债市周周谈：25Q3 险资投资有何变化？20251123 今年第三季度保险资金在债券和银行存款方面有哪些变化？ 今年第三季度，保险公司在债券投资方面增加了 3,100 亿元，但相比上半年 1.94 万亿元的增量有所减少。这一变化部分是由于新金融工具准则切换过程中 债券分类调整所致。此外，今年 5 月以来银行大幅下调存款利率，使得保险公 中国经济面临下行压力，央行或将降息应对。预计政策利率可能在 12 月中旬或明年 1 月初调整。市场尚未完全反映降息预期，建议看多做多 四季度及明年的国债市场。 惩罚性赎回费规则未落地导致三季度主动纯债基金规模下降，影响市场 情绪。若规则落地，将消除不确定性，恢复市场信心。预计 12 月主动 纯债基金规模将小幅增长，对市场构成支撑。 司的银行存款余额出现下降，目前估计其存款投资占比约为 8%，绝对余额接 近 2 万亿元。 保险公司在股票和长期股权投资方面有什么动态？ 摘要 保险资金运用余额达 37.46 万亿，投资主要分布在存款、债券、股票、 基金及长期股权投资。非标投资占比显著下降，未来或将持续减少，反 映出投资结构的调整。 三季度债券投资增加 3,100 亿元，增幅较上半年放 ...

险资最新投资图谱出炉！ | | 项目 | 截至当期 | | | --- | --- | --- | --- | | 机构类别/指标 | | 账面余额 | 足ド | | 保险公司 | 资金运用余额 资金运用余额 | 374631 23875 | 100. 00% 100. 00% | | | 其中:银行存款 | 3742 | 15. 67% | | 其中:财产险公司 | 债券 | 6696 | 40. 62% | | | 股票 | 2086 | 8.74% | | | 证券投资基金 | 1964 | 8. 23% | | | 长期股权投资 | 1471 | 6. 16% 100. 00% | | | 资金运用余额 其中:银行存款 | 337292 24865 | 7. 37% | | 人身险公司 | 债券 | 172076 | 51.02% | | | 股票 | 34124 | 10. 12% | | | 证券投资基金 | 17756 | 5. 26% | | | 长期股权投资 | 26972 | 8.00% | 国家金融监督管理总局最新披露的保险公司资金运用情况显示，截至今年三季度末，保险公司资金运用余额突破 ...

【环球网财经综合报道】作为资本市场中典型的长线资金和重要的投资风向标，保险资金在2025年前三季度展现出强劲的入 市势头。根据金融监管总局最新数据，截至三季度末，险资持有的股票账面余额较去年末激增1.19万亿元，增幅近五成，达 到3.62万亿元。若将证券投资基金纳入统计，其核心权益资产规模已近5.6万亿元，较年初增长约1.5万亿元，彰显了险资在 当前市场环境下的积极配置策略。 这一波加仓，主要由第三季度的强劲表现驱动。数据显示，仅第三季度单季，险资持有的核心权益资产规模就增加了8640亿 元，其中股票贡献了5524亿元的增量。东吴证券分析团队指出，这主要得益于第三季度股市的走强，除了新增资金外，股价 上涨和基金净值提升也带来了显著的市值增长。这一趋势在上市险企的三季报中得到印证，多家险企明确表示增持了权益资 产，而权益类投资也成了推动其利润创下历史新高的核心力量。 上述保险资管人士表示，保险资金在权益配置中，一方面优选股东回报与稳定盈利兼具的高股息标的作为组合的"压舱石"， 以填补低利率环境下的净投资收益缺口；另一方面则精选新兴产业领域的优质成长公司，以寻求超额收益。今年三季度成长 股的良好表现，正是险企投资 ...

| | 人身险公司投资于股票和证券投资基金情况 | | | --- | --- | --- | | 时间 | 资金运用余额(亿元) | 占比 | | 2022年二季度未 | 29464 | 13.37% | | 2022年三季度未 | 27615 | 12.49% | | 2022年四季度未 | 29711 | 13.15% | | 2023年一季度未 | 30986 | 13.21% | | 2023年二季度未 | 32168 | 13.30% | | 2023年三季度未 | 32573 | 13.26% | | 2023年四季度末 | 31709 | 12.59% | | 2024年一季度末 | 32929 | 12.26% | | 2024年二季度未 | 34591 | 12.48% | | 2024年三季度未 | 37524 | 12.97% | | 2024年四季度末 | 37441 | 12.50% | | 2025年一季度末 | 41080 | 13.09% | | 2025年二季度未 | 43498 | 13.34% | | 2025年三季度未 | 51880 | 15.38% | 具体而言， ...

