On the afternoon of the 31st, in an interview with the 2010 Webmaster Conference, Li Kaifu, Chairman of the Innovation Workshop, said: "The projects we have received are highly recommended by others. If we are interested in a certain industry, we will look at the companies in the narrow field. Selected; or heard that a company or someone is very powerful, we took the initiative to find them out. "Kai-fu Li revealed that the Innovation Factory has invested 9 projects, including 7 related to the mobile Internet, accounting for almost the entire project 80%. "We are particularly optimistic about mobile Internet and e-commerce." Speaking of entrepreneurship, Li Kaifu said: "The success of a good startup is largely due to whether he has a very good team of engineers. Because of software and the Internet A particularly powerful engineer can top ten very good engineers. The team that is just starting out, excellence is very important. "According to Li Kaifu, there are now about a hundred engineers in the innovation workshop. They help to do written interviews. Work, "In the campus recruitment that will start in 2010, we may hire 150 graduates from the campus to come here to learn entrepreneurship. Our screening method is to see whether it is a very powerful programmer and whether there is an entrepreneurial mindset."
On May 29th, the Fifth Annual Conference of Chinese Internet Webmasters 2010, hosted by Kang Sheng Chuang Xiang and the Outdated, was held in Beijing. The theme of this conference is "self-improvement, change, and cross-border practice of green growth." In the context of the new era, how should webmasters and internet entrepreneurs face the topic of survival and development correctly.
Widen the investment channel of insurance funds
On the occasion of the stock market's continuous adjustment for nearly two months, news came out that the CIRC reorganized the channels for the use of insurance funds. The scope and ratio of insurance funds for investing in A-shares, Hong Kong stocks, unsecured debt and other channels will be relaxed, and will be interpreted as a “sweet spot†to save the market.
But for this news, the market is not alarmed. Although there was no further decline, it did not turn up. Insurance industry asset managers said that due to market factors, the current insurance funds have not exhausted the original investment quota for stocks and bonds. At this time, relaxing the investment ceiling will not promote insurance funds to enter the market in the short term. "2010 was the most difficult year." Said a senior analyst in the insurance industry. Unclear economic fundamentals have caused the stock market to oscillate downward, and the bond market's rate of return is worrying. "Currently the most anticipated is to raise interest rates." He said that this is the most immediate improvement in the capital efficiency of insurance companies.
In April 2009, the CIRC “five-pronged approach†expanded investment to local government bonds, medium-term notes, unsecured bonds, etc.
In the field, the three-year pilot project on infrastructure claims was pushed forward. Since then, although the CIRC has been actively discussing and preparing, the management methods for the use of insurance funds have not been formally introduced, and there has been no progress on investment policies for important asset classes such as PE and real estate.
Limited benefits
It is reported that the policy adjustment of the Insurance Regulatory Commission on the use of insurance funds, including the adjustment of the scope of insurance funds A-share equity investment, originally stipulated that the total investment of stocks and funds should not exceed 20% of the company ’s total assets. It is now changed to the total of stocks and stock funds. More than 20%. Fund asset classes include money market funds, bond funds, and equity funds. The new policy is equivalent to moving money market funds and bond funds out of the scope of equity investment supervision, and at the same time increasing the amount of insurance companies' investment in stocks. According to the data released by the China Insurance Regulatory Commission at the press conference of the first quarter insurance supervision work meeting held on April 21, the insurance company ’s equity investment was calculated to be about 6517.5 based on the balance of 3.95 trillion yuan of insurance company funds at the end of the first quarter of 2010. The amount of funds that can be invested in equity is about 790 billion yuan, and the unused funds are about 138.25 billion yuan. "We haven't seen the detailed rules yet and don't know how to deal with mixed funds. If the mixed funds are excluded from 20%, then when the mixed funds allocate more stocks, the investment amount of the entire insurance funds in the stock market will be More than 20%. "Said an investment manager of an insurance company.
However, at least for the time being, such benefits will not affect the stock market. According to the annual reports of the three listed insurance companies, at the end of 2009, the company's equity investment ratio was less than 15%, and Ping An, the lowest ratio, was only 10%. Many analysts said that when the market is good, some companies will overweight. But now the market is not good, the existing quota has not been exhausted, what is the use of the newly increased investment quota?
"There is no impact on our asset allocation, at least there has been no change." A person from the asset management department of a large insurance company said. At the same time, the adjustments for comments also include the relaxation of restrictions on the investment of insurance funds in Hong Kong stocks. The scope of investment has been expanded from the original red chips and H shares to the main board of Hong Kong stocks; the upper limit of the proportion of unsecured bonds has been increased from 15% to 20%; Then AA down to A; and so on.
But in fact, even among guaranteed bonds, insurance companies rarely invest in bonds rated AA. "At least it's a bond rated AA +. It all takes a lot of courage." The above said.
The hardest year
In 2007, when the stock market was the craziest, the CIRC increased the proportion of insurance companies investing in the stock market from 5% to 10%. Insurance companies "made ten years of money a year." According to the data released by the China Insurance Regulatory Commission, in 2009, the fixed income assets of the insurance industry and the equity assets achieved basically the same income, both just over 100 billion yuan, but the equity assets accounted for only 20% of the total insurance assets, but the fixed income investment ceiling is Four percent. The ensuing economic crisis has brought great challenges to the asset management of the insurance industry. In 2008, the stock market was deeply adjusted. Fortunately, the bond market allowed insurance investment to bloom. In 2009, the government's "4 trillion" economic stimulus plan drove the stock market up, and insurance companies took a slice of it.
