37万亿元险资配置策略调整：股票投资余额较去年末增长1.2万亿元，占比已达10%

Core Insights - The total balance of insurance funds has exceeded 37 trillion yuan as of the end of September, marking a 12.6% increase from the end of last year [1] - The stock investment balance has reached 3.6 trillion yuan, with an increase of nearly 1.2 trillion yuan, representing a growth rate of 49% [1][8] - The proportion of stock investments has risen to 10%, an increase of approximately 2.5 percentage points compared to the end of last year [1][7] Asset Allocation Overview - As of September 30, the total asset allocation for property and life insurance companies is as follows: - Bank deposits: 28,607 billion yuan (7.92%) - Bonds: 181,775 billion yuan (50.33%) - Stocks: 36,210 billion yuan (10.03%) - Securities investment funds: 19,720 billion yuan (5.46%) - Long-term equity investments: 28,263 billion yuan (7.83%) [2][3] - The bond allocation has seen a decrease in proportion, marking the first decline since the second quarter of 2022, primarily due to a reduction in the allocation by life insurance companies [2][4] Market Dynamics - The increase in stock investment is attributed to favorable central policies and a recovery in investor confidence, which has led to a significant rise in stock market valuations [1][9] - The stock allocation has been continuously improving, reaching a historical high of 10% as of the third quarter of 2025, with a notable increase in stock investment balance [8] - Analysts suggest that insurance funds are increasingly focusing on equity assets to enhance returns and respond to the long-term development of the Chinese capital market [9]