The Proportion Of Venture Capital Entering The Market Is Relaxed, And The Investment In A Shares And Stock Bases Has Risen To 20%.

More venture capital will be invested in the A share market.

The Insurance Regulatory Commission recently convened a closed door meeting between insurance companies and insurance Asset Management Co executives. The meeting revealed an important message: the policy of insurance fund utilization has been greatly adjusted, and the scope and proportion of investment A shares, Hong Kong stocks, unsecured debt and other channels will be relaxed.

The specific contents include: adjusting the scope of investment in A shares of insurance fund (stock + fund), and stipulate that the total investment of stocks and funds (including equity funds, bond funds, currency funds, etc.) shall not exceed 20% of the total assets of the company. Now it is replaced by a stock and stock based fund of not more than 20%; the relaxation of insurance funds to invest in Hong Kong stocks is limited; the scope of investment has been extended from the original red chips and H-shares to the main board of the Hong Kong stock market; the upper limit of the proportion of unsecured bonds has been expanded from 15% to 20%; the requirement of reducing the credit rating of bonds has been reduced from AA to A.

Although 20% of the A equity investment cap has not changed, the elimination of non equity funds actually raises the upper limit of venture capital equity investment indirectly.

However, industry analysts say that since non equity funds account for a relatively small proportion of the total allocation of insurance funds, the policy adjustment will bring up to some billion new funds for the A share market.

Market participants believe that "at this point, the impact of policy adjustment on insurance companies is more psychological, such as insurance companies in the bottom of the bargain can be more assured that the super match."

As for the adjustment of bond investment policy, the industry believes that some of them are "scratch the cake".

An insurance Asset Management Co fixed income department believes that the gradual relaxation of unsecured debt investment in the long term is positive, but in the short term, the impact is small.

Since the total amount of the unsecured debt market itself is not large, the original 15% quota ceiling has not yet been fully utilized.

In the case of limited market share, management should raise the upper limit of the proportion of unsecured debt of investment single form.

According to the insiders, the regulatory adjustment of the investment channels of venture capital will bring more flexibility to the insurance companies and provide more channels and possibilities for the use of insurance funds.

They hope that the regulatory authorities can further liberalize some detailed investment restrictions, such as the gradual liberalization of restrictions on "no buy ST shares, sharp decline in performance or serious losses", and give more decision-making power to insurance companies.

In the market, the social security fund and insurance fund have been hand in hand recently, and the pace of the two plus reduction is almost parallel, and the social security fund has been pushed onto the cusp.

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The general manager of the investment department of a fund company told the China times in May 20th that the tacit understanding of social security funds and insurance funds in the adjustment of positions this year can be seen as a preview. In the future, these big funds will not be excluded from jointly controlling the spot and stock index futures markets, so as to achieve two-way profits.

In his view, the A share market fear of becoming a "big Zhuang stock era", expect regulators to avoid the manipulation of the market situation.

Together with venture capital, "high dumping and low absorption"

Data statistics show that the social security fund significantly increased its position in the fourth quarter of last year. The first quarter of 2010 was the third largest reduction in history.

The market share of the first ten largest tradable shareholders in the first quarter was 29 billion 685 million yuan, representing a decrease of 4 billion 158 million yuan compared with the 33 billion 843 million yuan in the four quarter, with a reduction of 12.29%.

Not only did the stock market decrease, but also the number of shares held in the first quarter decreased by 19 million 763 thousand and 300 shares, or 1.13%.

According to Zhang Gang, an analyst with Southwest Securities (600369), the number of stocks held by the social security fund in the first quarter was 263, an increase of 66 compared with the fourth quarter of last year, and 61 stocks were reduced.

Zhang Gang pointed out that the number of new stocks in the first quarter of the social security fund reached 133, a record high, accounting for about half of the shares held.

"The reduction in the first quarter and the proportion of newly built stocks accounted for 73.76%, which shows that the social security fund has changed the warehouse extensively."

The "short sale" trend of the social security fund extended to April, which is evident from its actions in the Hongkong market.

In April 1st, the social security fund reduced the proportion of H-shares held by Bank of China (601988) to 30 million, from 14.03% to 13.99%. In April 9th, the number of H-shares held by ICBC (601398) was reduced from 19.01% to 18.99%.

Reporters noted that insurance funds in the first quarter and the social security fund simultaneously reduced the position.

