36万亿险资大调仓，上半年股票持仓净增6400亿，债券占比超51%创新高

Core Insights - The total investment balance of insurance companies reached 36.23 trillion yuan by the end of Q2 2025, marking a year-on-year increase of 17.39% [1][3] - The proportion of bonds in the investment portfolio exceeded 51%, reaching a historical high, while stock investments surged significantly [1][4] - Insurance companies have actively engaged in equity investments, with a net increase of 640.6 billion yuan in stock investments in the first half of 2025 [3][4] Investment Trends - The trend of increasing equity asset allocation, particularly in stocks and funds, is expected to continue, focusing on new productivity, consumption, and high-dividend sectors [2][5] - Insurance companies are also increasing their bond investments, with a total bond investment balance of 17.87 trillion yuan, the highest in a decade [4][6] Regulatory Environment - Recent regulatory changes have encouraged long-term investments by insurance funds, including adjustments to the equity asset regulatory ratios and risk factors [7][8] - The total approved amount for long-term investment pilot projects reached 222 billion yuan by mid-2025, indicating a strong push for stable, long-term capital deployment [7] Market Activity - Insurance companies have made 30 equity stakes in listed companies in 2025, significantly surpassing the total of 20 in 2024 [7][8] - The focus of these investments has been on low-volatility, high-dividend stocks, particularly in the banking sector, reflecting a strategic shift towards stable cash flows [8]