A large increase in insurance funds in the first quarter!Favor banks, materials are also invested in medicine, semiconductors

A large increase in insurance funds in the first quarter!Favor banks, materials are also invested in medicine, semiconductors
Affected by the new coronary pneumonia epidemic, the global capital market was volatile in the first quarter, and the Shanghai Composite Index fell to 9.83%, but the insurance funds still increase the stock market.The wind data as of 2 pm on April 30 showed that the number of positions held by insurance funds in the first quarter reached about 94.4 billion shares, an increase of about 4 billion shares from the end of last year, and the total market value of positions reached 1.23 trillion.Indeed, since the beginning of this year, insurance funds have been “sweeping goods” in the capital market frequently. According to incomplete statistics from Sauna and Yewang, insurance funds have been listed 9 times in the first quarter, which is about the same level as last year.Some analysts believe that China’s epidemic prevention and control has gradually stabilized, there are individual stock investment opportunities during market turmoil, and policies to encourage and encourage attempts to increase the proportion of equity allocation have become the driving force for insurance funds to increase positions.According to official data, as of the end of March 2020, the balance of insurance funds reached 19.43 trillion yuan, an increase of 4 earlier.85%.From the perspective of allocation structure, stocks and securities investment funds reached 2.49 trillion, accounting for 12.82%, compared with 12 in the first quarter of 2019.The proportion of 39% increased by 0.43 averages.Still heavyweight banks, real estate industry plus hot pharmaceuticals, semiconductor data show that in the first quarter of this year, a total of 366 stocks became heavyweight circulating shares of insurance companies.If Ping An Group and Ping An Life hold most of the shares of Ping An Bank, and China Life Insurance (Group) Company holds the strategic holdings of China Life Insurance and other group strategic factors, banks, real estate, capital goods, materials, public enterprises will remainIn the industry with the largest number of insurance positions in the first quarter, this position priority is basically the same as before.Specifically, several banks such as Shanghai Pudong Development Bank, Agricultural Bank of China, Industrial and Commercial Bank of China, Industrial Bank, etc. hold more than 2 billion shares of insured assets; in the real estate industry, Gemdale Corporation, Financial Street, China Fortune and other stocks are well receivedFavored by insurance funds; individual stocks such as the capital goods industry, China Construction, Goldwind Technology, and Shanghai Construction Engineering are also heavily held by insurance funds.In addition, materials, banking, energy and other industries have also become the main areas of insurance capital increase in the first quarter.Generally speaking, the comparative advantage of the yield ratio of banks and real estate sector can meet the needs of insurance funds for the stability of income, so it has always been a key industry for the allocation of insurance funds.However, insurance funds have not given up their pursuit of the hot sector. Since this year, the hot pharmaceuticals, biotechnology and life sciences, as well as semiconductor and semiconductor production equipment have also become two major industries for insurance funds.More than 100 million shares.Wind data shows that the semiconductor index rose by 6.97%, the biomedical index rose by 16.64% outperformed the broader market.Specifically, the generous increase in holdings includes Junkang Life Insurance’s new GCL integration, with 0 positions.6.1 billion shares; China Life Insurance entered Central shares newly, holding approximately 0 positions.1.6 billion shares; Qianhai Life Insurance increased its holdings by 0.1.4 billion shares of Jingsheng Electromechanical Co., Ltd., these stocks are all under the wind semiconductor and semiconductor production equipment industry.In the pharmaceutical, biotechnology and life science industries, Yanan Bikang, China Animal Husbandry Co., Ltd., Huahai Pharmaceutical, Xinbang Pharmaceutical and other individual stocks are welcomed by insurance funds, and the number of shares increased or newly entered is discrete.Postal Savings Bank is also favored by four insurance companies holding 6 stocks including Beichen Industrial. From the perspective of individual stocks, some popular stocks are even held by multiple insurance companies at the same time.Wind data shows that in the first quarter, the Postal Savings Bank was simultaneously held by four insurance companies, China Life Insurance, Everyone Insurance, Qianhai Life Insurance and Xintai Life Insurance.According to public information, the total assets of the Postal Savings Bank in the first quarter were about 10.8 trillion, the net profit is 201.0.5 billion, an annual increase of 8.39%.In addition, Beijing Investment Development, Beichen Industrial, Industrial and Commercial Bank of China, Financial Street, Puli Pharmaceutical, and Xugong Machinery are all held by three insurance companies at the same time in one quarter, such as Taikang Life Insurance, Qianhai Life Insurance and Zhongyi Life Insurance.Beichen Industrial; Xugong Machinery is also held by Qianhai Life Insurance, China Life Insurance and Taiping Life Insurance.Entering April, insurance companies and insurance asset management companies also intensively research listed companies. Wind data shows that on April 1st?On the 28th, 42 stocks including Lianchuang Electronics, Seagull Live, Huayu Software and Siyuan Electric were found.The previously measured equity market volatility will further increase. At the recent analysis meeting on the use of insurance funds in the first quarter of 2020 held by the China Insurance Asset Management Association, the relevant persons in charge of investment of major insurance companies also talked about their views on the A-share market.Cui Yong, secretary of the China Life Pension Party Committee, said that the epidemic is still a key variable affecting equity investment and faces uncertainty.The overall expected level of A shares is within a relatively reasonable range, and there is a certain margin of safety. However, if the duration of the epidemic is prolonged, it may gradually affect the overall variable system, and the equity market volatility will further increase.Secretary of the Party Committee of China Life Assets, President Wang Junhui admitted that changes in the stock market have intensified and there is uncertainty in the future trend.At present, the overall evaluation of the A-share market is at the historical average level, and the evaluation of Hong Kong stocks is at the bottom of the history.From a long-term perspective, the value of equity allocation has increased.”In the short term, the current deterioration of corporate profits has not been fully exposed, and it is likely that it has not been fully reflected in the transformation. Therefore, there is still uncertainty in the stock market’s trend in the short term.At the same time, European banks have recently canceled dividends. Due to their own liquidity considerations, some traditional high-dividend companies may take measures to pay less or no dividends this year, and most equity assets will face more uncertainty in the year.Wang Junhui said.Chen Lin, general manager of Pacific Assets, believes that the equity market will continue to repeat in the short-term. From the perspective of stock-debt comparison in the medium and long-term, including indicators such as risk premium and index rate of equity, the room for long-term valuation of the stock market may not be particularly largeBut the high volatility of the market will continue.Sauna, Ye Wang Pan Yichun Editor Li Weijia Proofreading Li Shihui