Shanghai And Hong Kong Are Expected To Invest In A Virtuous Circle.

< p > the upcoming "a href=" http://sjfzxm.com/news/index_z.asp "insurance industry < /a > new" ten countries "will have special parts to express the development of the pension industry in the insurance service industry, and the future development direction of the insurance company to develop the pension real estate business, investment supporting infrastructure and product development will be mentioned in the new" ten countries "and the subsequent refined policies.

The new policy will have an impact on the product design, asset allocation and investment layout of insurance companies, thereby promoting and strengthening the insurance industry's intention to serve the elderly.

< /p >

< p > Shenyin Wanguo Securities pointed out that apart from the initiative to provide multiple medical services, serious illness insurance and long-term care products, insurance companies can also invest in community building and medical institutions for the elderly, and undertake personalized business pension health insurance plans.

< /p >

< p > insurance companies say that most of the available funds are life insurance funds, while the latter account for about half of the long-term funds, and about 25% of the medium-term funds match the investment cycle of the pension real estate.

Investing in pension real estate can contribute huge premiums and enhance the overall return on investment of insurance companies.

< /p >

< p > China Securities Daily reporter learned from authoritative experts that the content of promoting the pilot development of "personal tax deferred pension insurance" has been considered to be written into the new "Ten States" of the insurance industry, but it is still in the state of countersigning by relevant departments. Whether there will be a formal appearance in the new "ten countries", there are still variables.

Public information shows that the pilot work has been planned for many years.

< /p >

< p > insurers say that the introduction of personal tax deferred pension insurance will greatly benefit the development of insurance companies and implement the service function of the insurance industry.

In contrast to the mature experience of the world, this tax policy will activate the development space of the insurance industry and become a catalyst to stimulate domestic demand.

After the policy is rolled out, the pillar of the endowment insurance is expected to be further strengthened and improved, which will also bring benefits to the insured.

< /p >

< p > from the development experience of mature insurance market in the United States, tax deferral and related preferential policies can obviously stimulate the premium income, and it is estimated that every year it will boost the huge premium increment.

Shenyang Wanguo Securities expects that the relevant preferential tax policies will greatly promote the development of pension insurance and health insurance, and lead the insurance industry to a new round of high growth, which is expected to increase the value of listed insurance companies by 5%-10%.

< /p >

< p > < strong > < a > href= > http://sjfzxm.com/news/index_z.asp > > Shanghai Port > /a > boosting mainland insurance share > /strong > /p >

Since P in mid July, insurance stocks have seen many ups and turns.

Analysts believe that the short term handover of market style superimpose the price effect brought about by the opening of Shanghai and Hong Kong pass, or one of the reasons for this round of market quotation, especially the expected warming of the opening of Shanghai and Hong Kong, which has a certain boost effect on the plate.

The stock market price effect of the mainland and Hongkong will also bring significant valuation repair to A share insurance varieties.

With regard to such expectations, funds are expected to accelerate the inflow of insurance stocks.

< /p >

< p > analysts believe that from the perspective of policy, the trend of Shanghai and Hong Kong will play a catalytic role in insurance A and H-share price.

CITIC Securities believes that with the opening of Shanghai and Hong Kong through October, China Ping An, China Pacific Insurance and China Life's 20%-25% H/A premium rate is expected to narrow.

In the case of maintaining the current valuation level, the insurance stock is expected to achieve a 15% increase in the coming year due to the growth rate of about 15%.

< /p >

< p > GF Securities believes that the insurance companies currently listed on the mainland and Hongkong, China life, China Ping An and China Pacific Insurance share price are more than 20% higher than the A shares. Only the Xinhua Insurance H share price is slightly lower than the A share, which is determined by the investor structure and interest rate level.

Hongkong's investors are mainly institutions, and they can get cheap money from the whole world and easy to expand leverage. At the same time, interest rates in Hongkong are much lower than those in domestic and domestic insurance companies.

< /p >

< p > insurance companies have indicated that Shanghai and Hong Kong are expected to continue to heat up, and investment opportunities in the insurance sector have gradually been valued by investors.

The opening of Shanghai and Hong Kong will help overseas institutional investors to increase their allocation to the Chinese market.

< /p >

< p > < strong > < a > href= > http://sjfzxm.com/news/index_z.asp > > investment > /a > into a virtuous circle. < /strong > /p >

Investment in P, the insurance industry is expected to usher in a new round of opportunities in the second half.

Shenyin Wanguo Securities believes that in 2014, insurance industry investment fundamentals continued to improve and entered a virtuous circle.

The proportion of non-standard assets and the rate of return on investment have been improved. With the widening of investment channels, the proportion of non-performing assets allocated to non-standard assets has increased to 10%-20%, which helps to raise investment income to around 5.5%, and non-standard assets are concentrated in infrastructure debt plan, and the risks are relatively controllable.

In terms of fixed income, venture capital in the second half of this year will continue to increase investment in fixed income non-standard assets such as debt schemes, and net investment rate of return is expected to continue to improve.

< /p >

< p > the latest data of the China Insurance Regulatory Commission show that over 8 trillion of the balance of insurance fund utilization, bonds and bank deposits still occupy a dominant proportion, while other investments account for about 20%.

CITIC Securities believes that the net investment rate of return in 2014 is expected to continue to rise despite the fact that it has benefited from the increase in non-standard investment. But in 2014, it is likely that the net return on investment will be the highest in 2014.

< /p >

< p > for the interval of investment yield, Huatai Securities expects to reach 5.2%-5.3% in 2014, and is expected to exceed 6% in the next 5 years.

If the relevant indicators of the net return on investment in the international market for the past 20 years and the yield of the 10 year treasury bond are used as reference, the median and long-term mean value of domestic net return on investment is expected to reach 5.62%, with an optimistic forecast of 7.82%.

< /p >

< p > Ping An Securities believes that in the first half of 2014, the investment income of insurance companies recovered, and the impact of equity investment on investment income was weakening.

From the contribution of equity investment to investment income, it mainly relies on dividends from stock and securities investment funds to obtain investment returns.

Unless there is a definite bull market in stock market, "10%" may become the psychological upper limit of insurance company's equity investment.

In terms of alternative investments, large insurance companies such as China Life Insurance, China Ping An and China Pacific Insurance have larger capital flows and prefer infrastructure debt investment plans that are easy to achieve scale effect. Some relatively small insurance companies prefer financial products.

In 2014, venture capital fixed income investment yield is expected to exceed 5%, and the yield of alternative investment is expected to exceed 6%.

< /p >

< p > industry insiders told the China Securities Journal reporter that at present, the prudent attitude of insurance companies in asset allocation of large categories has not been loosened.

From the perspective of overall investment preference, there may be new breakthroughs in infrastructure investment in the second half of the year, but taking into account factors such as preventing local investment risks, we will conduct a careful inspection of the relevant projects.

< /p >