Revealing the insurance fund investment path in the first quarter insurance circles Wang yawei surface

Before the crash, they escape top; before rising, they quietly ambush. Insurance capital's every move, the slightest facial expression has become the market important factor in determining capital market orientation and the market stage. However, the different characteristics and investment demands for funds, insurance companies ' investment sector has always been low-key than funds, brokerage: investment perspectives evaded, no investment reports, rejection of all foreign propaganda. Recommended reading insurance weekly: variable annuity pilot started five first elected to the insurance enterprises in violation of Beijing-Shanghai promotions fined 500,000 insurance circles "Wang yawei" surfaced exaggerating the gains did not mention the risk of banking and insurance disputes should continuously give families "pillar" feet on joint insurance regardless of non-indemnity insurance is zehui Shi Qiming immortal disc to create the superior talks low profile does not represent the omission. In the market since the beginning of this year, most of the insurance institutions clearly stepped right in blue-chips as the core of market hotspots, as well as opportunities to capture a restructuring unit, a theme unit. It can be said that in, risk capital funds, private equity, brokerage for representative bodies in the first quarter of confrontation, risk capital beat over and over again. In addition to risk prevention, the pursuit of stability-oriented and must give the applicant, the investors return on investment, that investment demand determines the general direction of investment of insurance funds is bound to be "at the same time blue-chip, charge hot spots". Market is more concerned, in this cross behind the investment policy, risk capital and how different funds, brokerages, among others, has investment tactics? This through the Agency of market research, one of the auxiliary quarter insurance capital stocks data, to help readers resolve moving missile Ghost on insurance companies in stock market investment. ⊙ Reporter Mr. Yu Yong Zhao Ling 0 edit 1 "green effect": short suddenly seen since April, reproduced in the a-share volatility, investors could not help heart health concerns: are insurance agency in "actions"? Investors are so sensitive, precisely because of nearly two years of insurance institutions "magic" operation was shudder at. Impress investors is that the insurance agency has fired more than once "short" the first shot. Especially the ping (601,318, unit), whether internal or external, throughout the 2010 advocacy of investment the main tone is "empty". Ping an of China investment "the fortress" even bitter sigh, says 2010 year of the capital markets, even more difficult than 2008. It was described by the part of investors as "2010 air force, the first" ping an of China, but in the first quarter of 2011 to a 180-degree reversal. Ping an of China Deputy Chief Investment Officer Chen Dexian, in Barclays, Sun Hung Kai, the Peregrine, Standard Chartered investment has as fund managers, investment Director and other key investment experts, this newspaper interview at the end of March that "jiancang opportunity has now". Is confirmed by Ping high level message displayed when, in March after the Spring Festival, bottom-ping started brewing plans appear purchase Fund. Number of funds in March the company received from ping an of China pay instructions, type categories involving equity, index and currency. Rough estimates, purchase the number of funds has reached billions of dollars. Ping action seems to have a strong model, many organizations have selected their fall into the same. Data show that after the Spring Festival this year, Shanghai Stock Exchange ETF particularly 50ETF are still dominated by net redemption, but into the second week of March, vane are treated as institutions of SSE 50ETF net purchase of larger size, reaching 194 million, corresponding to the net purchase capital has reached about $ 400 million. SSE 180ETF the same period there have been a larger net purchase, the corresponding net purchase funds have reached about $ 200 million. Situation resembling. In March, some insurance companies and insurance asset management companies to participate in a meeting of the industry, Exchange officials from more than half of the participating insurance agencies that are in that period of time and storage, and that the capital market to 2011 than in 2010 year well done. One reporter xiangshu said privately owned insurance companies in charge of, division multiplexing of fellow soldiers went to listed companies in the sector, field research busy. Risk capital suddenly seen the logic is that markets characterized by the coexistence of risks and opportunities of the year, but opportunities still outweigh the risks, grasp the opportunities in the fluctuations. "Market share undervalued, CSI 300 PE of low level. Although the market soaring conditions are not met, but index hit space is limited, for institutional investors such as insurance funds, and have to can sell to buy range. "And they put this mood continued to the second quarter. According to journalist survey, although nearly a month since a shares hit back, but insurance agency and not as massive