Alipay Online Enhanced Version Of The Balance Of Treasure "Cargo Base + Debt Based" Combination Is Difficult To Rebuild The National Explosive Funds

Alipay quietly launched a new financial product called "better balance", which has been rated as the advanced part of balance treasure. Since its 7 annual yield is significantly higher than that of the balance treasure, it has attracted widespread attention since it was launched online.

According to the October 9th page of balance treasure, the first batch of on-line balance products has 4 products, namely, the balance of Yi Fang Da, the enhancement of China's currency, the enhancement of the currency of Jianxin and the expansion of huitianfu. At that time, the annual rate of return displayed by the page was 3.68%, 3.48%, 3.31% and 3.09% respectively.

In the afternoon of October 10th, when reporters searched again through the balance treasure entrance, it was found that the product of the other three products of the same series was still unable to find the product of Yi Fang Da's balance. In the evening of October 10th, when reporters searched again, it was found that huitianfu Titian had not been able to search, but there was another product of the same type, the currency of huitianfu, which showed that the yield in the past year was 3.68%.

In view of the above changes in the balance of treasure platform, the main line of Alipay's "money enhancement" concept of financial products obviously more than the original four, and in constant adjustment and replacement, do not rule out the follow up more similar products on the line.

According to the reporters, as early as in the early stage, Alipay carried out internal tests, and opened up the purchase rights of the relevant fund portfolios in a small scope. Recently, Alipay has opened this permission to all users, but the recommended pages received by different users may be different products.

What is worth asking is, what kind of compensation effect can this kind of products be called the advanced products of the balance treasure? There are many discussions in the market.

Non simple monetary fund

The balance treasure platform with 600 million customers has attracted much attention.

Unlike the balance of treasure, Alipay's online products such as Yi Fang Da balance are all fund portfolios, not purely monetary funds.

Judging from the combination components, the on-line products are generally allocated according to the 70% Monetary Fund + the 30% short debt fund. There is a slight difference in the proportion of individual products, but the overall difference is not significant. The combination of debt base and cargo base is the core of these products, known as the enhanced edition of the balance treasure.

According to the three products that journalists can search at present, the currency composition of huitianfu includes 65% Monetary Fund and 35% bond fund. Among them, the monetary fund is built by Jianxin Jianxin, while the bond fund is 20% huitianfu short bond C and 15% Yi Fang Da high grade credit bond C. The other two products of the same series, China's currency enhancement and credit enhancement, are based on 7:3 ratio.

It can be seen that in the existing fund portfolio products with several good balance products, the proportion of IMF allocation is still high, and the debt base is relatively low. Obviously, the original intention of this kind of product is to upgrade on the basis of the balance treasure.

For a good series of products on the line of Alipay, a Southern China official believes that it is the general trend. It pointed out to reporters that "the balance is actually a product of solid collection. Now everyone is doing this kind of products, including bank financial products. This is also the mode. Some of the goods plus a part of the debt base, and some can even add part of the non-standard. Because the attractiveness of a single monetary fund to customers is too obvious, especially in the case of the constant increase in the amount and investment rules of the balance treasure, resulting in a certain loss of customers and capital, and the introduction of currency enhancement portfolio is likely to bring a new growth point on the balance treasure platform as a whole.

For Alipay, on-line money enhancement fund portfolio products can indeed be regarded as a hedge against the loss of users of the balance treasure.

From the point of view of yield, the balance of funds and other fund portfolios are more attractive than the balance treasure. For example, the current 7 day yield of Tianhong balance Bao is 2.2550%, while the annual yield of the good balance products is above 3%.

However, in terms of money management, liquidity and redemption fees, the balance is inferior to the balance treasure. For example, in terms of liquidity, the balance treasure can be purchased and redeemed at any time. Within 10 thousand yuan limit, it can reach the account within 2 hours after redemption. The fund portfolio such as the balance is not T+0 function. It can only be redeemed by the day before 15:00, and it will be redeemed before 24:00.

It is worth mentioning that the balance of products such as the combination of products to support the sale of a single fund, this design is quite humane. When the customer is in urgent need of money, he may consider redeem the cargo base first, while the debt base part can wait for the full month to redeem it, because the short debt fund usually redeem it for 30 days.

No substitute for Yu Ebao

Although known as the "balance treasure" enhanced version, but many people in the industry believe that the balance of good products can not replace the balance of treasure.

A Shenzhen public offering pointed out that "the monetary enhancement combination is just that Alipay and fund companies provide more choices for investors, which may, to some extent, make some of the balance treasure users turn to the balance fund and other fund portfolios. It may also attract users who have already withdrawn from the balance treasure, but it certainly can not completely replace the balance treasure. Because of the two core points of mobility and support consumption, the balance treasure has absolute advantages.

Another situation is that the market already has more products with the better balance products, which is difficult to match with the originality of the balance treasure when it was born.

"The development environment of the balance treasure and the balance is different," a senior industry insider told reporters. "Before the birth of the balance, there was no relevant product in the market. The short-term financial products of the bank occupied a large part. The fund of the fund company was still groping for the T+0 mode, and the liquidity was still not able to do well. In this case, the balance treasure, which was turned out to be born, was expanded in a short period of time based on the needs of the audience. At this point, the launch of the similar products related to the balance treasure will require higher requirements for customers. It will require liquidity to be fully matched with the balance treasure. The yield will have great advantages. It will also ask whether it can link consumption, and whether it can regularly pay dividends, etc. so I do not think that the balance of Canon will replace the balance treasure. But I think if the product is high enough and the liquidity is good enough, it can still attract users who are originally on the ant platform because of the balance of treasure.

These people further said, "in fact, I think that although the size of the balance treasure is declining, the scale of other products sold by ants is rising significantly. Probably in the middle of last year, the products of balance treasure such as money and fixed income should account for 70% to 80% of the sales volume of ants, but with the increasing knowledge of financial management, the proportion of sales of equity products on ants has gradually increased to three or four. Investors are gradually mature, and the balance of treasure is bound to fall into a declining period. The balance may be just a filling of the transition.