险资权益配置创新高，超六成险企今年要加仓

Core Viewpoint - The insurance capital is experiencing a significant increase in equity allocation, with a projected additional investment of approximately 713.3 billion yuan in 2026, driven by rising market valuations and a shift in asset allocation strategies [1][12]. Group 1: Insurance Capital Allocation - As of the end of 2025, the total investment balance of the insurance industry reached 38.5 trillion yuan, a year-on-year increase of 15.7%, marking the highest growth rate since 2021 [2]. - The allocation of core equity assets (stocks + securities investment funds) by insurance capital increased significantly by 1.6 trillion yuan to 5.7 trillion yuan, with stocks contributing 1.31 trillion yuan and funds 290 billion yuan [1][6]. - The proportion of equity allocation remains at a historical high, with over 60% of insurance institutions expressing intentions to moderately or slightly increase stock investments in 2026 [1][9]. Group 2: Investment Trends - The proportion of bank deposits in insurance capital allocation has decreased from nearly 12% in 2020 to 8.2% in 2025, while bond allocations have stabilized around 50.4% [3]. - The stock allocation ratio has increased for six consecutive quarters, indicating a strong upward trend in equity investments [5]. - By the end of 2025, the stock balance of insurance capital reached 3.7 trillion yuan, a year-on-year increase of 53.81%, with a stock allocation ratio of 10.1% [8]. Group 3: Future Outlook - A survey indicated that over 60% of insurance institutions plan to increase their stock allocations in 2026, with 40.54% of asset management institutions and 36.26% of insurance companies intending to slightly increase their stock investments [9]. - The insurance sector is optimistic about the A-share market, particularly in industries such as electronics, non-ferrous metals, and pharmaceuticals, with a focus on themes like semiconductor chips and AI capabilities [10]. - In terms of overseas investments, Hong Kong stocks are viewed as the most favorable option for 2026, with half of the asset management institutions planning to slightly increase their allocations [11].