七家上市险企上半年豪掷3200亿增配高息股，“高质量”红利受关注

Group 1 - Insurance capital has shown a stronger and more refined trend in allocating to high-dividend assets since 2025, with 30 instances of insurance capital acquiring listed companies this year, marking a recent high [1] - The preference for undervalued, high-dividend listed companies is evident, as insurance institutions plan to further increase equity asset allocation in the A-share market, which is currently deemed to be at a reasonable valuation level [1][4] - The CSI Dividend Quality Index, which employs a unique "dividend + quality" dual-factor screening mechanism, has achieved a cumulative return of 502.27% since its base date, significantly outperforming other dividend indices [1] Group 2 - In the first half of 2025, seven listed insurance companies significantly increased their allocation to high-yield stocks, with the average allocation ratio for FVOCI stocks rising by 1.3 percentage points to 4.2%, reflecting a total increase of approximately 0.32 trillion yuan [2] - This trend of increasing allocation to FVOCI stocks, typically viewed as high-yield stocks, began in the first half of 2024 and has continued into 2025, indicating a preference for stable income assets in a low-interest-rate environment [2] Group 3 - The reasons for insurance capital's focus on dividend stocks include the need for stable cash yield and the desire to reduce profit volatility, as dividend stocks help enhance dividend contributions and stabilize net investment yield [4] - The investment performance of insurance companies is primarily influenced by investment performance, where capital gains are a major source of volatility; thus, dividend stocks, which are less volatile than growth stocks, are favored [4] Group 4 - The high-dividend sector, particularly represented by banks, has seen significant price increases, with the CSI Dividend Quality Index showing a year-to-date increase of 13.12%, outperforming other dividend indices [5][7] - The contribution to the performance of the CSI Dividend Quality Index has been more diversified, driven by sectors such as media and pharmaceuticals, while traditional dividend indices have been dominated by bank stocks [7][9] Group 5 - The current strategy of insurance capital regarding dividend stocks has evolved from a simple "buy and hold" approach to a more complex strategy that balances obtaining stable dividends and avoiding capital losses [9] - The resilience of dividend assets has been notable in market fluctuations, with high dividend yield and low volatility characteristics providing significant absolute return value [9] Group 6 - The CSI Dividend Quality ETF (159209) offers a low management and custody fee of only 0.20%, providing a cost advantage for long-term holding, and features a monthly dividend assessment mechanism to enhance cash flow for investors [10]