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险资在加仓！平安路昊阳详解加仓逻辑：精选优质科技标的 看好硬科技、创新药_我的网站

A |     On the one-year anniversary of US forces’ hasty withdrawal from Afghanistan after a 20-year deployment, there is renewed focus on the decision-making made by the Joe Biden administration that resulted in the swift fall of the Afghan government and the eventual return to power of the Taliban* Islamist group.,With the Democratic POTUS’ approval rating hitting historic lows and eating away at his party’s November midterm prospects, it is commonly believed that his handling of the Afghan crisis at the time of the pull-out created the momentum that began to drag down Americans’ confidence in Biden’s leadership.,The United States-led military offensive "Operation Enduring Freedom" was originally launched by former US President George W. Bush in pursuit of terrorists from Al Qaeda** - including leader Osama bin Laden - for masterminding the September 11, 2001 attacks in the US.,At the time, a series of four coordinated terrorist attacks by the Islamist terrorist group Al Qaeda killed 2,996 people in the US as hijackers crashed two planes into the World Trade Center, hijacking another that failed to reach its target, crashing in Shanksville, Pa., and a third that struck the west side of the Pentagon.,© AP Photo / AMY SANCETTASmoke billows from the North and South Towers of the World Trade Center before they collapsed on September 11, 2001 in New York, NYSmoke billows from the North and South Towers of the World Trade Center before they collapsed on September 11, 2001 in New York, NY© AP Photo / AMY SANCETTA,After suspicion fell onto Al Qaeda, the United States responded by launching the War on Terror and invading Afghanistan under the pretext that the Taliban had failed to comply with Washington’s demands to expel Al Qaeda from the country and extradite the terrorist group’s leader, Osama bin Laden. American-led forces overthrew the Kabul-based Taliban government, which had been in control of large parts of the country since 1996.,Bin Laden was eventually killed nearly a decade later, in 2011, by a group of Navy SEALs who raided his compound in Pakistan. As Washington's attempt to impose Western ideas and forms of government on the country increasingly failed and the situation deteriorated for the Western-backed government in Kabul, the Donald Trump administration opened peace talks with the Taliban.,In February 2020, the Donald Trump administration signed an agreement in Doha, Qatar, between the US and the Taliban on drawing down US involvement based on a "reduction in violence." The "Agreement for Bringing Peace to Afghanistan" set out a series of commitments from the US and the Taliban regarding troop levels, counterterrorism, and intra-Afghan dialogue seeking to bring about "a permanent and comprehensive ceasefire.",The deal stipulated a deadline of May 1 the next year for all US troops to leave the country.,However, in April 2021, President Joe Biden, just seven months into his presidency, unilaterally deviated from the peace deal by extending the timeframe to September 11 and ordered all troops to withdraw from the country by an end of August 2021 deadline, with his decision triggering chaos and bloodshed.,‘Failed Intel’,As the US military began their pull-out, sending home troops and equipment, the emboldened Taliban proceeded with a lightening-swift onslaught. They took over huge swathes of the country, facing little resistance and picking up weapons and vehicles paid for by the US government which Afghan government troops left behind.,US 'Lost Track' of Afghan War Aims, Says Retired Marine General12 August, 17:00 GMT,Afghan officials, including the country’s president, Ashraf Ghani, fled, as the country’s capital, Kabul, was taken over by the militants on August 15, 2021 in a matter of hours.,None of the US intelligence assessments had predicted such a swift collapse, with American officials insisting in June that Kabul could capitulate within six to 12 months after the start of the withdrawal. Amid reports of failed intel forecasts, then-Pentagon spokesman John Kirby acknowledged that security in some parts of Afghanistan was “certainly deteriorating, and that’s of concern.” Washington continued to emphasize “commitment to the people of Afghanistan” and the goal of “ensuring that Afghanistan never again becomes a safe haven for terrorist groups who pose a threat to the US homeland.”,Amid the developments, the Biden administration debated whether to delay the American departure from Bagram Air Base, 35 miles north of Kabul, but eventually opted to go ahead. Army Gen. Mark A. Milley, the chairman of the Joint Chiefs of Staff, had told the House Armed Services Committee that “it is not