天风证券：险资对银行股的增持空间还有多少？

Core Viewpoint - The trend of insurance capital increasing equity allocation is evident, with banks and other high-dividend sectors likely to be the main beneficiaries. Group 1: Insurance Capital Allocation Trends - By the end of Q1 2025, life and property insurance companies had invested a total of 2.82 trillion yuan in the stock market, a year-on-year increase of 44.5%, and a 19.5 percentage point increase from the end of 2024 [1] - The stock investment of life and property insurance companies accounted for 8.4% and 7.6% of the total insurance fund utilization balance, respectively, both reaching their highest levels in nearly two years [1][2] - The stock investment of life insurance companies increased by 871.7 billion yuan year-on-year, while property insurance companies saw an increase of 44.9 billion yuan, marking the highest expansion levels in the past two years for both categories [1] Group 2: Investment Preferences - Insurance companies prefer high-dividend stocks, particularly in the banking sector, as evidenced by the significant increase in OCI account allocations, which accounted for 28.4% of stock investments by the end of 2024, up 7.6 percentage points from the end of 2023 [4] - By Q1 2025, the market value of insurance capital holdings in the banking sector reached 3.924 trillion yuan, representing a 30 billion yuan increase from the previous quarter, making it the highest among all Wind secondary industries [6][8] Group 3: Regulatory Environment and Future Outlook - Policies promoting long-term capital market investments have been introduced, including a requirement for large state-owned insurance companies to invest 30% of new premiums in A-shares starting in 2025 [12][20] - The banking sector is expected to remain a key focus for insurance capital due to its high dividend yields and low volatility, with banks being a primary target for recent capital increases [9][12] - The insurance sector's solvency ratios indicate that there is still significant room for increasing equity investments, with potential additional investments in bank stocks estimated at 2.432 trillion yuan [29][32]