1月交易所及银行间托管数据点评：保险机构配债策略出现新变化

Group 1: Insurance Institutions' Bond Allocation Strategy - In 2024, local government bonds were the primary allocation for insurance institutions, with a monthly allocation exceeding 50 billion yuan due to higher yields compared to national bonds[2] - In January 2025, insurance institutions shifted back to national bonds, with a historical high monthly increase of 138.7 billion yuan, including 75.3 billion yuan in national bonds and 49.5 billion yuan in local bonds[2] - The total increase in national and local bonds in January was 275 billion yuan and 523.8 billion yuan, respectively, indicating a significant shift in allocation strategy[2] Group 2: Market Impact and Trends - The increase in national bond allocation by insurance institutions is expected to support key interest rate levels, acting as a stabilizer in the bond market[3] - The 10-year national bond yield was around 1.65% in January, suggesting a favorable environment for insurance institutions to buy during market fluctuations[3] - The overall bond market saw fluctuations in January, with a notable increase in the total bond custody amount, reaching 178.58 trillion yuan[15] Group 3: Institutional Behavior and Changes - The total custody amount for national bonds rose to 35.1 trillion yuan, with an increase of 274.95 billion yuan in January, while local government bonds reached 49.8 trillion yuan, increasing by 523.83 billion yuan[20] - Policy bank bonds also saw an increase, with a custody amount of 26.1 trillion yuan, up by 932.5 billion yuan[20] - The overall credit bond custody amount increased to 32.6 trillion yuan, with a rise of 313.33 billion yuan in January, despite a decrease in corporate bonds[28]