The year 2023 has come to an end, and the financial management data of A-share listed companies in the past year has been released.
As of December 31, 2023, brokerage China reporters combed through wind data and found that the use of own or idle funds by A-share listed companies to purchase wealth management in 2023 is significantly different from that in previous years. On the one hand, the number of A-share listed companies that will conduct wealth management in 2023 will hit a new low in the past five yearsOn the other hand, the total scale of wealth management subscriptions also shrank sharply, decreasing by about 35 percent year-on-year5%。
From the perspective of the subscription categories of wealth management products, most A-share listed companies prefer low-risk wealth management products with high security and good liquidity, and the scale of deposits and bank wealth management products is still the main category chosen by listed companies, but the subscription scale of these products has decreased significantly compared with 2022;In addition, trust and reverse repurchase assets did not decrease, but recorded a large increase.
Subscription and wealth management fell to the "freezing point" in the past five years
As of December 31, 2023, the 2023 subscription data of listed companies in Shanghai and Shenzhen has been released. According to the data of the wind platform, the Chinese reporter of the brokerage found that in 2023, the willingness of listed companies to subscribe to wealth management will fall to the "freezing point" in the past five years, whether it is the number of companies that purchase wealth management, the number of subscribed products or the total amount subscribed, all of which have hit a new low in the past five years.
According to the data, in 2023, there will be a total of 1,147 listed companies in Shanghai and Shenzhen that use their own or idle funds to purchase wealth management, a decrease of 301 from 2022, a decrease of about 21%, and the number has hit a new low in the past five years.
Wind data shows that in 2023, listed companies disclosed that their respective companies subscribed to a total of 14,633 wealth management products during the year, and the number of products purchased decreased by 28 year-on-year3%。In 2023, the scale of wealth management products subscribed by A-share listed companies will also turn downward, with a total subscription amount of 9,584 for the whole year5.7 billion yuan, compared to 15 trillion yuan, a decrease of 54309.5 billion yuan, a decrease of 35 percent for the whole year5%。
Data**:wind).
Combing the data of the past five years, from 2019 to 2022, the scale fluctuation range of listed companies' purchase of wealth management is not large, and it can be stable at 142 trillion yuan to 1between the scale of 5 trillion yuan. However, the figure for 2023 is significantly lower than in previous years.
One of the main reasons behind the decrease in the total scale of wealth management purchased by listed companies is that the operating performance of each company is not satisfactory, and the idle funds have decreased. Wind data shows that in the first three quarters of 2023, the revenue of all A-share companies increased by 2% year-on-year23%, net profit decreased by 2 year-on-year13%, the growth rate of all aspects is not as good as the same period in 2022.
Among them, the net profit growth rate of listed companies on the main board of the Shanghai Stock Exchange and the main board of Shenzhen was -027%、-4.67%；The net profit growth rate of listed companies on the Science and Technology Innovation Board, the Beijing Stock Exchange and the Growth Enterprise Market was -3904%、-23.89% and -579%。
On the other hand, due to macroeconomic factors, enterprises are more inclined to use funds for reproduction or increase corporate liquidityAt the same time, during the year, banks lowered deposit interest rates several times and the volatility of bank wealth management increased, resulting in a decrease in the rate of return on investment and wealth management, resulting in a further decline in the willingness of enterprises to manage their finances.
The attractiveness of deposits and bank wealth management has declined.
Analyzing the specific composition of listed companies' purchase of wealth management in 2023, it can be seen that the vast majority of listed companies still regard deposit products as their first choice for capital allocation. The deposit products allocated by listed companies mainly include deposits, time deposits, structured deposits and call deposits.
According to the statistics of the Chinese reporter of the brokerage, the deposit products allocated by listed companies in 2023 will show a comprehensive decline compared with 2022. As of December 31, the number of deposit products subscribed by A-share listed companies in the past year decreased by 35% year-on-year33%, with a subscription size of 72208.2 billion yuan, a decrease of about 430 billion yuan from 2022. Among them, the category with the largest decline was call deposit products, which decreased by 58 year-on-year26%, and the decline in structured deposits, time deposits and ordinary deposits all decreased by more than 33% year-on-year.
