 million yuan; Bank of non-performing rate of 1.43%, an increase of 0.25 percentage points, the balance of non-performing loans 130 billion 897 million yuan. To capacity went on, I feel 2016 non-performing loans will increase, but the overall is controllable.” The bank risk management director Song Xianping said, in the province of eastern coastal areas and some bad resources accounted for about 80% full line of non-performing, manufacturing and wholesale and retail industry overcapacity more enterprises accounted for about 80% of the new bad. Chinese bank chief risk officer Pan Yuehan said, deal with bad double up, Chinese bank in accordance with the centralization, marketization and specialization principle, strengthen comprehensive risk management, risk monitoring and early warning, actively repaying does not comply with the direction of macro-control and industry customers, strictly control the occurrence of new non-performing assets of enterprises, and actively introduce a comprehensive solution to bad plan. In 2016, China’s banking asset quality situation is still not optimistic, the study of international financial Chinese Bank expects non-performing loans continued to double up, listed banks non-performing loan rate will reach about 2%; although the local risk has been exposed, but the overall risk control. The net interest margin decreased 26 basis points, the largest decline of Agricultural Bank of China The traditional interest income still accounts for about 70% of the income of banks, ICBC governor Yi will fill that asset quality and spreads will be two important factors that influence profit in 2016. In five lines, the bank’s net interest margin the largest decline, down 26 basis points compared to last year, reaching 2.66%. Bank asset liability management department director Li Yun said, the bank margin narrowed slightly is mainly related to the Bank adjustment loan customer structure, bank loans accounted for large enterprise customers last year increased, this kind of customer risk is relatively low, the corresponding income is low; secondly, in the product of high cost debt (such as deposit agreement, tired structured deposit) is relatively high, hindering the decline in the cost of debt. The other four lines of the net interest margin also decreased obviously, ICBC’s net interest margin of 19 basis points, to 2.47%; China Construction Bank net interest margin was 2.46%, down 0.15 percentage points; the bank’s net interest margin fell 13 basis points to 2.12%; the bank net interest margin was 2.06%, down 11 basis points. A governor is expected in 2016 net interest margin has narrowed trend, easy to be full of net interest margin is expected to 2016, ICBC will also narrowed 20 basis points, the bank governor Peng Chun pointed out that there is still a narrowing trend this year, because the central bank repeatedly cut interest rates will continue to emerge a greater impact, magnitude of asset pricing downward than liabilities decline, but the material the overall net interest margin than expected trend is still good. Chen Siqing pointed out that China Bank net interest margin also will drop, but will try to make the net interest margin decline. “In the net interest margin narrowed at the same time, can not completely rely on interest income to live, we should further expand non interest income.” Chen Siqing said that the report shows that in 2015 the bank non interest income in operating income increased to 30.65% per cent. 2016 as a whole, our downtown pressure on the economy sustained, the banking industry is still facing great challenges, the study of international financial China bank analysts believe that China has proposed to strengthen the supply side reform and innovation, harmony, green, open and sharing “five major development, has brought opportunities for structural China banking business, be to resolve pressure is an important opportunity. For the first quarter of 2016 the bank performance, the study of international financial China Bank expects listed banks net profit year-on-year growth of about 2%, assets and liabilities will be increased by 13% and 12.5% respectively, the rate of bad loans will rise slightly to around 1.65%.
