国信证券：保险业权益配置持续增加 年底顺势调结构

Group 1 - The core strategy for insurance asset allocation in Q4 is focused on high-dividend assets, including OCI equity investments, while also considering profit-taking on trading equity assets such as funds and stocks [1] - Long-duration bonds, including local government bonds and interest rate bonds, remain a fundamental part of insurance asset allocation, helping to match long-term asset needs and reduce duration mismatch risks [1] - There is potential for increasing alternative investments, as the current allocation of overseas assets by insurance companies is relatively low (below 10%), indicating room for growth [1] Group 2 - As of Q3 2025, the balance of insurance funds exceeded 37 trillion yuan, with a year-on-year growth rate of 16.5%, reflecting a sustained high growth trend [2] - The overall conversion rate of funds in the insurance industry stands at 83%, indicating some degree of under-allocation [2] - Insurance companies have significantly increased direct investments in equity assets, with the balance of stock allocations reaching 3.6 trillion yuan by the end of Q3, marking a substantial year-on-year increase of 55.1% [2]