低利率倒逼资产配置转型，港股成险资“避风港”？

Core Insights - Insurance funds are increasingly shifting towards the Hong Kong stock market due to a low interest rate environment and asset scarcity pressures, with 51% of overseas investment allocated to Hong Kong [1][4][7] - By 2025, 63% of institutions plan to increase their investment in Hong Kong stocks, primarily through the Stock Connect program [1][7] - The strategic positioning of Hong Kong as a mature financial market with low exchange rate risk and strong liquidity makes it the preferred choice for insurance funds [4][10] Investment Trends - The survey conducted by the China Insurance Asset Management Association indicates that 38 out of 52 insurance institutions are engaged in overseas investment, with a significant focus on Hong Kong [3][4] - The average holding period for investments in Hong Kong stocks is approximately 1.09 years, with major investments directed towards traditional sectors such as finance, energy, and telecommunications [8][9] - As of the end of 2024, the investment balance in the Hong Kong stock market by insurance companies is projected to reach 810.5 billion yuan, with 99 insurance companies participating in the Stock Connect program [7][10] Future Outlook - The anticipated growth in insurance funds' investment in Hong Kong is expected to be driven by the combination of high safety margins, policy benefits, and yield flexibility [10] - The Stock Connect mechanism enhances investment efficiency and liquidity in the Hong Kong market, making it an attractive option for insurance funds seeking stable returns [9][10] - Geopolitical risks, exchange rate fluctuations, and foreign exchange restrictions are identified as primary factors influencing overseas investment decisions [9]