On January 21, 2010, the Chairman of the China Insurance Regulatory Commission, Wu Dingfu, pointed out at the 2010 Insurance Industry Briefing that at present "it is expected that more than 1.5 trillion yuan of insurance funds will need to be reallocated." According to statistics from the China Insurance Regulatory Commission, as of the end of March 2010, the balance of funds used by insurance companies was 3.95 trillion yuan, an increase of 5.7% from the beginning of the year. In the first quarter, the investment income was 46.63 billion yuan, with an average return rate of 1.23%, which was basically the same as the same period in 2009. "Intuitively, 2010 was a difficult year for asset allocation." Guoxin Securities analyst Shao Ziqin said. Since the beginning of the year, the CSI 300 Index has fallen by 19.26%, and the CSI Total Debt Index has risen 3.75% due to the delay in the rate hike cycle. The rise in the bond market means a decline in the rate of return on interest, and the decline in the stock market directly reduces the book value. In addition, with the reform of new share issuance, the myth of new shares no longer exists, further increasing the difficulty for insurance funds to "new" benefits. Miao Jianmin, chairman of China Life Asset Management Co., Ltd., also said that the insurance industry is no less sensitive to interest rates than banks, and most of the insurance company's portfolio of funds is fixed-income products, which faces greater interest rate risk. "When the investment environment is not good, the important pillar of insurance stock prices is to raise interest rates in advance." Guohai Securities analysts Liu Jinhu and Huang Qiuhan pointed out in the report, however, considering the relatively weak economic recovery foundation, and the previous central bank adopted more Quantitative control means that raising interest rates in the short term will do more harm than good to the macroeconomics; for insurance companies, even raising interest rates will only have a positive impact on the long-term value of insurance companies, but in the short term, they will have to bear the corresponding decline in net assets pressure.
The increased pressure on insurance companies to increase the rate of return on investment is one of the factors for regulators to adjust their investment policies. As for the timing of this round of policy introduction, some analysts believe that it is precisely because the current market conditions are not good that the CIRC only considered opening this time. "At this time, letting go is better than pouring oil on the high ignition market."
Alternative investment dystocia
Compared with the stock market and bond market, insurance companies have placed more enthusiasm and expectation on the liberalization of new asset classes. However, "currently insurance companies invest in private market projects, each of which requires special approval." A person from a large insurance company said. During the National Two Sessions in 2010, Yang Chao, chairman of China Life Insurance, proposed that due to the lack of more allocation methods, not only will insurance funds be too concentrated on fixed-income varieties with low returns, but will face large interest rates in the future Risks also make the investment income of the insurance industry overly dependent on the performance of the capital market. Yang Chao suggested that relevant rules in the fields of infrastructure, unlisted equity, real estate, etc. should be formulated as soon as possible, and enterprises should make independent decisions within the scope of the system and methods to change the current situation or a group of things that cannot be implemented because there are no relevant systems and methods. practice.
In fact, the State Council approved insurance funds to invest in the equity of unlisted companies in November 2008. The Insurance Law, which was revised in 2009, broadened the scope of investment from the original “bank deposits, government bonds and financial bonds†to “bank deposits, "Sale of bonds, stocks, securities investment fund shares and other marketable securities and investment in real estate" and other fields. In July 2009, the “Administrative Measures on the Use of Insurance Funds†(hereinafter referred to as the “Measuresâ€) solicited two rounds of opinions. It is understood that this measure has been approved by the Office of the Chairman of the China Insurance Regulatory Commission and is currently awaiting approval from the State Council. As a higher-level law, the "Measures" are a necessary condition for the introduction of other investment rules.
In fact, the China Insurance Regulatory Commission is very strict in managing the funds of insurance companies. Unsecured corporate bonds were issued in 2006, and the CIRC only allowed investment in unsecured corporate bonds in December 2009, setting the ratio at 15%. But so far, the record of insurance companies investing in unsecured debt is still relatively rare.
"At each relevant seminar, the way and proportion of insurance investment in PE and real estate have been said many times, but the premise is to wait for the" Measure "to come out first." For example, insurance companies investing in real estate are bringing huge imagination. Based on the calculation of the insurance fund balance of 3.95 trillion yuan at the end of the first quarter of 2010, assuming that the proportion of investable real estate is 5%, 191.5 billion yuan will also be released, which is not a small amount. However, it is still in the tide of real estate regulation and control, and people in the industry are not optimistic about the introduction of relevant regulations. Some analysts believe that this round of regulation may cause house prices to fall by 30%. The previous policy of liberalizing insurance companies to invest in real estate is likely to be quiet. As for the relevant rules of insurance funds in private equity investment, although discussions have been in full swing, they have never been released.
Some industry insiders revealed that in the internal discussions organized by the CIRC, it was mentioned that insurance companies can invest 3% of equity in financial institutions, 3% in infrastructure, and 3% of unlisted equity in insurance funds. The person in charge of the insurance company said that this should refer to increments and deduct the current investment stock of the insurance company. At present, China Life and other institutions have invested tens of billions of yuan in equity and infrastructure projects of financial institutions that have been specially approved for investment. The proportion has long exceeded the red line in these hot discussions. Although they are still awaiting the formal introduction of relevant measures, various insurance companies are preparing for unlisted equity investments. Companies such as Ping An, China People's Insurance and China Life Insurance have established specialized equity investment platforms. In addition to preparing for their own PE investment management, many institutions also have contact with professional PE management teams in the market to discuss the scale of PE entrusted investment, which can easily amount to tens of billions of yuan.
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