机构预计2025年险资将带来超4000亿增量资金 金十数据7月1日讯，今年4月，国家金融监督管理总局印发《关于调整保险资金权益类资产监管比例有 关事项的通知》，放宽了偿付能力充足的保险公司在权益资产配置比例上的限制。在监管政策持续引导 下，保险资金正通过设立私募证券投资基金的方式加速进入股市。中金基金权益部基金经理介绍：假设 2025年保险资金运用余额增长5%，其中25%配置权益类资产，则预计还将有约4125亿增量资金可以配 置权益类资产。 （央视财经） ...

编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.06.20） 宏观及策略研究 科创板改革获推进，市场延续窄幅震荡——A 股市场投资策略周报 晨会纪要（2025/06/20） 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 4 晨会纪要（2025/06/20） 宏观及策略研究 科创板改革获推进，市场延续窄幅震荡——A 股市场投资策略周报 严佩佩（证券分析师，SAC NO：S1150520110001） 宋亦威（证券分析师，SAC NO：S1150514080001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、市场回顾 近 5 个交易日（6 月 13 日-6 月 19 日），重要指数纷纷收跌；其中，上证综指收跌 1.19%，创业板指收跌 1.95%； 风格层面，沪深 300 收跌 1.26%，中证 500 收跌 2.12%。成交量方面小幅缩量，两市统计区间内成交 6.33 万亿元，日均成交额达到 1.27 万亿元 ...

Core Viewpoint - The recent transfer of shares from Commonwealth Bank of Australia to New China Life Insurance marks a significant shift in the shareholder structure of Hangzhou Bank, with New China Life now holding over 5% of the bank's shares, positioning itself as the fourth largest shareholder [1][4]. Group 1: Shareholder Changes - Commonwealth Bank of Australia has completely divested its stake in Hangzhou Bank, transferring 330 million shares to New China Life Insurance, which now holds a total of 5.09% of the bank's shares [1][2]. - The transaction price of 13.1 yuan per share for New China Life is significantly lower than Hangzhou Bank's closing price of 16.56 yuan on June 16, indicating a strategic long-term investment rather than a short-term profit [2][12]. - New China Life's acquisition aligns with its strategy to enhance its long-term investment portfolio and optimize its asset structure amid increasing competition for investment opportunities [2][16]. Group 2: Strategic Intentions - New China Life's investment in Hangzhou Bank is not only aimed at increasing dividend assets but also at leveraging the bank's extensive network in the Yangtze River Delta region to expand its market presence [3][24]. - The bank has established a comprehensive service network in Zhejiang province, which is crucial for New China Life as it seeks to tap into the region's high growth potential [3][24]. - The collaboration between New China Life and Hangzhou Bank could lead to enhanced synergies in various business areas, particularly in insurance and banking services [4][26]. Group 3: Historical Context and Performance - Commonwealth Bank of Australia has been a shareholder in Hangzhou Bank for 20 years, witnessing significant growth in the bank's asset size from under 50 billion yuan to over 2.11 trillion yuan by the end of 2024 [7][10]. - The bank's net profit growth of 18.07% in 2024, alongside stable asset quality metrics, reflects its resilience in a challenging market environment [7][8]. - The exit of Commonwealth Bank is part of a broader trend where foreign banks are reducing their stakes in Chinese financial institutions due to rising compliance costs and a strategic focus on domestic markets [10][11]. Group 4: Investment Trends - The current environment of asset scarcity and regulatory encouragement for insurance capital to enter the market has led to a growing preference among insurance companies for long-term dividend assets [17][19]. - New accounting standards have facilitated this trend, allowing insurance firms to classify bank stocks as long-term investments, which aligns with New China Life's strategy to enhance its long-term equity investment base [18][19]. - New China Life's OCI account for equity investments has seen substantial growth, indicating a strategic shift towards high-dividend assets [19].

