Our reporter Leng Cuihua

As the annual report of A-share listed companies in 2023 and the first quarterly report of this year are coming to an end.RealcryptogamesandroidAs a representative of long-term funds, the trend of insurance capital in the equity market in the last two quarters (the fourth quarter of last year and the first quarter of this year) has also gradually become clear. After a closer examination, it is not difficult to find that the high dividend equity assets such as the banking sector and the communications sector are still the "good intentions" of dangerous assets; at the same time, in terms of new stocks in the past two quarters, the chemical industry, non-ferrous metals, coal and other resource sectors are also affected.RealcryptogamesandroidIt is favored by dangerous capital.

For the trend of A shares this year, most of the risk investors are cautiously optimistic, while saying they are optimistic about low valuations and high dividends. Industry insiders believe that under the influence of the new accounting standards, large insurance companies may further increase the allocation of stocks that can be divided into FVOCI (financial assets measured at fair value and whose changes are included in other comprehensive income).

Prefer high dividends

According to Wind data, as of April 28, a total of 681 listed companies had seen risky assets among the top 10 tradable shareholders at the end of last year, and the total number of shares held by these companies was about 754Realcryptogamesandroid.3 billion shares, an increase of 2% over the third quarter of last yearRealcryptogamesandroid.6.9 billion shares. However, due to the continued decline in the stock market in the fourth quarter of last year, the position value of the above-mentioned heavy stocks fell by about 205.9 billion yuan compared with the third quarter of last year.

At the same time, as of April 28, a total of 506 listed companies had seen dangerous capital among the top 10 tradable shareholders in the first quarter of this year, with a total of about 60.39 billion shares held by dangerous capital in these companies, an increase of 12.03 billion shares over the end of last year. In the first quarter, the position market value of the above-mentioned heavy stocks increased by about 482.7 billion yuan compared with the end of last year.

Judging from the risk holdings in the last two quarters, excluding Guoshou Group's shareholding in China Life Insurance and Ping an Group's shareholding in Ping an Bank, the top stocks include Minsheng Bank, China Unicom, Industrial Bank, China Telecom, Postal savings Bank, Ping an Bank, China Merchants Bank and so on. At the same time, the top stocks that have obtained dangerous capital increase include China Telecom, Sinopec, Shanxi Coking Coal, Central Plains Expressway and so on.

With regard to the characteristics of heavy positions and increased positions in dangerous assets, Chen Li, chief economist and director of the Research Institute of Chuancai Securities, told the Securities Daily that the demand for safety is higher than that for profits. therefore, its investment preference is good performance, reasonable valuation, good dividend yield industries. Bank stocks have stable performance over the years, with a price-to-earnings ratio of less than 10 times, so they are favored by dangerous capitals. at the same time, the communication stocks allocated by risk capital are mainly three major telecom operators with low valuation and stable performance, and with the rapid development of digital economy and artificial intelligence, it is expected that the demand of the communications market will continue to grow, and the industry will have a certain degree of growth.

Chen Li believes that from the point of view of the listed companies that have recently increased their positions, they mainly have three characteristics: first, most of the central state-owned enterprises are in the majority; second, except for a small number of science and technology stocks, most of them have good profits and low price-to-earnings ratios; and third, most of these companies are industry leaders with stable profitability and good market reputation.

Yang Delong, chief economist of Qianhai Open Source Fund, told reporters that the heavy positions and additional positions of risky assets reflect its long-standing investment philosophy, that is, it values the low valuation and high dividends of listed companies, and favors high dividend sectors.

At the same time, from the last two quarters of the risk of new stocks, mainly concentrated in non-ferrous metals, chemistry, power, computers and other sectors.

The whole incline to optimism

With regard to the investment opportunities in the A-share market this year, people in the insurance industry as a whole are optimistic, and the equity investment confidence index of insurance assets has rebounded significantly for three consecutive quarters. Industry insiders said that in the context of the implementation of the new accounting standards, the impact of changes in equity investment on the profits of insurance companies has increased. In order to deal with the fluctuations caused by the new accounting standards on performance, strengthening blue chips with high dividends and strengthening FVOCI asset allocation is undoubtedly one of the strategies, which will help listed insurance companies smooth their performance fluctuations.

At a recent results conference, Su Gang, chief investment officer of China Pacific Insurance, said that in the stock market, China Pacific Insurance has adhered to the strategy of high dividend for nearly 10 years, especially in the process of implementing the new accounting standards. combined with the asset type requirements of the new accounting standards, by allocating stocks with low valuations, high dividends and good profit prospects, to consolidate core stock positions. Improve the stability of the overall asset return. Liu Hui, vice president and chief investment officer of China Life Insurance, said that this year it will focus on the allocation value of high dividend stocks and reduce the volatility of the equity portfolio.

Chen Li believes that the new accounting standards will increase the fluctuation of the performance of insurance companies to a certain extent, and in the future, insurance assets will pay more attention to the fundamental analysis of listed companies and choose companies with long-term growth potential to invest.

Guotai Junan Securities researchers Liu Xinqi and Xie Yusheng analyzed that in order to alleviate the impact of capital market fluctuations on the income statement under the new accounting standards, insurance companies will increase the allocation of high dividend assets and include them in FVOCI, with the main goal of obtaining dividends.

GE Yuxiang, a non-bank financial industry analyst at Soochow Securities, said that the continued low interest rate environment, the concentrated maturity of non-standard high-yielding assets and the significant pressure on the rate of return on risk capital reallocation. As the policy of activating the capital market continues to increase and further consolidate the foundation of the security system for long-term funds to enter the market, the return on stock investment of dangerous capital is expected to improve.