Since the end of last yearFree100playvideopokerharrah'sAs investors' risk appetite continues to decline, high dividend strategy is favored by investors.
Recently, with the disclosure of the first quarterly report of listed companies, insurance companies can have a look at the situation of heavy stocks. Brokerage Chinese reporters combing Wind data learned that in the first quarter, the investment in risky and heavy stocks was significantly adjusted, but the performance of bank stocks was stable and the dividend rate was good.Free100playvideopokerharrah'sThe stock is still the focus of the allocation of dangerous capital.
Two insurance companies are among the top ten shareholders of banks.
According to the disclosed data as of April 30, a total of 249 portfolio accounts of insurance funds and basic old-age insurance funds have increased their positions in the first quarter, 184 accounts have been reduced, and many accounts have newly become the top ten shareholders of listed companies. The top five targets that received the largest increase in dangerous capital holdings in the first quarter were the Bank of Beijing, Guangdong Construction Engineering, China Telecom, China Construction and Wuxi Bank, in which bank stocks occupied two seats.
It is worth mentioning that there are two insurance companies among the top ten shareholders of the bank, Xintai Life Insurance has become the seventh largest shareholder of Zhejiang Merchant Bank, and Huaxia Life Insurance has become one of the top ten shareholders of China Construction Bank.
Specifically, Xintai Life Insurance significantly increased its stake in Zheshang Bank in the first quarter. According to the first quarterly report of Zhejiang Merchants Bank, as of the end of March, Xintai Life Insurance Co., Ltd.-self-owned Capital has become the seventh largest shareholder of the bank, with a shareholding of 7%.Free100playvideopokerharrah's.7.1 billion shares, with a shareholding ratio of 2%Free100playvideopokerharrah's81%.
Among the top ten shareholders of Zheshang Bank, there are two insurance companies, such as Taiping Life Insurance and Minsheng Life Insurance. Taiping Life and Minsheng Life hold 922 million and 769 million shares of Zheshang Bank respectively, with a shareholding ratio of 3.36 per cent and 2.8 per cent respectively. Among them, Taiping Life Insurance became the top ten shareholders of Zhejiang Merchants Bank in the first half of 2023.
In addition, Xintai Life Insurance also increased its stake in Bank of Beijing by 356 million shares in the first quarter to 994 million shares, accounting for 4.7 per cent of the bank's total share capital, making it the fourth largest shareholder in the bank. This is not the first time Xintai Life has invested in Bank of Beijing. Data show that Xintai Life Insurance first appeared in the top 10 shareholders of the Bank of Beijing in the first quarterly report in 2023, with a shareholding ratio of 1.66% at that time, and then increased its holdings many times.
The second largest shareholder in the bank is Huaxia Life, which held 171 million shares, or 0.07 per cent, of China Construction Bank at the end of the first quarter. Huaxia Life has previously completed risk management, and Ruizhong Life, which undertakes its business, was unveiled in July 2023.
Great Wall Life continues to increase its holdings in Wuxi Bank. According to Wuxi Bank's quarterly report, Great Wall Life increased its stake in Wuxi Bank by 46.489 million shares, reaching 153 million shares at the end of the first quarter, rising from the fourth largest shareholder at the end of 2023 to the third largest shareholder.
Data show that Great Wall Life began to buy shares in Wuxi Bank in the fourth quarter of 2022 and appeared in the top 10 shareholders of the bank for the first time in its annual report in 2022, when it held 48.0366 million shares, or 2.58%. Since then, Great Wall Life has increased its holdings many times, including converting its "Wuxi convertible bonds" into shares, reaching 6.97% at the end of the first quarter of this year.
There are also some insurance companies choose to reduce their holdings according to their own conditions. For example, Sunshine Life Insurance Co., Ltd.-traditional Insurance products reduced its stake in Bank of Beijing by 130 million shares in the first quarter, reducing its position to 402 million shares and its shareholding to 1.9%. Xinhua Life Insurance Co., Ltd.-traditional-General Insurance products reduced its stake in Postal savings Bank by 22.2081 million shares to 137 million shares.
As bank stocks have the advantages of high dividend yield and good anti-risk ability, which is in line with the investment characteristics of insurance funds in pursuit of stability and long-term return, bank stocks have always been the ballast stone of insurance companies.
There is another feature of this round of insurance capital increase, that is, the increase of small and medium-sized life insurance is strong, which may be related to the development strategy of insurance companies. With the deepening of the transformation of individual insurance channels, the in-depth binding of equity with commercial banks may be conducive to the further development of bancassurance business cooperation.
According to Wind data, as of April 30, by the end of the first quarter of this year, risk accounts held a total of 39.815 billion bank shares, with a market capitalization of 350 billion yuan, accounting for the highest proportion of all risky investment industries. Heavy banking stocks include Industrial and Commercial Bank of China, Bank of China, Construction Bank, China Merchants Bank, Postal savings Bank and other banks.
Keep an eye on the strategy of high dividend stocks
In fact, in addition to bank stocks, telecom companies with stable performance and good dividend rates are also the targets of dangerous capital positions. According to Wind data, by the end of the first quarter of 2024, the market value of positions in telecommunications, radio and television and satellite transmission services was 22.412 billion yuan.
In the first quarter of this year, the account of "China Life Insurance Co., Ltd.-dividend-individual dividend" newly bought 361 million shares in China Telecom, and "China Life Insurance Co., Ltd.-traditional-General Insurance products" increased its stake in China Telecom by 98.3686 million shares. a total of 459 million shares in the two accounts are among the top 10 shareholders of China Telecom.
In recent years, volatile markets and falling interest rates have brought challenges to insurance fund investment. In the face of the complex environment, the overall response of insurance funds is still based on the characteristics of liabilities, adhere to long-term value investment, and pay attention to strategic asset allocation and flexible tactical allocation.
When a number of insurance companies talk about equity investment recently, an important direction is to continue to pay attention to equity investments with low valuations, high dividends and good long-term profit prospects.
At a recent results presentation, China Life said that at present, China Life has a certain scale of allocation in high dividend stocks. In the future, we will continue to pay attention to the strategy of high-dividend stocks, define the layout direction of high-dividend stocks, establish a high-quality pool of high-dividend stocks, and build a decentralized and balanced portfolio of high-dividend stocks. The general direction is to appropriately increase the allocation scale, but will prospectively grasp the opportunity of the market, buy at a reasonable price, and pay attention to the safety margin of investment.
In its quarterly report, PICC said that in terms of equity investment, it will strengthen the research and judgment of market trends, actively grasp the structural investment opportunities in the industry, and optimize the investment strategies of stocks and funds; at the same time, it will continue to strengthen the adjustment of the investment structure, taking the stocks of listed companies with relatively stable profit models and high dividend rates as the main investment varieties.
中国太保称，公司坚持基于负债特性保持大类资产配置基本稳定，坚持在战略资产配置的引领下积极配置长期固收资产，延展资产久期，灵活进行战术资产配置。公司持续做好低估值、高股息、长期盈利前景好的权益类投资品种配置，稳步推进创新型配置模式和投资策略，积极应对低利率市场环境。
前不久接受媒体采访时，中国太保董事长傅帆谈及公司投资策略时表示，公司将密切关注政策动向和市场变化，加强投资研判与风险管控；在坚持长期有效的股息价值策略基础上，通过强化风格、适度多元的管理机制，保持波动性可承受的合意资产组合，结合新会计准则的合理运用，推动权益投资回报达成战略资产配置的预定收益目标。
责编：罗晓霞
校对：赵燕