Since the beginning of this year, hundreds of listed companies have carried out 941 investigations, and the number of investigations has doubled over the same period last year. In terms of specific investment direction, insiders said that insurance capital is affected by its own attributes, safety is the first factor to be considered, and the overall investment style is cautious.
frequently participate in research
Data show that as of February 23, 96 insurance companies have participated in the research of listed companies 941 times this year. Among them, the Yangtze River endowment insurance ranked first with 73 surveys, followed by Ping an endowment insurance, Guohua life insurance and China Life Insurance Company Limited(601628) endowment insurance, with more than 60 surveys.
On the whole, the number of insurance capital research this year is nearly double that of the same period last year. Data show that from January 1, 2021 to February 23rd, insurance companies participated in the survey 471 times, of which only 50 of the number of research institutions were China Life Insurance Company Limited(601628) .
Insurance funds frequently participate in research, which is related to the need for insurance funds to carefully select high-quality targets under the background of sharp fluctuations in the stock market in the first quarter. “We will actively look for high-quality targets for layout.” Jiang Jincheng, asset stock investment manager and leader of the value cycle group, said, “we grasp industries and companies with high vision through active research on listed companies and upstream and downstream industrial chains.”
focus on industry diversification
The individual stocks and industries concerned by insurance capital are relatively diversified, and the allocation is balanced. From the perspective of individual stocks with high attention of insurance funds, Guangzhou Tinci Materials Technology Co.Ltd(002709) , Yusys Technologies Co.Ltd(300674) , Ganyuan Foods Co.Ltd(002991) , Guangdong Chj Industry Co.Ltd(002345) , Changchun High And New Technology Industries (Group) Inc(000661) , Dongguan Yiheda Automation Co.Ltd(301029) have been investigated by many insurance funds. From the perspective of the industries of the investigated stocks, industries such as special chemicals, information technology consulting and other services, food processing and meat, clothing and luxury goods, biotechnology, electronic equipment and instruments are all on the list.
An investment manager of the Life Asset Portfolio Management Department said: “we have a balanced layout in terms of allocation. For the consumption sector, we focus on the targets with little correlation with the macroeconomic cycle, strong profitability and stability. For example, condiments with low base in 2021 and flexible performance in 2022, as well as aviation and hotel sectors.”
Specific to the research ideas of individual insurance funds, different insurance companies have slightly different preferences for listed companies. For example, China Life Insurance Company Limited(601628) endowment insurance is keen on the clothing, clothing and luxury industries. The top three stocks are China National Gold Group Gold Jewellery Co.Ltd(600916) , Chow Tai Seng Jewellery Company Limited(002867) , Guangdong Chj Industry Co.Ltd(002345) . Changjiang endowment insurance, which has been investigated the most, prefers special chemicals, food processing and meat, electronic equipment and instruments.
active layout
After the early adjustment of the A-share market, the insurance capital sent a signal of positive layout.
The relevant person in charge of a large insurance capital institution told the China Securities Journal: “for the A-share market, the problem of capital chip structure has increased the pressure of local adjustment. However, considering the continuous release of positive policy signals, the market’s confidence in steady growth has gradually increased, and the sharp decline at the index level is nearing the end, it is suggested to actively arrange the oversold rebound window period.”
Chen Li, director of Chuancai Securities Research Institute, said that insurance capital is affected by its own attributes, and safety is the first element of its investment consideration, which is higher than the requirements for profitability, and the overall investment style is cautious. Therefore, it is expected that insurance capital prefers industries with stable growth performance, and undervalued blue chip stocks are the key direction of insurance capital layout.
Looking ahead, Wang Junhui, President of Guoshou assets, said at the 2022 exchange meeting on asset allocation prospects of institutional investors: “Continue to be optimistic about the value of equity allocation. The core reason for the adjustment of A-Shares at the beginning of the year is the overvaluation of some industries and the tightening of overseas liquidity. Policy, fundamentals and liquidity are the core factors affecting a shares. On the whole, it is expected that A-Shares will still achieve positive returns this year, and structural opportunities still exist.”
Taikang asset research department believes that emerging industries conforming to the concept of high-quality development are still the direction of clear policy encouragement and support. It is suggested to select high-quality targets with strong medium and long-term growth certainty and prominent scarcity.