Chinese Economic Net editor’s note: Recently, Merchants Bank (3698.HK) annual report released in 2015, steel chamfer the bank achieved net profit of 6 billion 212 million yuan, an increase of 9.44%. The rise of non-performing assets, as of the end of 2015, the merchants bank non-performing loans amounted to 2 billion 398 million yuan, increased 571 million yuan over the previous year; non-performing loan rate of 0.98%, 0.15 percentage points higher than the previous year; NPL coverage ratio was 250.49%, than last year fell 4.78 percentage points. Merchants Banking Company non-performing loans incremental mainly concentrated in manufacturing, real estate, business and service industry three. Executive pay, compared to the 2014 annual report and 2015, executive pay little change, no increase or decrease. In addition, the A shares listed on the progress, President Wu Xuemin said in a results briefing is now actively promoting. Merchants Bank net profit 6 billion 212 million yuan executive pay little change The bank’s annual report shows that as of the end of 2015, the bank’s total assets reached 636 billion 131 million yuan, compared with the end of 2014 an increase of 31.77%; net profit of 6 billion 212 million yuan, compared with the end of 2014 to 9.44% growth. Total customer deposits 359 billion 225 million yuan, growth 41 billion 355 million yuan over the previous year, an increase of 13.01%. In 2015, merchants bank achieved operating income of 17 billion 65 million yuan, a substantial increase of 33.17% over the previous year; the concern is that the net interest income to achieve rapid growth in 2015, net interest income 14 billion 843 million yuan, an increase of 29.94%. In this regard, the merchants bank said that this is mainly due to the increase in earning assets. Loans and advances the interest income is still the most important part of Huishang bank interest income. In 2015, merchants bank profitability indicators, attributable to shareholders of the bank after tax return on average total assets of 1.10%, after tax return on average equity was 15.89% except attributable to shareholders of the bank. The concern is that Merchants Bank 2015 net profit of nearly 5 basis points to 2.52% increase over 2014, and net interest income rate than in 2014 dropped 3 basis points to 2.71%. In addition, in 2015, the capital adequacy ratio of merchants bank was 13.25%, core capital adequacy ratio was 9.8%, respectively, compared to 2014 decreased by 0.16 and 1.70 percentage points. Executive pay, compared to the 2014 annual report and 2015, executive pay little change, no increase or decrease. 2015 tax returns, chairman Li Hongming 1 million 811 thousand yuan, vice chairman Xu Demei 1 million 383 thousand yuan, President Wu Xuemin 1 million 638 thousand yuan, vice president Ci Yaping 1 million 382 thousand yuan. In 2014 the tax paid executives were: 1 million 793 thousand yuan, 1 million 377 thousand yuan, 1 million 622 thousand yuan, 1 million 366 thousand yuan. Bad loans or bad disastrous in the manufacturing industry, the real estate industry The report shows that, merchants bank non-performing loans double up. As of the end of 2015, the merchants bank non-performing loans amounted to 2 billion 398 million yuan, increased 571 million yuan over the previous year; non-performing loan rate of 0.98%, 0.15 percentage points higher than the previous year; NPL coverage ratio was 250.49%, down 4.78 percentage points over the previous year. The report shows that, by industry, non-performing loans are mainly concentrated in the commercial and service industry, manufacturing industry, real estate and construction industry. The amount of non-performing loans were: 768 million yuan, 777 million yuan, 170 million yuan, 77 million yuan. The rise in the rate of bad loans, chairman Li Hongming said that the mainland economic downturn is causing the rise in non-performing loans, the bank’s non-performing loan ratio at moderate levels in many peers. He admitted that this year the rate of non-performing loans may exceed 1%. President Wu Xuemin told a press conference in performance this year, the rate of non-performing loans is still under pressure, but also difficult to estimate when it peaked, but I believe that through measures to control the bank’s non-performing loan rate is lower than the industry level. In addition, Wu Xuemin pointed out that if the introduction of “asset securitization” and “debt equity swap” policy, the bank will actively participate in relevant policies that can accelerate the efficiency of the disposal of non-performing assets. A shares are actively promoting It is reported that the merchants bank last May 29th to convene a general meeting, considered and adopted the initial public offering of A shares of the motion, intends to issue not more than 1 billion 228 million shares. The bank has submitted the prospectus, including A shares of the application materials in June last year on the 18 Chinese SFC and SFC accepted. Merchants Bank pre disclosure prospectus, the merchants bank A shares of the number of not more than 1 billion 228 million shares, the total issued share capital of not more than 12 billion 278 million shares, including A shares of not more than 9 billion 115 million shares. Chairman Li Hongming said in August last year, due to the current domestic financial situation, need to see national policy and the issue of A shares, if not successful recently issued A shares, in order to meet the capital demand, merchants bank will consider issuing H shares or preferred stock. At present, the desire to win the “A+H” index of city commercial banks has reached 3, respectively, Harbin bank, merchants bank, Shengjing bank, the 3 city commercial banks has been completed in the H-share listed shares of IPO A, were also in the queue list. About A shares listed on the progress, President Wu Xuemin said in a results briefing is now actively promoting.
