高股息、高成长“两手抓”险资下半年有望增配权益类资产

Group 1 - The core viewpoint is that insurance capital is expected to increase its allocation to equity assets in the second half of the year, focusing on high dividend and high growth stocks due to the low interest rate environment [1][2] - Insurance capital has actively entered the market through various means such as stake acquisitions and private equity fund establishment, driven by policy support and the need to optimize investment risk factors [1][2] - The "barbell" strategy will be adopted, targeting both high dividend assets for stable returns and high growth assets for excess returns [1][2] Group 2 - In the first half of the year, insurance capital has significantly increased its allocation to high dividend assets, particularly in the banking sector, with 9 out of 17 stake acquisitions being bank stocks [2] - Low valuation and high dividend bank stocks are expected to continue attracting insurance capital, especially as market interest rates decline and companies increase dividends and buybacks [2] - New quality productivity and new consumption sectors are also gaining attention, with a focus on industries supported by national strategies that show strong growth potential despite some companies not yet being profitable [2][3] Group 3 - The shift in consumer demographics towards younger generations and the urbanization rate nearing that of developed countries indicates a transition from real estate consumption to new business model consumption [3] - There is an emphasis on enhancing research capabilities in new fields, with increased resource investment in research teams to identify long-term viable business models and technologies [3]