固定收益点评：分红险复兴，如何影响保险配置偏好？

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report addresses the asset allocation characteristics of dividend - paying insurance and the impact of its transformation on the bond market [4][10] - In 2025, the transformation of dividend - paying insurance became an industry trend, with significant growth in scale. The income of ordinary dividend - paying insurance of six listed insurance companies in the first half of 2025 reached 157.7 billion yuan, a year - on - year increase of 12%, and its proportion in total life insurance income rose from 15% at the end of 2024 to 16.3% [5][11] - The rapid expansion of dividend - paying insurance meets the needs of both clients and insurance companies. For clients, it offers "certainty of guaranteed return + elastic dividend expectation"; for insurance companies, it helps prevent interest spread losses and reduces the impact of investment asset prices on financial statements [5][14][15] - Compared with ordinary life insurance, the asset allocation logic of dividend - paying insurance is more return - oriented, increasing the allocation of high - volatility assets [5] - The growth rate of insurance companies' bond allocation scale may slow down marginally, and their preference for equities will continue. In terms of specific bond types, insurance companies may increase trading demand for ultra - long - term treasury bonds and allocation demand for secondary perpetual bonds while maintaining the allocation of ultra - long - term local government bonds [5][20][22] 3. Summary by Directory 3.1 Dividend - paying Insurance Transformation Initiation - In 2025, major listed insurance companies placed dividend - paying insurance at the core of their products, driving it to dominate new business. The income of dividend - paying insurance of six listed insurance companies in the first half of the year increased significantly [11] - Each major insurance company has taken measures to promote dividend - paying insurance. For example, China Ping An focused on dividend - paying products, and China Pacific Insurance optimized its product structure with increased dividend - paying insurance new - policy premium [12] 3.2 Reasons for the Rapid Increase in Dividend - paying Insurance Scale - Client side: In the context of low - interest rates and expected stock market improvement, the "certainty of guaranteed return + elastic dividend expectation" of dividend - paying insurance meets clients' demand for more elastic returns [5][14] - Insurance company side: It can prevent interest spread losses and reduce the impact of investment asset price fluctuations on financial statements [5][15] 3.3 Differences in the Asset Allocation Logic of Dividend - paying Insurance - Accounting mechanism: Dividend - paying insurance uses the "floating fee method" for measurement, allowing its liability - side price to be linked to the asset - side. It has a return smoothing mechanism, giving its account a higher risk tolerance [5][16][17] - Business transformation: Higher and stable investment returns are crucial for attracting customers, fulfilling dividend promises, and promoting successful transformation [17] 3.4 Impact on the Bond Market - Overall bond demand: The growth rate of insurance companies' bond allocation scale may slow down marginally, and their preference for equities will continue. In the first three quarters of 2025, the proportion of equity assets in insurance companies' new investments increased from 10.4% in 2024 to 39.9%, while the proportion of bonds decreased from 72.2% to 57.1% [20] - Specific bond types: Insurance companies may increase trading demand for ultra - long - term treasury bonds and allocation demand for secondary perpetual bonds while maintaining the allocation of ultra - long - term local government bonds [22]