Group 1 - Recent activities of insurance capital include participation in long-term investment reforms and significant investments in private equity funds [1] - The China Insurance Industry Association reported that seven insurance companies executed 15 equity stakes by the end of May, indicating a strong focus on banking and public utilities [1] - The central financial authorities aim for large state-owned insurance companies to allocate 30% of new premiums to A-share investments starting in 2025 [1] Group 2 - Regulatory adjustments include a 10% reduction in risk factors for stock investments, encouraging insurance companies to increase market participation [2] - Industry experts emphasize the importance of long-term equity investments and the need for insurance capital to focus on high-dividend assets and innovative financial tools [2] - A proposed "dumbbell" asset allocation strategy suggests balancing stable dividend assets with high-growth assets while using convertible bonds and preferred stocks as buffers [3] Group 3 - The cautious approach of insurance companies towards equity investments is primarily due to concerns over the volatility of fair value [3] - Recommendations for improving the investment environment include optimizing assessment mechanisms and implementing long-term performance evaluation systems [3] - Key challenges for insurance capital include addressing asset scarcity, adapting accounting standards, and reforming assessment mechanisms [3]

Core Viewpoint - Xinhua Insurance has acquired a 5.09% stake in Hangzhou Bank, becoming its fourth-largest shareholder, reflecting a trend of insurance companies increasing investments in high-dividend bank stocks in 2025 [1][2][4]. Group 1: Transaction Details - Xinhua Insurance purchased 330 million shares of Hangzhou Bank from the Commonwealth Bank of Australia at a price of 13.095 yuan per share, totaling approximately 4.317 billion yuan [2]. - The transaction was initiated in January 2025 and completed with the approval from the National Financial Regulatory Administration [2][3]. - Following the acquisition, Xinhua Insurance holds a total of 363 million shares in Hangzhou Bank, solidifying its position as a significant stakeholder [2]. Group 2: Industry Trends - In 2025, insurance companies have made 15 equity acquisitions, with a notable focus on bank stocks, indicating a strategic shift towards high-dividend assets [4][5]. - The preference for bank stocks is attributed to declining long-term interest rates and the need for asset reallocation, as insurance companies seek stable dividend returns [5][6]. Group 3: Regulatory Environment - Recent regulatory initiatives have encouraged insurance funds to invest in the capital market, aiming to enhance the stability and proportion of insurance capital in A-shares [7][8]. - The government has introduced policies to facilitate long-term investments by insurance companies, including lowering risk factors for stock investments and promoting a "long money, long investment" strategy [7][8].

Core Viewpoint - The report from Shenwan Hongyuan indicates that the performance pressure in Q2 is limited, with expectations for improved new business performance and further reductions in the cost of new liabilities due to anticipated interest rate cuts in Q3 [1] Group 1: Market Conditions and Fund Flows - A-share listed insurance companies are significantly underrepresented compared to the CSI 300 index, with public fund regulations expected to drive incremental capital inflows [1] - As of the end of Q1, the allocation of equity funds in the non-bank sector is underweight by 9.68% compared to the CSI 300 index, second only to banks [1] Group 2: New Liability Costs and Product Transformation - The cost of new liabilities has decreased significantly, with some insurance companies optimizing their existing liability costs [2] - The NBV (New Business Value) and VIF (Value of In-Force) yield performances for major insurers show a year-on-year decline, indicating effective risk management of interest spread losses [2] - The transformation of participating insurance products has exceeded expectations, with major insurers elevating this strategy to a strategic level [3] Group 3: Insurance Capital Market Participation - The implementation plan for promoting long-term capital market participation highlights the role of insurance capital as a key player, with sustainable growth in insurance fund utilization expected [4] - The upper limit for equity allocation for insurance capital has been unexpectedly relaxed, allowing for a total equity allocation scale of 9.29 trillion yuan, an increase of 505.5 billion yuan from previous regulations [4] - The reduction of investment risk factors for stock investments further opens up the equity allocation limits for insurance capital [4]

证 券 研 究 报 告 新增负债成本显著下降，板块兼具基本面及资金面催化 2025年下半年保险行业策略报告 ◼ A股上市险企较沪深300指数大幅欠配，公募新规有望推动增量资金流入。《推动公募基金高质量发展行动方案》影响下，业绩表现和基准偏 离度成为重要考虑因素，预计公募会逐步修正行业配置。截至一季度末，股票型基金重仓股非银板块配置比例较沪深300指数权重欠配9.68%， 仅次于银行（9.73%），保险权重大、负债端稳步增长、竞争格局优化态势明确，上市保险公司欠配比例中国平安（2.38pct）、中国太保 （0.37pct）、中国人寿（0.29pct）、新华保险（0.17pct）、中国人保（0.10pct），保险板块下阶段有望迎来增量资金流入。 ◼ 新增负债成本显著优化，分红险转型进程超预期。1）新增负债成本降幅明显，部分险企存量负债成本优化：2024年上市险企NBV打平收益率 表现中国平安2.42%（yoy-0.01pct）、中国人寿2.43%（yoy-0.53pct）、中国太保2.60%（yoy-0.52pct）、新华保险2.98%（yoy- 0.94pct）、人保寿险3.19%（yoy-0.75pct）；2 ...

