Sou Hu Cai Jing·2026-01-06 20:10Core Viewpoint - The A-share market has started 2026 with strong performance, reaching a ten-year high, driven by active insurance stocks and favorable policies for long-term investments in the insurance sector [2][3]. Group 1: Insurance Market Performance - In the first two trading days of 2026, major insurance stocks such as New China Life, China Pacific Insurance, and Ping An Insurance saw significant gains, with increases of 15.93%, 12.98%, and 8.65% respectively [2]. - The year 2025 was marked by active participation of insurance capital in the market, with the Shanghai Composite Index rising by 18.41%, and the total trading volume in the A-share market exceeding 400 trillion yuan, a year-on-year increase of over 60% [2]. Group 2: Policy Support - Starting from September 2024, a series of favorable policies have been introduced to encourage insurance capital to enter the market, culminating in the "9·24 market" phenomenon [4]. - In January 2025, a joint implementation plan was issued to guide long-term funds, including insurance capital, to increase market participation [4]. Group 3: Regulatory Adjustments - In April 2025, the regulatory authority raised the upper limit for equity asset allocation for insurance funds, allowing for greater investment flexibility [5]. - By December 2025, further adjustments were made to reduce risk factors for long-held stocks, encouraging insurance companies to maintain longer positions in the market [6]. Group 4: Investment Trends - In 2025, insurance capital made at least 33 significant investments in listed companies, a notable increase from 20 in 2024, with a focus on sectors like banking and utilities that align with their long-term investment strategies [7][8]. - The trend of long-term investment reform was highlighted, with insurance institutions establishing private equity funds to invest in the stock market [8][9]. Group 5: Future Outlook - The investment environment for insurance capital is expected to evolve, with continued low interest rates prompting a shift towards equity investments, particularly in high-dividend stocks [12][14]. - The introduction of new accounting standards in 2026 will allow insurance companies to recognize stock dividends in their profit statements, further promoting long-term investment strategies [13][14].