万亿险资A股重仓图谱：高股息资产“压舱”

Core Insights - Insurance capital is increasingly focusing on high-dividend stocks to secure stable returns and mitigate the impact of declining bond yields [1][4] - As of August 27, 368 stocks are heavily held by insurance funds, with significant investments in non-bank financials, banks, telecommunications, and utilities [1][3] - The total market value of insurance holdings reached 1.18 trillion yuan, with 554.1 billion shares held [1] Investment Trends - Major insurance companies like China Life and Ping An have substantial holdings in their respective companies, with China Life holding 92.8% of China Life's circulating shares [3] - Telecommunications operators, including China Unicom, China Telecom, and China Mobile, have become key targets for insurance investments in Q2 [2][3] - The most popular stock among insurance funds is Shenhuo Co., with four insurance institutions holding a combined 104 million shares [2] Sector Allocation - The top three sectors for insurance capital investments are non-bank financials (796.21 billion yuan), banks (224.57 billion yuan), and telecommunications (33.64 billion yuan) [3] - Insurance funds have shown a preference for stable, high-dividend blue-chip stocks, particularly in financial and utility sectors [7][8] Regulatory and Market Influences - Recent policies encourage insurance funds to invest more in the stock market, with a target of 30% of new premiums allocated to A-shares starting in 2025 [4][5] - The insurance sector's asset allocation is shifting towards equities, with a significant increase in stock investments noted in the first half of the year [6] Future Outlook - Insurance capital is expected to continue increasing its equity allocation, driven by rising premium income and a favorable market environment [8] - The potential for substantial and sustained inflows from insurance funds into the capital market is anticipated, enhancing market stability [8]