险资最新！股票基金投资超5万亿元，投资余额占比再创新高

Core Viewpoint - The investment in stocks and securities investment funds by insurance companies has reached a record high, indicating a strategic shift towards equity investments in the current low-interest-rate environment [2][5][6]. Investment in Stocks and Securities - As of the end of Q3, the total investment in stocks and securities investment funds by life and property insurance companies reached 5.59 trillion yuan, accounting for 14.92% of their total investment, surpassing the 14% threshold [2][4]. - This represents a year-on-year increase of 35.92% compared to the same period in 2024, and a significant rise from 13.05% at the end of Q2 [4][5]. - The total investment balance of insurance companies exceeded 37 trillion yuan, marking a 16.5% year-on-year growth [4]. Shift in Investment Strategy - The increase in equity investment reflects a strategic shift in the asset allocation of insurance companies, moving from a long-standing range of 11%-14% to a new high [5]. - The favorable market conditions and policy changes have encouraged insurance companies to increase their equity investments, contributing to the stability and growth of the capital market [5][6]. Performance of Insurance Companies - The performance of insurance companies has improved significantly due to increased equity investments, with many reporting record profits in Q3 [7]. - For instance, China Life reported a net profit of 167.8 billion yuan for the first three quarters, a 60.5% increase year-on-year, with total investment income reaching 368.6 billion yuan, up 41% from the previous year [7]. Bond Investment Trends - Despite the increase in equity investments, bond investments remain a crucial part of the insurance companies' portfolios, with a total bond investment balance of 18.18 trillion yuan, still the largest among all investment types [8]. - However, the proportion of bond investments has slightly decreased to 48.52% as of Q3, indicating a gradual shift towards equities [8]. Bank Deposits - The proportion of investments in bank deposits by insurance companies continues to decline, with life and property insurance companies holding 7.37% and 15.67% of their total investments in bank deposits, respectively [9].