necessary for the United States to stay at Bagram for what we’re going to try to do here with Afghanistan.”,Civilians Caught in Crossfire,As the Taliban regained full control, more than 120,000 people, including Afghans and foreigners, were frantically evacuated in a vast airlift operation from Kabul International airport. Thousands of Afghan citizens desperately sought to flee the country in fear of the Islamist group’s return to rule.,Exclusive- A clear video (from other angle) of men falling from C-17. They were Clinging to some parts of the plane that took off from Kabul airport today. #Talibans #Afghanistan #Afghanishtan pic.twitter.com/CMNW5ngqrK— Aśvaka - آسواکا News Agency (@AsvakaNews) August 16, 2021,Searing images from the capital’s airport showed desperate people trying to cling to the wings of planes that were taking off amid the huge airlift operation. Many Afghans who collaborated with the occupying US forces and feared retribution from the Islamist group were left behind in the hasty evacuation. Between 100 and 200 Americans remained in Afghanistan, despite wanting to get out.,© AP Photo / Wali SabawoonSmoke rises from a deadly explosion outside the airport in Kabul, Afghanistan, Thursday, Aug. 26, 2021. Smoke rises from a deadly explosion outside the airport in Kabul, Afghanistan, Thursday, Aug. 26, 2021. © AP Photo / Wali Sabawoon,Furthermore, 13 US troops were killed on August 26 in a suicide bomb attack blamed on an Afghan offshoot of Daesh***.,The explosive device detonated by a single bomber who was able to approach Kabul International Airport's Abbey Gate killed at least 170 Afghan civilians and 13 US service members. The bomber was not stopped as Afghans had begun using alternate routes to the gate due to the difficulty of getting through Taliban checkpoints.,In another deadly incident that marred the withdrawal, a botched US drone strike killed 10 civilians - seven of them children - on August 29.,WorldCIA Reportedly Warned US Military of Likely Presence of Children Near Afghan Drone Strike Target 19 September 2021, 08:56 GMT,The US claimed it had been targeting a Daesh operative with a car full of explosives linked to the terrorist group’s affiliate, planning an imminent attack on American forces during the final days of the evacuation. However, the man turned out to be a longtime Afghan aid worker, Zamarai Ahmadi, employed by Nutrition and Education International, a nongovernmental organization focused on food security.,Approximately three weeks after the strike, the military acknowledged its "tragic mistake," yet a subsequent Air Force review around the strike found "no violation of law, including the law of war.",The last US aircraft left Kabul on August 30, 2021.,AfghanistanKirby Under Fire After He 'Takes Issue With Premise' US Handed Afghanistan to 'Terrorist Group'3 August, 09:54 GMT,Joe Biden’s administration faced bipartisan criticism for the Afghan withdrawal.,On August 17, just two days after the fall of Kabul, National Security Adviser Jake Sullivan promised the White House would “conduct an extensive hot wash” and “look at every aspect of this from top to bottom.” But it remains unclear when any progress will be made by the congressionally-ordered bipartisan 16-member commission on the 20-year Afghan war, US media reported.,NBC News: Biden Admin Prepping Unified Message on Anniversary of Botched Afghan Withdrawal11 July, 16:09 GMT,The White House is believed to have geared up for congressional investigations into the Afghanistan withdrawal if Republicans win the House or the Senate in November’s midterm elections, according to sources cited in US media reports.,* The Taliban is an organization under UN sanctions over terrorist activities.,**Al-Qaeda is a terrorist group banned in Russia and many other countries.,*** Daesh, also known as ISIS/IS/Islamic State, is a terrorist group banned in Russia.。    　　年以来，资本市场呈现高波动、强分化、快轮动的鲜明特征，多重内外因素交织，持续重塑A股估值体系。作为资本市场的重要长期资金和"压舱石"，险资的加仓节奏、赛道取舍与长期配置方向，成为观察保险机构投资风向的重要窗口。　　近日，中国平安集团副首席投资官路昊阳在接受财联社记者采访时表示，基于对行业共识、宏观经济基本面以及经济中长期修复趋势的判断，平安已果断把握市场阶段性机会，积极开展加仓操作。　　面对常态化的市场波动，路昊阳表示，平安投资策略也更加注重确定性和长期价值，尤其是在科技赛道上，逐步从过去的"广泛覆盖"转向"缩圈精选"，不追逐短期热点和概念炒作，而是聚焦真正具备核心技术、产业竞争力、商业化能力和长期成长空间的硬核优质资产，在市场波动中寻找更具长期配置价值的投资机会。　　财联社：市场波动下此前险资集体发声表态，目前是否已有加仓动作？　　路昊阳：已有加仓动作。主要基于两方面考虑：一是对资本市场中长期发展保持信心，经济基本面韧性和政策支持为市场提供了较好的支撑；二是经过前期市场调整，部分优质资产的估值和长期投资价值逐步显现，配置性价比有所提升。因此，我们结合自身资产负债匹配和长期投资需求，积极把握阶段性布局机会。　　对于2026年资本市场整体环境，路昊阳直言"波动幅度处于近年高位，板块轮动快速、行情分化显著，对机构的战术把控能力提出极高要求"。其分析称，进入7月后，市场阶段性调整幅度进一步扩大，其中，双创板块调整幅度位居近十年首位，沪深300指数调整幅度也跻身近十年前三。　　"总体来看，权益市场是中国经济基本面和预期变化的晴雨表。当前中国经济正处于新旧动能转换的关键阶段，经济结构、产业结构和增长动能都在发生变化，映射到资本市场上，板块之间的分化、切换和轮动，本身就是市场定价机制不断调整的过程。"路昊阳表示。他认为，高波动并不意味着投资价值的消失，反而会加速市场出清和估值体系重塑。一方面，缺乏基本面支撑的资产面临估值回归；另一方面，真正具备长期竞争力和盈利能力的优质资产，其投资价值反而会在调整中进一步凸显。