According to the statistics of Wind, the largest reduction in the insurance fund was the China Life Insurance Company (601628). The stock market value of the first quarter was reduced by 10 billion 942 million yuan, accounting for about 20% of its total stock market value, followed by Taikang Life Insurance Company's reduction of 1 billion 227 million yuan, accounting for about 30% of the total market value, and the Taiping Life Insurance Co reduced by 300 million yuan, accounting for 70% of its total market value.

In May 17th, the market was widely rumored that Huijin Company would be able to gain three of the 60 billion funds. Meanwhile, the social security fund has been allowed to buy PetroChina (601857) and Sinopec (600028) to maintain market stability.

However, the news was not verified by Huijin and social security funds.

But reporters interviewed learned that after 4 trading days after May 17th, insurance funds had a large market entry action.

Deputy general manager of a joint venture fund company in Shanghai told reporters in May 20th that China Life Insurance (601628) increased its position through the purchase of equity funds of several fund companies.

"Only one stock fund of our company has been purchased by China Life Insurance (601628) for two hundred million yuan.

We understand that in recent days, the total amount of purchase funds has been in the scale of ten billion.

Holdings of medicines and food plates

What industries do the large scale social security funds pfer to?

After inquiring about the data, reporters found that the machinery and equipment sector has maintained the first place in the five quarter of social security fund holdings, which is also the highest level of institutional investors.

According to the latest quarterly data, the social security fund holds 42 listed companies in the machinery and equipment industry, 9 more than 33 in the fourth quarter last year, and the market value of its holdings increased by 6.24%.

In the first quarter, the largest increase in the market value of social security funds was in medicine, holding 2 billion 964 million yuan, an increase of 44.87% from 2 billion 46 million yuan in the fourth quarter of last year, and sixth from the fourth quarter to second.

In the securities industry view, medicine is a defensive industry, "a substantial increase in medicine, visible social security funds for the market outlook is less empty."

Another social security fund was sharply increased in the food and beverage industry, up from seventh in the fourth quarter last year to third.

The social security fund has 19 stocks, 7 more than the four quarter, and the stock market value of 2 billion 352 million yuan, an increase of 392 million yuan, an increase of 20%.

It is worth noting that the social security fund substantially reduced its financial stocks in the first quarter. The market value of its holdings fell rapidly from second to fourth in the fourth quarter of last year, and the financial sector was the leading variety in the first quarter.

The social security fund has also substantially reduced the real estate industry. Its market capitalization has decreased by 20% from the end of last year, from about 927 million yuan to 740 million yuan.

A quarterly report of Financial Street (000402) showed that the 101 combination of social security funds disappeared from the list of its top ten tradable shareholders. Celebrities (000667) were substantially reduced by 8 million portfolios by social insurance 112; 000897 of them were reduced to 3 million shares by 107 social security portfolios.

Zhang Gang believes that the social security fund has greatly increased the daily consumption of food and beverages, medicine and household appliances and automobiles benefiting from consumer stimulus policies, avoiding the cyclical industries such as finance and real estate, and avoided risks in the first quarter.

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Collusion refers to the right to speak.

What caused the market concern is that Dai Xianglong, director general of the social security fund, said recently at the news media forum that as a large institutional investor, the new products of margin trading and stock index futures should have the share of the social security fund, and the social security fund is willing to choose this investment project.

He also said that the social security fund would not be directly involved, and would invest in stock index futures and margin trading through qualified managers.

But this statement has caused some people to question.

Pi Haizhou, a financial commentator, believes that when the stock index futures are launched, investors can make money if they operate correctly.

Therefore, many investors want to show their skills in stock index futures.

In his view, as a general institutional investor, these ideas are understandable, but if the social security fund has such an idea, it is very inappropriate.

He pointed out that once the directional operation is wrong, stock index futures trading will bring great losses to the social security fund.

"The social security fund has not only entered the A share investment, but also participated in the stock index futures, which is not consistent with its responsibilities."

Reporters noted that the social security funds, insurance funds, QFII (qualified domestic institutional investors) and other institutions to participate in the stock index futures rules have not yet been promulgated. From the current social security fund management regulations, there is no specific provision for the investment index futures ratio, timing and purpose. Therefore, it is impossible to know exactly whether the social security fund is hedging the stock index futures and reducing risk exposure, or buying the stock index futures contracts far beyond the hedging needs, instead putting the social security fund under greater exposure.

A general manager of the investment department of a fund company told reporters that from the current signs, the social security fund will participate in the stock index futures.

He believes that since the beginning of this year, the tacit understanding of social security funds and insurance funds in the adjustment of positions can be seen as a preview. In the future, other big funds such as social security funds and insurance will not be eliminated to control the spot market and stock index futures market, so as to achieve two-way profits, so that the A share market will evolve into a "big Zhuang stock era".

