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Old 06-10-2011, 06:42 AM   #1
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Default 私募股权研修班o_历史底部形成保险基本面无逆转

  市场的疲弱带给更多的个股挖掘的时间和空间,无论是公募还是私募基金经理,近期不少都忙于调研,在他们 看来,大量股票当前的市盈率都在历史低谷,而如何寻找在经济放缓的大背景下景气度依然高涨、业绩有超预期可 能的公司,是当务之急。_私募股权研修班_北京大学私募股权_¥
  该基金经理认为,最近两个月内,银保和个险业务还将处于低迷期,同时由于银行存款利率的不断上调,保单 的吸引力正在下降,今年保费收入增速压力较大。_私募股权研修班_北京大学私募股权_¥
  “保险行业是高弹性行业,在市场上涨时将享受投资收益提高和估值提高的双重利好。_私募股权研修班_北 京大学私募股权_¥”黄立军表示,较低的估值已经为保险股提供了较好的安全边际,未来的下跌空间将十分有限 。_私募股权研修班_北京大学私募股权_¥
  经过8连跌后,5月沪市累计下跌5.77%,创11个月来最大单月跌幅。_私募股权研修班_北京大学私 募股权_¥摩根大通亚太区董事总经理龚方雄5月末在上海向《华夏时报》记者表示,目前A股的下跌是非理性的 。_私募股权研修班_北京大学私募股权_¥
相关信息:
  尽管宏观基本面对保险业产生不利影响,但保险三巨头的基本面并未发生逆转。_私募股权研修班_北京大学 私募股权_¥黄立军认为,银保新政等方面的影响只是暂时的,可能会在一定程度上影响保险三巨头2011年中 报表现,但下半年保费收入和盈利增长肯定将好于上半年,此外在投资上,目前的整体收益好于去年,“从长期来 看,保险行业仍然具备拥有政策优惠预期、持续发展的潜力”。_私募股权研修班_北京大学私募股 权_¥
  在隐含新业务倍数这个指标上,A股保险三巨头也都降到了10倍以下。_私募股权研修班_北京大学私募股 权_¥中信证券(600030,股吧)保险业分析师潘洪文预计,2011年中国人寿、中国平安、中国太保每 股内含价值分别为12.15元、31.47元、14.40元,每股新业务价值分别为0.81元、2.33元 、0.85元。_私募股权研修班_北京大学私募股权_¥参照5月31日收盘价,三家公司的隐含新业务倍数分 别仅为8.62倍、7.40倍、9.07倍。_私募股权研修班_北京大学私募股权_¥A股三家保险公司新业 务价值乘数普遍降到10倍以下,估值水平甚至低于2008年金融危机时期。_私募股权研修班_北京大学私募 股权_¥
  华宝兴业一位不愿具名的基金经理告诉记者,国内保险三巨头的动态市盈率已明显低于2010年底。_私募 股权研修班_北京大学私募股权_¥2010年底三巨头的动态市盈率普遍在20倍左右,目前,中国人寿、中国 平安、中国太保的动态市盈率大约为15倍、16倍、13倍。_私募股权研修班_北京大学私募股 权_¥
  在保险资金运用方面,虽然不动产投资等正逐渐放开,但上述基金经理表示,险资的投资理念还是较为保守, 不动产投资方面还是非常谨慎、发展较慢;相反由于利率的上调,协议存款正在增多,再加上股市行情萎靡不振, 多重因素对保险公司净资产存在负面影响。_私募股权研修班_北京大学私募股权_¥
  “市场的主要担心在于,一是中国经济会否硬着陆,二是世界经济是否二次探底。_私募股权研修班_北京大 学私募股权_¥我的观点非常鲜明,两者可能性都不大。_私募股权研修班_北京大学私募股权_¥尽管市场仍会 经历痛苦的筑底过程,但目前已是买股票的好时机。_私募股权研修班_北京大学私募股权_¥”
  “我国保险业粗放型增长的时代已经结束。_私募股权研修班_北京大学私募股权_¥”前述华宝兴业基金经 理的此番观点指的是银监会和保监会正在推进的银保新政。_私募股权研修班_北京大学私募股权_¥此前业界预 测,今年5月以后银保新政对保费收入的影响将会减弱,然而,事实并非如此。_私募股权研修班_北京大学私募 股权_¥
  自5月3日至31日,中国人寿(601628,股吧)(601628.SH)从月初开盘价20.28元 下跌至月底的收盘价19.13元,下跌幅度为5.67%,距离18.88元的发行价已经只有一步之遥,为2 009年3月复权以后的新低;中国平安(601318,股吧)(601318.SH)从月初的52.00元 下跌至月底的48.71元,下跌幅度为6.33%,已经位于2010年9月以来的低点;中国太保(6016 01,股吧)(601601.SH)从月初的24.25元下跌至月底的22.11元;下跌幅度为8.82% ,远低于30元的发行价。_私募股权研修班_北京大学私募股权_¥
  数据显示,中国人寿、中国平安、中国太保今年4月单日保费收入同比增速普遍放缓,分别下降0.9%、1 5.5%和1.5%;与今年一季度相比,三巨头今年前4个月保费收入同比增速也在放缓。_私募股权研修班_ 北京大学私募股权_¥
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Old 06-10-2011, 07:27 AM   #2
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home stray dogs.

in Yan'an City in Huaxiang asked, On the morning of unusually cold weather in Yan'an, in Yan'an City in the village of a cliff Huaxiang lock the cliff ravine under a thick ice-stream end, dogs barking from the waves lined up a few shacks in the transfer out, echoing in the valley.
a lean transformation of a man pulling a car over the rail rack pulley slowly from the mountain to go down the small road, the car filled with four large plastic buckets, car followed by a girl. After that conversation,prada handbags, the two young people are students at the University of Yan'an, two on Sundays into the mountains to help transport water to these stray dogs. Reporter to follow the two students walked nearly 2 km mountain road, next to a spring. Near the site of a migrant workers also used their leisure to help. He said: and the adoption of money selling these stray dogs. Yan met as long as the war goes to the full adoption of stray dogs, regardless of the lame, blind, or suffering from skin body hair removal,tory burch handbags, she carefully feeding, paying for their treatment. Later, the neighbors all know that war clouds Yan adopted stray dog,burberry leather handbags, who met outside,gucci handbags, have to retrieve the woman. > stray dog ​​ate her bread to survive

in a press interview, a large group of dogs around the cloud Sahuan Yan war,burberry handbags, they flew her arms, and some also spit out a long tongue, in the Hachu winter heat, lick her cheek.
In 2007,designer handbags, Yan'an City Environmental Association awarded Yan war cloud work.
Mayor Chen Qiang Yan presented a October 21 this year, Mayor Chen Qiang, made important instructions to the relevant departments to seriously study her proposal, as soon as possible in Yan'an City dog ​​management.
Yan War Cloud said: text / Chart reporter Zhou Peng Liu Jian
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Old 06-10-2011, 10:17 AM   #3
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