保险基本面梳理106：保险资金当前配置有何特征？-20250527

Investment Rating - The report maintains a "Positive" investment rating for the insurance industry [12]. Core Insights - In the first quarter, insurance funds increased allocations to stocks and bonds while reducing allocations to funds, driven by the industry's own allocation needs, policy guidance, and changes in accounting standards [3]. - The insurance fund scale continues to grow rapidly, reaching 34.9 trillion yuan by the first quarter of 2025, a year-on-year increase of 16.7%, although this is a decrease from the 18.1% growth seen in 2024 [8]. - The allocation of insurance funds is shifting towards long-term investments, with policies encouraging a more sustainable investment approach [11]. Summary by Sections Insurance Fund Allocation Characteristics - In the first quarter, the proportion of bonds increased from 50.3% to 51.2%, while stocks rose from 7.6% to 8.4%. Long-term equity investments also saw an increase from 7.8% to 8.3% [9]. - The allocation to funds decreased from 4.9% to 4.7%, likely due to new financial instrument regulations [9]. Sector Preferences - Insurance funds are heavily invested in the banking sector, which remains the largest sector allocation, increasing by 0.4 percentage points. Transportation and telecommunications sectors also saw increases in allocations [10]. - Conversely, allocations to food and beverage, public utilities, and energy sectors were reduced [10]. Future Outlook - The decline in liability costs is expected to favor the allocation of insurance funds to equity assets, as the requirement for returns on risk assets will decrease [11]. - Recent policies have aimed to optimize the asset allocation structure of insurance funds, enhancing their long-term investment capabilities [11].