In his view, in the face of earnings pressure, "anything is possible, and expect regulators to circumvent the manipulation of the market."

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The inspection and request of regulators to the credit ability of insurance companies is urging the insurance companies to focus on developing credit rating system independently. The implementation of this work will also affect the investment threshold of insurance companies for bonds.

Recently, the Chinese people's Insurance Asset Management Co issued its own credit rating system for the first time.

Different from before, the insurance Asset Management Co, insurance companies and rating agencies generally adopt the unified rating model. The personal credit rating system will focus more on the individual differences of the issuers, so as to establish their own credit rating system.

"This is one of the requirements of the CIRC for the credit ability of insurance companies."

A person familiar with the matter said that the scoring system for insurance companies' solvency and credit capability will become an important regulatory measure of the CIRC.

In April last year, the CIRC released the unsecured bonds such as medium-term notes and convertible bonds for venture capital investment, and the consideration of credit ability became the index threshold for venture capital to engage in the above investments.

To this end, the CIRC asked the conditional insurance Asset Management Co to set up a special credit rating department to strengthen the independent and prudent study of the current venture capital investment bonds.

"If the credit rating is well done, the staffing is perfect and the system is set up strictly, it will increase the score of the insurance company's credit capability, which may be beneficial to the approval of the CIRC and more investment in bonds."

Introduction of the above persons.

In fact, during this year, Asset Management Co such as China Life Insurance (601628), Ping An, Tai Bao, PICC and other large insurance companies set up specialized credit rating departments to take part in the work.

Taking PICC assets as an example, the company's credit rating system adopts the "two position" mode, that is, according to the historical data of the past few years and the current macro development trend, we first determine the credit sequence of an industry in the current macroeconomy. Secondly, we design the index system and corresponding weight according to the company's characteristics and financial status of the issuer, and calculate the credit position of the starting pedestrians in the industry respectively, so as to determine the credit status of the issuer in the whole micro economy.

In the view of the insurance industry, independent credit rating system development is not only the need of regulators, but also the independent choice of prudent investment in insurance.

At present, the credit rating of the bond market is completed by independent third party Rating firm, such as China integrity and joint credit. However, in view of the Rating firm's charging mode for the issuers, the fairness of the rating is often questioned by investors, such as commercial banks and insurance companies.

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"Rating firm has only one rating on the same issuer, which is also unreasonable."

An insurance company told reporters that even the same issuer should give different indicators and weights according to different credit products. "For example, short term financing bonds should pay more attention to analyzing their short-term financial situation, so as to determine their short-term credit, and corporate bonds tend to span two economic cycles, and therefore focus on their long-term competitiveness or long-term credit."

The insurance industry has become a new field of capital flow from the only person in the year to the current contention.

The combination of state assets, foreign capital and private capital has made the shareholding structure of insurance industry increasingly diversified.

Recently, a number of opinions issued by the State Council on encouraging and guiding the healthy development of private investment suggest that private capital should be encouraged to participate in the restructuring and restructuring of insurance institutions and other financial institutions, thus expanding the scope of capital imagination for private capital in the insurance industry.

Private capital investment history

In fact, as early as 2004, as the CIRC released the insurance license again, it opened the door for private capital to enter the insurance industry.

According to the data provided by the CIRC, since 2004, the Insurance Regulatory Commission has set up 52 legal entities of Chinese insurance companies, 35 of which are sponsored by social capital.

With the entry of private capital, the insurance industry presents a diversified shareholding structure with foreign capital, foreign capital and private capital.

Various capital flows into and increased the capital strength of the insurance industry.

A related person of the Insurance Regulatory Commission disclosed that the total amount of insurance capital in 2002 was only 35 billion 700 million yuan, and by 2009, the total amount of capital has reached 276 billion 700 million yuan, equivalent to 7.8 times that of 2002.

However, there is no need to avoid the fact that the profiteering of private capital and the ignorance of the characteristics of the insurance industry also result in some short-sighted behavior of some insurance companies in their strategy and operation. Some shareholders withdraw from the insurance industry, and the ownership structure of the company is unstable.

According to the CIRC data, from 2006 to 2009, the total stock pfer has reached 107, especially in 2009, the number of shares pferred is the highest in the past five years.

From the point of view of the pfer of stock ownership, it is mainly the frequent advance and withdrawal of private shareholders, especially some small and medium-sized insurance companies.

In the first half of this year, the main shareholders of a group of small companies, such as Zheng De life, Jiahe life, Xintai life and Huaxia life, pferred their shares.

