保险行业研究：长期投资试点继续+股票投资风险因子进一步下调，险资入市进程预计将加快

Investment Rating - The industry is rated as "Buy" with an expectation of an increase exceeding 15% in the next 3-6 months [6] Core Insights - The Financial Regulatory Bureau plans to expand the long-term investment pilot for insurance funds by an additional 60 billion yuan, aiming to inject more incremental capital into the market [1] - The adjustment of solvency regulation rules will lower the risk factor for stock investments by 10%, encouraging insurance companies to increase their market participation [1][2] - The current pilot for long-term investment has reached 162 billion yuan, with eight leading insurance companies participating, primarily targeting high-dividend stocks in the secondary market [2] - The expected incremental capital from insurance funds entering the market over the next three years is estimated to be around 600-800 billion yuan, with 300-400 billion yuan specifically for high-dividend stocks [3] Summary by Sections Long-term Stock Investment Pilot - As of now, the approved long-term investment pilot for insurance funds has reached 162 billion yuan, with eight major insurance companies involved, focusing on high-dividend stocks in the secondary market [2] Stock Investment Risk Factor - The solvency ratio determines the upper limit of equity investments for insurance companies, with the risk factor for investing in the CSI 300 index optimized from 0.3 to 0.27, leading to a solvency ratio increase for major insurers [2] Future Projections - Assuming a 50% allocation of life insurance premiums into investment assets, and with a projected 0% growth in premium income from 2025 to 2027, an annual increase of 1% to 1.5% in equity assets is expected, resulting in approximately 600-800 billion yuan entering the market each year [3] Investment Recommendations - The capital market is expected to perform well in the long term, with increased insurance fund participation likely to alleviate risks associated with interest rate differentials. Key investment focuses include: 1. ZhongAn Online, projected to achieve significant profit growth with a low current valuation [4] 2. Property and casualty insurance as a high-dividend defensive sector, recommended for accumulation during dips [4] 3. Life insurance companies like Xinhua Insurance and China Taiping, expected to maintain double-digit profit growth despite high baselines [4]