2026年保险投资官调查：九成投资官认为股市机会大于风险，超半数倾向提高权益配置

Core Viewpoint - The insurance investment officers are generally optimistic about the investment outlook for 2026, with over 70% expressing a "optimistic" or "relatively optimistic" sentiment, indicating a significant improvement in investment sentiment compared to early 2025 [3][4][5]. Group 1: Investment Outlook - Over 70% of insurance investment officers believe the investment outlook for 2026 is "optimistic" or "relatively optimistic," with 52.63% indicating "relatively optimistic" and 23.68% "optimistic" [3][4]. - The majority of investment officers expect to increase their allocation to equity assets, with 70% indicating a tendency to "increase" their equity investments [2][16]. - The anticipated return targets for insurance funds over the next 1-3 years are expected to remain stable, with 60% of investment officers favoring a "maintain steady" approach [8]. Group 2: Investment Environment - There is a divergence in views regarding the investment environment for 2026 compared to 2025, with 36.84% believing it will be worse, while 23.68% think it will be better [6][7]. - The primary concerns for investment officers include geopolitical factors, international market conditions, and domestic economic situations, with 41.03% citing geopolitical issues as the biggest uncertainty [9][10]. Group 3: Asset Allocation Preferences - The most favored asset class for increased investment remains "stocks and stock funds," with 29.63% of investment officers indicating this preference, followed by equity investments at 18.52% [15]. - Over 70% of investment officers plan to continue increasing their allocation to equity assets, with 68.42% expecting a "slight increase" [16]. Group 4: Sector Preferences - Investment officers are particularly optimistic about sectors such as technology, cyclical, and consumer, with 26.36% favoring technology, 21.71% cyclical, and 16.28% consumer sectors [17]. - More than half of the insurance investment officers still see significant investment value in dividend assets, driven by low interest rates and the scarcity of income-generating assets [18]. Group 5: Market Sentiment - Despite concerns about stock market volatility, 89.47% of investment officers believe that opportunities in the A-share market outweigh risks [13]. - The sentiment towards Hong Kong stocks has improved, with 63.16% of investment officers viewing them as having significant opportunities, particularly due to favorable valuations compared to A-shares [19].