下半年险资投资展望：加仓A股权益资产 加码全球资产配置

Core Viewpoint - The investment strategies of insurance asset management institutions are shifting towards a focus on fixed income, increased equity allocation, and diversified alternative investments in response to the ongoing decline in market interest rates [1][2]. Group 1: Investment Strategy Adjustments - As of the end of Q1, the asset allocation of insurance funds shows a trend of "debt as ballast, equity enhancement," with expectations for a continued focus on fixed income and increased equity and alternative investments in the second half of the year [1][2]. - The proportion of bank deposits held by life insurance companies has decreased to 8.21%, down 1.31 percentage points year-on-year, while the bond allocation has surpassed 51%, marking a historical high [2]. - The CEO of Taikang Asset Management emphasizes the necessity for insurance funds to prioritize equity asset allocation to meet the sustainable development and yield requirements of life insurance liabilities [2][3]. Group 2: Equity Market Considerations - Insurance funds are increasing their equity asset allocation both as a passive adjustment to low interest rates and as an active strategy, with A-share valuations being relatively low and dividend yields high [3]. - The strategy includes increasing high-dividend assets in FVOCI categories to reduce performance volatility and investing in high-dividend blue-chip stocks through private equity funds [3][4]. - The low interest rate environment is seen as an opportunity for insurance funds to optimize their asset allocation structure, enhancing the attractiveness of equity market valuations [3][4]. Group 3: Global Asset Allocation - Insurance funds are not only focusing on A-shares but are also increasing their allocation to Hong Kong stocks and exploring global investment opportunities [5][6]. - The Hong Kong stock market is particularly appealing due to its low valuations and high dividends, with 14 out of 17 equity stakes taken by insurance funds in the first half of the year being in Hong Kong companies [5]. - By 2025, 63% of insurance institutions plan to increase their investment in Hong Kong stocks, primarily through the Hong Kong Stock Connect [5][6]. Group 4: QDII and International Investments - As of June 30, 48 insurance institutions have obtained a total of $39.323 billion in QDII investment quotas, with only five institutions receiving new quotas this year [6]. - There is a growing trend among insurance companies to request increased overseas investment quotas, indicating a potential rise in QDII limits in the future [6]. - The strategic significance of investing in Hong Kong and global markets is highlighted as essential for insurance funds to manage risks and enhance returns in a low interest rate environment [6].