智通财经网·2025-11-19 03:44Core Insights - The report from China Merchants Securities indicates that by Q3 2025, the scale of funds utilized by insurance companies will exceed 37 trillion, with a notable shift in asset allocation as bond holdings decline and stock investments rise to over 10% for the first time [1][3] Group 1: Insurance Company Fund Utilization - As of Q3 2025, the total funds utilized by insurance companies reached 37.46 trillion, marking a year-to-date increase of 12.6% and a quarter-on-quarter increase of 3.4% [1] - The balance of life insurance companies' funds was 33.73 trillion, also reflecting a year-to-date increase of 12.6% and a quarter-on-quarter increase of 3.5%, accounting for 90.0% of the industry [1] - Property insurance companies held 2.39 trillion, with a year-to-date increase of 7.5% and a quarter-on-quarter increase of 1.8%, representing 6.4% of the industry [1] Group 2: Fixed Income Investment - The bond allocation has decreased for the first time since 2022, with a total bond balance of 18.18 trillion, reflecting a net increase of 2.25 trillion in the first three quarters, but a slight decline in percentage to 50.3% [2] - Bank deposits decreased to 2.86 trillion, with a net reduction of 475 billion in the first three quarters, and a significant quarterly drop of 1.588 trillion, reducing the allocation to 7.9% [2] - Other investments, primarily non-standard, totaled 6.64 trillion, with a net decrease of 1.279 trillion in the first three quarters, and a quarterly increase of 592 billion, leading to a continued decline in allocation to 18.4% [2] Group 3: Equity Investment - The stock allocation has surpassed 10% for the first time, with a total stock balance of 3.62 trillion, reflecting a net increase of 1.19 trillion in the first three quarters and a quarterly increase of 552.5 billion [3] - The balance of securities investment funds reached 1.97 trillion, with a net increase of 2.933 trillion in the first three quarters and a quarterly increase of 3.115 trillion, slightly recovering to 5.5% [3] - Long-term equity investments totaled 2.84 trillion, with a net increase of 3.794 trillion in the first three quarters and a quarterly increase of 919 billion, maintaining a stable allocation of 7.9% [3] Group 4: Specific Performance of Insurance Capital - By the end of Q3, the insurance capital heavily invested in the banking sector, which accounted for 51.6% of their A-share holdings, while the transportation sector saw a decrease to 9.3% [4] - The banking sector saw the largest increase in allocation, up 6.1 percentage points, while the transportation sector experienced the largest decrease, down 1.5 percentage points [4] - Major stock holdings included Agricultural Bank of China, Minsheng Bank, and China Unicom, with an average dividend yield of 4.3% [4] Group 5: Investment Recommendations - The industry is expected to maintain a double-digit growth in fund utilization by 2025, with a cautious increase in equity allocation [6] - Long-duration bonds will continue to be a crucial source of income for insurance companies [6] - Recommended stocks include China Taiping, China Ping An, and China Life, with a focus on the long-term investment value of China Property & Casualty [6]