A shares become the only asset that can be over allocated

It’s time for mainstream insurance institutions to publish their monthly investment reports. The reporter of Shanghai Securities News learned yesterday that it can be seen from the monthly investment reports issued by a number of mainstream insurance institutions to institutional investors that among many major asset allocation varieties, a shares are the only investment category marked as “over allocation”, and the other major asset investment varieties are marked as “low allocation” or “standard allocation”.

Why has the A-share market become the only investment category recommended by some mainstream insurance institutions? It is understood that they believe that the equity market has important strategic allocation value. After the short-term correction of the extreme style of the market, the general trend has not changed. Specific reasons include: the recent performance of other major asset varieties is also poor; Among the many uncertain factors affecting the performance of the capital market, there are still many uncertain factors worthy of attention.

First, the macro policy is expected to be more positive, which will support market liquidity and risk appetite. The investment manager of a large insurance institution said that in the medium term, under the relatively abundant liquidity environment, the market is still expected to be dominated by structural market“ The central bank comprehensively reduced the reserve requirement and took cost reduction as the overall idea to protect the economic subject, and the subsequent “bottom support” force can be sustained. ”

Secondly, although the macro data fluctuate, the enterprise profitability is better than the macro data, showing a state of “micro significantly stronger than macro”. From the historical experience, the performance of the stock market is often good at the stage of this situation.

This also makes insurance institutions, as a new force in the capital market, firmly cover their positions in the recent market with increased volatility. An investment manager of an insurance asset management company told reporters that according to the prediction of his company, a shares will continue the structural market, so he will actively grasp the investment opportunities in the rebalancing process.

Based on the feedback from several mainstream insurance institutions, the varieties of their positions replenishment recently are mainly concentrated in two lines: first, the growth sectors such as new energy vehicles and photovoltaic, as well as many industries such as rare small metals, coking coal and fine chemicals. Insurance institutions believe that from the perspective of semi annual report performance, industrial policy, micro prosperity and other dimensions, the structural opportunities of these industries will continue to exist, and the strong sector still maintains a strong trend, indicating that the high-profile sector is still under the continuous attention of the market.

Second, undervalued blue chips. Insurance, real estate and other sectors are configured as defensive sectors by many insurance institutions. The valuation of these sectors has fallen to the historical level. From the past investment experience, at this time, large insurance companies with long debt duration often adopt the investment strategy of “time for space” and “time for valuation” on the asset side.

There are some differences between insurance institutions in the early led scientific and technological growth sector. Some insurance institutions believe that in the short term, at the micro level, there are signs of local transaction congestion or even overheating in the science and technology growth sector, which may disturb the rhythm of market interpretation in the next stage and bring the style rotation of the overall market.

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