公募减配保险，资负多措并举有望带动估值

Core Insights - The report indicates a reduction in public fund holdings in the insurance sector, with a total holding of 0.75% in Q1 2025, down by 0.09 percentage points from the previous quarter [2][4] - The overall non-bank financial sector holdings decreased to 1.27%, reflecting a broader trend of reduced allocations in both insurance and securities [2][4] - The report highlights a mixed performance among individual insurance stocks, with increases in holdings for China Ping An, New China Life, and China Life, while China Pacific Insurance and China Property & Casualty Insurance saw reductions [4][5] Industry Analysis - The insurance industry is experiencing a trend of reduced allocations, primarily driven by China Pacific Insurance and China Property & Casualty Insurance, which have seen significant decreases in public fund holdings [4][5] - The report notes that the first quarter of 2025 is characterized by a focus on asset management and the "opening red" period, with fluctuations in interest rates impacting bond trading and overall performance [5][7] - The report anticipates that the recent decline in interest rates to around 1.65% may alleviate pressure from bond trading losses, potentially enhancing equity investment returns [8][9] Company-Specific Insights - China Ping An remains the most heavily held stock in the insurance sector, with a holding of 0.29%, reflecting a slight increase of 0.01 percentage points [4][8] - New China Life and China Life also saw increases in their holdings, indicating positive market sentiment towards their profitability and pricing strategies [4][9] - Conversely, China Pacific Insurance and China Property & Casualty Insurance have faced declines in their holdings, suggesting market concerns regarding their performance [4][9]