Trillions of insurance capital, every move has attracted the attention of the market.
Recently, a reporter from China Securities Journal and China Securities Taurus conducted research on some large insurance institutions. Many heads of insurance asset management institutions revealed that they are working hard to design the strategy of adding positions after the Spring Festival.
pay attention to the performance forecast of listed companies
In the face of "a good start", the relevant person in charge of Everbright Yongming assets said: "we will grasp the important time point after the Spring Festival to increase our positions."
The person in charge said that usually in the first quarter, the dominant industries in terms of performance and policy will gradually become clear, "this time is a better time window for position adjustment or position increase. We will speed up research and quickly adjust and increase positions according to the new characteristics shown in market fluctuations".
Jiang Jincheng, asset and stock investment manager and leader of the value cycle group, said: "the annual report performance forecast is one of the important means for us to track the performance of listed companies. From the performance pre increase report, we can find many companies whose profits exceed expectations, which will become our potential position adding objects." He further pointed out that "after the start of the Spring Festival, it is the peak period for enterprises to receive orders, from which we can spy on the prosperity of the whole year. We will also grasp the industries and companies with high prospects by actively investigating the upstream and downstream of listed companies and industrial chains."
The investment manager of Life Asset Portfolio Management Department said that from the announced performance pre increase, the performance growth rate of Listed Companies in the fourth quarter of 2021 showed a differentiation trend. It will focus on the targets with better than expected performance in the fourth quarter of 2021 and allocate the targets with industry universality opportunities.
The person in charge of a large insurance asset management institution believes that although the short-term fundamental trend is still uncertain, "stable growth" is the main tone in 2022. The economic situation from low to high and the continuously relaxed monetary environment are friendly to the equity market. The short-term adjustment of the market provides a better position building opportunity for the institution.
Chen Li, director of Chuancai Securities Research Institute, said that insurance capital is affected by its own attributes, and safety is the first factor to consider in its investment, which is higher than the demand for profit. The overall investment style is cautious. Therefore, for the layout of insurance capital, it is expected to prefer industries with stable performance growth, among which "undervalued blue chip stocks" is the key direction of the layout of insurance capital.
From the perspective of the scale of insurance capital investment, the data disclosed by the CBRC on January 25 showed that among the fund utilization balance of insurance capital, the total investment in stocks and securities investment funds accounted for 12.7%, which was relatively low compared with the equity investment of more than 40% of the social security fund. According to the notice on optimizing the supervision of the allocation of equity assets of insurance companies issued by the China Banking and Insurance Regulatory Commission in 2020, the differentiated supervision proportion of equity assets investment is set, and the proportion of equity investment can reach up to 45%. Therefore, there is a large growth space for insurance assets in terms of equity investment in the future.
layout along two major ideas
According to Chen Li's analysis, in terms of insurance capital style, three sectors will be optimistic: the first is infrastructure related sectors. The tone of "steady growth" throughout the year is clear, and both fiscal and monetary policies are expected to continue to work. During the Spring Festival, the head of the national development and Reform Commission once again pointed out that infrastructure investment should be carried out moderately in advance, which will support the performance of the industry. Second, nonferrous sector. In 2022, China's infrastructure development is expected to be clear. At the same time, on the profit side, from the pre disclosure of the 2021 annual report, the overall profit of the non-ferrous industry is good, while the commodity price remains high, and the industry profit is expected to continue. Third, the power sector. In the context of the energy revolution, the power grid construction end will also be upgraded gradually. At the same time, with the continuous growth of social power consumption and the deepening of electricity price reform, there are opportunities to improve the profit margin of the industry.
Jiang Jincheng said: "After the Spring Festival, the layout will follow two ideas: first, before the economy stabilizes, the steady growth policy will continue to make efforts, and look for companies that are underestimated by the market, such as real estate chain and infrastructure chain, and have medium and long-term growth logic; second, carbon neutralization is still one of the main lines that the market needs to pay attention to for a long time, and will continue to grow from electrification and intelligence of new energy vehicles Looking for cost-effective companies in the direction of growth.
From a long-term perspective, the person in charge of an insurance asset management company in Beijing pointed out that China is facing structural transformation, and the manufacturing industry will play a vital role. On the one hand, the change of energy structure will change the resource attribute of energy to manufacturing attribute. On the other hand, with the upgrading of China's manufacturing industry, domestic substitution will continue to deepen in various fields, which provides space for the sustainable development of manufacturing industry. After a period of valuation digestion, opportunities in relevant manufacturing fields will continue to emerge.
