险资巨头积极参与港股IPO“普遍实现浮盈” ，有望提升行业盈利预期

Group 1 - In early 2026, four insurance companies participated as cornerstone investors in eight Hong Kong IPOs, indicating strong interest in equity investments [1] - Since 2025, seven insurance institutions have participated in 20 Hong Kong IPOs as cornerstone investors, with a total subscription amount of 4.679 billion HKD, and these investors have generally achieved floating profits [1] Group 2 - The enthusiasm of insurance capital in equity investments is significantly supported by policy easing, including a directive from the State Council in March 2025 to enhance long-term investment forces [2] - In April 2025, the National Financial Regulatory Administration raised the upper limit for equity asset allocation to 50% of total assets and simplified regulatory tiers, promoting a "support the strong, limit the weak" approach [2] - A long-cycle assessment mechanism introduced by the Ministry of Finance in July 2025 aims to reduce the impact of short-term market fluctuations on performance evaluations, encouraging long-term holdings [2] - It is projected that in 2026, insurance capital's equity investments will shift from "valuation-driven" to "profit-driven," with expectations of comprehensive improvements on both asset and liability sides [2] - Central enterprise insurance companies are expected to allocate 30% to 40% of new premiums to A-shares, potentially exceeding 250 billion CNY in incremental funds, which may boost profit growth expectations for insurance companies [2] - The current valuation of the insurance sector in the A-share market is relatively low, benefiting from profit recovery and increased equity allocation, indicating potential for valuation recovery [2]