“长钱”叙事下的险资

Core Viewpoint - The insurance capital sector is experiencing a new narrative of "long money," characterized by more precise asset-liability matching, diversified investment channels, and extended investment horizons, driven by regulatory policies and asset allocation needs [1][2]. Regulatory Relaxation - Since 2025, regulatory authorities have been easing restrictions on insurance capital investments, increasing equity asset investment ratios, lowering stock investment risk factors, and expanding long-term investment trials, encouraging insurance capital to adopt a "long money long investment" approach [2]. - As of the end of Q3 2025, the stock investment balances for life insurance and property insurance companies grew approximately 50% and 30% respectively compared to the beginning of the year [2]. - Multiple insurance institutions have actively established private equity funds, with a total amount exceeding 100 billion yuan, indicating a shift towards long-term investment strategies [2]. Long-term Investment Strategy - In 2025, insurance capital institutions have significantly increased their stakes in listed companies, with approximately 40 instances of stake acquisitions, the highest since 2016 [3]. - The OCI (Other Comprehensive Income) strategy is being adopted, focusing on stable dividend income rather than short-term price differences, indicating a longer holding period for assets [3]. - The emphasis on long-term dividend returns is reinforced by new accounting standards and regulatory requirements, which have transformed the investment focus from short-term gains to sustainable income [3]. Talent Selection and Long-term Philosophy - Long-term investment philosophy has become a core criterion for talent selection within insurance institutions, with a consensus among leaders to build stable teams aligned with these values [4]. Enhanced Asset-Liability Matching - The investment strategy is shifting from generic allocation to more refined asset-liability matching, driven by changes in liability characteristics and the need for diversified asset configurations [5][6]. - Insurance companies are increasingly developing floating yield products to alleviate rigid cost pressures on the liability side, necessitating more precise asset allocation to meet future dividend requirements [6]. - A dynamic asset-liability matching mechanism is being established to adjust asset and liability structures based on market conditions and product characteristics, ensuring investment returns effectively cover liability costs [6].