as the Fund collective jiancang, still maintained a neutral position on level. In early May, said Chen Dexian in media access, from the current situation, when he maintained late last year and early this year that the 2011 there will be more opportunities, including the stock and bond markets this opportunity in two parts. "In the present case, does there exist many different views on the market. For example, the policy is to continue to tighten, or will it be relaxed; is growth, also is to control inflation, and so on, and we have to consider is that the assets themselves is not attractive. "And when reporters asked a recent positions when there is no change in insurance companies in Beijing, head of investment Department of the company sent a text message reply to a simple, direct--" not! "Even just this week, the reporter was informed that, a Chinese-funded insurance companies have in recent days concentrated purchase index type, partial stock funds, bargain buying at the intention obvious. 2 battle of blue-chips: renqiwoqu of China insurance regulatory Commission quarterly insurance fund data, often by the media or investment banks for "zoom in". According to data from the China insurance regulatory Commission, a quarter of this year, insurance funds investment yields an average of 1.07% and according to the Investment Bank, is likewise a quarter, offering funds, private equity, securities finance average yields of the collection are:-,-3%,-0.47%. Media conclusions from this comparison is: risk capital significantly outperform. Such a conclusion in the eyes of professionals, are not professional and reasonable. Because insurance funds investment yields not only contain rights type of investment funds, stock, also includes the agreement deposit, bonds and other fixed income investments. Thus, strictly speaking, risk capital funds, brokerages and investment income rate comparison of rate of return on investments for itself is not comparable.In fact, judging from the position structure and warehouse stocks, risk capital in the first quarter performance is indeed remarkable. Insurance company stock configuration as a result of a disclosure of the quarterly report of listed companies ' Iceman ' to emerge. In the first quarter of this year, insurance agencies clear tap a market based on the blue-chip hotspot. According to statistics, insurance institutions this year a quarter total stationed in 553 home company of ten circulation shareholders sequence, and in accordance with the holding market arranged, insurance funded concentrated holds of Qian six large heavy warehouse unit respectively for industrial and commercial bank of (601,398, unit 's), and CITIC Securities (600,030, unit 's), and ABC (601,288, unit 's), and livelihood Bank (600,016, unit 's), and construction Bank (601,939, unit 's) and large Qin Railway (601,006, unit 's). Among them, the industrial and commercial bank, agricultural Bank, construction Bank of China is being risk capital to increase its stake in the first quarter (including new) maximum number of units of a unit, three in the first quarter of this year was dangerous Chinese overweight 1.51 billion shares, respectively 990 million, 950 million units. "We are optimistic about bank stocks, mainly Bank high dividend ratio, valuations are very low, investment value is much higher than bank deposit receipts. "An insurance asset management companies to journalists explain why the configure Bank unit, banking sector valuations low, growth strong and accessible. Favor valuations low, increased performance and stability of the banking stocks and insurance companies has always been refracted sound aggressive investment style. Looking back at the Fund group, in the midst of the battle of blue-chip, but contrary to the risk capital. Similarly to the above three banks, for example, according to the media and statistics, the three banks in the aggregate in the first quarter of this year was nearly 2.4 billion shares, funds to reduce, and the China Construction Bank and agricultural Bank of China as being in the first quarter of this year funds groups to reduce the maximum number of units. In addition, more important is that the related statistics from the current published notice of 2011 reported half year results, was funded by insurance in the warehouse stock nearly 70% in Saint Angelo. Research team, rich market that also has independent investment experience, keen sense of smell, and duel in the first quarter of the funds, risk capital to "renqiwoqu" strategy of low-key WINS. But behind the winner, reflected is the different between other institutions such as risk capital and fund investment demand. "Characteristics of insurance funds and other funds are not the same, thus manual there is a very big difference. Different from the Fund, because insurance funds to pursue absolute returns, requiring revenue exceeds the cost of capital. For example, liability insurance funding duration longer, as long as they can in the next 2-3 years, or longer periods of time, income can reach a certain level, then risk capital have reasons to invest in these species. "An insurance asset management company executives say. "Insurance practices is not necessarily appropriate for the Fund of funds, and vice versa. "A quarter insurance funded holdings number Qian