B | 对于长期资金而言，这既是风险，也是重新审视资产价值、优化组合结构的重要窗口。　　"基于对中国经济中长期发展韧性以及资本市场长期投资价值的判断，平安近期已主动把握市场调整带来的配置窗口，持续加大权益资产配置力度。

C | "路昊阳表示，本轮加仓主要基于两方面考虑：一是对资本市场中长期发展保持信心，当前市场的阶段性波动并未改变对中国经济基本面和权益资产长期回报潜力的判断；二是经过前期调整，部分优质资产的估值已经回到更加合理的区间，部分长期资金关注的核心资产投资性价比有所提升，配置价值进一步显现。　　从具体方向来看，"高股息+科技成长"仍是平安权益投资重点关注的两条主线，但两类资产的投资逻辑有所不同。

D | 　　针对高股息资产，路昊阳指出，在市场调整过程中，部分优质高股息标的股价有所回落，而盈利能力和分红基础并未发生根本变化，股息率和安全边际因此得到进一步提升。对于保险资金而言，这类资产具有相对稳定的现金流、较好的分红能力和较强的长期配置属性，能够较好匹配保险资金长期投资和稳健收益的需求。因此，优质高股息资产仍是公司权益组合中重要的长期配置方向。　　相较于高股息资产的稳健配置，平安对科技成长赛道的投资策略正在进一步精细化。

E | 路昊阳坦言，平安对科技产业中长期发展依然坚定看好，但经过本轮市场波动和板块快速轮动，科技板块内部的估值和基本面分化进一步加剧，投资逻辑也正在从"赛道驱动"逐步转向"基本面驱动"。"过去市场可能更多关注科技产业的整体发展趋势和赛道空间，现在则更加注重企业自身的核心竞争力和真实成长能力。

F | "路昊阳表示，平安的科技投资策略已经从过去相对广泛的布局，逐步转向"精准缩圈、优中选优"。对于真正掌握核心技术、具备产业竞争优势、商业模式清晰，并能够持续兑现业绩增长的细分领域龙头，平安仍将积极寻找长期布局机会。　　总体而言，平安将继续坚持长期投资、价值投资和稳健投资理念，在市场波动中动态优化权益资产结构：以优质高股息资产提供相对稳定的收益基础，同时积极挖掘具备长期产业趋势和真实成长能力的科技龙头，在控制组合风险的基础上，把握中国经济转型升级过程中结构性增长带来的长期投资机会。　　财联社：关注哪些精细化赛道？　　路昊阳：看好硬科技、上游资源、创新药等领域　　结合当前市场环境和长期投资逻辑，手握超六万亿险资的平安已逐步形成较为清晰的核心赛道矩阵，重点聚焦硬科技和上游资源等领域，在控制组合风险的基础上，寻找具有产业趋势、基本面支撑和长期成长空间的优质资产。　　据介绍，平安重点布局科技行业，"深耕产业链上下游核心环节，精准锁定细分赛道中盈利能力突出、行业话语权强的核心标的，摒弃短期题材炒作，聚焦产业落地、业绩兑现能力强的实体科技企业。" 同时，平安也在积极寻找其他优质赛道，如资源类资产。　　近两年来，随着一系列支持保险资金长期投资、耐心资本发展的政策持续落地，险资长期投资环境不断改善。

G | 对此，保险行业人士普遍给予积极评价，同时也期待相关政策进一步完善。　　业内人士表示，未来可进一步优化风险因子及相关配套细则，在有效防范风险的基础上，适度降低优质长期资产的资本占用压力，更好发挥保险资金长期资金优势；与此同时，也期待进一步丰富权益、衍生品等风险管理工具，为险资提供更加完善的风险对冲手段，尤其是在市场出现极端波动时，帮助长期资金更有效地管理组合风险、稳定长期投资预期。（文章来源：财联社）。

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