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China Life Insurance Company Limited (China Life, 601628.SH), the biggest life insurer in China's Mainland, said in the report that the A-share market is worth of investment in view of the mid- and long-term value; and the profitability of Chinese industrial enterprises is rebounding. The performance of the stock market can be good despite the short-term fluctuation. Taikang Asset Management Co., Ltd. (Taikang AMC) in the report pointed out that the debut the Growing Enterprise Market (GEM) on the Shenzhen Stock Exchange has brought new blood for the market.
Up to 20 GEM-traded stocks closed limit-down on the second day of the debut. The GEM was launched on October 30, 2009 and 28 stocks were traded on the GEM. On November 2, the market cap of the GEM shrank 8.5% or CNY 11.89 billion and about 250,000 individual investors were locked up.
As of the end of September 2009, the insurance assets of China totaled to CNY 3.8 trillion, a growth of 18.9% compared to the start of the year and 2.9% growth than this August. The utilization balance of insurance capital stood at CNY 3.43 trillion as of September 30, 2009, with the bank deposits accounting for 29.33%, bond investment 50.63%, securities investment funds 6.23%, and stock and equity investment 10.35%.
After the adjustment in the stock investment, three leading Chinese insurance companies bought in more of the medicine and petrochemical-related stocks in the third quarter of 2009. Meantime, these Chinese insurance giants reduced the information technology, catering and drink-related stocks.
China Life, China Life Insurance (Group) Company, and China Life Reinsurance Company Ltd. totally held 154 stocks with the combined market value of CNY 64.6 billion by this September. In the three months ended September 30, 2009, China Life bought in 202 million additional shares of China Minsheng Banking Corp. (600016.SH), 190 million additional shares of China Petroleum & Chemical Co. (600028.SH) and 39.999 million additional shares of PetroChina (601857.SH).
As of September 2009, the southern boomtown Shenzhen-based Ping An Insurance (Group) Company of China (601318.SH) held 22 stocks with the combined market value of CNY 5.71 billion. Another insurer Shanghai-based China Pacific Insurance (Group) Company (CPIC, 601601.SH) by the end of the third quarter held 52 stocks, the market value of which stood at CNY 7.06 billion. CPIC in the quarter bought in 22.28 million additional shares of Bright Diary & Food (600597.SH).
(USD 1 = CNY 6.82)
Source: www.cnstock.com (November 06, 2009)
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