Xin Lang Cai Jing·2025-10-25 08:13Core Viewpoint - In the first half of 2025, insurance funds are expected to accelerate their allocation to dividend stocks, with listed companies increasing their allocation by nearly 320 billion yuan, surpassing the total allocation for the previous year [1] Group 1: Investment Strategy - Due to the continuous decline in cash returns, insurance funds are increasingly relying on dividend investments, although rising valuations and declining dividend yields pose challenges to this strategy [1] - The dividend investment strategy for insurance funds may have transitioned from the "buy and buy" phase (1.0) to a more selective and balanced phase (2.0), focusing on obtaining stable cash returns while reducing the probability of capital losses [1] Group 2: Market Conditions - With valuations having significantly increased, the opportunities for insurance funds to heavily invest in dividend stocks are diminishing, leading to a narrowing selection of dividend stocks [1] - It is estimated that the entire industry is still under-allocated to dividend stocks by 800 billion to 1.6 trillion yuan, which may be completed in the next two to three years [1] Group 3: Recommendations - It is recommended to focus on companies with resilient balance sheets and balanced growth [1]