Xin Lang Cai Jing·2025-09-01 12:16Group 1 - The core viewpoint of the article highlights that the five major listed insurance companies in A-shares achieved a net profit of 178.19 billion yuan in the first half of 2025, marking a year-on-year increase of 3.7%, primarily supported by investment returns [1] - The total investment income reached 367.38 billion yuan, reflecting an increase of nearly 9% [1] - The equity investment scale of the five major A-share listed insurance companies has significantly expanded, with stock holdings approximately 1.85 trillion yuan and fund holdings around 840 billion yuan, totaling nearly 2.7 trillion yuan, which accounts for 13.6% of total investment assets, an increase from the previous year [1][2] Group 2 - The growth trend in insurance capital's stock and fund allocation is notable, with the proportions for China Life, Ping An, China Pacific, and China Re being 13.6%, 12.6%, 11.8%, and 10.7% respectively, all showing increases compared to the end of last year [3] - The total stock holdings of the five major insurance companies exceeded 1.8 trillion yuan, an increase of over 400 billion yuan from the end of last year [3] - The low interest rate environment has pressured fixed-income asset returns, prompting insurance companies to increase equity allocations to improve long-term return structures [3][4] Group 3 - Regulatory support for long-term investments has encouraged insurance funds to increase their equity ratios, with the stock market value held by life insurance companies reaching 2.87 trillion yuan, an increase of over 600 billion yuan, representing a growth rate of 26.7% [5] - The proportion of OCI (Other Comprehensive Income) in total stocks for Ping An is 64%, and for China Re, it is 46%, which affects the recognition of profits in their financial statements [4] Group 4 - Insurance companies remain optimistic about the market, with Ping An's CEO expressing confidence in the reasonable valuation of the Chinese market compared to global standards [7] - The focus for increasing investments will be on growth sectors representing new productive forces and high-dividend value stocks, as these can provide stable returns in a declining interest rate environment [8] - China Life has also engaged in investments in the Hong Kong stock market, achieving good returns and plans to continue this strategy in the second half of the year [8]