36万亿元，险资新高

Core Viewpoint - The insurance industry in China is experiencing significant growth in fund utilization, with a notable increase in equity investments, driven by favorable market conditions and regulatory changes [1][2][3]. Group 1: Fund Utilization Data - As of the end of Q2 2025, the total fund utilization by insurance companies exceeded 36 trillion yuan, marking a year-on-year growth of 17.4% [1]. - The balance of investments in stocks and securities investment funds reached 4.73 trillion yuan, reflecting a 25% increase compared to the same period in 2024 [1][2]. Group 2: Equity Investment Trends - The proportion of equity investments has been steadily increasing, with life insurance companies holding 4.35 trillion yuan in stocks and securities investment funds, a 25.7% year-on-year increase [2]. - The share of equity investments in the total fund utilization for life insurance companies reached 13.34%, the highest since 2023, while property insurance companies saw their equity investment share rise to 16.16% [2]. Group 3: Bond Investments - The total balance of bond investments by insurance companies reached 17.87 trillion yuan, a significant increase of 1.9 trillion yuan from the end of 2024, representing the highest level in a decade [4]. - The proportion of bond investments in the total fund utilization for life insurance companies was 51.90%, while property insurance companies held 40.29% [4]. Group 4: Regulatory Impact on Investments - A new tax policy announced by the Ministry of Finance and the State Taxation Administration will impose VAT on interest income from newly issued government bonds starting August 8, 2025, while existing bonds will remain exempt until maturity [5]. - Analysts suggest that despite the tax changes, bonds will continue to play a crucial role in insurance asset allocation, with a potential shift towards investments with better tax advantages or higher returns [5].