中信证券：政策支持下未来保险资金增量可期，成长相对价值风格占优

Group 1 - The core viewpoint of the report indicates that the scale of insurance funds allocated to stocks is on a rising trend, expected to reach approximately 3.6 trillion yuan by Q3 2025, accounting for 10% of total insurance funds [1] - The report forecasts an increase of over 600 billion yuan in insurance incremental funds by 2025, supported by policies that encourage stable and continuous market entry [1] - The analysis shows that the number of equity insurance asset management products has increased significantly from 110 in 2019 to over 260 by 2025, indicating a shift towards growth style after 2025 [2] Group 2 - Historical correlation between insurance asset management product returns and market styles suggests that extreme correlation points indicate potential market style switches, with a notable shift from value to growth expected in 2024 [3] - Backtesting results demonstrate effective timing strategies for style switches, accurately capturing the transition points between value and growth styles [3] - As of December 19, 2025, the growth style is expected to continue dominating, with insurance funds decreasing their allocation to low-volatility dividend styles while increasing their allocation to technology and research styles [3]