险资“买买买”模式升级，股票和基金持仓再创新高

Core Insights - The investment balance of life insurance companies in stocks and securities investment funds reached a record high, with a total of 5.59 trillion yuan, accounting for 14.92% of the total investment balance of insurance companies as of the end of Q3 2023, marking a significant increase since the data was first disclosed in 2022 [3][5][4] Investment Trends - The proportion of investments in stocks and securities investment funds by insurance companies has surpassed the 14% mark for the first time, indicating a strategic shift towards equity investments [4][5] - As of Q3 2023, the total investment balance of insurance companies exceeded 37 trillion yuan, reflecting a year-on-year growth of 16.5% [4][5] Performance Metrics - The investment balance in stocks and securities investment funds increased by over 800 billion yuan in Q3 2023 alone, with life insurance companies holding approximately 5.19 trillion yuan, representing 15.38% of their total investment balance, an increase of 2.04 percentage points from the previous quarter [5][6] - Property insurance companies had an investment balance of 405 billion yuan in stocks and securities investment funds, with a proportion of 16.97%, up by 0.81 percentage points from the previous quarter [5] Market Activity - Insurance companies have engaged in a "buying spree" in equity investments, with a record 31 instances of significant share purchases in 2023, surpassing previous highs [6] - The performance of insurance companies has improved significantly, with many reporting record profits for the first three quarters of 2023, driven by favorable capital market conditions [6] Asset Allocation - The investment balance in bonds remains the largest among various investment types, totaling 18.18 trillion yuan, but the proportion has slightly decreased to 48.52% as of Q3 2023 [7] - Life insurance companies held 17.21 trillion yuan in bonds, with a proportion of 51.02%, while property insurance companies had 969.9 billion yuan, with a proportion of 40.62% [7] Bank Deposits - The proportion of investments in bank deposits by life and property insurance companies continued to decline, standing at 7.37% and 15.67%, respectively, as of Q3 2023 [8]