Q2险资配置更新：股票规模较Q1再增2500亿

Investment Rating - The industry investment rating is "Buy" with an expectation of an increase exceeding 15% over the next 3-6 months [6]. Core Insights - As of H1 2025, the total scale of funds utilized by the insurance industry reached 36.23 trillion yuan, reflecting an 8.9% growth since the beginning of the year and a 3.7% increase from Q1 [2]. - The allocation of bonds continues to rise, with the proportion of stocks increasing while the share of funds and long-term equity investments is declining. The combined proportion of stocks, funds, and long-term equity investments stands at 21.4%, up 1 percentage point from the end of last year [2]. - The insurance companies are expected to increase their stock investments due to low interest rates and a decline in fixed-income returns, alongside a regulatory push for increased market participation [3]. Summary by Sections Fund Allocation - Bond allocation by life and property insurance companies is 51.1%, up 0.7 percentage points from Q1 and 1.6 percentage points from the end of last year, indicating a strategy to shorten duration gaps [2]. - The stock allocation is 8.8%, with increases of 2,513 million yuan from Q1 and 6,406 million yuan from the end of last year, driven by opportunities from tariff adjustments and asset appreciation in the equity market [2]. - Fund allocation has decreased to 4.8%, down 0.2 percentage points from Q1 and 0.5 percentage points from the end of last year, suggesting a shift towards direct stock investments [2]. - Long-term equity investments account for 7.9%, with a slight decrease, as smaller insurance companies aim to stabilize profits and enhance investment returns [2]. - Bank deposits represent 8.6% of the allocation, reflecting a decrease due to the maturity of high-yield deposits and increased reallocation challenges [2]. Future Outlook - The internal demand for insurance companies to increase stock investments is supported by low interest rates and a decline in fixed-income yields, along with an anticipated rise in the proportion of participating insurance products [3]. - Regulatory encouragement for insurance funds to increase market participation includes requirements for large state-owned insurance companies to allocate 30% of new premiums to A-shares and adjustments to solvency ratios [3]. - It is projected that the allocation to secondary equity markets will increase by approximately 2 percentage points, corresponding to an incremental capital influx of around one trillion yuan [3]. Investment Recommendations - The report suggests focusing on companies with stable operations and strong performance expectations for the first half of the year, as well as those with low valuations and good business quality [4]. - Attention is recommended for companies undergoing transformation towards participating insurance with competitive advantages, such as China Taiping [4]. - The report highlights the importance of large-cap stocks with strong beta characteristics that resonate with market trends [4].