Risk capital in the third quarter of heavy storage bank stock market value exceeds 500 billion yuan

Risk capital in the third quarter of heavy storage bank stock market value exceeds 500 billion yuan
Source: Securities Daily Bank shares have always been the main target of risk capital holdings, and the end of the third quarter of this year is no exception.According to “Securities Daily” reporter combing according to Oriental Fortune Chioce data, at the end of the third quarter of this year, insurance capital appeared in the list of the top ten shareholders of tradable shares of 12 bank shares.Judging from the changes in the position adjustment, the insurance capital increased its holdings of Industrial and Commercial Bank of China, 杭州夜网 Agricultural Bank of China, Ping An Bank and Bank of Shanghai in the third quarter; it reduced its holdings of Bank of China.  Overall, the market capitalization of the heavy stock holders (entering the top ten shareholders of outstanding shares) of the insurance capital at the end of the third quarter totaled 506.9 billion U.S. dollars, and the stock market value increased by 6% from the 477 billion at the end of the second quarterRisk capital holds the total market value of all stocks (1.32 trillion) of 38.6%.Judging from the rankings, at the end of the third quarter, the market capitalization of Ping An Bank, China Merchants Bank and SPD Bank ranked the top three with 1753 respectively.100 million, 875.0 billion, 688.300 million yuan.  Why do insurance funds love bank shares?The president of a large-scale insurance company equity investment said in an interview with the Securities Daily: “Insurance capital’s preference for bank shares is determined by the assets of insurance capital. Among various types of financial institutions, the requirements for profitability of insurance capital are not the highest.However, there is a continuous and stable return requirement on assets, which is also determined by the premium side. In each sector, the bank shares are in compliance with this requirement. In the long run, the banking sector is still the target of heavy capital holdings.”Increasing the holdings of 4 bank shares and reducing the holding of 1 overall, in the third quarter, insurance capital was in an increasing trend of holding bank shares.  ”Securities Daily” reporter according to statistics from Oriental Fortune Chioce shows that at the end of the third quarter of this year, the top ten shareholders of tradable shares of 12 banking shares appeared risky capitals, with a total market value of 506.9 billion U.S. dollars, excluding Ping An of China’s Ping An Bank.Holding stocks, the value of insurance stocks held by banks at the end of the third quarter also reached 331.6 billion yuan.  Specifically, the insurance capital held Ping An Bank, China Merchants Bank, SPDB, Minsheng Bank, Industrial Bank, Industrial and Commercial Bank of China, Huaxia Bank, Agricultural Bank of China, Bank of China, Bank of Shanghai, Bank of Hangzhou, China Everbright Bank, and held stock market value at the end of the third quarter.Respectively 1753.100 million, 875.0 billion, 688.300 million, 525.400 million, 489.600 million, 256.800 million, 205.800 million, 121.100 million, 61.100 million, 46.300 million, 29.800 million, 16.300 million yuan.  ”Securities Daily” reporter compared the risk of the second quarter of heavy capital bank stocks found that at the end of the third quarter of this year, the twelve bank shares of the heavy capital risk are the same as the end of the second quarter.But different from the second quarter, in the third quarter of this year, insurance funds increased their holdings of 4 bank shares and reduced their holdings of 1 bank share.  Specifically, in the third quarter, Ping An Bank was greatly increased by insurance capital by 12.With 9.5 billion outstanding shares, the number of increased outstanding shares ranks first among the 4 increased shares.Insurance funds also increased their holdings of ICBC3.400 million outstanding shares.Agricultural Bank of China and Bank of Shanghai also increased their holdings by 1 respectively.500 million outstanding shares and 1.100 million shares outstanding.It is worth noting that in the second quarter of this year, insurance capital increased its holdings in Agricultural Bank9.With 700 million shares outstanding, insurance capital has increased its holdings in Agricultural Bank for two consecutive quarters.  Except for the four bank shares that were increased by the insurance capital, the insurance capital reduced the Bank of China1 in the third quarter.5.9 billion outstanding shares.”Securities Daily” reporter found that Bank of China had been increased by 9 in the second quarter of this year.With 300 million outstanding shares in the third quarter, risk capital was slightly lightened.  Insurance capital favors large market capitalization bank shares. The above-mentioned insurance company equity investment president said: “Although insurance capital is a long-term fund, it has a natural substitute for the target of stable and sustainable returns. Whether it is a primary market or a secondary market,Preference attributes will not change, and this trend is likely to strengthen in a low interest rate environment.”From the perspective of bank stocks, the above-mentioned risky bank stocks have a stable operation and can bring long-term stable dividend income. Bank stocks are high dividend stocks, which have always paid dividend income.For example, China Merchants Bank may send 0 in 2018.94 yuan, dividends total 237.07 billion; SPDB is divided into 0.35 yuan, dividend strength 102.7.3 billion; Minsheng Bank priced 0.345 yuan, dividends total 151.0.5 billion.Excluding Ping An Bank, the market capitalization of these three stocks at the end of the third quarter also ranked among the top three.  In addition to the above characteristics, in the third quarter, the minimum bank stocks held by the insurance capital holdings are the largest market value stocks.According to the Haitong Securities Research Report, in terms of industry allocation, insurance companies mainly configure banks, real estate and non-banks. The total value of these three securities holdings accounts for 80% of the total market value of the shares held.6%.From the perspective of market capitalization characteristics, insurance capital only loves large market capitalization stocks. Insurance capital holds 69% of the market value of companies with a market value of more than 50 billion yuan, which is much higher than social security funds.  From the perspective of bank share allocation value, since the third quarter, a large number of bank shares have a PB of less than 1, which is conducive to the layout of insurance capital.Guotai Junan believes that in the future, the bullishness of bank stocks will gradually increase, and the bullish logic is as follows: First, it is estimated to be low.The current consensus has fully expressed the market’s expectations for bank stocks; the second is a high dividend yield.Third, fundamentals have improved.Similarly, Tianfeng Securities said that statistics show that the average probability of bank sector growth from October to December and the fourth quarter is 85 in turn.7%, 64.3%, 64.3%, 78.6%, significantly higher than other months.In some perspectives, the necessary conditions for the launch of the banking sector at the end of 2019 may already exist.