险资运用规模突破36万亿，股票投资创新高

Core Insights - The total investment balance of insurance companies exceeded 36 trillion yuan, reaching 36.23 trillion yuan by the end of Q2 2025, representing a year-on-year growth of 17.4% [1] - Both life insurance and property insurance companies have seen an increase in stock investment balances and proportions, marking the highest levels since Q2 2022 [1][2] Investment Trends - By the end of Q2 2025, life insurance companies had an investment balance of 32.6 trillion yuan, with stock investments amounting to 2.87 trillion yuan, an increase of over 200 billion yuan from Q1 and over 600 billion yuan since the beginning of the year [1] - The proportion of stock investments in life insurance companies reached 8.81%, up 0.38 percentage points from Q1 and 1.8 percentage points from the same period in 2024 [1] - Property insurance companies also followed a similar trend, with stock investments totaling 195.5 billion yuan and a proportion of 8.33%, increasing by 0.77 percentage points from Q1 and 1.84 percentage points from 2024 [1] Combined Investment in Stocks and Funds - The combined balance of stock and securities investment funds for life and property insurance companies reached 4.73 trillion yuan, a 25% increase from 2024 [2] - Life insurance companies accounted for 4.35 trillion yuan of this total, with a proportion of 13.34% in their overall investment balance, marking a peak since 2023 [2] Bond Investments - By the end of Q2 2025, the total bond investment balance for life and property insurance companies reached 17.87 trillion yuan, an increase of 1.9 trillion yuan since the beginning of the year [2] - Life insurance companies held 16.92 trillion yuan in bonds, representing 51.90% of their total investments, the highest among all investment categories [2] Future Outlook - Analysts suggest that the overall asset allocation structure of insurance companies will remain stable, with the introduction of value-added tax on newly issued government bonds having a limited impact on bond investments [3] - In the long term, under a low-interest-rate environment and policies encouraging long-term funds to enter the market, insurance companies are expected to continue increasing their allocation to equity assets [3]