This year, the market fluctuated and fluctuated. As the second largest institutional investor of a shares, the demand for insurance fund research and position adjustment increased significantly.
According to the statistics of Chinese reporters from securities companies, since the beginning of this year, insurance capital has investigated individual stocks 879 times, more than double the 426 times in the same period last year, and the research interest is more than that in previous years.
The person in charge of equity investment of a large insurance asset management company told the Chinese reporter of the securities firm that the current market has higher requirements for investment research ability and individual stock selection ability. It is necessary to strengthen the continuous tracking of industry data and operating data of listed companies, adjust positions from bottom to top, and look for deterministic targets for investment.
"Some managers may be able to win by taking heavy positions on a certain track last year. This role may be weakened this year. It is difficult to say that a simple heavy position in an industry can obtain a better excess return." "This year, the internal differentiation of the industry will become greater, and the ability and requirements for selecting individual stocks will be higher." The source said.
As of the end of last year, the investment balance of the insurance fund was 23.95 trillion yuan, which was the lowest since the end of last year, accounting for 23.95% of the total investment of the China Insurance Regulatory Commission.
the number of investigations of insurance funds has doubled this year
According to the data, among the insurance institutions that conducted institutional research this year, Ping An pension, Changjiang pension, Guoshou pension and Guohua life insurance have conducted more than 50 research times, and the top three pension insurance companies have conducted 994 research times.
Ping an endowment insurance, which ranked first in the total number of investigations, has been investigated 67 times, compared with 24 times in the same period last year. This year's survey covered 56 stocks, including 4 and 26 on the main boards of Shanghai Stock Exchange and Shenzhen Stock Exchange, 20 on the gem and 6 on the science and innovation board. The top three stocks with the highest attention are Yusys Technologies Co.Ltd(300674) , Beijing Baolande Software Corporation(688058) and Guangdong Xiongsu Technology Group Co.Ltd(300599) respectively.
The number of surveys on Changjiang endowment insurance has also increased from 22 in the same period last year to 60 this year, covering 59 stocks, including 5 and 24 on the main boards of Shanghai Stock Exchange and Shenzhen Stock Exchange, 15 on the gem and 15 on the science and innovation board. The top three stocks with the highest attention are Luthai Textile Co.Ltd(000726) , Xinyangfeng Agricultural Technology Co.Ltd(000902) and Luxshare Precision Industry Co.Ltd(002475) .
The higher research frequency of pension insurance companies is related to the investment mode. Although pension is also a long-term fund, the investment management mode is between long-term life insurance and fund. It has not only absolute income requirements, but also relative income requirements. It often ranks performance every 1-3 years. The idea of matching with long-term liabilities of life insurance funds is not exactly the same, and the frequency of equity adjustment strategy is relatively higher.
In the past two years, due to the differentiation of equity market performance, insurance funds have significantly increased the frequency of research. In addition to pension insurance companies, the frequency of non pension insurance companies investigating listed companies has also increased significantly.
For example, Guohua life investigated 9 times in the same period last year and 58 times so far this year, covering 51 stocks, including 5 and 22 on the main boards of Shanghai Stock Exchange and Shenzhen Stock Exchange, 17 on the gem and 7 on the science and innovation board; The top three stocks with the highest attention are Yusys Technologies Co.Ltd(300674) , ad shares and Iflytek Co.Ltd(002230) .
The total number of research on individual stocks of Asia Pacific Property Insurance increased from 10 in the same period last year to 25 this year; The survey covers 23 stocks, including 13 on the main board, 4 on the gem and 6 on the science and innovation board; The top three stocks with the highest attention are Guangdong Chj Industry Co.Ltd(002345) , Chow Tai Seng Jewellery Company Limited(002867) and Glodon Company Limited(002410) .
In terms of the selection of individual stock industries, the individual stocks investigated by insurance capital this year are distributed in electronic components, information technology, chemical industry, semiconductor, textile, finance and other industries. The top three stocks with the highest attention of Ping an endowment insurance are Yusys Technologies Co.Ltd(300674) , Beijing Baolande Software Corporation(688058) and Guangdong Xiongsu Technology Group Co.Ltd(300599) , which belong to the fields of information technology, application software and construction products respectively; The top three stocks with the highest attention of the Yangtze River endowment insurance are Luthai Textile Co.Ltd(000726) , Xinyangfeng Agricultural Technology Co.Ltd(000902) and Luxshare Precision Industry Co.Ltd(002475) , which belong to the textile, chemical fertilizer and electronic components industries respectively.
However, research is not equal to real investment. In terms of investment logic, insurance funds and pension investments focus on controlling portfolio pullback and volatility to strive for better long-term absolute returns. Therefore, when investing in stocks, most institutions will track for a long time. After comprehensively considering and observing various indicators, they will not intervene until the appropriate buying point.
The volatility of the stock market this year has further stimulated the demand for research and position adjustment of insurance institutions.
The investment manager of an insurance asset management company told the Chinese reporter of the securities company that its stock selection method is, "we have studied more than 2000 stocks of thousands of stocks in the market. After continuous elimination and addition, we are currently tracking 50-100 stocks for a long time. Generally speaking, we need to find a group of companies that can hold them for a long time."
pay attention to balanced allocation and select individual stocks
The person in charge of equity investment of a large insurance asset management company believes that we should actively find the subject matter that can really provide long-term income and earn money for sustainable growth, which is the source of long-term income. In terms of investment strategy, the sector allocation will be balanced, and individual stocks will be selected on the basis of balanced allocation.
"At this time, it's more observation than position adjustment. It's more continuous tracking of industry data and operating data of listed companies, bottom-up position adjustment and looking for deterministic targets for investment, which is different from systematic position increase and decrease." The source said.
"Some managers may be able to win by taking heavy positions on a certain track last year, but this role may be weakened this year. It is difficult to say that simply taking heavy positions in an industry can obtain better excess returns. This year, the internal differentiation of the industry will become greater, and the ability and requirements for selecting individual stocks will be higher." The source said.
Wan Jun, general manager of Ping an asset management fund division, also expressed the view of balanced allocation in an exclusive interview with Chinese reporters from securities companies not long ago. He believes that from a comprehensive analysis, this year's investment opportunities focus on three aspects:
First, under the background of counter cyclical policies, the "steady growth" sector has staged performance;
Second, growth consumption and traditional leading consumption (such as aviation, hotels, tourism, mass consumer goods, agriculture, etc.) due to the damage of the epidemic and the rebound of performance;
Third, the main line of growth, from bottom to top, looking for sectors with low policy resistance and high prosperity. For example, under the theme of "carbon neutrality", there are new energy vehicles and clean energy industry chains, as well as semiconductors, biopharmaceuticals, machinery and so on.
Potential risk points also need attention: first, credit default risk; Second, the Fed entered the monetary tightening cycle, and the fluctuations in the peripheral capital market intensified and transmitted to China; Third, geopolitical risks.
From the perspective of stock based investment strategy, Wan Jun said that his team adheres to two aspects: first, both offensive and defensive, adding whole market balanced fund products with stable style and excellent portfolio management ability; Second, the growing players who seek progress while maintaining stability and layout high-quality tracks in the medium and long term.
From the perspective of debt based investment strategy, for pure debt funds, the team will select managers with strong interest rate band operation and cautious credit sinking; For the secondary debt base, the team will select managers with asset allocation ability and stable variety investment.
However, after the stock market shock this year and the sector adjustment some time ago, the allocation value of each sector has changed, which needs careful attention.
