险资年内举牌38次创近十年最高 股票配置3.6万亿助市场稳定运行

Core Viewpoint - The insurance funds are significantly increasing their market participation under regulatory encouragement for long-term investment, with a notable impact on market stability [2][8]. Group 1: Insurance Fund Activities - On December 5, 2025, Ruizhong Life Insurance purchased 200,000 shares of Qingdao Beer H-shares for 10.64 million HKD, raising its total holdings to 32.76 million shares, which is 5% of the total H-share capital [3][4]. - This marks the third time in 2025 that Ruizhong Life has made a significant investment in listed companies, contributing to a total of 38 instances of insurance capital raising stakes in listed companies this year, the highest in nearly a decade [2][9]. Group 2: Regulatory Environment - The National Financial Regulatory Administration has lowered risk factors for insurance companies' related business, aiming to guide long-term capital into the market and support stable capital market operations [8][9]. - As of September 2025, the total investment balance of the insurance industry reached 37.5 trillion CNY, with stock allocations amounting to 3.6 trillion CNY, a year-on-year increase of 55.1%, representing 9.67% of total investments [9]. Group 3: Market Implications - The adjustment of long-term investment stock risk factors indicates a relaxation of regulatory constraints on insurance capital's equity asset allocation, responding to market expectations for long-term capital entry [9]. - The surge in insurance capital's market activities, including Ruizhong Life's recent actions, reflects a broader trend of increased institutional investment in the capital market, which is crucial for the stability and high-quality development of the real economy [9].