Trillion yuan of insurance capital is optimistic about the new energy track, there are hidden risks

According to Duan Guosheng, president of the China Insurance Asset Management Association and CEO of Taikang Assets, the low-carbon transition will bring disruptive changes to the energy structure and will promote the development of the new energy industry, which is one of the major new opportunities for future equity investment by insurance capital
.
"According to estimates by different institutions, the total investment scale required to achieve carbon neutrality in China is about 90 trillion to 140 trillion yuan
.
The energy sector mainly invests in energy storage, power grids, clean power generation, and clean hydrogen production
.
"

Many insurance companies also hold similar views
.
The relevant person in charge of the Kunlun Health Asset Management Department told the Securities Daily reporter that "carbon neutrality" is a common global topic, and new energy is a long-term growth track
.
"Carbon neutrality" includes two core levels: one is the energy production level, the goal is renewable green energy, mainly corresponding to photovoltaics and wind power; the second is the energy use level, including energy conservation and emission reduction in traditional industries, fuel vehicle switching into new energy vehicles and other fields
.

The development of the new energy industry is the general trend, so it is an industry worthy of investment in the long-term dimension
.
"The relevant person in charge of the Asset Management Department of Love Life told reporters
.

Xing Zhen, head of the multi-asset investment team of Ping An Asset Management, also told reporters earlier that the investment income of the new energy sector this year may not be as good as last year, but there will still be good structural opportunities
.

China Life Security Fund, a subsidiary of China Life Assets, also said that structural opportunities in the equity market are still active this year, and it can pay attention to sectors such as new energy
.
The "Securities Daily" reporter learned that China Life Assets has frequently deployed in the new energy sector before, including investing in CLP Nuclear and holding shares in Tongwei
.

According to the data of Oriental Fortune Choice, as of the end of the first quarter of this year, insurance capital had held a total of 18 A shares in the new energy industry, with a stock market value of 23.
8 billion yuan, but the total market value of A-share holdings by insurance capital at the end of the first quarter was 14,000 yuan.
Compared with 100 million yuan), its investment share in the new energy sector still has a lot of room for growth
.

Optimistic about globally competitive companies

Under the premise of being optimistic about the new energy track, investors are more concerned about "how to invest" and "what to invest"
.
Insurance institutions generally believe that competitive new energy companies are the focus of attention
.

The person in charge of Kunlun Health's asset management department said that photovoltaics and new energy vehicles are the most competitive fields for Chinese companies in the world, and the competitiveness of leading companies is also global
.
More than 80% of the production capacity of the photovoltaic industry is provided by Chinese companies; the world's largest lithium battery company is CATL, the highest quality company and the largest volume company producing the four major materials of lithium batteries (positive electrode, negative electrode, separator, electrolyte).
All are in the country
.
New energy is a high-growth track, and those companies with global competitiveness are the investment targets worthy of attention
.

Duan Guosheng also said that from the perspective of the impact of "carbon neutrality" on the development of various industries, the long-term pattern of the industry in which the industrial sector is located will be differentiated by the impact of technological changes, and the investment opportunities of leading companies are more worthy of optimism
.
Other sub-sectors benefiting from "carbon neutrality", including new energy power operation, power grid construction, etc.
, need to pay close attention to the implementation of relevant policies and appropriately seize investment opportunities
.

The relevant person in charge of the Asset Management Department of Love Life said that in the future market environment, new energy companies will inevitably differentiate in the process of competition, so it is more important to choose high-quality companies in the development of the industry
.

Of course, investors should also be alert to investment risks when choosing suitable investment targets
.

"We must pay attention to the risks of new energy technology iterations.
Taking the photovoltaic industry as an example, the former leading companies Suntech and Saiwei have been subverted, while the new leading companies LONGi, Tongwei, etc.
are waiting for the opportunity to rise
.
The risks brought by technology iteration And opportunities coexist
.
" said the above-mentioned person in charge of Kunlun Health
.

The relevant person in charge of the Asset Management Department of Ai Life Insurance also reminded that it is necessary to be alert to the risk of excessive short-term expectations in the new energy sector
.
"The 'two-carbon' goal is a long-term goal, not an overnight achievement.
Therefore, future growth should be reasonably expected and overvaluation should be avoided in the short term
.
"

In addition to the above risks, with the continuous increase of new energy assets by various institutions, risks such as devaluation and shelving of exposed "old energy" stock assets also need to be guarded against
.
Cao Deyun, executive vice president and secretary general of the Insurance Asset Management Association of China, said that in terms of asset management, incremental assets can be allocated in accordance with national strategic plans and policy standards, while existing assets have risks such as asset shelving and asset depreciation
.
For example, oil and gas energy projects that are high-quality assets at the current stage may experience asset depreciation in the future, which will have a great impact on the management of stock assets
.