险资配置新动向：加码股票和基金 债券占比环比下降

Core Insights - The insurance sector's asset management balance continues to grow, with an increase in equity investments and a decrease in fixed-income asset allocation [1][2][5] Group 1: Asset Management Overview - As of the end of Q3 2025, the total asset management balance of insurance companies reached 37.46 trillion yuan, marking a year-on-year growth of 16.52% [2] - The balance of life insurance companies was approximately 33.73 trillion yuan, up 16.55% year-on-year, while property insurance companies had a balance of 2.39 trillion yuan, reflecting an 11.79% increase [2] Group 2: Equity Investments - Life insurance companies increased their stock investment balance to 3.41 trillion yuan, a rise of 539.4 billion yuan from the previous quarter, with the proportion of equity investments increasing to 10.12% from 8.81% [2] - Property insurance companies also saw an increase in stock investments, reaching 208.6 billion yuan, up 13.1 billion yuan, with the proportion rising to 8.74% from 8.33% [2] Group 3: Securities Investment Funds - The investment in securities investment funds by life and property insurance companies also increased, with balances of 1.78 trillion yuan and 196.4 billion yuan respectively, reflecting increases of 298.9 billion yuan and 12.7 billion yuan [3] Group 4: Fixed-Income Asset Allocation - Despite fixed-income assets being a primary allocation direction, their proportion has decreased, with total bond investments at 18.18 trillion yuan, accounting for 48.52% of the total asset management balance, down 0.79 percentage points [5] - Life insurance companies' bond investment balance was 17.21 trillion yuan, with a proportion decrease to 51.02% from 51.9% in the previous quarter [5] Group 5: Bank Deposits - Both life and property insurance companies saw a decrease in bank deposit allocations, with balances of 2.49 trillion yuan and 374.2 billion yuan respectively, down 128.3 billion yuan and 30.4 billion yuan [6] Group 6: Future Trends - The insurance industry is expected to continue growing in asset management balance, with a potential increase in equity asset allocation and a shift towards active management strategies [8] - Analysts suggest that the current low-interest-rate environment and the asymmetric reduction in insurance premium rates may lead to a greater focus on equity markets [8]