险资青睐高股息股票，背后藏着什么秘密？

Core Viewpoint - The insurance industry is increasingly adopting FVOCI accounting for high dividend stocks to stabilize profit reports and enhance long-term dividend income [1][3][6]. Group 1: FVOCI Accounting Adoption - FVOCI accounting allows insurance companies to measure financial assets at fair value without impacting current profit reports, thus reducing profit volatility [1][3]. - As of June 2023, major insurance companies have significantly increased their FVOCI equity asset holdings, with Xinhua Insurance's FVOCI equity assets rising from 30.64 billion to 37.47 billion yuan, and China Life's FVOCI stock holdings reaching 140.26 billion yuan, accounting for 22.6% of its total stock investments [1][3]. - The implementation of new accounting standards in 2026 is expected to further drive the allocation of insurance capital towards FVOCI stocks [1][3]. Group 2: High Dividend Stock Strategy - Insurance companies are focusing on high dividend stocks as a strategy to mitigate the impact of market fluctuations on profit volatility and to build a substantial pool of high dividend assets [2][6]. - The current market environment, characterized by declining interest rates, has prompted insurance companies to seek high dividend stocks to fill the income gap left by fixed-income assets [6][7]. - The trend of "long money short matching" in the insurance sector has led to a growing interest in high dividend stocks as a solution to duration mismatch risks [6][7]. Group 3: Investment Strategy Optimization - Insurance companies are refining their investment strategies to identify high dividend stocks through a bottom-up research approach, focusing on cash flow improvements and dividend intentions in niche industries [2][7]. - The need to find new investment targets is driven by the declining dividend yields of traditional high dividend stocks, prompting a search for growth-oriented technology stocks with high dividend potential [7][8]. - The classification of equity assets as FVOCI or FVTPL is becoming standardized among insurance companies, with a preference for long-term holdings that align with their core business [4][7]. Group 4: Dual-Edged Sword Effect - The increasing allocation of equity assets to FVOCI has created a "dual-edged sword" effect on insurance company profits, as significant unrealized gains are not reflected in profit statements [9][10]. - This shift allows for a more accurate assessment of the insurance companies' core business performance and enhances long-term investment confidence [9][10]. - The focus is shifting from short-term capital gains to the stability of stock prices and the potential for sustainable dividend income [10].