China Life insurance stocks Super 170 billion favor financial real estate stocks

For the Chinese longevity (hereinafter referred to as Guo Shou), money is not a problem, the most troubling is to have trillions of dollars but do not know how to effectively allocate assets.　　According to the "investor" reporter's calculation, as of the end of 2009, Guo Shou used to use the stock of money has reached 175.8 billion yuan. With huge sums of money, the country life is more inclined to strategic investment, financial investment, thus long-term shareholding.　　But with the a-share market volatility intensified, Chou also began to learn the band operation, change before the medium distance investment style. From the results, the band operation has a negative, but in any case in and out, finance has always been the favorite of the national longevity.　　In addition, since last year, the market value of property stocks has also climbed rapidly.　　Stock investment over 170 billion yuan and perennial occupy the first position of premium scale, Chou stock investment amount can also be said to be the industry leader. 2005, when most insurance companies just opened two-tier market, Chou took out 493.7 billion yuan as an investment, its stock investment amount of 40.1 billion yuan, accounted for up to 8.13%.　　At that time, China's peace only 20.4 billion yuan into the stock market, only half of the country life. With the development of the stock market, the amount of Chou investment is rapidly expanding. In 2006, the capital invested in the stock market was 61.1 billion yuan, accounting for 9.38% of the total investment amount.　　In 2007, this amount has risen to $125.3 billion, accounting for 14.74% of the total investment.　　2008, the A-share market entered the big Bear markets, the national longevity of the timely reduction of the share investment ratio, the investment amount to 40.8 billion yuan, the total investment amount of the proportion also reduced to 4.36%.　　2009 with the stock market warmer, Chou's equity investment amount rose rapidly to 15.31%, the amount reached 175.8 billion yuan, ranked three listed companies first.　　Investment style, but also in the previous few years in the regulation of the distance, become radical, equity investment accounted for a rapid increase, and more than the 2007 bull ratio. Although the style was more aggressive than the bull market of the year, the return on investment did not return to that level.　　The data showed a 2009 return on investment of 5.78% per cent, compared with a 2007 yield of 11.07%.　　Huang Securities analyst, said that the high equity allocation, it is possible in the stock market downward fluctuations will affect the future expected earnings.　　Compared with other insurance companies ' investment in the two-tier market, Chou also has a notable feature: with huge sums of money, it is necessary to seize the strategic investment and directional additional opportunities in full.　　Last year, in terms of strategic investment, Chou's investment highlights included the purchase of a US bank's H shares, a 16.57% stake in ocean-going property and a 3% per cent stake in Hangzhou bank at 650 million yuan.　　AgBank, which was just listed in July this year (601288), Chou a 0.41% stake and became its fourth-largest shareholder. For example, in 2006, Chou's strategic investment in ICBC, BOC, Datong-Qinhuangdao railway and Guang-Shen Railway reachedTo 4 billion yuan, 680 million yuan, 540 million yuan, 300 million yuan, participate in non-public additional 11, investment 2.64 billion yuan, including 2.25 billion yuan to take over 500 million shares of Citic Securities to gain profits and famous.　　2007, in addition to the peace with the use of 5.448 billion yuan to participate in Minsheng Bank's directional issuance, but also spent 790 million yuan to participate in the Bank of communications strategic investment, as well as other 10 directional additional.　　The Chou investment style is relatively conservative compared with other listed insurance giants, but from its own point of view, Chou has begun to switch to band operations. According to wind statistics, by the end of 2009, Chou also held 126 stocks, by the end of the first quarter of this year, the heavy warehouse stocks increased to 141.　　Chou shifted in hundreds of shares, with only 65 shares in the two-quarter period.　　In fact, in the volatile a-share market, Chou's wave-band mentality has already revealed the clue. 2009.5 Annual Report trading assets of the top ten stocks of Huatai shares, Qingdao Haier, Huaxia Bank, trust and other shares in the annual report has disappeared.　　Jidong Cement (94 million shares) and conch Cement (8.12 million shares), which were bought aggressively in the third quarter, did not appear in the top ten shareholding lists of last year's annual report.　　The above several examples of band operations, are more accurately grasp the timing of access, Huatai shares, Qingdao Haier and other stocks in the second half of last year have reached a small peak. But this kind of band operation, does not necessarily have the market rhythm. In the third quarter of last year, Shozan 24 stocks, the largest change in the first 3 stocks are Minsheng Bank, Guangyu Development, investment real estate.　　By the end of the three quarter, the market value of 3 stocks have been greatly reduced, Haitong securities a stock on the company brought about 200 million yuan losses. And it is precisely the four quarter of last year's sharp rise in medicine and liquor industry and other stocks, was Chou in the three quarter out of the portfolio.　　For example, in the two quarter of the new purchase of China South Car, New Hope, and become, old wine, Hualian comprehensive, North China Pharmacy, Canton Pharmaceutical, long electric technology and other 8 stocks, in the four quarter have created a record year.　　Financial stocks are favored in recent annual reports that financial stocks have been the focus of investment in China's longevity.　　At the end of 2005, Chou only held a financial unit of the Construction Bank's H-shares, holding 400 million shares, which changed in 2006. At the end of that year, the top five heavy stocks were all replaced by financial stocks, including CITIC Securities, ICBC A and H shares, BoC H shares, CCB H shares, the initial investment cost of 3.25 billion yuan, 3.05 billion yuan, 2 billion Hong Kong dollar, 1.17 billion Hong Kong dollar, 970 million yuan.　　In addition, the heavy warehouse holds the Bank of ICBC, BOC, Haitong Securities and other 3 financial stocks.　　By the end of 2007, there were still 4 financial stocks in the top five stocks, namely Citic Securities, Minsheng Bank, ICBC and CCB, and the investment amount invested by 4 stocks amounted to 19.9 billion yuan. At the end of 2008, heavyThe number of financial stocks in the top five stocks of the warehouse has declined, with only two of Minsheng Bank and Citic Securities, but the investment is still not low, there are 850 million yuan.　　During this period, Citic Securities was continuously reduced. In the 2009, financial stocks remained the protagonist.　　Minsheng Bank, Citic Securities, CCB, Minsheng Bank, ICBC, deep development A occupies the top ten stocks of six seats. 2009, the heavy warehouse stocks began to have new ideas, frequently eat into real estate stocks.　　In the top ten stocks, Sino-Ocean Real Estate, Vanke A and Chinese architecture occupy three positions.　　Chou has favored financial and property stocks, with data showing that financial property accounts for up to 88% of the top ten financial assets available for sale, accounting for 43.532 billion yuan. In addition to the allocation of banking and other financial stocks, brokerage stocks are also the focus of national life.　　In 2008, in the heavy warehouse portfolio of Guo Shou, only Citic Securities and Haitong Securities were extended to Citic Securities, Everbright Securities, China Merchants Securities, Southwest Securities, northeast Securities, Huatai Securities and other newly listed brokerages. At the end of the first quarter of 2010, the securities brokerage unit is still the heavy warehouse stock of Guo Shou. In the first half of this year, because of real estate macro-control, real estate and financial listed companies downward adjustment is larger, if the country life does not adjust the position in time, will produce a lot of losses.