Chen Lu
With the disclosure of the first quarterly report of listed companies in 2024BaccaratdiamantThe latest position situation of insurance capital has also surfaced.
Wind data show that in the first quarter of this year, a total of 755 A-share listed companies appeared among the top 10 tradable shareholders. From the perspective of dangerous capital heavy positions and increased positions, banks and other high dividend sectors are favored by dangerous capital. There are eight bank stocks in the top ten risk stocks, and two of the top five stocks with a large number of additional shares are bank stocks.
Recently, a number of listed insurance companies have publicly indicated that they will continue to pay attention to low valuation and high dividend assets. Industry insiders believe that the high dividend sector represented by bank stocks may further increase their holdings.
Bank stocks are favored
Wind data show that in the first quarter of this year, insurance capital appeared in the list of the top 10 tradable shareholders of 755 A-share listed companies.
Excluding the two listed insurance companies, China Life Insurance, Ping an of China, and Ping an of China's shareholding in Ping an Bank, bank stocks are favored by risky capital in terms of the risk capital heavy position and the increase position industry. Among them, eight of the top ten risk stocks are bank stocks, including Minsheng Bank, Pudong Development Bank, Industrial Bank, Huaxia Bank, Zhejiang Merchant Bank and so on. Among the first five stocks with a large number of shares increased by dangerous capital, two are bank stocks.
A company with a large number of shares held by dangerous assets.
Source: Wind
Specifically, in the first quarter of this year, Xintai Life Insurance increased its stake in Zheshang Bank 7.BaccaratdiamantOf the 7.1 billion shares, Xinjin became the bank's seventh largest tradable shareholder, accounting for 3.58 per cent of A-share tradable shares. Among the top 10 circulating shareholders of Zheshang Bank, there are two risky assets, namely Taiping Life Insurance and Minsheng Life Insurance, which hold 922 million shares and 769 million shares respectively, and the number of shares has not changed compared with the previous period.
The Bank of Beijing also received a substantial increase in risky capital holdings in the first quarter of this year. Xintai Life Insurance increased its stake in Bank of Beijing by 356 million shares to 994 million shares from 638 million at the end of the fourth quarter of 2023, making it the bank's fourth largest tradable shareholder, accounting for 4.70 per cent of A shares outstanding. However, another risk shareholder of Bank of Beijing, Sunshine Life Insurance Co., Ltd.-traditional insurance products, reduced its stake in Bank of Beijing from 532 million shares to 402 million shares in the first quarter of this year, changing from the bank's sixth largest tradable shareholder to the eighth largest tradable shareholder.
Companies with a large number of shares increased by insurance capital in the first quarter of this year
Source: Wind
In addition, there are China Telecom, Guangdong Construction Engineering, China General Nuclear, Chihong Zinc Germanium, Huadian International and so on, including communications, public utilities, non-ferrous metals and other industries.
In terms of reduction, Minsheng Bank, Sinopec, Vanke A, Construction Bank and other individual stocks have been reduced more.
Focus on high dividend assets
People in the industry believe that insurance capital pursues a long-term and steady rate of return on investment, and in order to alleviate the impact of fluctuations in the capital market on the income statement under the new accounting standards, high dividend sectors such as banks with higher dividend ratios and high dividend yields have attracted more attention, and may further increase their holdings of such assets in the future.
From the perspective of the industry, a number of listed insurance companies have said publicly that they will continue to pay attention to low valuations and high dividend assets. Liu Hui, vice president of China Life, said at the first-quarter results presentation that China Life already has a certain scale in high-dividend stocks and will continue to focus on high-dividend stock strategies in the future. It includes defining the layout direction of high-dividend stocks, building a high-quality high-dividend stock pool, building a decentralized and balanced portfolio of high-dividend stocks, adhering to decentralized allocation, and controlling the concentration risk of different dimensions.
In Liu Hui's view, high dividend stocks on the one hand highlight the deep value style; on the other hand, it has something to do with the environment of low interest rates, the return on assets tends to decline, and the low-wave high dividend strategy meets the needs of the times. At the same time, high dividend stocks also have the advantage of stable profits under the new accounting standards of insurance companies.
PICC said in its quarterly report that the company continued to strengthen the adjustment of its investment structure, taking the stocks of listed companies with relatively stable profit model and high dividend rate as the main investment varieties.
Recently, a number of banks have publicly stated that they will promote multiple dividends and increase the proportion of dividends. Industry insiders believe that the risk may further enhance the willingness of the allocation of the banking sector. Wang Yifeng, chief financial analyst at Everbright Securities (activist), said that fixed income assets represented by banks, such as "stable profits, low valuations and high dividends", highlight the performance-to-price ratio of investment. especially for the risky assets that value the "debt value" and the serious underallocation at the asset end, the willingness to allocate this kind of assets may be significantly increased, and continue to be optimistic about the allocation value of the fixed collection attributes in the banking sector.