SWHY(SZ:000166) 智通财经网·2025-06-11 06:27Core Viewpoint - The report from Shenwan Hongyuan indicates that the performance pressure in Q2 is limited, with expectations for improved new business performance and further reductions in the cost of new liabilities due to anticipated interest rate cuts in Q3 [1] Group 1: Market Conditions and Fund Flows - A-share listed insurance companies are significantly underrepresented compared to the CSI 300 index, with public fund regulations expected to drive incremental capital inflows [1] - As of the end of Q1, the allocation of equity funds in the non-bank sector is underweight by 9.68% compared to the CSI 300 index, second only to banks [1] Group 2: New Liability Costs and Product Transformation - The cost of new liabilities has decreased significantly, with some insurance companies optimizing their existing liability costs [2] - The NBV (New Business Value) and VIF (Value of In-Force) yield performances for major insurers show a year-on-year decline, indicating effective risk management of interest spread losses [2] - The transformation of participating insurance products has exceeded expectations, with major insurers elevating this strategy to a strategic level [3] Group 3: Insurance Capital Market Participation - The implementation plan for promoting long-term capital market participation highlights the role of insurance capital as a key player, with sustainable growth in insurance fund utilization expected [4] - The upper limit for equity allocation for insurance capital has been unexpectedly relaxed, allowing for a total equity allocation scale of 9.29 trillion yuan, an increase of 505.5 billion yuan from previous regulations [4] - The reduction of investment risk factors for stock investments further opens up the equity allocation limits for insurance capital [4]