长债破2%后险资配置行为分析：偿二代延续，资产荒犹存

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Viewpoints - The downward trend in long-term interest rates has put pressure on the asset returns of insurance companies, leading to a new wave of equity stakes in quality listed companies [2][38] - Insurance companies are increasingly focusing on high-dividend and relatively stable ROE sectors, such as public utilities, transportation, and banking, for their equity investments [4][26] - The implementation of new accounting standards (IFRS 9 and IFRS 17) has increased the volatility of profit and loss statements for insurance companies, as more equity assets are classified under fair value through profit or loss (FVTPL) [6][39] - The recent increase in equity stakes by insurance companies is seen as a strategy to smooth profit fluctuations and enhance investment returns [38][46] Summary by Sections Investment Activities - Recently, Ping An Asset Management increased its stake in China Construction Bank by acquiring 67.255 million H-shares for approximately HKD 424 million, bringing its total holdings to 12.054 billion shares, representing 5.01% of the total H-shares [1] - Insurance companies have been actively acquiring stakes in quality listed companies, with a notable increase in the number of equity stakes since 2020 [21][26] Accounting Standards Impact - The new IFRS 9 and IFRS 17 accounting standards have made asset classification more transparent but have also increased the volatility of profit and loss statements for insurance companies [6][39] - Under IFRS 9, financial assets are classified into three categories, affecting how insurance companies report their investment returns [6][24] Regulatory Environment - The transition period for the second phase of the solvency regulation has been extended, which may optimize the risk clearing in the industry [8][45] - The solvency ratio of insurance companies has been under pressure due to stricter capital requirements, impacting their willingness and ability to increase equity investments [27][39]