Since the second quarter of this year, a total of 726 insurance institutions and capital accounts of products have participated in the primary market launch, with a total of more than 5 trillion yuan of funds being used.
A number of insurance capital sources told the China Securities Journal that insurance capital seized the structural opportunities in the stock market and increased the realization of floating profits in equity asset investment.Looking ahead, the A-share market may still be expected to continue to recover amid volatility in the short-term.
The accumulated funds used exceed 5 trillion yuan
Data shows that since the second quarter of this year, a total of 77 stocks have been IPOs, including 24 new stocks on the Growth Enterprise Market, 19 new stocks on the Science and Technology Innovation Board, 16 new stocks on the Beijing Stock Exchange, and 6 and 12 new stocks on the Shanghai Stock Exchange and Shenzhen Stock Exchange. Only.
As of June 28, data show that since the second quarter of this year, a total of 726 insurance institutions and product capital accounts have participated in the primary market.From the perspective of account types, the insurance capital accounts participating in the opening of new insurance mainly include insurance companies, insurance asset management companies, reinsurance companies and other insurance institutions.
Since the second quarter, more than 700 insurance-funded institutions and products have participated in a total of 18,085 initial placements.As of June 28, a total of 5.52 trillion yuan of insurance capital has been used since the second quarter. Among them, Happy Life has used the most funds for its first launch, with an amount of 34.7 billion yuan, far exceeding other insurance capital accounts."China Pacific Life Insurance's Stock Actively Managed Products (Dividends) Entrusted Investment" participated in the new investment of 18.8 billion yuan, ranking second.
Data show that since the second quarter, the insurance capital account has been allocated a total of 3.96 billion yuan of investment funds for the first launch.China Life ranked first on the list, with a total investment of 500 million yuan in the initial launch. Happy Life and "United Life Insurance Co., Ltd.-Universal-Personal Insurance Universal" ranked second and third with 23.91 million yuan and 13.95 million yuan respectively. .
From the perspective of insurance capital's preference for new ventures, new stocks on the Growth Enterprise Market and the Science and Technology Innovation Board are favored by insurance capital.In terms of specific industries, special equipment manufacturing, computer, communication and other electronic equipment manufacturing, software and information technology services, ecological protection and environmental governance, chemical raw materials and chemical products manufacturing, electrical machinery and equipment manufacturing and other fields are Participation of insurance capital is a new focus.
Insurance industry insiders said that new stocks with relatively stable fundamentals are the targets of insurance funds. Although the yield of new stocks has been low in the past two years, the overall return is positive, and it is expected to achieve thickening income.
Many institutions are optimistic about the growth sector
In the selection of new stocks, insurance funds tend to be able to hold stocks for a long time.Chen Li, director of the Chuancai Securities Research Institute, believes that in the choice of investment strategies, insurance capital will pay attention to the matching of asset and liability duration, preferring long-term investment and value investment.A shares are considered attractive equity assets, and insurance capital has seized the structural opportunities in the stock market and increased the realization of floating profits in equity asset investment.
Zhang Wei, general manager of Dafa Assets and Equity Investment Department, told reporters that the investment of insurance funds is based on the long-term and pays attention to valuation. Generally, investment should focus on the three elements of "penetration rate, market share and localization rate" to grasp the real growth opportunities of enterprises.In terms of investment in value stocks, it is necessary to seize the structural opportunities of industry supply contraction. From an objective point of view, some traditional industries also have good profit recovery space, and they need to deploy and invest counter-cyclically.
In terms of market trends, CITIC Securities believes that the market situation during the year can be divided into three stages: emotional calming, valuation repair, and valuation switching. The current market is in the second stage, and the market situation is concentrated by the steady growth policy. In anticipation of a rapid repair drive, A-share slow bulls reappeared.The rhythm will be affected by the performance differentiation of the interim report and the peak of the lifting of the ban on the Science and Technology Innovation Board. Structurally, the growth manufacturing, consumption, medicine and other sectors will be re-evaluated in turn.
In terms of allocation, the growth sector is still the direction that many institutions are optimistic about. Specifically, CICC pointed out that it can pay attention to: "steady growth" or areas with policy support; low valuation and relatively low correlation with macro fluctuations areas, especially some high-dividend areas; some areas where fundamentals have bottomed, supply is constrained, or sentiment continues to improve.
(Editor in charge: Guan Jing)