The fund’s annual report disclosure of intensive strikes. As of now, adjustable base jack in more than 3000 have been disclosed in the annual report of the fund products in rich countries, the reform of state-owned enterprises index fund to the total profit of -154.83 billion yuan in the list of the last one. According to media quoted flush data show that the rich fund’s net profit in 2015 amounted to -798.48 billion yuan, is not only rich, the reform of state-owned enterprises, other classification fund profits are substantial loss. The classification of the fund performance can hardly be optimistic, are regarded as an important reason for the rich fund’s products appear serious loss. The reform of state-owned enterprises profit rich bottom list Wind data show that in all the disclosure of the annual report of the public fund in rich countries, the reform of state-owned enterprises index fund to -154.82 billion yuan in profits during the reporting period in the list in the last row of A. The fund during the reporting period the fund share weighted average profit of only -0.5682 yuan. Public information, rich reform of state-owned enterprises was established in December 17, 2014, to raise the initial size of 5 billion 805 million yuan, to December 31, 2015, the total share of the fund for 18 billion 918 million, net assets of 19 billion 586 million yuan. It is reported that the fund mainly uses full replication method for investment, the risk model and the transaction cost of the long-term stability of the model, stock portfolio constructed in accordance with the composition and benchmark weight stocks in the CSI index in the reform of state-owned enterprises, in order to return card in the reform of state-owned enterprises fitting index, tracking, and make corresponding adjustment according to the index standard and weight changes. In 2015, the reform of state-owned enterprises to achieve rich revenue -116.48 billion yuan, total profit is as low as -154.83 billion yuan, of which the stock investment losses caused by up to 11 billion 270 million yuan, occupy the majority. At the same time, this means that changes in fair value of the current income of the fund reached -38.35 billion yuan. For this performance, rich in the reform of state-owned enterprises annual report explained: in the investment management, the fund adopted passive index fund management strategy of full replication. The method of quantitative and artificial management combining the large purchase and redemption in the daily operation of the event. The fund has large purchase and redemption in the reporting period, and affected by the suspension of the large listing Corporation, significantly increased the transaction cost of the fund. Indeed, according to the fund’s annual report, the year only by the redemption of the fund by the changes in net were as high as 77 billion 500 million yuan and 65 billion 700 million yuan. Some analysts believe that the sharp fluctuations in the stock market background, grading fund income have changed dramatically, may be mainly caused by such high net change. In this regard, the rich fund to accept the economic reference news “interview with reporters, according to the product characteristics index fund tool attributes, core fund manager’s goal is to keep the index tracking, tracking error. The classification of the fund behind the expansion of large losses In March 26th, the rich fund announced the fund products the company’s 2015 annual report, hidden in the rich fund under the classification of funds behind gradually. In 2015, Wells Fargo fund with the massive expansion of the fund’s classification to achieve rapid growth in the size of the company. But this is not behind the expansion, profit performance good as support. According to statistics, the reform of state-owned enterprises is not only rich, 11 grade funds owned by the rich fund, there are 9 profit loss in 2015. In addition to a loss of up to the rich reform of state-owned enterprises, Wells Fargo securities rating by -39.59 billion yuan in profits to rank all the announcement of the fund in the bottom sixth; rich mobile Internet to -26.74 billion yuan in profits ranked thirteenth in the countdown; CSI rich military -25.70 billion yuan in profits followed, ranked in the bottom fourteenth; Wells Fargo securities industry 4 to -20.08 billion yuan in profits ranked sixteenth; the rich gem index, CSI rich coal rich CSI sports industry, Wells Fargo Bank four product revenue was also negative. The rich fund’s 11 grade fund products, only the rich countries to permit new energy vehicles, Wells Fargo advantage funds respectively 653 million returns grading and 248 million yuan yuan income. From all the grading fund performance of each fund company currently issued, in 183 only fund (Fund), a total of 95 positive profits, accounting for more than 50%, among them, Thailand’s medical and health card profit 4 billion 888 million yuan, in the first place in all grade funds ranked. And the classification of the fund rich fund’s profit is less than two, far below the overall performance has been disclosed in the annual report of the fund classification. Wind data show that as of the end of 2015, the rich fund of the public fund management scale 95 billion 20 million increased from 2014 yuan at the end of 192 billion 210 million yuan. Rich CSI military index fund is the company’s largest one of the products, the value of its assets in this year by 16 billion 183 million yuan to 31 billion 175 million yuan; secondly, in December 27, 2014 the establishment of the state-owned assets in the reform of the rich net within one year from 6 billion 373 million yuan to 19 billion 586 million yuan. Only these two funds accounted for the total size of the public offering of products 26%. Remarkable role in the company’s classification fund. But this is a kind of product, 2015 earnings performance is unsatisfactory. In contrast, the rich fund’s rich in low carbon environmental