险资配置A股行业ETF规模已翻倍，电子行业ETF持仓总规模最大

Core Viewpoint - The insurance capital is gradually increasing its risk appetite and expanding its investment in the equity market, particularly in industry ETFs, as the A-share market shows a "slow bull" trend with significant index gains this year [1][2]. Group 1: Market Performance - As of September 19, the Shanghai Composite Index has risen nearly 14% this year, while the ChiNext Index has increased over 44%, and the Sci-Tech 50 Index has grown by 37.79% [2]. - Insurance companies' investment balance reached 36.23 trillion yuan by the end of Q2 2025, marking a year-on-year growth of 17.4% [2]. Group 2: Investment Trends - Insurance capital is increasingly investing in equity markets, with a notable trend of moving from traditional broad-based ETFs to growth-oriented industry ETFs [4][5]. - The total scale of equity ETFs held by insurance companies surged from 57.4 billion yuan at the end of 2022 to 258.4 billion yuan by mid-2025 [4]. - In the first half of 2025, insurance entities significantly reduced their holdings in broad-based ETFs like the CSI 300, while increasing their positions in the CSI 500 index [5]. Group 3: Sector Focus - The total scale of insurance capital holdings in industry ETFs exceeded 64.2 billion yuan in mid-2025, nearly doubling from 32.3 billion yuan in the previous year [5]. - The sectors with the largest ETF holdings by insurance capital include electronics, defense, non-bank financials, pharmaceuticals, and computers [5]. Group 4: Regulatory Environment - Recent regulatory changes have optimized the solvency supervision standards for insurance companies, encouraging them to invest more in equity markets [10][11]. - The risk factor for investments in the CSI 300 index has been adjusted from 0.35 to 0.3, and for stocks listed on the Sci-Tech board from 0.45 to 0.4, promoting a more favorable investment environment [10]. Group 5: Future Outlook - The second and third batches of long-term capital exclusive funds for insurance capital exceeded 172 billion yuan, with expectations for significant annual investments in A-shares starting from 2025 [11]. - The correlation between net inflows of insurance capital into stocks and new premium income has become more pronounced, with projections of an additional 300 to 400 billion yuan allocated to A+H shares in the second half of the year [11].