险资配置跟踪系列（一）：2025年核心权益资产增配显著

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [31]. Core Insights - The insurance sector is experiencing significant growth in core equity asset allocation, with a notable increase in the proportion of stocks and funds within the total investment balance [5][15]. - As of Q4 2025, the total investment balance of the insurance industry reached 38.5 trillion yuan, reflecting a year-on-year growth of 15.7% [6][8]. - The allocation structure shows that bonds account for 50.4% of the total investment, while stocks and funds account for 15.4%, indicating a shift towards equity investments [8][15]. - The report highlights that the insurance sector's liabilities and assets are improving, with a focus on optimizing equity allocation and maintaining stable returns from fixed-income assets [26]. Summary by Sections 1. Insurance Fund Utilization - The insurance industry's fund utilization balance reached 38.5 trillion yuan by the end of Q4 2025, with a year-on-year increase of 15.7% [6][8]. - The allocation of major asset categories includes bank deposits (8.2%), bonds (50.4%), stocks (10.1%), and other investments (18.4%), with notable changes in year-on-year percentages [8][14]. 2. Core Equity Asset Allocation - The core equity asset allocation (stocks + funds) for life and property insurance companies reached 5.7 trillion yuan, growing by 38.9% year-on-year, and accounting for 15.4% of the total investment balance [15][20]. - The stock allocation ratio for life insurance companies increased to 10.12%, reflecting a significant rise in equity investments since Q2 2022 [15][20]. 3. Investment Recommendations - The report suggests that the insurance sector has strong long-term investment value due to improving supply and demand dynamics, with a recommendation to focus on companies like China Life and New China Life [26].