险资今年举牌30次，成A股慢牛推手之一

Core Insights - The activity of insurance capital in the capital market has significantly increased in 2025, with 30 instances of insurance capital stake acquisitions reported this year, marking a new high in recent years, second only to 62 instances in 2015 [1][4] - The total market capitalization of A-shares has surpassed 100 trillion yuan for the first time, with the Shanghai Composite Index reaching a nearly 10-year high [1][12] - The long-term investment reform pilot program is accelerating, with a total scale of 222 billion yuan across three batches of pilot programs [1][9] Insurance Capital Activity - Insurance capital has made 30 stake acquisitions this year, exceeding 20 in 2024 and 26 in 2020, with 6 in the A-share market and 25 in the H-share market, involving 23 listed companies across 10 major Wind secondary industries [4][5] - The banking sector is the most favored, with 7 banks being targeted for a total of 14 stake acquisitions [5][7] Market Trends - The current market exhibits characteristics of a "slow bull" market, with significant inflows of capital and a positive outlook for the A-share market [2][13] - Analysts suggest that the low volatility, high dividend, and low valuation characteristics of bank stocks make them particularly attractive to insurance capital [7][8] Long-term Investment Reforms - The long-term investment reform pilot program has led to the establishment of 7 insurance capital private equity fund companies, with a total of 222 billion yuan approved for participation [9][10] - The pilot program aims to encourage insurance companies to invest in the stock market for the long term, with a focus on high-quality equity assets [10][11] Regulatory Environment - Recent regulatory measures have created a favorable environment for insurance capital to enter the market, including policies that encourage long-term investments and adjustments to asset allocation ratios [15][16] - The central financial authorities have set a target for large state-owned insurance companies to invest 30% of new premiums in A-shares starting in 2025 [15]