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【360腾讯】保监会对险资股票投资祭出三大招(2017-01-25)

360腾讯——期货入门

  昨日,中国保监会发布《关于进一步加强保险资金股票投资监管的通知》(以下简称《通知》),旨在加强对保险机构和非保险一致行动人重大股票投资行为的监管,防范个别公司激进投资行为和集中风险,维护保险资产安全和金融市场稳定健康发展。
  根据《通知》中的重点信息,上交所记者发现,保监会对保险资金股票投资提出了以下主要措施:对股票投资实行分类、差别化监管,禁止保险机构与非保险一致行动人共同收购上市公司、保险机构收购上市公司的事前审批和行业禁区等。

  第一步:对股票投资实行分类监管

360腾讯
  近年来,中国保监会按照“开放前端、控制后端”的总体思路,继续推进保险资金运用市场化改革,资产规模快速增长,投资收益稳步提高。But at the same time, some recent investment behaviors have also exposed that individual insurance institutions have become “concerted actors” of major shareholders, blindly investing in some unrelated industries, which deviates from the prudent and prudent investment concept.The promulgation of the “notice” stems from such a background.

360腾讯——袁劲梅

  Therefore, the circular puts forward the core of “Classified Supervision”.That is to say, the CIRC will, in accordance with the three situations of general stock investment, major stock investment and acquisition of listed companies, carry out progressive differential supervision on the investment of listed companies’ stocks by insurance institutions or insurance institutions and non insurance persons acting in concert.

  No restrictive measures shall be added to the general stock investment that does not involve the listing; if the general stock investment involves the listing, it shall be reported afterwards on the basis of the information disclosure requirements; if it meets the major stock investment standards, it shall be filed with the regulatory authorities afterwards; if it involves the acquisition of listed companies, it shall be approved in advance.
  The above-mentioned general stock investment refers to the stock investment behavior in which the proportion of shares invested by insurance institutions or insurance institutions and non insurance persons acting in concert in listed companies is less than 20% of the total share capital of listed companies and they do not have the control right of listed companies; major stock investment refers to the stock investment in which the proportion of shares held in listed companies reaches or exceeds 20% of the total share capital of listed companies and they do not have the control right of listed companies The acquisition of a listed company includes becoming the controlling shareholder of the listed company by acquiring shares, or becoming the actual controller of the listed company by means of investment relationship, agreement or other arrangements, or having the control right of the listed company by means of the above ways and means at the same time.

360腾讯——房地产投资回报率

  Second move: forbid insurance companies and non insurance persons acting in concert to acquire listed companies
  From the content of the notice, it focuses on strengthening the supervision of the listing or acquisition behavior of insurance institutions and non insurance persons acting in concert, and explicitly forbids insurance institutions and non insurance persons acting in concert to jointly acquire listed companies.

  同时,保险机构与非保险一致行动人共同进行重大股票投资的,新增投资应当使用自有资金;共同进行一般股票投资的,中国保监会可以对最终流向非保险一致行动人的保险机构资金采取暂停直接或者间接投资等监管措施。

360腾讯——股票手续费

  此外,保险机构独立收购上市公司还有禁区。保险机构收购上市公司的行业仅限于符合国家产业政策、具有稳定现金流回报预期的保险企业、非保险金融企业和保险业务相关行业。不得收购高污染、高能耗、不符合国家节能环保标准、技术附加值低的上市公司。
  中国保险资产管理行业协会相关负责人在接受上海证券交易所记者采访时表示,此举也体现了在保险资金使用中切实贯彻“金融投资为主,战略投资为辅”的监管原则,并再次明确了股票投资行为的规范和回报,这是符合我国一贯的监管指导和规定以及国际惯例的。

  第三招:保险资金救市政策回归常态

  通知还明确,保险机构投资的单只股票账面余额不得高于上季末公司总资产的5%,投资的权益性资产账面余额不得高于上季末公司总资产的30%。这意味着“保险资金救助政策”将退出。
  所谓“保险资金救助政策”,是指2015年7月8日,中国保监会针对资本市场的特殊情况,出台了提高保险机构权益性资产投资比例的政策。在最后一个季度末,蓝筹股投资占总资产的比例可从10%调整为5%,增加后比例可以提高到40%。”。

  记者从保监会了解到,上述政策出台后,确实有少数保险公司利用该政策投资股票,涉案资金约占保险资金总额的1%。
  业内专家表示,及时集中上述股票投资政策,有助于保持相关保险机构的有效性。“此外,在政策上给予足够的宽限期,保险机构可以在两年或更长时间内将相关资产比例调整到监管比例。随着自身资产的增长,保险机构的投资比例自然会下降,不会对资本市场形成资金压力。因此,宽限期的设置将大大减少对资本市场的干扰。”

  事实上,“保险资金救市”政策回归常态完全在市场预期之内。“现在市场基本稳定,我们普遍看好深化改革背景下资本市场的发展前景。在这种情况下,救市的临时措施可以也应该及时退出。”上述中国保险资产管理行业协会负责人进一步表示,从国际成熟市场的角度来看,特殊时期采取的救助措施将根据市场发展变化逐步退出。
  监管加强后,有市场人士担忧:保险资金是否会减少对A股市场的投资?

  对此,多位受访保险投资界专家表示,保监会加强监管的目的是促进保险资金的多元化投资、价值化投资和长期化投资。在保费收入稳步增长、保险资金股权投资比例上限使用不足的背景下,保险资金投资a股的规模不会减少,反而可能增加。
  但是,投资方式可能会改变。未来,保险机构将以金融投资为主,战略投资为辅。减少举牌、干预上市公司经营管理等激进行为。更重要的是,他们将投资于低价值、高分红等优质上市公司。

  这一结论的逻辑是,目前保险资金股票投资余额约为1.2万亿元,占保险资金运用总量的比例不足10%,调整后的监管上限(30%)仍有较大空间。记者梳理近几年的数据发现,即使在牛市中,保险资金的实际股权投资比例也从未达到“最高”水平,基本在25%以内。
  The relevant person in charge of China Insurance Asset Management Industry Association said:”in the future, the market interest rate will continue to hover at a low level for a long time, so that the asset allocation of insurance institutions will bear certain pressure.In the short term, the problem of shortage of high-quality assets will still be very prominent.What insurance institutions seek is long-term stable income, and there is not much room for asset allocation at this stage.Therefore, from the perspective of value investment, insurance funds will not withdraw or reduce A-share investment, but also appropriately increase the investment allocation of undervalued, high score red and blue chips.For insurance funds, this is the general trend.”

  [key points]
  

  Recently, China Life Insurance Company, China Taiping Insurance Company, Xinhua insurance company, Fude life insurance company and other insurance companies successively held the 2017 work conference to report the business situation in 2017.It is understood that a number of insurance companies have made breakthroughs in operation, among which China Life Insurance Group’s consolidated income in 2016 reached 697 billion yuan, a record high.

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