In fact, towards the end of the year, large and medium-sized commercial banks nationwide once again collectively announced that they would cut their deposit interest rates. This is also the third largest reduction in deposit interest rates since 2023, after national banks have lowered the interest rates of multiple types of deposit products, including time and demand, in June and September. In terms of the latest round of downward adjustments, the major state-owned banks have mainly lowered the interest rates on time deposits and large certificates of deposit, which are generally reduced by 10 basis points, 20 basis points and 30 basis points, and the deposit period covers one year to five years.
After this round of cuts, the 5-year listed interest rates of many major banks have been reduced to only 2%. The rate of return is generally lower than that of cash management products issued by bank wealth management companies. The yield of deposit products has repeatedly fallen, which has reduced the willingness of listed companies to invest in deposit products with higher returns.
Data**:wind).
In terms of bank wealth management, at the beginning of 2023, bank wealth management was affected by the inertia of the "redemption tide" of wealth management caused by the negative feedback of the bond market last year, and the net value of bank wealth management with fixed-income bonds as the main asset still experienced a relatively large drawdown, and the sharp fluctuation of net value even fell below 1, impacting the confidence of all kinds of investors, including listed companies.
According to the Chinese reporter of the brokerage, the scale of bank wealth management held by A-share listed companies in 2023 will decrease by about 87.3 billion yuan compared with 2022, and the purchase scale will only be 7342.4 billion yuan, a decrease of 543%。This is also the fifth consecutive year that the total scale of bank wealth management held by listed companies has declined.
In terms of other wealth management products, in 2023, the **corporate wealth management and investment company wealth management subscribed by listed companies will record a significant **, but the decline is not as good as that of deposit products and bank wealth management. Among them, the ** corporate financial management in 2023 will be 6267.8 billion yuan, a year-on-year decrease of 20%;Investment company wealth management is 1479.6 billion yuan, a year-on-year decrease of about 32%.
It is worth noting that trust products and reverse repurchase products, which were relatively low in the subscription willingness of listed companies in previous years, will not decline in 2023, but will record a significant increase. For example, the trust products subscribed by listed companies increased by about 21 percent compared to 20229%, with a scale of 204500 million yuan;Reverse repo products increased even more, increasing by about 1 percent over the previous year6 times to 629.1 billion yuan, which is also due to the low product base of this category.
Some companies will shrink their wealth management scale in 2024.
At the end of 2023, a large number of listed companies have announced the disclosure of entrusted financial plans for 2024. A rough analysis of the announcements of a number of listed companies shows that it is a relatively common phenomenon for listed companies to shrink the scale of investment and wealth management in 2024.
For example, COFCO Capital announced on December 28 that the company and its subsidiaries will use temporary idle funds to entrust wealth management in 2024, and the maximum balance in a single day will not exceed RMB 2 billion, which is already 1 billion yuan less than the plan for 2023.
According to COFCO Capital's announcement, the company said that the entrusted wealth management in 2024 is to use its own funds to purchase low-risk wealth management products with high security and liquidity on the premise of ensuring various capital needs such as daily operation and effective control of investment risks. This move is conducive to improving the efficiency of the company's capital use and increasing the company's cash asset income.
Coincidentally, a number of companies such as Innovative New Materials, Haili Biotechnology, and ENN have also announced their 2024 financial plans a few days ago, all of which have decreased compared with the previous year.
In addition, the preference of listed companies to purchase various wealth management products is also showing a short-term trend. According to the relevant announcements of major listed companies, some companies have purchased more bank wealth management products, and a large number of short-term wealth management products with a holding period of 1 day, 7 days, and 30 days have appeared as cash management tools.