寻求股市新机会 保险资金稳步增长的同时，延续多年的"固收为主"配置格局出现微妙变化，债券投资占比微降，股票投 资占比持续攀升，险资股票投资规模超3.6万亿元，凸显险资在低利率环境下寻求收益突破的主动调 整。 固收类资产占比降低 金融监管总局发布的数据显示，保险业资金运用余额稳步增长。截至三季度末，保险资金运用余额 37.46万亿元，较年初增长12.6%。 在险资大类资产配置中，债券是"压舱石"。过往十年中，险资对债券的配置占比一直超过30%，债券成 为稳定险资投资收益率的核心资产。 不过，北京商报记者注意到，截至今年三季度末，人身险公司对债券投资配置比例有所降低，具体来 说，人身险公司资金运用余额中，债券投资占比已从二季度的51.9%降低至51.02%。 除债券外，险资对银行存款的投资也在减少。从环比数据来看，财产险公司银行存款占比从二季度末的 17.24%降低至三季度末的15.67%；人身险公司银行存款占比从二季度末的8.02%降低至三季度末的 7.37%。综合来看，银行存款减少、债券占比降低、权益类资产略增，保险资金投资占比的变化，折射 出保险机构随行情而变的波段操作策略。 在经济学家、新金融专家余丰慧看 ...

2025.11. 16 本文字数：2593，阅读时长大约4分钟 作者 | 第一财经 杨倩雯 今年前三季度，险资投资的一大重点就是加仓股票。 第一财经记者根据金融监管总局最新发布的2025年三季度保险公司资金运用情况表（下称"资金运 用情况表"）梳理，三季度末，保险资金运用余额达到37.46万亿元，其中 股票的账面余额为3.62万 亿元。这一数字较去年末增加了1.19万亿元，增幅近五成；其中第三季度增加5524亿元。 如果加上证券投资基金，则截至三季度末险资配置的核心权益资产近5.6万亿元，较去年末增加近 1.5万亿元，其中第三季度单季增加值为8640亿元。 从Choice显示的险资三季度重仓股来看， 银行股依然是险资的"心头好"，不仅三季度末持仓市值占 比超一半，且第三季度险资增持股数也在所有重仓股中排名首位。 在银行股外，据业内分析师统 计，钢铁、通信、食品饮料等行业在三季度获险资重点增持，而电力设备、有色金属、交通运输等则 环比减持。 前三季度股票余额增加超万亿 金融监管总局近日发布的资金运用情况表数据显示，截至今年三季度末，保险资金运用余额达37.46 万亿元，较年初增长12.64%。 东吴证券首席战略 ...

Core Insights - Insurance capital has significantly increased its stock investments, with a notable rise in equity assets driven by favorable market conditions and regulatory support [1][3][6] Investment Trends - As of the end of Q3, the total balance of insurance capital investments reached 37.46 trillion yuan, marking a 12.64% increase from the beginning of the year [2] - The stock balance alone rose to 3.62 trillion yuan, an increase of 1.19 trillion yuan or 49.14% compared to the end of last year [3] - Including securities investment funds, the core equity assets reached approximately 5.59 trillion yuan, up 1.49 trillion yuan or 36.19% year-on-year [3] Sector Preferences - Bank stocks remain the most favored by insurance capital, accounting for 51.92% of the total value of heavy holdings, which amounted to nearly 640 billion yuan [8] - Other sectors that saw significant increases in investment include steel, communication, and food and beverage, while sectors like electric equipment and non-ferrous metals experienced reductions [1][8] Market Dynamics - The increase in equity investments is attributed to a strong stock market performance, with the CSI 300 index rising approximately 18% in the first three quarters [6][10] - Insurance companies reported that equity assets were a major contributor to significant growth in investment income, leading to record net profits for the third quarter [6][10] Investment Strategy - Insurance capital is adopting a "dividend stocks + growth stocks" strategy, focusing on high-dividend and stable profit companies while also seeking high-growth opportunities in emerging industries [9] - Different preferences exist between life insurance and property insurance funds, with life insurance favoring low PB (price-to-book) and high dividend stocks, while property insurance leans towards higher PE (price-to-earnings) growth stocks [9]

