非银金融：新华保险接手杭州银行股份点评-“资产荒”延续，险资加快优质资产布局

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The report highlights the ongoing "asset shortage" leading insurance companies to accelerate their investment in high-quality assets [2][3] - It notes that with the decline in long-term interest rates and continued volatility in the equity market, insurance companies are facing significant pressure on their asset side [3][12] - The report anticipates that insurance companies will further increase their investments in listed companies with high dividends, high capital appreciation potential, and high ROE attributes to match the long-term, stable demand of the insurance industry [14] Summary by Sections Investment Activity - Australia’s Commonwealth Bank transferred 5.45% of its shares in Hangzhou Bank to Xinhua Insurance, increasing Xinhua's stake to 5.87% [2][10] - The investment is expected to be accounted for under FVOCI, which may provide stable long-term returns amid the current "asset shortage" [10] Market Conditions - As of January 23, the yields on 10-year and 30-year government bonds were 1.66% and 1.90%, respectively, down 89 basis points and 93 basis points since the beginning of the year [3] - The report indicates that the continuous decline in long-term bond yields increases the asset-liability matching pressure for insurance companies [3] Investment Strategy - Insurance companies are increasing their investment in high-dividend and high-ROE listed companies to secure stable investment returns [5][14] - The report mentions that since 2024, several insurance companies have intensified their stakes in quality listed companies, particularly in sectors like public utilities, transportation, and banking [5] Asset Allocation - The report states that the current allocation of FVOCI equity assets among listed insurance companies is low, at around 5%, indicating significant room for growth [8] - The average allocation of equity investments among major insurance companies is approximately 11% [8][9]