加码权益布局 股票成险资下半年投资首选

Core Viewpoint - Insurance capital is increasingly active in the market, with a strong preference for stocks as the primary investment asset for the second half of the year, reflecting a positive outlook on the A-share market [1][3][4]. Investment Preferences - According to the latest survey by the China Insurance Asset Management Association, stocks are the preferred investment asset for insurance institutions in the second half of the year, followed by bonds and securities investment funds [3][4]. - As of the end of the second quarter of 2025, the balance of insurance capital utilization has reached 36.23 trillion yuan, with stock investment balance increasing by 47.57% compared to the end of 2024, surpassing 3 trillion yuan [3][4]. Market Dynamics - The increase in stock investment is driven by a combination of policy guidance, low interest rates, and product demand, indicating a more pronounced and long-term trend in insurance capital entering the market [2][4]. - The insurance industry is shifting towards a "stable income + appreciation" strategy, focusing on high-dividend, stable cash flow, and reasonably valued listed companies to fill the income gap created by declining bond yields [4][8]. Structural Changes - The current trend reflects a significant shift in asset allocation priorities among insurance institutions, with stocks gaining higher priority due to favorable market conditions and regulatory support [4][6]. - The "barbell" strategy of combining fixed income and equity investments is being adopted to mitigate duration mismatch risks while enhancing overall portfolio returns [5][8]. Future Outlook - The trend of increasing equity allocation is expected to continue and possibly strengthen over the next 2-3 years, driven by structural factors rather than short-term speculation [7][8]. - Insurance capital is becoming a major source of incremental funds in the stock market, with a focus on high-dividend sectors such as banking and public utilities [6][7].