protection is only achieved 3 billion 153 million yuan in profits in 2015 of “making money” is the strongest, difficult to compensate for the huge loss of profit and loss brought by the classification of the fund. One side is constantly expanding the scale of the fund classification, the other side is the fund profit is not a small loss, rich grade fund management fund ushered in no small challenge. The rich fund believes that the fund classification tool products. The quality of the market, investor sentiment, selection or expansion of the main reason. The company will be how to deal with the expansion of the scale of the classification of the fund at the same time, the fund profit loss, rich fund did not give a clear reply. The classification of the fund selection operation is more complicated in the need to be cautious The profits of large losses, the net value of the fund is rising? The reporter found out, the reform of state-owned enterprises, the rich rich mobile Internet and a few large losses at the same time, the classification of the fund profits in 2015, the fund net growth rate is not low, the rich gem index of the share of the net growth rate reached 77.29%, the profit was only -26.74 billion yuan. In this regard, de Santa fund research center, chief analyst Jiang Saichun said that the grade funds net increase profit is negative, and the change in the size of the fund is not a small relationship. The classification of the fund not only due to investors caused by the size of the share of changes in the operation process of fold up and down the situation will have no small impact on the classification of the fund share. Last year, A stock market change radically is causing a grade funds discount off the tide and tide, has great influence on the classification of the fund. It is reported that the grading fund is refers to in a portfolio, through the decomposition of earnings or net assets of the fund, the formation of two (or multiple) risk return performance have some differences of fund shares fund. Its main feature is the fund products are divided into two categories or classes of shares, and were given different income distribution. The classification of the fund net share of each sub fund proportion of the product and is equal to the parent fund net. If the parent fund does not split, which itself is a common fund. The classification of the fund through the venue two ways of subscription or purchase and redemption. So when the market through the two level of grading fund transactions, often there will be transaction price relative fund net premium or discount, so the income of investors and not simply by the relative size of the net value of the fund and the exchange rates of change. The classification of the fund how to choose? Jiang said that the spring season, the classification of the fund is a relatively complex fund products, has the characteristics of high elasticity. Investors in the choice of the first need to conduct a more in-depth understanding of the. The leverage ratio, the underlying index of state and current price and discount discount price / distance are investors need to focus on. In addition, investors need to pay special attention to the provisions on fund discount / discount etc., very clear influence on the key point of the income of the fund to.
China News Service April 1 Hongkong Xinhua (reporter Wang Yong) ICBC in Hongkong announced 1 officially launched the Asia Pacific business, grasp the “The Belt and Road, RMB internationalization and Chinese enterprises to” go out “and a series of favorable policies to bring development opportunities, focus on the development of Asia, Australia and New Zealand business Leah. At the ceremony, the industrial and Commercial Bank of China’s ICBC Asia and State Development Investment Corp, Chinese XD Group Company, China Guoxin holding limited liability company and China Electric Power Construction Group International Engineering Co., Ltd. signed a strategic cooperation agreement. ICBC chairman Jiang Jianqing said, ICBC Asia has set up a special department responsible for the co-ordination of the Asia Pacific business, promote the industrial and Commercial Bank Group in the relevant business development in Asia, Australia and new zealand. Hongkong is an important bridge and link Chinese enterprises to “go out”, the next period of time, ICBC will be ICBC Asia as the basis, the rational integration of resources within the Asia Pacific region, to enhance regional collaboration efficiency, consolidate and improve the industrial and Commercial Bank of China group in the Asia Pacific region in the overall business strength. Jiang Jianqing stressed that in the future, with the “The Belt and Road” and RMB internationalization of the national strategy to further promote the “Silk Road Fund” and “investment bank” the establishment and operation of China economy will be more active, more fully into the world, including industrial and Commercial Bank of China, China internationalization of enterprises to provide a broad space for development and good conditions. ICBC Asia executive vice president Tang Xiqiang said that the Asia Pacific Business Department was formally established at the beginning of this year, the number of teams of about 10 people, plan before the end of the year increased from 20 to 25. Since the Asia Pacific Business Department was founded, has been accumulated about $20 billion equivalent loan business, involving infrastructure and acquisitions, as for the large scale credit business, including 2 in India, 1 in Thailand and 2 pen, pen in the Australian project is being discussed. Tang Xiqiang said that the current ICBC Asia total assets of approximately HK $870 billion, is expected in the next 3 years, the Asia Pacific Business Department of ICBC Asia profits accounted for the overall profit ratio can reach 20%. ICBC Asia has no acquisition targets, but does not rule out future acquisitions, will consider whether to bring synergy. (end)