"The contradiction between shareholders and between shareholders and management is actually a manifestation of the interest game and struggle of all parties."

A lawyer who has studied insurance for a long time pointed out.

In addition, these equity pfer cases also present some new situations and new problems.

"It involves equity auctions, pledge, freezing, enforcement and other issues. However, the industry lacks corresponding management measures and needs regulatory authorities to regulate them."

The above-mentioned Insurance Regulatory Commission said.

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Well behaved Cheng Fangyuan

Equity management runs through the process of insurance company's establishment, development and growth.

Equity management is an important guarantee for improving corporate governance as well as a basic building for enhancing company competitiveness.

No rules, no rules. "

The above-mentioned CIRC said, "sunlight is the best preservative."

Last week, the CIRC issued the "equity management measures of insurance companies", setting up a system for the equity management of insurance companies.

One of the major breakthroughs is the modification of the shareholding ratio of a single Shareholder: "the proportion of contribution or shareholding of an individual shareholder (including affiliated party) of an insurance company shall not exceed 20% of the registered capital of an insurance company.

The CIRC may, according to the principle of strategic investment, optimize the governance structure, avoid competition in the same industry, and maintain steady development, and the approval of the shareholding ratio of the major shareholders who meet the corresponding conditions can not be restricted. "

The 20% ceiling of a single shareholder has been relaxed. The person in charge of the development and Reform Department of the China Insurance Regulatory Commission said that this has retained the restriction on shareholding ratio, and has added the exceptions to give the CIRC's discretion in the actual examination and approval work, which has increased the flexibility of operation.

From the perspective of corporate governance, there is no conclusion on the relationship between ownership concentration and corporate governance.

For the major shareholders, it emphasizes their continuous investment ability and credibility, "this is to improve the quality and reputation of insurance companies from the source, and help companies establish a long-term stable operation concept."

The CIRC official said.

A long period of weakening capital market has revived in recent days.

So, someone asked me whether it was good to buy insurance or to buy stocks.

This is a problem that is often raised.

Now that the market has rebounded in a certain extent, many people believe that after comparing the purchase of insurance and investment securities, it is concluded that "buying insurance is not cost-effective, rather than buying stocks".

Is this really the case?

I think this is another misunderstanding of most investors' understanding of insurance, which is wrong in itself.

My understanding of this problem is that buying insurance is not in conflict with investing in real estate and buying stocks, but complementary. They are both ways of family financial management. They are all life plans, and they are not comparable to each other.

What is family financial management?

According to the family balance sheet and cash flow statement, the best allocation of assets is family financing.

A reasonable allocation of family finances should include not only aggressive investment, such as real estate, stock, but also guaranteed type of allocation, such as bank deposits and life insurance.

The reasonable scope of a family security allocation should be 10% of annual household income or 10%~20% of financial assets. No family can invest in high-risk securities, nor need most financial assets allocated to insurance.

Many people who sell stocks will say to insurance salesmen that the profit rate is 2.5%, plus investment dividends, assuming that there are 4%, 5% or even 6%, which is not as good as a limit for my stock.

This method is unreasonable. Why?

Because it changed the premises and concepts.

You can do a survey to ask friends who have fried shares. When they invest in stocks, do they experience more times or more times?

I believe that most people experience more limit UPS than the daily limit.

You can also make another survey: if the investment interval is one year, the stock return is more than 5%, or less than 0?

To this question, the conclusion of the world's investment market is the same: whether the bear market or bull market, the yield of the 80% shareholders is less than 0, 10% of the people do not lose money, only 10% of them make money.

Take the occasional flash trading board in the stock market to compare with the security, stability and long-term insurance protection. This is to change the concept and replace the premise.

If we really want to change the concept, we can compare the price limit with that of insurance.

In the financial crisis, the market value of many stocks has been 50 percent off, investing 1 million, and the market value is only 500 thousand. If the time goes back a year or two, will you choose to buy insurance or buy stocks?

Therefore, we should not unilaterally and extremically say that certain investment must be better than the other, and we should make a comprehensive and objective conclusion in the long history.

Only when we truly understand the meaning of financial management, grasp the principles of financial management, and understand the functions of various financial products, can we make the most reasonable financial planning.

Over the past two years, I am glad to see a change that many people who buy stocks have bought a lot of insurance, which means that many people are beginning to invest rationally and scientifically.

I believe that with the improvement of the quality of the whole nation and the popularization of financial knowledge, more and more people will have more and more knowledge about the ways of managing finances, including insurance, and will become more and more aware of the best financial allocation.