Core Insights - The five major listed insurance companies in China reported a combined net profit of approximately 426 billion yuan for the first three quarters of 2025, averaging about 17.5 billion yuan per day, with China Life leading at 167.8 billion yuan, a year-on-year increase of 60.5% [2][3][6] Financial Performance - China Life achieved a net profit of 167.8 billion yuan, followed by Ping An with 132.86 billion yuan, which represents a year-on-year growth of 11.5% [3][6] - Other companies, including China Pacific Insurance, China Property & Casualty Insurance, and New China Life, reported net profits of 46.82 billion yuan, 45.7 billion yuan, and 32.86 billion yuan respectively, with New China Life showing a notable growth rate of 58.9% [6][7] Investment Performance - The total investment income for the five companies reached 357.12 billion yuan, with all companies experiencing more than double growth in investment net income [6][7] - China Life led with an investment net income of 137.075 billion yuan, a year-on-year increase of 453.75%, while New China Life had the highest growth rate at 687.16% with an investment net income of 40.413 billion yuan [7][8] Asset Allocation - The total investment assets of the five insurance companies exceeded 20 trillion yuan by the end of the third quarter, with China Life's assets at 7.28 trillion yuan, an increase of 10.2% from the beginning of the year [8][9] - The insurance companies maintained a strong focus on bank stocks, holding seven out of the top ten positions in their major stock holdings, with significant increases in positions for Postal Savings Bank [9][12] Stock Holdings - Postal Savings Bank saw a substantial increase of over 213 million shares, valued at approximately 12.556 billion yuan, making it the most favored stock among insurers in the third quarter [12][14] - Other notable increases included Nanjing Bank and Hualing Steel, with significant share increases and multiple insurance institutions participating in the investments [12][15]

Group 1 - Insurance funds have significantly increased their investment in A-shares, with a 14% growth in the number of heavily held A-share circulating stocks by insurance institutions compared to the previous quarter, and a total market value exceeding 650 billion yuan [1] - The market value of insurance funds' heavily held stocks has increased by approximately 100 billion yuan compared to the end of last year, indicating a double-digit growth in both stock quantity and market value [1] - Financial stocks remain the cornerstone of insurance funds, with a market value exceeding 300 billion yuan, accounting for nearly 50% of their holdings [1] Group 2 - The proactive adjustment of insurance funds in the third quarter led to over 300 new heavily held stocks, with a total market value exceeding 100 billion yuan, primarily in the manufacturing sector [1] - Notable new investments include Ping An Life's significant stake in Agricultural Bank, valued at 32.773 billion yuan, marking it as the most substantial new investment in the third quarter [1] - Several A-share listed insurance companies reported record high net profits in the first three quarters, with China Life's net profit increasing by 60.5% year-on-year and New China Life's net profit rising by 58.9% [3] Group 3 - The growth in stock market value directly impacts current profits under new accounting standards, enhancing the investment returns for insurance companies [3] - The increasing premium income from floating yield products like dividend insurance is expected to further boost the equity investment ratio of insurance companies, making investment returns a more significant driver of performance [3]

Core Viewpoint - As of the end of Q3 2025, insurance institutions have shown a preference for stable, high-dividend, and low-valuation stocks, particularly in the banking and telecommunications sectors, while also increasing their holdings in machinery, electronic equipment, and non-ferrous metals [1][3][4]. Group 1: Insurance Holdings - By the end of Q3, insurance institutions held nearly 744 stocks, with a focus on banks and telecommunications [1][3]. - The top 10 A-share stocks held by insurance institutions include Agricultural Bank of China, Minsheng Bank, China Unicom, and others, indicating a continued preference for these sectors [3][4]. - Insurance capital emphasizes asset allocation to balance returns and duration, seeking absolute returns with a cautious risk appetite [3][4]. Group 2: Investment Strategy Adjustments - Insurance institutions have adjusted their investment strategies to include sectors like non-ferrous metals, hardware, steel, and software, with specific stocks such as Zijin Mining and Huazhong Steel seeing significant increases in holdings [5][6]. - The focus on these sectors is attributed to their reasonable valuations and high dividend yields, which align with the insurance capital's need for stable growth [5][6]. Group 3: Future Investment Trends - The proportion of equity investments by insurance capital is expected to increase, particularly in sectors supported by policy and favorable market conditions [6]. - Potential sectors for increased investment include public utilities, infrastructure, and low-valuation cyclical leaders, which offer high dividends and stable cash flows [6].