Equity assets exceeded 3 trillion!How to lay out in the second half of the year over 24 trillion yuan?The insurance institution says this ...

The operation of the insurance industry was recently released.

According to data from the CBRC, at the end of June this year, the balance of insurance funds reached 24.46 trillion yuan, of which the balance of funds invested in stocks and securities investment funds was 3.19 trillion yuan, which exceeded 3 trillion yuan for the first time, accounting for 13.02%, which was 13.02%. This year's high point.

At the current point, how will the insurance fund move in the next step? At the closed -door meeting organized by the China Insurance Asset Management Industry Association recently, many industries conducted in -depth analysis and discussion around the "macro situation and allocation outlook for the second half of 2022".

The proportion of insurance and capital equity is the high point this year

Affected by multiple factors such as epidemic disturbances and Russia -Ukraine conflicts in the first half of the year, my country's equity market fluctuated significantly. Affected by this, the proportion of insurance capital equity assets was as low as 11.89%. The reason is that the market downside has caused the market value of the equity assets to be passively reduced, and there are also some reasons for the staged position adjustment of some insurance funds accounts.

However, since May, as the capital market has risen, the proportion of investment in insurance funds has also increased significantly.

At the end of June, the balance of insurance funds reached 24.46 trillion yuan. Among them, bank deposits were 2.86 trillion yuan, accounting for 11.69%; bond investment was 9.7 trillion yuan, accounting for 39.66%; the balance of funds invested in stocks and securities investment funds was 3.19 trillion yuan, which exceeded 3 trillion yuan for the first time for the first time. Yuan, accounted for 13.02%, not only reached the highest point since this year, but also significantly higher than the level of proportion at the end of 2021.

In the second half of the year configuration, the window period must be grasped

At the current point, how will the insurance fund move in the next step?

Recently, at the "Analysis Meeting of the Insurance Funds in the second quarter of 2022 in the second quarter of 2022" by the China Insurance Asset Management Industry Association, many industry representatives speeches to the development of insurance asset management companies in the new situation and configuration ideas under the new situation under the new situation. In -depth analysis and discussion of insurance funds rights and interests, solidaries and alternative investment status, challenges and prospects.

Wang Junhui, the chief investment officer of Guoshou Group, Secretary of the National Life Assets Party Committee, and President, believes that from a longer logic, it affects the long -term "continuous improvement" of A shares: the proportion of professional institutional investors in domestic capital markets continues to increase The proportion of financial assets in residential property has continued to increase, the proportion of medium and long -term funds in the market has continued to increase, and the proportion of overseas institutions and global allocation funds has continued to increase. The trend of this "four promotion" has not reversed and will continue. Therefore, in the context of the long -term low interest rate economic transformation in the future, the equity market has high allocation value for insurance funds.

In terms of configuration strategies in the second half of the year, he believes that based on the long -term good trend of the macroeconomic economy and the four "continuous improvement" trends in the capital market, the current overall configuration environment may be more friendly compared to the first half of the year, but there are also long -term long -term existence Insufficient bond supply and the fluctuations in equity markets may increase challenges. The allocation of insurance funds must accurately grasp the window period brought by the improvement of the configuration environment. The solid income investment must be neutral and flexible, the investment of equity should be active, and the alternative investment must seize the opportunity.

Jiang Guangming, deputy general manager of Huatai Assets, said that in the first half of the year, the domestic equity market was affected by the multi -factors such as fundamentals, epidemic disturbances, and Russian and Ukraine conflicts, and the overall showed "deep V" trend. Looking forward to the second half of the year, A shares may oscillate in a wide range in the bottom interval. Investors should pay attention to the poor expectations brought by the marginal changes of the molecular and denominator. We will continue to pay attention to the downlink risks of internal and external expectations, and grasp the investment opportunities brought by the policy.

At the position level, it is recommended that the neutral position is the center to maintain moderate flexibility. At the same time, the market's wide oscillation process should be stopped and low -absorbing. At the level of industry configuration, focusing on growth and consumer tracks, gradually fulfilling high valuation varieties such as new energy sources in the rise, and gradually increasing consumption and growth varieties in the process of decline.

In terms of solidarity allocation, Luo Ruohong, deputy general manager of China Reinstation, believes that the fixed income market in the first half of the year presents four characteristics: "low volatility, low absolute value, low credit spread, and steep yield curve". The market's expectations for wide credit (economic recovery) have become one of the most important factor affecting the yield. Looking forward to the second half of the year, the interest rate trend may present the box oscillation characteristics, with limited upward and downward space. When formulating the configuration plan, insurance institutions should comprehensively consider their current liquidity status, future liabilities expectations, and current allocation of asset yields. For insurance institutions and accounts with stable growth expected on the debt side, it should fade time to select the time for the assets of the expired assets; for insurance institutions and accounts that are expected to be uncertain on the debt side growth, they should be cautious to cope with the current low interest rate environment. Avoid overstimed matters in leverage operations in order to deal with the potential rate of return in the future.

Editor: Lin Gen

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