提高保险资金投资股市比例，加大对资本市场的支持力度

Core Viewpoints - The report maintains an overweight rating, emphasizing the need to increase the proportion of insurance funds invested in the stock market to enhance support for the capital market and the real economy [1][2]. Summary by Sections Policy Changes - On April 8, the National Financial Regulatory Administration issued a notice to adjust the regulatory ratio of equity assets for insurance funds, aiming to optimize the investment policy and increase support for the capital market and the real economy [2][3]. - The notice raises the upper limit for equity asset allocation ratios, simplifying the tier standards and increasing the equity asset ratio by 5% for certain solvency levels, thereby expanding investment space for equity capital in the real economy [3]. Market Impact - The adjustment is expected to alleviate funding pressures and stabilize market confidence, especially in light of recent U.S. tariff policies that have caused global market volatility [4]. - By increasing the equity asset allocation, it is projected to bring an additional 1.66 trillion yuan to the capital market, based on the insurance industry's fund utilization balance of 33.26 trillion yuan by the end of 2024 [4]. Industry Focus - The notice encourages insurance funds to increase investments in strategic emerging industries, which are crucial for economic transformation and growth, thus directing capital market resources towards these sectors [5]. - This shift is anticipated to enhance the competitiveness of emerging industries by providing them with more funding for technology development and market expansion, ultimately optimizing the capital market's structure [5]. Insurance Companies' Perspective - The acceleration of long-term capital entering the market is not only a policy direction but also a necessity for insurance companies to achieve stable operations and sustainable development [6]. - As long-term interest rates decline, increasing equity investments can help improve overall investment returns for insurance companies and mitigate the pressure from interest rate spreads [6]. Investment Strategy - The report suggests focusing on companies with resilient asset sides such as China Life (601628) and New China Life (601336), as well as those with stable comprehensive capabilities like China Pacific Insurance (601601) and China Ping An (601318) [7].