Ge Long Hui·2025-11-18 12:13Core Insights - In Q3 2025, insurance capital significantly increased its allocation to equity assets, with the proportion of equity assets approaching historical highs [1][4] - The investment distribution of insurance capital in Q3 2025 included 7.9% in bank deposits, 50.3% in bonds, 10.0% in stocks, 5.5% in funds, 7.9% in long-term equity investments, and 18.4% in other assets [1] - The investment in bank deposits and bonds decreased by 0.7 percentage points and 0.8 percentage points respectively compared to Q2 2025, while the investment in stocks and funds surged to 15.5%, nearing the historical peak of 16.1% in H1 2015 [1] Investment Trends - In Q3 2025, insurance capital continued to increase its allocation to dividend-paying stocks, particularly in the TMT (Technology, Media, and Telecommunications) and high-end manufacturing sectors, while adjusting its internal allocations [4] - The insurance capital significantly increased its holdings in banks, steel, and textile sectors, while reducing positions in high-end manufacturing sectors such as new energy, military, and machinery [4] - The overall trend showed that the dividend yield remained a crucial reference for insurance capital's stock selection, with a decreasing trend in dividend yield from increased to reduced holdings [4] Stock Specifics - The top stocks added by insurance capital in Q3 2025 included Agricultural Bank of China (329.1 billion), Postal Savings Bank (125.9 billion), and Industrial and Commercial Bank of China (57.4 billion) [7] - Conversely, the top stocks reduced included GCL-Poly Energy (7.0 billion), Wan Feng Auto (7.1 billion), and Aero Engine Corporation of China (7.6 billion) [7] Shareholding Activities - Insurance capital's shareholding activities accelerated in Q3 2025, with a notable increase in the number of companies targeted, particularly in Hong Kong stocks [9] - As of now, insurance capital has made 30 shareholding increases this year, surpassing the total for 2020 and 2024, with 25 of these being in Hong Kong stocks [9][11]