three bit a unit stock number industrial and commercial bank of 1.51 billion unit ABC 990 million unit construction Bank 950 million unit 2011 years a quarter insurance company holding industry statistics SFC industry this period holding (million unit) changes Shang period holding (million unit) mining industry 41686.107393.8234292.28 spread and culture industry 5319.46241.675077.79 power, and gas and the water of production and supply industry 30047.3812625.8917421.48 electronic 12112.819634.242478.57 real estate industry 48374.1316962.1931411.94 textile, and clothing, and fur 13207.717722.425485.29 machinery, and device, and instrument 64078.8831675.1532403.73 construction 91087.047276.0483811.01 traffic transport, and warehousing industry 93395.2828989.6764405.60 financial, and insurance 3049367.44345330.032704037.42 metal, and non-metallic 45217.5414946.0830271.46 wood, and furniture 611.36611.360.00 agricultural, and forest, and Shepherd, and fisheries 18069.915731.9512337.96 wholesale and retail trade 30520.767619.5022901.26 other manufacturing 2540.171525.261014.91 social services 10539.74911.599628.15 oil, and chemical, and plastic, and plastic 37653.1025551.5912101.51 food, and beverage 24554.8312016.3312538.50 information technology industry 36463.3218826.6217636.70 medicine, and biological products 35591.5811571.4024020.17 paper, and printing 8601.944480.264121.68 comprehensive class 17622.804455.0613167.75 statistics: this data information Department Gao Zhigang 3 proficient band operation although insurance funds as long-term investment," buy and holds "is its most main of operation way, but from currently market environment view, still exists must of uncertainty, -Band operations become the choice of insurance institutions. Especially on a number of small and medium-sized market capitalisation stocks, risk capital for this one thought is expressed most vividly. Then-band operation of the insurance funds and how do? According to industry sources, the insurance company's investment process is roughly: insurance companies under the investment decision and asset-liability matching two core Committee, every investment strategy set out a full year at the beginning, each portfolio (bonds, funds, shares, deposits, etc) set roughly the ratio of upper and lower limits. Most insurance companies have internal assessment standards to investment, such investment was mainly based on the rights and interests and CSI 300 index funds index. That is why China life insurance, ping an insurance giants such as preference shares Fund, especially the relatively higher risk ETF index funds. "For the insurance money, if you can do in a year is enough for two major decisions, the key to see the comparison. "The Department said a large insurance company investment, medium and long term bullish on economic recovery, but will soon be based on macroeconomic indicators, specifications,Dynamic adjustments to the portfolio. It is also known in the trade as "little tricks". It is understood that on the specific band operation, insurance agencies to buy constituent stocks of the SSE 50 index, after completed jiancang, then purchase index funds. Index funds must be passive into weight unit. At this point, formed on the market long on atmosphere, index begins upstream, participation of all investors start buying stocks long. As the market's gains, when the gain margin is expected to meet Agency, Insurance Agency began to gradually reduce its shares in the hands. Subsequently, they began massive funds. In large redemption pressure, was forced to sell shares of index funds. Redemption of shares coupled with large organizations is itself bearish signals, other investors follow one after another to sell and market began to decrease. Such as the market adjusted to a certain extent, mainly to insurance institutions of funds approach bottom-again, and starts the next round of actions. Media images of this mode of operation compared to "cut the leek"-band operation many times, its tie up the Fund, through the purchase, and withdrawal of funds, funds in the stock market was forced to follow on operations. "Insurance institutions were customers in the upper reaches of the Fund, if the direction of insurance funds and select the purchase or redemption of Fund, will move more market inflows or outflows. "Of course, not all insurance funds can be good at this, also see mistake. A large insurance company performance in the first quarter of this year really General, investment bank believe that the reason is that stock market rhythm plate configuration does not take, therefore not produce the desired return on investment. 