The volatility of the A-share market intensified, the main contracts of treasury bond futures fell across the board, and the convertible bond market adjusted deeply. Facing the sluggish market environment, how will the asset allocation be carried out in 2022?
At the “2022 annual exchange meeting on asset allocation of institutional investors” held by China Insurance Asset Management Association in the form of online conference on February 17, more than 870 industry professionals from 386 insurance institutions, banks and financial subsidiaries, public funds, securities companies, securities asset management and private funds jointly looked forward to the annual asset allocation of 2022.
Wang Junhui, President of China Insurance Asset Management Association, China Life Insurance Company Limited(601628) chief investment officer of insurance (Group), party secretary and President of China Life Insurance Company Limited(601628) Asset Management Co., Ltd. and chairman of Guoshou Security Fund Management Co., Ltd., said that the overall allocation idea in 2022 is to moderately reduce income expectations and layout flexibly and steadily. Traditional fixed income investment can adopt flexible and steady strategy; Equity investment focuses on long-term strategic layout and actively grasps tactical opportunities; Alternative investments seize opportunities and actively innovate. We should adhere to the bottom line thinking and do a good job in active risk management.
A shares are still expected to achieve positive returns in 2022
The Spring Festival holiday in the year of the tiger has passed, but the tiger is still dozing – the A-share market continues to oscillate, and the decline of the gem index has expanded; The bond market performed poorly, the main contracts of treasury bond futures continued to callback at a high level, and the convertible bond market also made a deep adjustment. Are there any opportunities in the equity market and bond market this year?
Wang Junhui said that the central economic work conference put forward “stability first” and should be full of confidence in steady growth. In January this year, the social finance data exceeded expectations, and the steady growth effect began to show. The economy is expected to grow at a medium and high speed throughout the year, with moderate inflation and improved credit environment.
In Wang Junhui’s view, bond yield has been at a historically low level, with limited downward space, and is expected to rebound before the economy during the year. Alternative investment should tap the opportunities of creditor’s rights and equity investment. Since the beginning of the year, the valuation of overseas 567 shares has continued to be optimistic. At the same time, other factors such as the high valuation of overseas 567 shares have also continued to affect the allocation of {A shares. Policy, fundamentals and liquidity are the core factors affecting a shares. This year has friendly policies and abundant liquidity. On the whole, A-Shares are still expected to achieve positive returns throughout the year, and structural opportunities still exist.
By the end of 2021, the balance of insurance fund utilization was 23.23 trillion yuan. As the main long-term fund supplier in the market, insurance asset management always aims to obtain stable income.
Xi Yongchun, deputy director of the capital Department of the Insurance Regulatory Commission, said in his speech that in terms of investment income, insurance asset management should follow the long-term investment concept and rethink and define the demands of insurance assets on investment income. on the one hand, the demand for income is essentially the demand for ability, but also the embodiment of the professionalism of investment institutions. Security should not be simply opposed to investment income. On the other hand, we should fear the market, respect the law, and distinguish the investment logic of long-term investment and short-term investment. In addition, we should further strengthen the communication between the client and promote the consensus between the client and the manager to jointly deal with the current investment pressure and challenges.
In recent years, the scale of public funds and private funds has developed rapidly, and buying funds has become a national topic. According to Xiao Bing, executive partner and President of Dachen financial intelligence, the next decade will still be the golden decade for the development of local RMB funds . From the perspective of macro environment, China’s economy will undergo major institutional adjustment in the future. First, speed up the adjustment of the past debt expansion economic growth model; Vigorously promote the clean energy industry with independent and controllable science and technology and the goal of “double carbon”. The overall policy is conducive to equity investment, especially science and technology investment.
How to grasp China’s science and technology investment opportunities? Xiao Bing believes that future science and technology investment has five key directions . First, “independent innovation” is still a long-term and extensive track; Second, China’s industrial upgrading. With the rise of labor costs and other factors, various industries are widely moving towards digitization and intelligence; Third, the advanced manufacturing industry under the theme of carbon neutralization. China will have industrial clusters with global competitiveness. China’s complete industrial chain provides soil for investment in the direction of carbon neutralization; Fourth, in the military civilian integration industry, local RMB funds have huge and long-term opportunities; Fifth, the investment “hardness” of hard science and technology is very important.
cooperate with insurance capital, trust, public offering and bank financial management
As important institutional investors in the market, trusts, public funds, bank financial management and private funds are the “wind vane” of the market. How will major institutions cooperate with insurance asset management in depth in the future?
In the traditional non-standard field, trust can still give full play to the advantages of project management, combine the advantages of insurance capital cost, and look for and match investment opportunities around high-quality industries.
Liu Xiaola, Secretary of the Party committee and general manager of China Resources SDIC Trust Co., Ltd., said that in the future, under the general trend of standard product transformation, on the one hand, insurance funds can invest in the credit ABS / enterprise ABN issued by the trust company in the inter-bank market and enterprise ABS issued by the exchange market, especially the loan ABN of small and micro enterprises, with high dispersion of underlying assets and big data risk control, The default rate is low and the loan time is longer, which is in line with the characteristics of venture capital investment; on the other hand, vigorously develop the securities service trust business with insurance asset management as investment adviser, assist insurance asset management to develop the capital sources of private banks, and provide efficient risk control, trading, settlement, valuation, investor reporting and other services for bank insurance asset management cooperation.
\u3000\u3000 “We can also strengthen cooperation in the field of public offering and private placement fof. On the one hand, we can make use of the rich experience of insurance asset management in public offering fund screening and investment to provide trust high net worth customers with fof products invested in public offering funds with insurance asset management institutions as investment consultants; on the other hand, insurance asset management products invested by non insurance funds can take advantage of trusts with profound accumulation in the field of private placement Company, set up private fof investment products. ” Liu Xiaola said.
Zhang Xuyang, chief business director of China China Everbright Bank Company Limited Co.Ltd(601818) and party secretary and chairman of Everbright Wealth Management Co., Ltd., said that the cooperation between bank wealth management and insurance capital will form a new investment and financing conversion mechanism based on ability. Two way mutually beneficial cooperation and win-win results in short-term and long-term, assets and funds. Bank financial management companies can help improve the scale of insurance asset management products. At the same time, insurance companies can use the platform of bank financial management to make use of their customer channel advantages, multi asset investment and trading ability, as well as the post investment management ability covering all regions of the country to invest in standardized bond investment, alternative debt investment Cooperate with wealth management companies in terms of equity project investment and liquidity support.
In terms of public funds focusing on active investment capacity-building, continuously providing high-quality production capacity for insurance fund allocation and improving performance stability. Dou Yuming, chairman of China Europe Fund Management Co., Ltd., proposed two solutions, on the one hand, it is necessary to clearly position the investment style of fund managers. On the other hand, we need to develop systematic investment strategies, such as fundamental quantitative investment, which is particularly suitable for institutional customers.
