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                                                                                                                                                                          1. 主页 > 港股直击 > 险资试水深港通 价值洼地成投资优质标的...

                                                                                                                                                                            险资试水深港通 价值洼地成投资优质标的

                                                                                                                                                                            6月30日,保监会发布了《保险资金参与深港通业务试点监管口径》(下称“《监管口径》”),允许保险资金参与深港通业务试点。需要说明的是,此前一些媒体提及保险资金参与深港通的说法并不准确,因为彼时关于保险资金的相关政策并未放开,其实是保险资产管理机构发行的资管产品,认购方也非来自保险行业。“保险资金”和“保险资管产品”不是一个概念。因此,此次才是深港通真正向保险资金开闸。

                                                                                                                                                                            险资配置压力缓解

                                                                                                                                                                            2007年和2014年,保监会曾先后发布《保险资金境外投资管理暂行办法》及《保险资金境外投资管理暂行办法实施细则》,允许保险机构投资香港股票及其他发达市场权益类资产。2016年9月8日,保监会发布《关于保险资金参与沪港通试点的监管口径》,标志着保险资金可参与沪港通试点业务。

                                                                                                                                                                            《监管口径》主要内容,一是明确了保险机构可以投资深港通下的港股通股票,应当参照《保险资金参与沪港通业务试点监管口径》的要求执行(如保险机构投资港股通股票应当遵循审慎和安全原则;保险机构应当将投资港股通股票的账面余额纳入权益类资产计算等)。二是明确了保险资金可以通过证券投资基金投资港股通股票,其基金管理人资质需符合相关监管规定。

                                                                                                                                                                            一位保险资管公司负责人对21世纪经济报道记者表示,“目前来看,港股属于价值洼地,并且通过港股通进行投资,不占QDII额度。未来,海外投资是多元化的投资渠道。对于港股投资标的,看好蓝筹股票,如具有较好分红、现金流、经营状况、治理结构的大型央企、银行等;也比较看重医疗、高科技如AI、人工智能等;也比较重视事件性投资。此外,还将参与港股IPO。”

                                                                                                                                                                            东吴证券研究所所长、非银金融行业首席分析师丁文韬认为,“本次获批参与深港通试点,保险资金将进一步受益于港股低估值+高分红特征,同时标的范围较沪港通有所扩大,进一步丰富投资品种。综合而言,考虑QFII额度紧张,政策有利于拓宽保险资金境外投资渠道,缓解资产配置压力,稳步提升投资收益。”

                                                                                                                                                                            保监会表示,《监管口径》的发布,有利于在“一国两制”基础上,支持香港经济的繁荣稳定;有利于支持保险资金“南下”,充分利用内地和香港两个市场配置资源,分散投资风险;有利于拓宽保险资金境外投资渠道,稳步提升投资收益。下一步,将继续完善保险资金股票投资相关政策,维护保险资金安全。

                                                                                                                                                                            已积极布局港股多时

                                                                                                                                                                            今年以来,险资对港股的布局一直紧锣密鼓,根据港交所公布的数据,5月以来内地保险资金投资港股的资金已经突破20亿元。格隆汇副总裁任民在接受21世纪经济报道记者采访时表示,每天港股的交易量中有15%~20%来自内地资金,其中险资的比重不小。

                                                                                                                                                                            根据广州农商行的招股说明书显示,百年人寿等3家基石投资者合计认购该行发售的6.51亿股H股,其中百年人寿认购2.95亿股,以此计算,百年人寿本次动用资金在15亿港元左右。中国人寿近日也披露斥资7.78亿港元参与青岛港新发H股配售。

                                                                                                                                                                            除了在一级市场积极运作之外,险资还在二级市场扫货,港交所最新资料显示,中国光大银行主要股东中国再保险(集团)股份于2017年5月22日,场内增持公司好仓1500万股,耗资5260.5万港币。中再集团以及子公司还买入了华电福新能源、中国城市轨道交通科技等个股。

                                                                                                                                                                            借道基金也是险资参与港股交易的一个渠道,太平洋人寿近日公告称:5月31日,申购华宝标普香港中小盘指数基金0.2亿元。

                                                                                                                                                                            港交所市场发展科中国客户关系及市场推广部高级副总裁周晓殷对21世纪经济报道记者表示,内地资金已经成为港股今年上涨的重要推手之一。“恒生指数年初的估值较低,平均市净率(PB)仅1倍,远低于过去10年平均值,属于估值洼地,因此内地资金纷纷南下淘宝,促使今年恒生指数上涨近2成。”

                                                                                                                                                                            “公司一直看好港股,主要是便宜,目前深市的市盈率平均达40倍,沪市的14倍,而港股市场则在10倍左右 ,因此我们今年上半年一直都有布局。随着深港通的开通,可以选择的标的更多,相应的力度也会加大。”一家保险机构对21世纪经济报道记者表示。

                                                                                                                                                                            文章来自:http://www.wm927.com/astock/20170812/103887.html

                                                                                                                                                                            港股 保监会 保险机构 


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