4 player? Pushing hands? Killer? Insurance funds has become most be aware of a force in the domestic capital market, more and more investors are concerned about every move of insurance funds, with a view to regulating pace warehouse can step on living insurance funds to get bargain picking and Prophet of every high retreat. So, band master of the insurance funds are proactive, is also induced by the market going up or down pushing hands or killer? Insurance data show that by the end of March this year, China's insurance assets amounted to $ 5.4 trillion, and the interests of insurance funds investment positions up to 25%. This projection, including funds, and stock, insurance institutions of funds into the stock market has exceeded 1 trillion. First quarter of this year, insurance funds investing in stocks and funds of such positions than for 13.8%,13.8% for five or six levels of positions, it also means that risk capital funds there are billions of dollars to enter the market. Addition of hundreds of millions of readily available market funds, insurance funds is growing at an annual rate of 1 trillion yuan. Where half is in the hands of this several insurance giant China life insurance, ping an of China. In the view of the industry, several insurance giants like the stock market in the "Big Mac", the big money action itself can affect the stock market, and have the significance of market bellwether. Perhaps the long term, position of the insurance giant operation does not change the market trends, especially when rising trend established in the market, insurance organizations such as the band operation occurs, does not have a fundamental impact on the market, but in the market at a relatively high or low, when empty and deadlock, "Big Mac" influence is not the same. Especially when the market is in a critical stage, when sensitive point, insurance giant itself has "ammunition" with enough power, and their selection is often also has "a call center e" effect, can lead to institutional and retail interest on operations, forming a huge unit of force. Therefore, when more than empty Agglutination, investors must pay more attention, because insurance giant jiancang actions, often become a "down" signal; on the contrary, such as when we are pessimistic, once the entry of insurance funds, often is the positive signal of the bargain to pick up bargains. 5 looking for insurance of "Wang yawei" showman of the different fund managers, insurance companies most of the investment manager operating behind closed doors, not to mention they surfaced in the media. But there were still "good" media found that the insurance circle also has a "Wang yawei", or even younger, more mysterious, "he" in charge of the insurance product yields nothing lost to Wang yawei Chinese market. This mysterious "he", Taikang life, is in charge of the investment and continuous type insurance enterprise account PW. PW is said to a generation y young because of his high level of investment, are market participants known as "most cattle insurance capital trader", by his performance of the investment and continuous danger and aggressive type of account, not only of the investment and continuous insurance "ever-victorious General", even if the trial with the public placement Fund up to a T, known as insurance product "in the Chinese market," said. Words alone are no proof, the data is the hard truth. Have quoted a number of alleged that after Wang yawei since the end of 2005 as Chinese market fund managers, five-year rate for the coming year are:, 141.86%,-33.69%, and 23.21%, total yield of 1196.8%. And Taikang voted five years of continuous type insurance enterprise account yields in the coming year respectively, 109.55%,-23.67%, and 23.84%, total yield of 972.62%. Tai Hong investment, although even the insurance enterprise accounts over the past five years total yields less than the Chinese market, but the five-year yields more than three years in China market. Members of the Department of an insurance company investment analysis Taikang investment and even dangerous aggressive account long-term secrets of winning. First of all, the ratio of 60% per cent of accounts invested in stocks, and partial shares similar funds. Basic avoided blue chips on stock selection, favor and small-cap stocks, sought after subject unit and recombination unit. Radical style, timing accurate, easy to get the excess profits. If a quarter of the year, Taikang investment and even dangerous aggressive account reorganization of bargain buying stocks Shanghai Mei Lin (600,073, unit), new 1.76 million units in the unit. Second, fast forward faster, high not low greed, not to panic, is also a major feature of the account. According to statistical data, the account holding stocks of time rarely exceeds one year, and nearly two years to render Exchange frequency signs. 2010 stock market to complicated and difficult to do, for example, two consecutive quarters in this account appears in the top ten circulating stock shareholders of listed companies will be very rare. Quick operating frequency can be seen. More to the point is that small plates, closed operation is winning one of the reasons. Selling short in this account, and are usually limited (basically at around 200 million). Since then will be returned,Long years of closure, which to a certain extent, avoid the configuration of high inflow increased pressure. In addition, enclosed scale of operations is relatively fixed, facilitate investment manager operations, developing a long term investment strategy, more conducive to "long-distance" achieve better performance. The industry believes that, with the Chinese market "bottom up" stock selection strategies, for many years hidden themes of an outbreak of a unit waiting for market operation practices different, Taikang investment and even insurance is radical, progressive, enterprising account at band operation and small plates, and out of a more flexible, this makes it easier for investors to track references.