中长期资金入市系列报告之三：1H25险资入市进展如何？

Group 1: Market Trends and Strategic Developments - The strategy for long-term capital entering the market has been upgraded, with a target for large state-owned insurance companies to invest 30% of new premiums in A-shares starting in 2025[2] - In 1H25, the insurance industry and listed insurance companies increased their secondary market equity allocation by CNY 6,223 billion and CNY 4,862 billion, respectively[2] - By the end of June 2025, the total investment assets of listed insurance companies grew by 7.5% to CNY 21.9 trillion, accounting for 60.3% of the industry total[23] Group 2: Investment Projections - It is projected that large state-owned insurance companies will increase their secondary market equity allocation by approximately CNY 0.9 to 1.7 trillion from 2025 to 2027[2] - Assuming 30% of new premiums are directed to A-shares, the expected allocation for 2025-2027 is estimated to be between CNY 8,752 billion and CNY 9,434 billion[51] - The total equity allocation in the secondary market (stocks + funds) for listed insurance companies reached 13.2% by the end of June 2025, with a growth of 20.3% year-on-year[40] Group 3: Risk Factors and Recommendations - Key risks include long-term interest rate declines, significant fluctuations in the equity market, unexpected policy impacts, and frequent natural disasters[2] - Investment recommendations favor companies such as China Life, New China Life, Ping An, China Pacific Insurance, China Property & Casualty, and Sunshine Insurance due to the positive outlook on insurance capital entering the A-share market[2]