38万亿险资大调仓，股票占比创近年新高

Core Insights - The insurance asset allocation is transitioning from a dominance of fixed income to a more diversified approach, incorporating equities and alternative investments, supported by steady growth in premium income [1]. Group 1: Asset Allocation Overview - As of the end of Q4 2025, the total insurance fund utilization balance reached 38 trillion yuan, marking a 15.7% increase from the beginning of the year, the highest annual growth rate since 2021 [1]. - Life insurance companies accounted for approximately 90.1% of the total industry fund utilization, with a balance of 34.66 trillion yuan, up 15.73% year-on-year [1]. - Property insurance companies had a fund utilization balance of 2.42 trillion yuan, reflecting an 8.78% increase, representing about 6.27% of the total [1]. Group 2: Fixed Income and Equity Investments - The proportion of bonds in the asset allocation has slightly increased, but the pace of increasing long-term bond allocations has slowed down [2][3]. - By the end of 2025, the combined bond investment balance of life and property insurance companies was approximately 18.7 trillion yuan, accounting for 48.6% of the total fund utilization, a 0.7 percentage point increase from the beginning of the year [3]. - The average yield of 10-year government bonds in 2025 decreased by about 40 basis points compared to 2024, leading to a temporary slowdown in the allocation of long-term bonds [3]. Group 3: Equity Investments - The allocation to equity assets has become a central theme in the insurance asset reallocation for 2025, with both the scale and proportion of core equity assets reaching recent highs [4]. - The combined proportion of stocks, funds, and long-term equity investments reached approximately 23.0%, an increase of 2.6 percentage points from the beginning of the year, with a total increase of 1.97 trillion yuan [5]. - The stock allocation balance reached about 3.73 trillion yuan, with a net increase of 1.31 trillion yuan, accounting for 9.68% of the total fund utilization, the highest level since Q2 2022 [5]. Group 4: Future Trends and Expectations - Insurance capital is expected to continue increasing its allocation to equity assets in 2026, driven by policy support and liability-side growth [8]. - A survey indicated that most insurance institutions plan to maintain their allocation ratios for bank deposits, bonds, and other financial assets similar to 2025, with some intending to slightly increase stock investments [9]. - The outlook for the A-share market remains optimistic among insurance institutions, with a focus on sectors such as electronics, non-ferrous metals, and pharmaceuticals [10][11].