中泰证券：利差不够股票来凑 险资权益投资迎“慢牛+政策”双红利

Group 1 - The core viewpoint is that since 2025, policies have been increasingly encouraging insurance funds to enter the market as long-term capital, with specific requirements for state-owned insurance companies to invest a significant portion of new premiums into A-shares [1][2] - The total asset scale of insurance companies reached 39.2 trillion yuan by the end of Q2 2025, with a compound annual growth rate (CAGR) of 12.99% over the past three years [3] - The new accounting standards (IFRS 9 and IFRS 17) are reshaping investment logic, leading to increased volatility in profit and loss statements and a pressing demand for high-dividend assets in traditional insurance accounts [2][3] Group 2 - The scale and structure of equity investments by insurance funds are being optimized, with a cumulative amount of 222 billion yuan in long-term stock investment pilot programs [3] - The investment strategy emphasizes a dynamic matching of asset allocation to liability costs, utilizing a "core (low volatility dividend) + satellite (technology growth)" approach to balance risk and return [4] - The effectiveness of dividend strategies is highlighted, with the CSI Dividend Total Return Index achieving an annualized return of 13.1% since 2014, outperforming mainstream indices [3]