High top flight and bargain hunting — every move of insurance funds with repeated “foresight” affects the sensitive nerves of the market. Although the economic data are less than expected and the internal and external environment is uncertain, a number of insurance institutions, including Ping An, have released a positive signal of “not pessimistic and can start”.
In the past six months, many investment managers of insurance institutions have repeatedly stressed when talking about investment strategies in an interview with reporters: “after the adjustment is in place and better support is found, we will certainly ‘Enter’ the stock market.”
The recent release of positive signals shows that the buying point in the eyes of venture capital may have arrived. According to the latest internal view of a large insurance group, the market has found better support at 2800, providing a good opportunity for insurance funds that have been pursuing counter cyclical and long-term value investment.
In addition, the recent introduction of several policies has boosted market confidence to a certain extent. “Loan pricing tends to be market-oriented. At the same time, it is expected to be in line with the downward trend of global interest rates. At this stage, the boost to market confidence is greater than the actual impact on the economy, and this boost to confidence is valuable in the current market. Therefore, we are clearly optimistic about China’s stock market.” A person from a large insurance institution in Beijing told reporters.
On the whole, the views of the interviewed insurance institutions turned to further optimism. They believe that the market probably remained volatile in the third quarter, and at present, the probability of further upward movement of the shock center is large. The excellent left layout time point and even the right time point will also be opened. The only uncertainty is still fluctuating in the overseas market, which needs to be paid attention to.
When talking about specific secrets, The investment manager of an insurance institution said bluntly: “where there is any investment secret, i.e. don’t listen to the story, just look at the valuation, dilute the style, select a batch of good high-quality stocks from the bottom up, and if they are underestimated, they can buy boldly. Although the current market has not yet obtained a clear trend and sustainable upward opportunity, the phased investment value has been obvious and needs to be actively grasped.”
Insurance institutions do the same in the process of practical operation. From the data of listed companies that have disclosed the semi annual report, it seems that insurance funds did not show amazing investment secrets in the first half of this year, but continued the operation strategy of “bargain hunting and taking time for space”, and the “insurance capital thinking” of pursuing relative returns in absolute returns is vividly reflected. It is also because of the active participation in the first half of the year that the investment income of Chinese insurance companies performed well in the first half of the year.
After a round of interviews, the reporter found that at present, the operation idea of some insurance institutions in the recent stage is: white horse value represented by certainty and technology as the new driving force of economic growth, corresponding to product account funds with different risk preferences. Especially under the multi factor resonance, they believe that there are endless opportunities for technology stocks.
At the same time, they believe that the third quarter is the traditional peak consumption season, which may bring marginal improvement to the market. Consumer stocks led by the food and beverage industry will also maintain good performance, and the valuation improvement opportunities of leaders in the subdivided fields of the consumer industry chain deserve attention.
Relevant investment principals of insurance institutions stressed: “The investment manager of insurance institutions manages different types of account portfolios. On the one hand, it is for financial investment, such as investment in technology stocks and consumer stocks, which generally follows the band operation; on the other hand, it adopts the operation mode of ‘buy and hold’ on some high-quality blue chip stocks. Once we select high-quality blue chip stocks that meet our requirements Individual stocks will be held for a long time and will not be operated due to short-term stock price fluctuations. ”
As for the bond market investment, the general view of the bond managers of the insurance companies interviewed is that the short-term wide credit overweight is superimposed on the demand for profit stopping in the market, and there is a certain pressure on the bond market to adjust. In the medium term, the current basic support for the bond market is still clear, and the liquidity remains reasonably abundant, and the opportunities in the bond market are greater than the risks.
(Shanghai Securities News)
