保险Ⅱ：保险公司的投资策略如何演变？

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the insurance industry [4]. Core Insights - Since the resumption of the domestic insurance industry in 1979, regulatory policies have continuously expanded the range of investable assets for insurance companies, leading to a more standardized investment behavior. Currently, the investment strategy is primarily focused on fixed-income assets, supplemented by equity and other asset classes. With favorable policies supporting the stabilization of the real estate market and recovery of the capital market, the investment yield of insurance companies is expected to improve marginally, supporting the valuation recovery of the sector [2][9]. Summary by Sections 1. Impact of Policies on Insurance Asset Allocation - Regulatory policies have significantly influenced the investment strategies of insurance companies, leading to a diversification of investable assets. As of 2024H1, the allocation ratios for bank deposits, bonds, stocks, and securities investments are 9.3%, 47.5%, and 12.7% respectively [6][13]. 2. Evolution of Investment Strategies of Listed Insurance Companies - The asset allocation structure of listed insurance companies shows a "similarity" in that fixed-income assets dominate, while there are slight differences in the allocation ratios of equity assets. As of 2024H1, the allocation ratios for equity assets among major companies are 24.7% for New China Life, 24.1% for China Life, 20.8% for Ping An, and 18.6% for China Pacific Insurance [7][27]. 3. Common Characteristics of Current Investment Strategies - The investment strategies of the four major listed insurance companies exhibit three main characteristics: 1) An increase in bond allocation and strict control of credit risk, with the average bond allocation rising from 53.9% to 55.7% from 2023 to 2024H1 [8]. 2) A preference for low-volatility, high-dividend stocks, with the average proportion of FVOCI stocks increasing from 19% to 25% [8]. 3) A decrease in the allocation to real estate and non-standard assets, with average allocations dropping from 1.03% to 0.95% for investment properties and from 13.43% to 11.66% for other fixed-income and equity assets [8]. 4. Investment Recommendations - The report recommends maintaining the "Outperform the Market" rating for the insurance industry, highlighting that the sector's valuation remains at a historically low level with potential for recovery. Key stock recommendations include Ping An, China Life, China Pacific Insurance, New China Life, and China Property & Casualty Insurance, based on their respective strengths and expected performance improvements [9].