Insurance capital invested over 3 billion yuan into Maotai to reduce the holding of Wuliangye and Yanghe shares

category:Finance
 Insurance capital invested over 3 billion yuan into Maotai to reduce the holding of Wuliangye and Yanghe shares


It is worth noting that as the second largest institutional investor in A-share market, insurance capital is also of great reference value to the warehouse allocation of liquor sector in the third quarter of this year.

A person from the investment department of a small life insurance company told the Securities Daily that the performance of the leading stocks in the liquor sector continues to grow at a high speed and with high certainty, which matches the capital demand of insurance capital for safety, long-term, stability and high return, which is one of the major reasons for the distribution of insurance capital in the liquor sector. On the whole, insurance capital is more willing to lay out Baima shares with large market value and stable performance growth in the secondary market. This year, the layout of insurance capital on the liquor sector also presents this feature.

Three liquor stocks in the third quarter

According to the statistics of Securities Daily, as of October 31 this year, among the 20 stocks included in the liquor sector, the average increase in the year was 64% (non reversion, arithmetic average), beating the market by a large margin, and investors made a lot of money.

Specifically, China Life Insurance Co., Ltd. - traditional - General insurance products is one of the top ten new shareholders of circulating shares in Moutai, Guizhou, with a newly increased shareholding of 3.393 million shares, accounting for 0.26%. According to a conservative estimate of the lowest closing price of 942 yuan in the trading day of the third quarter of this year, China Life Insurance Co., Ltd. spent more than 3.1 billion yuan to enter Guizhou Moutai this time.

It is noteworthy that in the second quarter of this year, China Life Insurance also held 7.51 million shares of Yanghe shares through the relevant insurance product accounts, accounting for 0.6% of the outstanding shares at the end of the second quarter, with a stock market value of 910 million yuan. However, at the end of the third quarter, China Life Insurance did not appear in the list of the top ten outstanding shareholders of Yanghe shares, which indicates that China Life Insurance reduced or cleared its holdings of Yanghe shares in the third quarter.

In terms of performance, Yanghe company achieved revenue of 21.098 billion yuan in the first three quarters, a year-on-year increase of 0.63%; net profit of 7.146 billion yuan, a year-on-year increase of 1.53%. In terms of single quarter, the operating revenue of Yanghe Co., Ltd. in the third quarter was 5.099 billion yuan, a year-on-year decrease of 20.61%, and the net profit attributable to shareholders of the listed company was 1.565 billion yuan, a year-on-year decrease of 23.07%. Thus, the sense of smell of insurance assets is quite sensitive.

Insurance capital favors liquor leading stocks

It is not difficult to see that in the third quarter of this year, the layout of insurance capital for liquor stocks is the leading stocks in the sector.

In fact, the years leading liquor stocks are also quite gratifying. According to the reporter, as of October 31 this year, the stock price of seven liquor stocks has increased by more than 100% in the year, including Wuliangye, Shanxi Fenjiu, Jinshiyuan, Luzhou Laojiao, Jiugui Liquor, Gujing gongjiu and Guizhou Maotai, with an increase of 160%, 154%, 116%, 114%, 107%, 105% and 100% respectively. All three of the heavy positions of insurance assets are included.

In addition to insurance capital, securities companies are also optimistic about liquor leading stocks.

For example, Liu Yu, an analyst at Bohai Securities, believes that for the liquor industry, the concentration of leading enterprises will be accelerated in the future, and with the intensified differentiation among enterprises, it is suggested to select the relevant standards with higher certainty.

According to the research report released by Tianfeng securities, the growth rate of domestic liquor industry is slowing down, and the trend of high-end and head concentration is obvious. We believe that the overall trend of the industry is that the head liquor enterprises create core demand, give full play to the social attribute of high-end products, and achieve a higher cost-effectiveness ratio with the help of national layout. We predict that the market size of medium and high-end liquor (listed liquor companies) has at least a potential space of more than 200 billion yuan and a growth space of more than 100%; the growth space of waist price band (regional and sub high-end) liquor is the largest, and there is at least more than 300% growth space.

The long-term growth logic of the liquor industry remains unchanged, the market share continues to focus on the famous liquor, looking forward to the opportunity of excess earnings in the next year, and focusing on the high-quality enterprises with safety margin and high probability of future performance exceeding expectations. Bank of China International Securities said.

CITIC Securities also pointed out that, in terms of pattern, there are few competitors in the high-end liquor industry, the pattern is stable, and the company enjoys exclusive dividends; the regional leader and second-line famous liquor will fight against the secondary high-end in terms of price band and regional competition, and the growth of regional leader is more optimistic in stages. It is suggested that: 1. Enterprises with strong price segment and able to break through higher price segment and shape large single products Second, enterprises with strong local market and further occupying more liquor consumption provinces can win. Continue to launch the first high-end liquor in Guizhou Maotai, Wuliangye and Luzhou Laojiao.

Source: responsible editor of Securities Daily: Yang bin_nf4368