以下文章来源于LP波谱 ，作者王满华 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗 的执念，认同商业的日常之美。 将投中网设为"星标⭐"，第一时间收获最新推送 险资入局资本市场的情绪高涨。 作者丨 王满华 来源丨 LP波谱 又一险资巨头下场，一口气成立了两只基金。 近日，中国太保正式发布了总规模 500 亿元的太保战新并购基金与私募证券投资基金。其中，太保战新并购私募基金目标规 模 300 亿元，首期规模 100 亿元；太保致远 1 号私募证券投资基金目标规模 200 亿元，两只基金的管理人皆为太保系的太 保资本。 这已经是近一个月内第二家设立超百亿规模私募基金的险资巨头。 5 月中旬，中国人保旗下的人保资本曾联手中意资产，共 同设立了一只 130 亿规模的新基金。如今中国太保紧跟其后，一出手就是 500 亿，足见险资入局资本市场的热情。 自 2022 年以来，国家出台了各项政策从多方面鼓励险资入市，在政策的推动下，保险资金已成为资本市场不可忽视的重要长 期资金来源。特别是在一级市场，无论是出资意愿，还是绝对金额和期 ...

6月9日，港交所披露的文件显示，平安资产管理有限责任公司(以下简称"平安资管")持有的农业银行 （601288）H股股份比例已稳步提升至15.09%。这一增持动作，不仅清晰地传递出平安资管对农业银行 未来发展的信心，也为当前市场观察银行板块的投资价值提供了新的视角。农业银行作为中国金融体系 的重要支柱，其稳健经营和业务拓展一直备受关注，平安资管的持续加码，无疑为市场注入了积极的信 号。 今年以来，平安资管在港股市场的银行股布局动作频频。1月15日，平安人寿发布公告称，平安资管受 托平安人寿资金，投资于邮储银行（601658）H股股票，于2025年1月8日达到邮储银行H股股本的5%， 根据香港市场规则，触发举牌。此外，1月10日，平安人寿增持招商银行（600036）H股至5.01%举牌 线。5月30日，平安资管再度增持招商银行，持股比例升至14.07%。 这一系列操作，引发了市场对银行股投资价值的重新审视。 平安资管持续加仓，险资偏好显现 其次，高股息是银行股吸引投资者的另一大法宝。银行股通常具有稳定的盈利能力和良好的现金流，能 够持续向股东派发股息。尤其是在当前全球低利率环境下，银行股相对较高的股息率显得尤为 ...

每经记者｜吴永久 每经编辑｜闫峰峰 本周末的重要消息有：一是，美国5月非农数据好于预期；二是中美经贸磋商机制首次会议将举行。 周五，美股在5月非农数据好于预期的刺激下，大幅高开，随后明显回落，在贸易谈判消息刺激下，又涨了回去。 在每日经济新闻App举办的掘金大赛第62期比赛中，目前已经进行了4天，参赛选手们跑步入场。目前上证指数面临3400点的压力，后市行情如何走？未 来的主线有哪些？一些参赛高手分享了观点。 大赛为模拟炒股，模拟资金50万元。第62期比赛报名时间为5月31日到6月13日，比赛时间为6月3日到6月13日。正收益就获奖，报名就拿福利！周周发奖 金，月月有大奖！ 每期比赛的税前现金奖励为：第1名奖励688元，第2~4名奖励188元/人，第5~10名奖励88元/人，其余正收益选手均分500元正收益奖。月度积分王的税前 现金奖励为：第1名奖励888元，第2~4名奖励288元/人，第5~10名奖励188元/人，第11~30名奖励68元/人，第31~100名奖励18元/人。 上证指数或将迎来主升浪？高手看好这些主线 消息面上，6月6日，美国劳工统计局公布的数据显示，就业人数增加13.9万人，虽然创2月以来 ...