险资入市加速，或成A股定盘星

Core Viewpoint - The article discusses the shift in investment strategies of major insurance companies in China, highlighting their increased allocation towards equity assets under the influence of long-term capital market policies, which has led to a significant rise in investment returns [2][4]. Group 1: Investment Performance - The five major insurance companies reported a total investment income of 367.38 billion yuan in the first half of 2025, reflecting a year-on-year increase of nearly 9% [4]. - The total stock holdings of these companies reached approximately 1.85 trillion yuan, while fund holdings were about 830 billion yuan, together accounting for nearly 2.7 trillion yuan, which is 13.6% of total investment assets, showing a continued upward trend compared to the previous year [4][5]. Group 2: Shift in Asset Allocation - Insurance companies are transitioning from a debt-centric investment approach to a more diversified asset allocation strategy, with a notable increase in equity investments [7][8]. - As of the end of Q2 2025, the balance of insurance funds invested in stocks reached 3.07 trillion yuan, an increase of approximately 640 billion yuan from the end of Q4 2024 [7]. Group 3: Regulatory Influence - Regulatory policies have evolved from strict controls to a more market-oriented approach, encouraging insurance funds to invest in equities and diversify their portfolios [8][10]. - The recent policies aim to facilitate long-term investments by insurance companies, allowing for higher equity investment limits and promoting stability in the capital market [10][12]. Group 4: Future Outlook - Industry experts predict that the insurance sector will continue to increase its equity allocation, potentially adding 600 to 800 billion yuan in new capital over the next three years, forming a "long-term capital alliance" with social security and pension funds [12][13]. - The long-term investment style of insurance funds is expected to significantly alter the A-share market dynamics, shifting from speculative trading to value investing [13].