NCI(601336) 证券时报网·2024-12-10 01:44Core Viewpoint - Xinhua Insurance has rapidly expanded its investment portfolio by acquiring stakes in three listed companies within a month, signaling a strategic shift towards enhancing investment performance and capitalizing on market opportunities [1][2][6]. Investment Activities - In November 2024, Xinhua Insurance increased its stake in Haitong Securities by acquiring 4 million H-shares, raising its total holdings to 171 million shares, which constitutes 5.02% of the company's H-share capital [3]. - Prior to Haitong Securities, Xinhua Insurance also acquired shares in two pharmaceutical companies: China National Pharmaceutical Group (0.2% stake) and Shanghai Pharmaceuticals (0.31% stake), reflecting a focus on the healthcare sector [4]. Strategic Rationale - Xinhua Insurance expressed confidence in the long-term growth prospects of the healthcare industry, citing the strong governance and operational capabilities of the companies it invested in [5]. - The investments align with national strategies to strengthen pension finance and develop the "silver economy," indicating a comprehensive approach to the healthcare and wellness sectors [5]. Investment Performance and Strategy - Xinhua Insurance's investment performance in 2023 was suboptimal, with a reported investment loss of 3.775 billion yuan, leading to a significant decline in net profit [8]. - The new chairman, Yang Yucheng, emphasized a three-pronged strategy to improve investment performance: focusing on long-term and value investments, diversifying investment types, and enhancing research capabilities [8][9]. Asset Allocation and Growth - As of the third quarter of 2024, Xinhua Insurance's investment assets reached 1.61 trillion yuan, marking a 20.3% increase from the beginning of the year, with a notable shift towards equity investments [10]. - The company reported a significant increase in long-term equity investments, which rose by 214.8% year-on-year, reflecting a proactive approach to capitalizing on market conditions [11]. Risk Management and Fund Initiatives - Xinhua Insurance has initiated the Honghu Fund, a 50 billion yuan private equity fund, in collaboration with China Life, aimed at long-term stock investments [12][13]. - The fund's strategy focuses on investing in companies with strong competitive advantages and governance structures, particularly during market downturns [13]. Collaboration and Future Outlook - A partnership with CICC to establish a 10 billion yuan fund aims to enhance non-standard income contributions, indicating a strategic move to optimize asset performance amid market volatility [14]. - The collaboration is expected to leverage CICC's expertise in private equity, aligning with Xinhua Insurance's goals of risk diversification and stable cash flow generation [14].