国金证券：25全年股票+基金+长股投增长近2万亿 Q4单季增长千亿

Core Viewpoint - The report from Guojin Securities indicates a positive trend in the fundamentals of the asset-liability sides for the insurance industry by 2026 and in the medium to long term, with a focus on the benefits from market upturns and stable long-term interest rates, suggesting room for valuation increases and a positive outlook for leading insurance companies with strong performance and low liability costs [1] Group 1: Industry Overview - As of the end of 2025, the total scale of funds utilized by the insurance industry reached 38.48 trillion yuan, reflecting a year-on-year growth of 15.7% and a quarter-on-quarter increase of 2.7%, indicating steady growth [2] - The proportion of bonds and bank deposits has increased, while the share of equity assets, including stocks, remained stable, with a slight decrease in funds and long-term stock investments [2] - By the end of Q4 2025, the combined proportion of stocks, funds, and long-term stocks reached 23.0%, an increase of 2.6 percentage points year-on-year, with a total scale increase of 1.97 trillion yuan [2] Group 2: Investment Trends - It is estimated that 650 billion yuan of incremental funds will enter the market in 2026, with varying levels of stockpiling among companies, such as Ping An, which is expected to invest 20% of new premiums in the A-share market [3] - Major state-owned enterprises like China Life, Taiping, Xinhua, and PICC are expected to continue investing 30% of their new premiums in A-shares, with some companies potentially increasing this to 40% [3] - Non-listed companies are anticipated to have low overall positions but limited incremental funds, with an assumption that 40% of the incremental funds will enter the stock market [3]