Guolian Securities·2025-05-23 01:55Investment Rating - Investment recommendation: Outperform the market (maintained) [6] Core Viewpoints - The pilot program for long-term investment of insurance funds continues to expand, with a total scale of 222 billion yuan approved across three batches, which is expected to inject substantial long-term capital into the capital market, promoting stability and growth [3][7][9] - The insurance sector is anticipated to benefit significantly from the increased allocation of insurance funds to equity assets, with a favorable outlook for the equity market [9] Summary by Relevant Sections Pilot Program Expansion - The first batch of the pilot program was approved in October 2023 for 50 billion yuan, the second batch in January 2025 for 52 billion yuan, and the third batch in May 2025 for 60 billion yuan, totaling 222 billion yuan [3][10] Investment Strategy - Insurance funds are expected to accelerate their entry into the market, with examples such as the establishment of the Honghu Fund, which has already invested 50 billion yuan in key industries and plans to continue investing in high-quality large-cap blue-chip stocks [8][9] Market Outlook - The expansion of the pilot program and regulatory improvements are likely to open up more allocation space for insurance funds in equity assets, leading to a marginal recovery in the equity market, which will benefit the insurance sector [9]