险资万亿布局，稳守银行股

Core Viewpoint - Insurance funds have shown strong market entry momentum in the first three quarters of 2025, with a significant increase in stock holdings and a proactive asset allocation strategy in the current market environment [1][2]. Group 1: Insurance Fund Performance - By the end of Q3, the book balance of stocks held by insurance funds surged by 1.19 trillion yuan compared to the end of last year, marking an increase of nearly 50%, reaching 3.62 trillion yuan [1]. - When including securities investment funds, the core equity asset scale has approached 5.6 trillion yuan, reflecting a growth of approximately 1.5 trillion yuan since the beginning of the year [1]. - In Q3 alone, the core equity asset scale increased by 864 billion yuan, with stocks contributing 552.4 billion yuan to this growth [1]. Group 2: Factors Driving Increased Holdings - Multiple factors are driving the recent significant increase in insurance fund holdings, including favorable policy guidance, the need for stable returns in a low-interest-rate environment, and the positive trend in the capital market, particularly the "slow bull" market in A-shares [2]. Group 3: Investment Preferences - Insurance funds have a clear investment path, with bank stocks being a major focus, accounting for 51.92% of the total market value of nearly 640 billion yuan in heavy holdings [4]. - In addition to traditional defensive sectors, insurance funds have also increased holdings in cyclical and consumer sectors such as steel, telecommunications, agriculture, and food and beverage [4]. - The investment strategy reflects a "dividend stocks + growth stocks" approach, with a broad coverage in sectors like electronics, pharmaceuticals, power equipment, machinery, and automobiles [4]. Group 4: Stock Selection Strategy - Insurance funds prioritize high-dividend stocks with stable earnings as a "ballast" in their portfolios to fill the net investment income gap in a low-interest-rate environment, while also selecting quality growth companies in emerging industries for excess returns [5]. - There are differences in stock selection preferences between life insurance and property insurance companies, with life insurers favoring low price-to-book ratio, high-dividend large-cap stocks, while property insurers tend to prefer higher price-to-earnings ratios and lower dividend yields [5]. - Equity investment has become a decisive factor in the profitability of insurance companies, with expectations for improved A-share market conditions to enhance the investment ecosystem for insurance funds [5].