The latest data shows that as of the end of May this year, among the balance of insurance funds used, the proportion of stocks and securities investment funds accounted for 12.4%, which has stopped falling and rebounded from April.
It is understood that in the first half of the year, the insurance capital generally controlled the positions well, and basically completed the investment income target progress of more than half of the time and more than half of the tasks.
Looking forward to the second half of the year, many insurance companies believe that there are still structural opportunities in the A-share market, and focus on assets with wave-band opportunities.In terms of specific configuration, we are mainly optimistic about the three main lines related to high prosperity, stable growth and inflation, and strive to further increase earnings.
The progress of completing the investment income target in the first half of the year
In the first half of the year, the overall drawdown of insurance capital and equity assets was effectively controlled, and the “bottom-hunting” increase was completed.
The manager of the Life Assets Investment Department told the China Securities Journal China Securities Taurus reporter that the investment in insurance funds’ equity is generally aimed at obtaining absolute returns. In the first half of the year, insurance funds generally controlled positions well, and some accounts responded positively after the Financial Committee meeting. Long-term funds entering the market called for additional positions, which increased the income.At the same time, he pointed out, "In the second half of the year, we still believe that there are structural opportunities in the A-share market, and will actively adapt to market changes, carry out rebalancing operations, and strive to achieve the annual equity allocation income target."
According to data disclosed by the China Banking and Insurance Regulatory Commission on June 27, as of the end of May this year, the balance of insurance capital allocation stocks and securities investment funds was 2.98 trillion yuan, accounting for 12.4%, and rebounded from 11.9% at the end of April.According to industry analysts, this is closely related to the increase in positions of a number of insurance capital institutions at the end of April.
The reporter learned that before this round of rebound trend, many insurance capital institutions have completed the bottom increase one after another, and it has recently reached the harvest stage.The relevant person in charge of Everbright Sun Life Assets revealed to reporters: "We have completed the addition of positions during the extreme market plunge at the end of April."
The person in charge of the investment department of a life insurance company in North China also told reporters: "From the perspective of stability, we should pay attention to cashing in profits in the near future. If there is a relatively large shock at the end of the second quarter and the beginning of the third quarter, it will be a good opportunity to increase positions."
The manager of the life asset investment department also said that in the first half of the year, the main purpose of the insurance capital was to control the withdrawal, and to complete the target progress of investment income with more than half of the time and more than half of the task.In the second half of the year, we will keep an eye on market opportunities, focusing on assets with wave-like opportunities, and strive to further increase earnings.
Follow the three main lines
In the second half of the year, the insurance capital still adhered to a prudent and stable operation idea, and adjusted positions according to market conditions.
The above-mentioned person in charge of Everbright Sun Life Assets said, "In the second half of the year, we will trade flexibly according to market conditions. For example, the recent automotive, new energy and other directions have a good rise driven by strong fundamentals, and some growth sectors with general fundamentals have seen a decline in capital diversion, such as The TMT sector, especially the semiconductor sector, has experienced a relatively large decline recently, and we will increase positions in some sectors with more suitable positions in the medium and long term at the appropriate time, and lighten up positions in some sectors with excessive gains and crowded transactions.”
Looking forward to the market trend in the second half of the year, the manager of the investment department of Life Assets believes that from the overall macro situation, the domestic economic growth rate will steadily pick up in the second half of 2022 under the continued implementation of the stabilizing growth policy, the gradual restoration of confidence in the real sector, and the low year-on-year base effect.He analyzed: "From the perspective of the domestic market, domestic policies are still friendly, the keynote of stabilizing growth policy remains unchanged, and monetary policy remains loose. For overseas, the recession of economies such as the United States and the euro zone is a high probability event. In order to curb high inflation in the short term, the current market expectations for the Fed to raise interest rates are relatively full. Against this background, there are structural opportunities in the domestic equity market.”
In terms of specific allocation, the relevant person in charge of Everbright Sun Life Assets pointed out that in the second half of the year, there will be three main lines to lock in investment opportunities.Specifically, he believes that the first is the main line of high prosperity, such as photovoltaic, lithium battery industry chain, automobile, power semiconductor and so on.The second is the main line of the policy of stabilizing growth. He analyzed that, "In the context of declining exports, the pull of capital formation on GDP has increased compared with last year, and the recent policy has been very warm. Infrastructure and real estate chain are also one of the main lines of our attention." .In addition, inflation-related targets will also be the focus of Everbright Sun Life Assets in the second half of the year.
In terms of fixed income investment, the manager of the investment department of Life Assets said that because the overall domestic credit environment is relatively loose, and the currency is also neutral to loose, the allocation of bonds needs to wait for a window period, and convertible bond assets can consider bottom-up bond selection. Chance.
