New, new, New!
In the fourth quarter, insurance institutions actively participated in the innovation of a shares.
Whether it is the cumulative use of funds or allocated investment funds, the funds used by insurance funds since the fourth quarter have been much higher than those in the first three quarters.
Industry insiders believe that in the environment of steady progress of the registration system, it is the general trend for insurance funds to actively participate in the capital market. There is still room for improvement in the investment proportion of insurance funds in the future.
new enthusiasm
As of December 13, since the fourth quarter of this year, a total of 716 capital accounts of insurance institutions and products have participated in the innovation of the primary market. In the fourth quarter, many insurance institutions participated in opening new insurance capital accounts, including life insurance companies, property insurance companies, insurance asset management companies, insurance group companies, reinsurance companies, etc.
The China Pacific Insurance (Group) Co.Ltd(601601) property insurance – traditional – General insurance products, China Pacific Insurance (Group) Co.Ltd(601601) group, China Pacific Insurance (Group) Co.Ltd(601601) Life Insurance – dividend – individual dividend products participated in the placement the most, all 65 times, tied for the first place.
Since the fourth quarter, a total of 7.85 trillion yuan has been spent on new insurance funds. The China Pacific Insurance (Group) Co.Ltd(601601) group used the most funds in total, with a total of 28.7 billion yuan. The China Pacific Insurance (Group) Co.Ltd(601601) property insurance – traditional – General insurance products and China Pacific Insurance (Group) Co.Ltd(601601) Life Insurance – dividend – personal dividend products ranked second with 28.6 billion yuan respectively.
Up to now, the accumulated funds used by insurance funds since the fourth quarter have been higher than 7.54 trillion yuan in the whole third quarter, 6.76 trillion yuan in the second quarter and 5.6 trillion yuan in the first quarter.
Chen Li, director of Chuancai Securities Research Institute, said that on the one hand, under the implementation of the registration system of the science and innovation board and the gem, the number of new shares issued and the scale of fund-raising maintained a rapid growth, promoting the high growth of the scale of insurance capital participating in the placement. On the other hand, the weak growth of premium income and the continuous decline of interest rate level of fixed income assets promote insurance funds to pay attention to investment opportunities in the A-share market.
large insurance enterprises have a high proportion of allocation
The enthusiasm for innovation is high, and the cumulative allocation of insurance funds also rises.
Since the fourth quarter, insurance capital has been allocated 4.12 billion yuan, higher than 2.361 billion yuan in the third quarter, and also higher than the first quarter (2.674 billion yuan) and the second quarter (2.368 billion yuan).
Among them, Taiping Life ranked first with RMB 514 million, while Qianhai life and China Pacific Insurance (Group) Co.Ltd(601601) group ranked second and third with RMB 17.71 million and 16.64 million respectively.
If you look at the allocation proportion (initial cumulative allocation investment funds / initial cumulative use funds), the allocation proportion of the above more than 700 capital accounts is roughly 0.02% – 0.07%, with a median of 0.04%. Generally speaking, the proportion of large insurance enterprises is higher. “It is mainly because enterprises and underwriters prefer to choose long-term investors in order to maintain the stability of stock prices in the future. Therefore, the proportion of large-scale insurance enterprises is higher as a whole.” Chen Li explained.
It is worth noting that the allocation proportion of Taiping Life is as high as 100%. China Securities Journal · China Securities Taurus reporter found that Taiping Life Insurance only participated in the innovation of two companies in the fourth quarter, both as strategic investors.
Judging from the preference for innovation in the fourth quarter (the statistical range is the companies with the top five institutional accounts for the first cumulative use of funds), science and Innovation Board companies are more favored by insurance funds.
In terms of industry, special equipment manufacturing industry is the most concerned by insurance capital, followed by chemical raw materials and chemical products manufacturing industry, pharmaceutical manufacturing industry, electrical machinery and equipment manufacturing industry, computer, communication and other electronic equipment manufacturing industry. For example, China Pacific Insurance (Group) Co.Ltd(601601) group’s industry with the most allocation in the fourth quarter is the special equipment manufacturing industry, with 15 companies, accounting for 15.6%; There are 10 chemical raw materials and chemical products manufacturing industries, ranking second; In addition, there are 9 listed companies from electrical machinery and equipment manufacturing and pharmaceutical manufacturing respectively.
(China Securities Journal)
